Document:

Unassociated Document

    
       

      FINANCIAL
        ADVISORY AND INVESTMENT BANKING AGREEMENT

      

      

      This
        Agreement is made and entered into as of the __ day of __________, 2006 between
        Lane Capital Markets, LLC (the "Consultant")
        and
        ValueRich, Inc., a corporation organized under the laws of the State of Delaware
        (the "Company").
        All
        references to the Company shall include any and all subsidiaries thereof
        in
        existence on date hereof and to be formed within the term specified in Paragraph
        2 hereof.

      

      In
        consideration of the mutual promises made herein and for other good and valuable
        consideration, the receipt and sufficiency of which is hereby acknowledged,
        the
        parties hereto agree as follows:

      

      1.
        Purpose:
         The
        Company hereby engages the Consultant for the term specified in Paragraph
        2
        hereof to render advice to the Company as an investment banker relating to
        financial and similar matters upon the terms and conditions set forth
        herein.

      

      2.
         Term:
         Except
        as
        otherwise specified in Paragraph 4 hereof, this Agreement shall be effective
        for
        a thirty-six (36) month period, commencing on the closing date (the
        "Closing
        Date")
        of the
        Company's initial public offering of securities pursuant to an effective
        Registration Statement on Form SB-2 (File No.: 333-135511) (the "Registration
        Statement").

      

      3.
         Duties
        of the Consultant:
         During
        the term of this Agreement, the Consultant shall, upon the request of the
        Company, provide the Company with corporate finance and related financial
        advisory services, advice with respect to potential acquisitions and other
        business transactions and advice with respect to stockholder relations matters.
        The Consultant shall devote such time and effort to the performance of its
        duties hereunder as the Consultant shall determine is reasonably necessary.
        The
        Consultant may look to such others for such factual information, investment
        recommendations, economic advice and/or research, upon which to base its
        advice
        to the Company hereunder, as it shall deem appropriate. The Company recognizes
        that the Consultant now renders and may continue to render financial and
        other
        advisory services to other companies which may or may not have policies and
        conduct activities similar to those of the Company, and acknowledges that
        the
        Consultant shall be free to render advice and to perform those services for
        such
        other companies.

      

      4.
         Compensation:
        In
        consideration for the services rendered by the Consultant to the Company
        pursuant to this Agreement (and in addition to the expenses provided for
        in
        Paragraph 5 hereof), the Company shall pay the Consultant a non-refundable
        fee
        of $32,000 per twelve-month period of the Term, payable in advance on the
        Closing Date. 

       

      5.
         Expenses
        of the Consultant:
        In
        addition to the fees payable hereunder and regardless of whether any Transaction
        is proposed or consummated, the Company shall reimburse the Consultant for
        the
        reasonable fees and disbursements of the Consultant's counsel and the
        Consultant's reasonable travel and out-of-pocket expenses incurred in connection
        with the services performed by the Consultant pursuant to this Agreement
        and at
        the request of the Company, including without limitation, hotels, food and
        associated expenses and long-distance telephone calls. Such expenses shall
        not
        exceed $10,000 without the prior written consent of the Company, which shall
        not
        be unreasonably withheld.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      6.
         Liability
        of the Consultant:
        In
        furnishing the Company with advice and other services as herein provided,
        neither the Consultant nor any officer, director or agent thereof shall be
        liable to the Company or its creditors for errors of judgment or for anything,
        except for the Consultant's gross negligence or intentional or willful
        misconduct in the performance of its duties under this Agreement.

      

      (a)
         It
        is
        further understood and agreed that the Consultant may rely upon information
        furnished to it reasonably believed to be accurate and reliable and that,
        except
        as herein provided, the Consultant shall not be accountable for any loss
        suffered by the Company by reason of the Company's action or inaction on
        the
        basis of any advice, recommendation or approval of the Consultant, its partners,
        employees or agents.

      

      (b)
         The
        Company acknowledges that all opinions and advice (written or oral) given
        by the
        Consultant to the Company in connection with the Consultant's engagement
        are
        intended solely for the benefit and use of the Company in considering the
        transaction to which they relate, and the Company agrees that no person or
        entity other than the Company shall be entitled to make use of or rely upon
        the
        advice of the Consultant to be given hereunder, and no such opinion or advice
        shall be used for any other purpose or reproduced, disseminated, quoted or
        referred to at any time, in any manner or for any purpose, nor may the Company
        make any public references to the Consultant, or use the Consultant's name
        in
        any annual reports or any other reports or releases of the Company without
        the
        Consultant's prior written consent.

      

      (c)
         The
        Company acknowledges that the Consultant makes no commitment whatsoever as
        to
        making a market in the Company's securities or to recommending or advising
        its
        clients to purchase the Company's securities, except as otherwise provided
        for
        in the 

      Underwriting
        Agreement between the Company and the Consultant in connection with the
        Company's Registration Statement. Research reports or corporate finance reports
        that may be prepared by the Consultant will, when and if prepared, be done
        solely on the merits based upon an analysis performed by the Consultant and
        its
        corporate finance personnel.

      

      7.
        Company
        Information:

      

      (a)
         The
        Company shall furnish to the Consultant all data, material and other information
        relevant to the performance by the Consultant of its obligations under this
        Agreement, or particular projects as to which the Consultant is acting as
        advisor, which will permit the Consultant to know all facts material to the
        advice to be rendered, and all material or information reasonably requested
        by
        the Consultant. The Company acknowledges and agrees that in performing its
        services under this engagement, the Consultant may rely upon the data, material
        and other information supplied by the Company without independently verifying
        the accuracy, completeness or veracity of same. In the event that the Company
        fails or refuses to furnish any such data, material or information reasonably
        requested by the Consultant, and thus prevents or impedes the Consultant's
        performance hereunder, any inability of the Consultant to perform shall not
        be a
        breach of its obligations hereunder.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      (b)
         Except
        as
        contemplated by the terms hereof or as required by applicable law, the
        Consultant shall keep confidential all non-public information provided to
        it by
        the Company and shall not disclose such information to any third party without
        the Company's prior written consent, other than to such of its employees
        and
        advisors as the Consultant determines in its sole judgment need to have access
        thereto. Notwithstanding the foregoing, the Consultant shall not be required
        to
        maintain confidentiality with respect to information (i) which is or becomes
        part of the public domain; (ii) of which it had independent knowledge prior
        to
        disclosure; (iii) which comes into the possession of the Consultant or its
        employees or agents in the normal and routine course of its own business
        from
        and through independent non-confidential sources; or (iv) which is required
        to
        be disclosed by the Consultant pursuant to legal process or in accordance
        with
        governmental or regulatory requirements. If the Consultant is requested or
        required (by oral questions, interrogatories, requests for information or
        document subpoenas, civil investigative demands, or similar process) to disclose
        any confidential information supplied to it by the Company, or the existence
        of
        other negotiations in the course of its dealings with the Company or its
        representatives, the Consultant shall, unless prohibited by law, promptly
        notify
        the Company of such request(s) so that the Company may seek an appropriate
        protective order.

      

      8.
         Indemnification:
         The
        Company agrees to indemnify and hold harmless the Consultant, its partners,
        employees, agents, representatives and controlling persons (and the officers,
        directors, employees, agents, representatives and controlling persons of
        each of
        them) from and against any and all losses, claims, damages, liabilities,
        costs
        and expenses (and all actions, suits, proceedings or claims in respect thereof)
        and any legal or other expenses in giving testimony or furnishing documents
        in
        response to a subpoena or otherwise (including, without limitation, the costs
        of
        investigating, preparing or defending any such action, suit, proceeding or
        claim, whether or not in connection with any action, suit, proceeding or
        claim
        in which the Consultant is a party), as and when incurred, directly or
        indirectly, caused by, relating to, based upon or arising out of the
        Consultant's service pursuant to this Agreement. The Company further agrees
        that
        the Consultant shall incur no liability to the Company or any other party
        on
        account of this Agreement or any acts or omissions arising out of or related
        to
        the actions of the Consultant relating to this Agreement or the performance
        or
        failure to perform any services under this Agreement, except for the
        Consultant's gross negligence or intentional or willful misconduct.
        Notwithstanding anything contained herein to the contrary, the Company shall
        not
        indemnify the Consultant, and shall incur no liability to the Consultant,
        for
        any losses, claims, changes, liabilities, costs and expenses arising out
        of or
        related to the Consultant's violation of any rules or regulations promulgated
        by
        the Securities and Exchange Commission. The obligations of the Company under
        the
        Section shall survive the termination of this Agreement.

      

      9.
         Independent
        Contractor:
         the
        Consultant shall perform its services hereunder as an independent contractor
        and
        not as an employee of the Company or an affiliate thereof. It is expressly
        understood and agreed to by the parties hereto that the Consultant shall
        have no
        authority to act for, represent or bind the Company or any affiliate thereof
        in
        any manner, except as may be agreed to expressly by the Company in writing
        from
        time to time.

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      10.
        Miscellaneous:

      

      (a)
         This
        Agreement between the Company and the Consultant constitutes the entire
        agreement and understanding of the parties hereto and supersedes any and
        all
        previous agreements and understandings, whether oral or written, between
        the
        parties with respect to the matters set forth herein.

      

      (b)
         Any
        notice or communication permitted or required hereunder shall be in writing
        and
        shall be deemed sufficiently given if hand-delivered or sent (i) postage
        prepaid
        by registered mail. Return receipt requested, or (ii) by facsimile, to the
        respective parties as set forth below, or to such other address as either
        party
        may notify the other in writing:

      

      

      
        	
                To
                  the Company:

              	 	
                ValueRich,
                  Inc.

                1804
                  N. Dixie Highway, Ste. A

                West
                  Palm Beach, FL 33497

                Tel:
                  (561) 832-8878

                Fax:
                  (561) 841-1524

                Attn:
                  Joseph Visconti, CEO

              
	
                With
                  a copy to:

              	 	
                Lehman
                  & Eilen, LP

                Mission
                  Bay Office Plaza

                20283
                  State Road 7, Ste 300

                Boca
                  Raton, FL 33498

                Tel:
                  (561) 237-0804

                Fax:
                  (561) 237-0803

                Attn:
                  Hank Gracin, Esq.

              

      

      

      

      

      
        	
                To
                  the Consultant:

              	 	
                Lane
                  Capital Markets, LLC. 

                263
                  Queens Grant Road

                Fairfield,
                  CT 06824

                Tel:
                  (203) 255-0341

                Fax:
                  (203) 254-1184

                Attn:
                  John Lane, CEO

              
	 	 	 
	
                With
                  a copy to:

              	 	
                The
                  Sourlis Law Firm

                The
                  Galleria

                2
                  Bridge Avenue

                Building
                  5, 1st
                  Floor

                Red
                  Bank, NJ 07701

                Tel:
                  (732) 530-9007

                Fax:
                  (732) 530-9008

                Attn:
                  Virginia K. Sourlis, Esq.

              

      

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      (c)
         This
        Agreement shall be binding upon and inure to the benefit of each of the parties
        hereto and their respective successors, legal representatives and
        assigns.

      

      (d)
         This
        Agreement may be executed in any number of counterparts, each of which together
        shall constitute one and the same original document.

      

      (e)
         No
        provision of this Agreement maybe amended, modified or waived, except in
        a
        writing signed by all of the parties hereto.

      

      (f)
         This
        Agreement shall be construed in accordance with and governed by the laws
        of the
        State of New York, without giving effect to conflict of law principles. The
        parties hereby agree that any dispute which may arise between them arising
        out
        of or in connection with this Agreement, shall be adjudicated before a court
        located in New York City, and they hereby submit to the exclusive jurisdiction
        of the courts of the State of New York located in New York, New York and
        of the
        Federal District Court for the Southern District of New York with respect
        to any
        action or legal proceeding commenced by any party, and they irrevocably waive
        any objection they now or hereafter may have respecting the venue of any
        such
        action or proceeding brought in such a court or respecting the fact that
        such
        court is an inconvenient forum, relating to or arising out of this Agreement,
        and consent to the service of process in any such action or legal proceeding
        by
        means of registered or certified mail, return receipt requested, in care
        of the
        address set forth in Section 10(b) hereof.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      IN
        WITNESS WHEREOF,
        the
        parties hereto have caused this Agreement to be duly executed, as of the
        day and
        year first above written.

       

      
        	 	 	 
	 	VALUERICH,
                INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                

                    
                  Joseph Visconti

                    
                  Chief Executive Officer

              
	 	 

      

       

       

      
        	 	 	 
	 	LANE
                CAPITAL MARKETS, LLC
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                

                    
                  John D. Lane

                    
                  Chief Executive Officer

              
	 	 

      

      

      
        
           

        

        
          6STRUCTURED
        ASSET SECURITIES CORPORATION, as Depositor,

       

      

      AURORA
        LOAN SERVICES LLC, as Master Servicer,

       

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

       

      and

       

      HSBC
        BANK
        USA, NATIONAL ASSOCIATION

      as
        Trustee

       

      ___________________________

       

      TRUST
        AGREEMENT

       

      Dated
        as
        of August 1, 2006

      ___________________________

       

      LEHMAN
        MORTGAGE TRUST

      MORTGAGE
        PASS-THROUGH CERTIFICATES

      SERIES
        2006-5

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      TABLE
        OF
        CONTENTS

      Page

      

      
        	
                ARTICLE
                  I DEFINITIONS

              	
                8

              
	 	 	 
	
                Section
                  1.01.

              	
                Definitions

              	
                8

              
	
                Section
                  1.02.

              	
                Calculations
                  Respecting Mortgage Loans

              	
                46

              
	 	 
	
                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

              	
                50

              
	
                Section
                  2.03.

              	
                Representations
                  and Warranties of the Depositor

              	
                52

              
	
                Section
                  2.04.

              	
                Discovery
                  of Breach

              	
                54

              
	
                Section
                  2.05.

              	
                Repurchase,
                  Purchase or Substitution of Mortgage Loans

              	
                54

              
	
                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

              	
                65

              
	
                Section
                  3.05.

              	
                Replacement
                  of Certificates

              	
                65

              
	
                Section
                  3.06.

              	
                Persons
                  Deemed Owners

              	
                66

              
	
                Section
                  3.07.

              	
                Temporary
                  Certificates

              	
                66

              
	
                Section
                  3.08.

              	
                Appointment
                  of Paying Agent

              	
                66

              
	
                Section
                  3.09.

              	
                Book-Entry
                  Certificates

              	
                67

              
	
                Section
                  3.10.

              	
                Deposit
                  of the Exchange Certificates

              	
                69

              
	 	 
	
                ARTICLE
                  IV ADMINISTRATION OF THE TRUST FUND

              	
                69

              
	 	 	 
	
                Section
                  4.01.

              	
                Collection
                  Account

              	
                69

              
	
                Section
                  4.02.

              	
                Application
                  of Funds in the Collection Account

              	
                71

              
	
                Section
                  4.03.

              	
                Reports
                  to Certificateholders

              	
                73

              
	
                Section
                  4.04.

              	
                Certificate
                  Account

              	
                77

              
	 	 
	
                ARTICLE
                  V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

              	
                78

              
	 	 	 
	
                Section
                  5.01.

              	
                Distributions
                  Generally

              	
                78

              
	
                Section
                  5.02.

              	
                Distributions
                  from the Certificate Account

              	
                78

              
	
                Section
                  5.03.

              	
                Allocation
                  of Realized Losses

              	
                84

              
	
                Section
                  5.04.

              	
                Advances
                  by the Master Servicer and the Securities Administrator

              	
                85

              
	
                Section
                  5.05.

              	
                Compensating
                  Interest Payments

              	
                86

              
	
                Section
                  5.06.

              	
                Supplemental
                  Interest Trust

              	
                86

              
	
                Section
                  5.07.

              	
                The
                  Reserve Funds

              	
                86

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

              	
                88

              
	 	 	 
	
                Section
                  6.01.

              	
                Duties
                  of Trustee and Securities Administrator

              	
                88

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
                  6.02.

              	
                Certain
                  Matters Affecting the Trustee and the Securities
                  Administrator

              	
                91

              
	
                Section
                  6.03.

              	
                Trustee
                  and Securities Administrator Not Liable for Certificates

              	
                92

              
	
                Section
                  6.04.

              	
                Trustee
                  and the Securities Administrator May Own Certificates

              	
                93

              
	
                Section
                  6.05.

              	
                Eligibility
                  Requirements for Trustee and Securities Administrator

              	
                93

              
	
                Section
                  6.06.

              	
                Resignation
                  and Removal of Trustee and the Securities Administrator

              	
                93

              
	
                Section
                  6.07.

              	
                Successor
                  Trustee and Successor Securities Administrator

              	
                95

              
	
                Section
                  6.08.

              	
                Merger
                  or Consolidation of Trustee or the Securities
                  Administrator

              	
                95

              
	
                Section
                  6.09.

              	
                Appointment
                  of Co-Trustee, Separate Trustee or Custodian

              	
                96

              
	
                Section
                  6.10.

              	
                Authenticating
                  Agents

              	
                98

              
	
                Section
                  6.11.

              	
                Indemnification
                  of Trustee and Securities Administrator

              	
                98

              
	
                Section
                  6.12.

              	
                Fees
                  and Expenses of Securities Administrator, Trustee and
                  Custodian

              	
                99

              
	
                Section
                  6.13.

              	
                Collection
                  of Monies

              	
                100

              
	
                Section
                  6.14.

              	
                Events
                  of Default; Trustee To Act; Appointment of Successor

              	
                100

              
	
                Section
                  6.15.

              	
                Additional
                  Remedies of Trustee Upon Event of Default

              	
                105

              
	
                Section
                  6.16.

              	
                Waiver
                  of Defaults

              	
                105

              
	
                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

              	
                106

              
	
                Section
                  6.21.

              	
                [Reserved]

              	
                114

              
	
                Section
                  6.22.

              	
                No
                  Merger

              	
                114

              
	
                Section
                  6.23.

              	
                Indemnification
                  by the Securities Administrator

              	
                114

              
	
                Section
                  6.24.

              	
                Compliance
                  with Regulation AB

              	
                114

              
	 	 
	
                ARTICLE
                  VII PURCHASE AND TERMINATION OF THE TRUST FUND

              	
                115

              
	 	 	 
	
                Section
                  7.01.

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

              	
                115

              
	
                Section
                  7.02.

              	
                Procedure
                  Upon Termination of Trust Fund

              	
                116

              
	
                Section
                  7.03.

              	
                Additional
                  Requirements for any Trust Fund Termination Events or Purchase
                  of the
                  Lower Tier REMIC 1 Uncertificated Regular Interests

              	
                118

              
	
                Section
                  7.04.

              	
                Charged-off
                  Loans and Released Mortgage Loans

              	
                119

              
	 	 
	
                ARTICLE
                  VIII RIGHTS OF CERTIFICATEHOLDERS

              	
                119

              
	 	 	 
	
                Section
                  8.01.

              	
                Limitation
                  on Rights of Holders

              	
                119

              
	
                Section
                  8.02.

              	
                Access
                  to List of Holders

              	
                120

              
	
                Section
                  8.03.

              	
                Acts
                  of Holders of Certificates

              	
                121

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

              	
                122

              
	 	 	 
	
                Section
                  9.01.

              	
                Duties
                  of the Master Servicer

              	
                122

              

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
                  9.02.

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

              	
                122

              
	
                Section
                  9.03.

              	
                Master
                  Servicer’s Financial Statements and Related Information

              	
                123

              
	
                Section
                  9.04.

              	
                Power
                  to Act; Procedures

              	
                123

              
	
                Section
                  9.05.

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

              	
                125

              
	
                Section
                  9.06.

              	
                Collection
                  of Taxes, Assessments and Similar Items

              	
                126

              
	
                Section
                  9.07.

              	
                Termination
                  of Servicing Agreements; Successor Servicers

              	
                127

              
	
                Section
                  9.08.

              	
                Master
                  Servicer Liable for Enforcement

              	
                127

              
	
                Section
                  9.09.

              	
                No
                  Contractual Relationship Between Servicers and Trustee or
                  Depositor

              	
                127

              
	
                Section
                  9.10.

              	
                Assumption
                  of Servicing Agreement by Securities Administrator

              	
                128

              
	
                Section
                  9.11.

              	
                “Due-on-Sale”
                  Clauses; Assumption Agreements

              	
                128

              
	
                Section
                  9.12.

              	
                Release
                  of Mortgage Files

              	
                129

              
	
                Section
                  9.13.

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

              	
                130

              
	
                Section
                  9.14.

              	
                Representations
                  and Warranties of the Master Servicer

              	
                131

              
	
                Section
                  9.15.

              	
                Closing
                  Certificate and Opinion

              	
                133

              
	
                Section
                  9.16.

              	
                Standard
                  Hazard and Flood Insurance Policies

              	
                133

              
	
                Section
                  9.17.

              	
                Presentment
                  of Claims and Collection of Proceeds

              	
                134

              
	
                Section
                  9.18.

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies

              	
                134

              
	
                Section
                  9.19.

              	
                Trustee
                  To Retain Possession of Certain Insurance Policies and
                  Documents

              	
                135

              
	
                Section
                  9.20.

              	
                Realization
                  Upon Defaulted Mortgage Loans

              	
                135

              
	
                Section
                  9.21.

              	
                Compensation
                  to the Master Servicer

              	
                136

              
	
                Section
                  9.22.

              	
                REO
                  Property

              	
                136

              
	
                Section
                  9.23.

              	
                Notices
                  to the Depositor and the Securities Administrator

              	
                137

              
	
                Section
                  9.24.

              	
                Reports
                  to the Trustee and Securities Administrator

              	
                137

              
	
                Section
                  9.25.

              	
                Assessment
                  of Compliance and Attestation Reports

              	
                138

              
	
                Section
                  9.26.

              	
                Annual
                  Statement of Compliance with Applicable Servicing Criteria

              	
                139

              
	
                Section
                  9.27.

              	
                Merger
                  or Consolidation

              	
                140

              
	
                Section
                  9.28.

              	
                Resignation
                  of Master Servicer

              	
                140

              
	
                Section
                  9.29.

              	
                Assignment
                  or Delegation of Duties by the Master Servicer

              	
                141

              
	
                Section
                  9.30.

              	
                Limitation
                  on Liability of the Master Servicer and Others

              	
                141

              
	
                Section
                  9.31.

              	
                Indemnification;
                  Third-Party Claims

              	
                142

              
	
                Section
                  9.32.

              	
                Special
                  Servicing of Delinquent Mortgage Loans

              	
                143

              
	 	 
	
                ARTICLE
                  X REMIC ADMINISTRATION

              	
                143

              
	 	 	 
	
                Section
                  10.01.

              	
                REMIC
                  Administration

              	
                143

              
	
                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

              

      

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

       

      
        	
                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

              	
                150

              
	
                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

              	
                151

              
	
                Section
                  11.11.

              	
                Benefits
                  of Agreement

              	
                151

              
	
                Section
                  11.12.

              	
                Special
                  Notices to the Rating Agencies

              	
                151

              
	
                Section
                  11.13.

              	
                Counterparts

              	
                152

              
	
                Section
                  11.14.

              	
                Transfer
                  of Servicing

              	
                152

              

      

       

      Exhibits

      

      
        	
                Exhibit
                  A

              	
                Forms
                  of Certificates

              
	
                Exhibit
                  B-1

              	
                Form
                  of Initial Certification

              
	
                Exhibit
                  B-2

              	
                Form
                  of Interim Certification

              
	
                Exhibit
                  B-3

              	
                Form
                  of Final Certification

              
	
                Exhibit
                  B-4

              	
                Form
                  of Endorsement

              
	
                Exhibit
                  C

              	
                Request
                  for Release of Documents and Receipt

              
	
                Exhibit
                  D-l

              	
                Form
                  of Residual Certificate Transfer Affidavit (Transferee)

              
	
                Exhibit
                  D-2

              	
                Form
                  of Residual Certificate Transfer Affidavit (Transferor)

              
	
                Exhibit
                  E

              	
                List
                  of Servicing Agreements

              
	
                Exhibit
                  F

              	
                Form
                  of Rule 144A Transfer Certificate

              
	
                Exhibit
                  G

              	
                Form
                  of Purchaser’s Letter for Institutional Accredited
                  Investors

              
	
                Exhibit
                  H

              	
                Form
                  of ERISA Transfer Affidavit

              
	
                Exhibit
                  I

              	
                Transaction
                  Parties

              
	
                Exhibit
                  J

              	
                Cap
                  Agreements 

              
	
                Exhibit
                  K

              	
                Custodial
                  Agreements

              
	
                Exhibit
                  L-1

              	
                Additional
                  Form 10-D Disclosure

              
	
                Exhibit
                  L-2

              	
                Additional
                  Form 10-K Disclosure 

              
	
                Exhibit
                  L-3

              	
                Additional
                  Form 8-K Disclosure

              
	
                Exhibit
                  L-4

              	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  M

              	
                Monthly
                  Electronic Data Transmission

              
	
                Exhibit
                  N-1

              	
                Form
                  of Transfer Certificate for Transfer from Restricted Global Security
                  to
                  Regulation S Global Security pursuant to Section
                  3.03(h)(B)

              
	
                Exhibit
                  N-2

              	
                Form
                  of Transfer Certificate for Transfer from Regulation S Global Security
                  to
                  Restricted Global Security pursuant to Section
                  3.03(h)(C)

              
	
                Exhibit
                  O

              	
                Senior
                  Principal Priorities

              
	
                Exhibit
                  P

              	
                Form
                  Certification to be Provided to Depositor and/or Master Servicer
                  by the
                  Trustee

              
	
                Exhibit
                  Q

              	
                Relevant
                  Servicing Criteria to be Addressed in Report on Assessment of
                  Compliance

              
	
                Exhibit
                  R

              	
                Form
                  of Exchange Trust Agreement (including Available Combination
                  Schedule)

              

      

       

      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

      

       

      
        	
                Mortgage
                  Loan Schedules

              
	 	 
	
                Schedule
                  A

              	
                All
                  Mortgage Loans

              
	
                Schedule
                  B

              	
                AX
                  Mortgage Loans

              

      

      

      

      

      
        
          
          

        

        
          v

          
            

          

        

        
          
          

        

      

       

      This
        TRUST AGREEMENT dated as of August 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”), WELLS FARGO BANK, N.A., as Securities Administrator (the “Securities
        Administrator”), and HSBC
        BANK
        USA, NATIONAL 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 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 Securities
        Administrator 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 Securities Administrator shall elect that the Trust
        Fund
        (exclusive of any Supplemental Interest Trust, any Cap Agreement and any
        Basis
        Risk Reserve Fund (the “Excluded Trust Assets”)) be treated for federal income
        tax purposes as comprising three real estate mortgage investment conduits
        (each
        a “REMIC” or, in the alternative, REMIC I, REMIC II and REMIC III (the “Upper
        Tier REMIC”)). Each Certificate, other than the Exchange and Exchangeable
        Certificates, the Class X, Class LT-R or Class R Certificate, represents
        ownership of one or more regular interests in REMIC III for purposes of the
        REMIC Provisions. The Class LT-R Certificate represents ownership of the
        sole
        class of residual interest in REMIC I for purposes of the REMIC Provisions.
        The
        Class R Certificate represents ownership of the sole class of residual interest
        in REMIC II and the Upper Tier REMIC for purposes of the REMIC Provisions.
        

       

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

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

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

       

      REMIC
        I:

       

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

       

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

       

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

       

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

       

      On
        each
        Distribution Date, the Securities Administrator shall first pay or charge
        as an
        expense of REMIC I all expenses of the Trust Fund for such Distribution
        Date.

       

      REMIC
        II

       

      REMIC
        II
        shall hold as assets the REMIC I Regular Interests. REMIC II shall issue
        the
        several classes of uncertificated REMIC II Interests set out below. Each
        such
        REMIC II Interest, other than the Class R-2 Interest, is hereby designated
        as a
        regular interest in REMIC II. The following table specifies the Class
        designation, interest rate, and principal amount for each Class of REMIC
        II
        Interests:

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	
                REMIC
                  II

                Class

                Designation

              	 	
                Interest
                  Rate

              	 	
                Initial
                  Class

                Principal

                Amount

              	 	
                Corresponding
                  Class of 

                Certificates

              
	
                LTII-1-A1

              	 	
                6.00%

              	 	
                $     12,500,000.00

              	 	
                1-A1

              
	
                LTII-1-A2

              	 	
                6.00%

              	 	
                $     50,000,000.00

              	 	
                1-A2,
                  1-A3

              
	
                LTII-1-A4

              	 	
                6.00%

              	 	
                $       4,629,000.00

              	 	
                1-A4

              
	
                LTII-1-A5

              	 	
                6.00%

              	 	
                $       8,603,000.00

              	 	
                1-A5

              
	
                LTII-1-A6

              	 	
                6.00%

              	 	
                $     19,499,000.00

              	 	
                1-A6,
                  1-A7

              
	
                LTII-1-A8

              	 	
                6.00%

              	 	
                $     18,453,428.00

              	 	
                1-A8

              
	
                LTII-1-A9

              	 	
                6.00%

              	 	
                $       3,075,572.00

              	 	
                1-A9

              
	
                LTII-1-A10

              	 	
                6.00%

              	 	
                $       6,617,142.00

              	 	
                1-A10

              
	
                LTII-1-A11

              	 	
                6.00%

              	 	
                $       1,102,858.00

              	 	
                1-A11

              
	
                LTII-2-A4

              	 	
                7.50%

              	 	
                $     12,538,000.00

              	 	
                2-A4,
                  2-A2

              
	
                LTII-2-A5

              	 	
                7.50%

              	 	
                $     67,724,000.00

              	 	
                2-A5,
                  2-A2

              
	
                LTII-2-A6

              	 	
                7.50%

              	 	
                $   101,587,000.00

              	 	
                2-A6,
                  2-A2

              
	
                LTII-AP

              	 	
                0.00%

              	 	
                $                 848.22

              	 	
                AP

              
	
                LTII-AX

              	 	
                (1)

              	 	
                (1)

              	 	
                AX

              
	
                LTII-1-AR

              	 	
                6.00%

              	 	
                $                 100.00

              	 	
                R

              
	
                LTII-1-GSA

              	 	
                (2)

              	 	
                $            85,826.10

              	 	
                N/A

              
	
                LTII-1-Pool

              	 	
                (2)

              	 	
                $       8,496,784.18

              	 	
                N/A

              
	
                LTII-2-GSA

              	 	
                (3)

              	 	
                $          125,376.46

              	 	
                N/A

              
	
                LTII-2-Pool

              	 	
                (3)

              	 	
                $     12,412,269.15

              	 	
                N/A

              
	
                R-2

              	 	
                (4)

              	 	
                (4)

              	 	
                N/A

              

      

      ________________

       

      	(1)  	
              The
                Class LTII-AX Interest does not have a principal balance and is entitled
                to receive on each Distribution Date a specified portion of the interest
                payable on the AX Mortgage Loans. Specifically, for each Accrual
                Period,
                the Class LTII-AX Interest is entitled to interest accruals on the
                AX
                Mortgage Loans at a per annum rate equal to the excess of (i) the
                weighted
                average of the Net Mortgage Rates of the AX Mortgage Loans over (ii)
                7.50%. 

            

       

      	(2)  	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the LTII-1-Pool Interest and the LTII-1-GSA Interest
                will be a per annum rate equal to the Designated Rate for Collateral
                Group
                1

            

       

      	(3)  	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the LTII-2-Pool Interest and the LTII-2-GSA Interest
                will be a per annum rate equal to the Designated Rate for Collateral
                Group
                2.

            

       

      	(4)  	
              The
                Class R-2 Interest does not have a principal balance and does not
                bear
                interest.

            

       

      On
        each
        Distribution Date, the portion of the Available Distribution Amount
        distributable as interest shall be distributed as interest with respect to
        the
        REMIC II Interests based on the interest rates described above. On each
        Distribution Date, Net Prepayment Shortfalls and Excess Losses sustained
        with
        respect to any Collateral Group are to be allocated among the Classes of
        REMIC
        II Interests related to such Collateral Group based on the relative amounts
        of
        interest otherwise accrued for the related Accrual Period on each such REMIC
        II
        Interest.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      On
        each
        Distribution Date, the portion of the Available Distribution Amount
        distributable as principal shall be distributed as principal on REMIC II
        Interests as follows: 

       

      	(1)  	
              First,
                to the Class LTII-AP Interest until the balance of each Interest
                equals
                that of the Class AP Certificate immediately after the Distribution
                Date;

            

       

      	(2)  	
              Second,
                from the remaining Available Distribution Amount for Collateral Group
                1,
                to
                the Class LTII-1-GSA Interest until its principal balance equals
                one
                percent of the Group Subordinate Amount for Collateral Group 1 after
                such
                Distribution Date;

            

       

      	(3)  	
              Third,
                from the remaining Available Distribution Amount for Collateral Group
                2,
                to
                the Class LTII-2-GSA Interest until its principal balance equals
                one
                percent of the Group Subordinate Amount for Collateral Group 2 after
                such
                Distribution Date;

            

       

      	(4)  	
              Fourth,
                to
                the
                Class LTII-1-GSA and Class LTII-2-GSA Interests, from the remaining
                Available Distribution Amount for Collateral Group 1 and Collateral
                Group
                2, the minimum amount necessary to cause the ratio of the principal
                balance of each such REMIC II Interests to the principal balance
                of the
                other such REMIC II Interest to equal the ratio of the Group Subordinate
                Amount related to such REMIC II Interest to the Group Subordinate
                Amount
                related to the other such REMIC II Interest immediately after such
                Distribution Date;

            

       

      	(5)  	
              Fifth,
                from the remaining Available Distribution Amount from each of the
                Collateral Groups, concurrently, as follows -

            

       

      (a)  To
        the
        Class LTII-1-Pool until the sum of (a) its principal balance and (b) the
        principal balance of the LTII-1-GSA, after taking into account distributions
        made pursuant to priorities (2) and (4) above, equals the Group Subordinate
        Amount for Collateral Group 1 immediately after such Distribution
        Date;

       

      (b)  To
        the
        Class LTII-2-Pool until the sum of (a) its principal balance and (b) the
        principal balance of the LTII-2-GSA, after taking into account distributions
        made pursuant to priorities (3) and (4) above, equals the Group Subordinate
        Amount for Collateral Group 2 immediately after such Distribution
        Date;

      

        	(6)  	
                Finally,
                  from the remaining Available Distribution Amount from each of the
                  Collateral Groups to each REMIC II Interest for which there is
                  a
                  Corresponding Class of Certificates (other than the Class LTII-AP
                  and
                  Class LTII-AX Interests) until the principal balance of such REMIC
                  II
                  Interest equals the Class Principal Amount of the Corresponding
                  Class of
                  Certificates immediately after such Distribution
                  Date.

              

         

      

      For
        each
        Distribution Date, Realized Losses, other than Excess Losses, shall be allocated
        among the REMIC II Interests in the same manner that principal is allocated
        among the REMIC II Interests.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      On
        each
        Distribution Date, the Securities Administrator shall distribute Prepayment
        Penalty Amounts collected during the preceding Prepayment Period to the Class
        LTII-2-Pool Lower Tier Interest.

       

      REMIC
        III

       

      REMIC
        III
        shall hold as assets the several classes of REMIC II Interests, other than
        the
        Class R-2 Interest. The following table specifies the Class designation,
        Certificate Interest Rate, initial Class Principal (or Notional) Amount and
        minimum denomination (by dollar amount or Percentage Interest) for (1) each
        Class of Certificates (each of which, other than the Class X, Class LT-R
        and
        Class R Certificates, is hereby designated as one or more regular interests
        in
        REMIC III) constituting the interests in the Trust Fund created hereunder
        and
        (2) for convenience, each Class of Certificates issued under the Exchange
        Trust
        Agreement.

       

       

       

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      
        

          
            	
                     

                    Class
                      Designation

                  	 	
                    Certificate

                    Interest
                      Rate

                  	 	
                    Initial
                      Class Principal

                    (or
                      Notional) Amount

                  	 	
                    Minimum
                      Denomination

                    or
                      Percentage Interest

                  
	
                    1-A1

                  	 	
                    6.00%

                  	 	
                    $
                      12,500,000.00

                  	 	
                    $   100,000.00

                  
	
                    1-A2

                  	 	
                    (4)

                  	 	
                    50,000,000.00

                  	 	
                    $   100,000.00

                  
	
                    1-A3

                  	 	
                    (5)

                  	 	
                    (3)

                  	 	
                    $1,000,000.00

                  
	
                    1-A4

                  	 	
                    6.00%

                  	 	
                    4,629,000.00

                  	 	
                    $   100,000.00

                  
	
                    1-A5

                  	 	
                    6.00%

                  	 	
                    8,603,000.00

                  	 	
                    $   100,000.00

                  
	
                    1-A6

                  	 	
                    (6)

                  	 	
                    19,499,000.00

                  	 	
                    $   100,000.00

                  
	
                    1-A7

                  	 	
                    (7)

                  	 	
                    (3)

                  	 	
                    $1,000,000.00

                  
	
                    1-A8(1)

                  	 	
                    (8)

                  	 	
                    18,453,428.00

                  	 	
                    $   100,000.00

                  
	
                    1-A9(1)

                  	 	
                    (9)

                  	 	
                    3,075,572.00

                  	 	
                    $   100,000.00

                  
	
                    1-A10(1)

                  	 	
                    (8)

                  	 	
                    6,617,142.00

                  	 	
                    $   100,000.00

                  
	
                    1-A11(1)

                  	 	
                    (9)

                  	 	
                    1,102,858.00

                  	 	
                    $   100,000.00

                  
	
                    1-A12(2)

                  	 	
                    6.00%

                  	 	
                    21,529,000.00

                  	 	
                    $   100,000.00

                  
	
                    1-A13(2)

                  	 	
                    6.00%

                  	 	
                    7,720,000.00

                  	 	
                    $   100,000.00

                  
	
                    1-A14(2)

                  	 	
                    (8)

                  	 	
                    25,070,570.00

                  	 	
                    $   100,000.00

                  
	
                    1-A15(2)

                  	 	
                    (9)

                  	 	
                    4,178,430.00

                  	 	
                    $   100,000.00

                  
	
                    1-A16(2)

                  	 	
                    6.00%

                  	 	
                    29,249,000.00

                  	 	
                    $   100,000.00

                  
	
                    2-A1(2)

                  	 	
                    (10)

                  	 	
                    181,849,000.00

                  	 	
                    $   100,000.00

                  
	
                    2-A2

                  	 	
                    (11)

                  	 	
                    (3)

                  	 	
                    $1,000,000.00

                  
	
                    2-A3(2)

                  	 	
                    (10)

                  	 	
                    169,311,000.00

                  	 	
                    $   100,000.00

                  
	
                    2-A4(1)

                  	 	
                    (10)

                  	 	
                    12,538,000.00

                  	 	
                    $   100,000.00

                  
	
                    2-A5(1)

                  	 	
                    (10)

                  	 	
                    67,724,000.00

                  	 	
                    $   100,000.00

                  
	
                    2-A6(1)

                  	 	
                    (10)
                      

                  	 	
                    101,587,000.00

                  	 	
                    $   100,000.00

                  
	
                    M

                  	 	
                    (12)

                  	 	
                    7,040,000.00

                  	 	
                    $   100,000.00

                  
	
                    B1

                  	 	
                    (12)

                  	 	
                    4,584,000.00

                  	 	
                    $   100,000.00

                  
	
                    B2

                  	 	
                    (12)

                  	 	
                    3,111,000.00

                  	 	
                    $   100,000.00

                  
	
                    B3

                  	 	
                    (12)

                  	 	
                    2,456,000.00

                  	 	
                    $   100,000.00

                  
	
                    B4

                  	 	
                    (12)

                  	 	
                    1,637,000.00

                  	 	
                    $   100,000.00

                  
	
                    B5

                  	 	
                    (12)

                  	 	
                    1,146,000.00

                  	 	
                    $   100,000.00

                  
	
                    B6

                  	 	
                    (12)

                  	 	
                    1,146,255.00

                  	 	
                    $   100,000.00

                  
	
                    AP

                  	 	
                    0.00%

                  	 	
                    848.00

                  	 	
                    $          500.00

                  
	
                    AX

                  	 	
                    6.00%

                  	 	
                    (3)

                  	 	
                    $       1,000.00

                  
	
                    R

                  	 	
                    6.00%(13)

                  	 	
                    100.00

                  	 	
                    100%

                  
	
                    LT-R

                  	 	
                    (14)

                  	 	
                    (14)

                  	 	
                    100%

                  

          

        

      

      __________________

       

      	(1)  	
              Each
                such Class of Certificates (the “Underlying Exchange Certificates”) shall
                be issued in an uncertificated form, to the Exchange Trustee, and
                held in
                trust pursuant to the terms of the Exchange Trust Agreement. Classes
                of
                Certificates having identical characteristics and sharing the same
                Class
                designation shall also be issued under the Exchange Trust Agreement.
                

            

       

      	(2)  	
              Issued
                under the Exchange Trust Agreement.

            

       

      	(3)  	
              Notional.
                

            

       

      	(4)  	
              The
                Certificate Interest Rate for the Class 1-A2 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate of
                5.93% for the first accrual period, and with respect to each accrual
                period thereafter, at an annual rate equal to LIBOR plus 0.60%, subject
                to
                a maximum rate of 6.00% and a minimum rate of
                0.60%.

            

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      	(5)  	
              The
                Certificate Interest Rate for the Class 1-A3 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate of
                0.07% for the first accrual period, and with respect to each accrual
                period thereafter, at an annual rate equal to 5.40% minus LIBOR,
                subject
                to a maximum rate of 5.40% and a minimum rate of
                0.00%.

            

       

      	(6)  	
              The
                Certificate Interest Rate for the Class 1-A6 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate of
                5.83% for the first accrual period, and with respect to each accrual
                period thereafter, at an annual rate equal to LIBOR plus 0.50%, subject
                to
                a maximum rate of 6.00% and a minimum rate of
                0.50%.

            

       

      	(7)  	
              The
                Certificate Interest Rate for the Class 1-A7 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate of
                0.17% for the first accrual period, and with respect to each accrual
                period thereafter, at an annual rate equal to 5.50% minus LIBOR,
                subject
                to a maximum rate of 5.50% and a minimum rate of
                0.00%.

            

       

      	(8)  	
              The
                Certificate Interest Rate for the Class 1-A8, Class 1-A10 and Class
                1-A14
                Certificates for the first Distribution Date (and related Accrual
                Period)
                will be an annual rate of 5.78% for the first accrual period, and
                with
                respect to each accrual period thereafter, at an annual rate equal
                to LIBOR
                plus 0.45%, subject to a maximum rate of 7.00% and a minimum rate
                of
                0.45%.

            

       

      	(9)  	
              The
                Certificate Interest Rate for the Class 1-A9, Class 1-A11 and Class
                1-A15
                Certificates for the first Distribution Date (and related Accrual
                Period)
                will be an annual rate of 7.32% for the first accrual period, and
                with
                respect to each accrual period thereafter, at an annual rate equal
                to
                39.30% minus (LIBOR multiplied by 6), subject to a maximum rate of
                39.30%
                and a minimum rate of 0.00%.

            

       

      	(10)  	
              The
                Certificate Interest Rate for the Class 2-A1, Class 1-A3, Class 2-A4,
                Class 2-A5 and Class 2-A6 Certificates for the first Distribution
                Date
                (and related Accrual Period) will be an annual rate of 5.68% for
                the first
                accrual period, and with respect to each accrual period thereafter,
                at an
                annual rate equal to LIBOR plus 0.35%, subject to a maximum rate
                of 7.50%
                and a minimum rate of 0.35%.

            

       

      	(11)  	
              The
                Interest Rate for the Class I Component of the Class 2-A2 Certificates
                for
                the first Distribution Date (and related Accrual Period) will be
                an annual
                rate of 1.82% for the first accrual period, and with respect to each
                accrual period thereafter, at an annual rate equal to 7.15% minus
                LIBOR,
                subject to a maximum rate of 7.15% and a minimum rate of
                0.00%.

            

       

      	(12)  	
              The
                Certificate Interest Rate for any Distribution Date (and related
                Accrual
                Period) for the Class M, Class B1, Class B2, Class B3, Class B4,
                Class B5
                and Class B6 Certificates will be the Average Rate for the Mortgage
                Pool
                for such Distribution Date.

            

       

      	(13)  	
              The
                Class R Certificate represents ownership of the residual interest
                in each
                of REMIC II and REMIC III and will be issued in a single Certificate
                representing a 100% Percentage Interest in such
                Class.

            

       

      	(14)  	
              The
                Class LT-R Certificate will be issued without a Class Principal Amount
                and
                will not bear interest at a stated rate. The Class LT-R Certificate
                represents ownership of the residual interest in REMIC I and shall
                be
                issued as a single Certificate evidencing the entire Percentage Interest
                in such Class.

            

       

      As
        of the
        Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
        of
        $327,450,204.11.

       

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

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      

       

      ARTICLE
        I

       

      DEFINITIONS

       

      Section
        1.01.   Definitions.

       

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

       

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

       

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, as applicable, either (x) those customary
        mortgage servicing practices of prudent mortgage servicing institutions that
        service or master service mortgage loans of the same type and quality as
        such
        Mortgage Loan in the jurisdiction where the related Mortgaged Property is
        located, to the extent applicable to the Trustee 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:
        None.

       

      Accretion
        Termination Date:
        None.

       

      Accrual
        Amount:
        None.

       

      Accrual
        Certificate:
        None.

       

      Accrual
        Component:
        None.

       

      Accrual
        Period:
        With
        respect to any Distribution Date and any Class of Certificates or Components
        (other than any LIBOR Certificates, the Class X Certificates and the Class
        P
        Component) or Class of Lower Tier Interests, the calendar month immediately
        preceding the month in which such Distribution Date occurs. With respect
        to any
        Distribution Date and a Class of LIBOR Certificates, the period beginning
        on the
        Distribution Date in the calendar month preceding the month in which such
        Distribution Date occurs (or on August 25, 2006, in the case of the first
        Accrual Period) and ending on the day immediately preceding such Distribution
        Date.

       

      Accrued
        Certificate Interest:
        As to
        any Class of Certificates or Components (other than the Class X, Class AP
        Certificates and the Class P Component) and any Distribution Date, the product
        of (i) the Certificate Interest Rate for such Class of Certificates divided
        by
        12 and (ii) the Class Principal Amount (or Class Notional Amount or Component
        Notional Amount) of such Class of Certificates or Components as of the last
        day
        of the related Accrual Period, as reduced by such Class’s share of (a) the
        interest portion of any Excess Losses for the related Collateral Group for
        such
        Distribution Date and (b) the interest portion of any Relief Act Reduction
        for
        the related Collateral Group for such Distribution Date, in each case, allocable
        among the interest-bearing Senior Certificates (and the Class I Component)
        and
        the related Subordinate Certificates pro
        rata
        based
        (x) in the case of such Senior Certificates and any such Component, on the
        Accrued Certificate Interest otherwise distributable thereto and (y) in the
        case
        of the Subordinate Certificates, on their respective Apportioned Principal
        Balances. 

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      Interest
        shall accrue on the basis of a 360-day year comprising twelve 30-day
        months.

       

      Act:
        As
        defined in Section 8.03(c).

       

      Additional
        Collateral:
        None.

       

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

       

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

       

      Additional
        Servicer:
        Each
        affiliate of the related Servicer that Services any of the Mortgage Loans
        and
        each Person who is not an affiliate of the related 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 Servicing Fee) on one or more Mortgage Loans (other than Charged-off
        Loans or Released 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 or on behalf of the Master Servicer
        and the related Servicer (or by the Securities Administrator as successor
        to the
        Master Servicer) pursuant to Section 5.04, but only to the extent that such
        amount is expected, in the reasonable judgment of the Master Servicer or
        the
        related Servicer (or by the Securities Administrator as successor to the
        Master
        Servicer), to be recoverable from collections or recoveries in respect of
        such
        Mortgage Loans.

       

      Adverse
        REMIC Event:
        As
        defined in Section 10.01(f). 

       

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

       

      Aggregate
        Certificate Insurance Premium:
        None.

       

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

       

      Aggregate
        Subordinate Percentage:
        With
        respect to any Distribution Date, the sum of the Class Principal Amounts
        of the
        Subordinate Certificates immediately prior to such date divided by the Aggregate
        Principal Balances of the Mortgage Loans for the immediately preceding
        Distribution Date.

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      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
        Deferred Amount:
        With
        respect to any Distribution Date through the Credit Support Depletion Date,
        the
        total of all amounts allocable to the Class AP Certificates on such Distribution
        Date in respect of Realized Losses (other than Excess Losses) on the Mortgage
        Loans and all amounts previously allocated in respect of Realized Losses
        to such
        Class of Certificates and not distributed on prior Distribution
        Dates.

       

      Applicable
        Fraction:
        For
        each Mortgage Loan in the specified Subgroup and the related Collateral Group,
        as follows:

       

      Collateral
        Group

       

      
        	
                Subgroup

              	
                1

              	
                2

              	
                P

              
	 	 	 	 
	
                1-A

              	
                NMR/6.00%

              	
                -

              	
                (6.00%
                  - NMR)/6.00%

              
	 	 	 	 
	
                1-B

              	
                (7.50%-NMR)/1.50%

              	
                1-((7.50%-NMR)/1.50%)

              	
                -

              
	 	 	 	 
	
                1-C

              	
                -

              	
                1

              	
                -

              

      

       

      AP
        Principal Distribution Amount:
        For any
        Distribution Date and Collateral Group P, the sum of the following
        amounts:

       

      (i) the
        related Applicable Fraction of 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 such Collateral
        Group due during the related Due Period;

       

      (ii) the
        related Applicable Fraction of each of the following amounts: (1) each Principal
        Prepayment collected on a Mortgage Loan in such Collateral Group during the
        applicable 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 such Collateral Group that was
        finally
        liquidated during the applicable Prepayment Period), representing or allocable
        to recoveries of principal of such Mortgage Loan in such Collateral Group
        received during the applicable Prepayment Period and (3) the principal portion
        of all proceeds of the purchase of any Mortgage Loan in the such Collateral
        Group (or, in the case of a permitted substitution, amounts representing
        a
        principal adjustment) actually received by the Master Servicer with respect
        to
        the applicable Prepayment Period;

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      (iii) with
        respect to unscheduled recoveries allocable to principal of any Mortgage
        Loan in
        the such Collateral Group that was finally liquidated during the related
        Prepayment Period, the related Applicable Fraction of the related net
        Liquidation Proceeds allocable to principal; and

       

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

       

      Apportioned
        Principal Balance:
        As to
        any Class of 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 Collateral Groups 1 and 2 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.

       

      Assignment
        Agreement:
        The
        agreement between LBB and the Seller dated as of August 1, 2006, pursuant
        to
        which LBB conveyed the Mortgage Loans to the Seller.

       

      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.

       

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

       

      Authorized
        Officer:
        Any
        Person who may execute an Officer’s Certificate, as specified in the definition
        thereof, on behalf of the Depositor.

       

      Available
        Distribution Amount:
        As to
        each Collateral Group on any Distribution Date, the sum of the Applicable
        Fraction for each Mortgage Loan contributing to such Collateral Group of
        the
        principal portion of the following amounts with the interest portion thereof
        adjusted to the related Designated Rate:

       

      (i) the
        total
        amount of all cash received by the Master Servicer through the Servicer
        Remittance Date applicable to each Servicer and deposited with the Securities
        Administrator by the Master Servicer by the Master Servicer Remittance Date
        for
        such Distribution Date on the Mortgage Loans of such Collateral Group (including
        proceeds of any Insurance Policy and any other credit support relating to
        such
        Mortgage Loans and including any Subsequent Recovery or recoveries through
        liquidation of any REO Property), plus all Advances made by the Master Servicer
        or any Servicer (or the Securities Administrator in its capacity as successor
        master servicer) for such Distribution Date, any Compensating Interest Payment
        for such date and Collateral Group and any amounts paid by any Servicer in
        respect of Prepayment Interest Shortfalls in respect of the related Mortgage
        Loans for such date and any proceeds of any purchase of a related Mortgage
        Loan,
        but not including:

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      (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 and Insurance
        Proceeds, received by the Master Servicer after the applicable Prepayment
        Period;

       

      (E) all
        fees
        and amounts due, other than any Prepayment Premium Amounts (as applicable),
        reimbursable to the Master Servicer, the Trustee, the Securities Administrator,
        a Custodian or any Servicer pursuant to the terms of this Agreement, a Custodial
        Agreement or the applicable Servicing Agreement; and 

       

      (F) such
        portion of each payment in respect of interest representing Retained Interest,
        if any; and

       

      (ii) any
        other
        payment made by the Master Servicer, the Securities Administrator, any Servicer,
        the Seller, the Depositor, or any other Person with respect to such Distribution
        Date (including the Purchase Price with respect to any Mortgage Loan purchased
        by the Seller, the Depositor or any other Person and any related Substitution
        Amount) pursuant to this Agreement, a Custodial Agreement or a Servicing
        Agreement.

       

      Average
        Rate:
        With
        respect to each Distribution Date and each Class of Subordinate Certificates,
        a
        per annum rate equal to the weighted average of the Designated Rate applicable
        to Collateral Groups 1 and 2, expressed as a percentage and weighted on the
        basis of the Group Subordinate Amount for each such Collateral Group.

       

      AX
        Mortgage Loans:
        Each
        Mortgage Loan with a Net Mortgage Rate greater than 7.50%, as listed on Schedule
        B hereto. 

       

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

       

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

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      Bankruptcy
        Loss Limit:
        As of
        the Cut-off Date $119,200, which related amount shall be reduced from time
        to
        time by the amount of Bankruptcy Losses allocated to the related
        Certificates.

       

      Bankruptcy
        Losses:
        With
        respect to the Mortgage Loans in the related Collateral Group, 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 Reserve Fund:
        Either
        the Class 1-A2 or Class 1-A6 Reserve Fund Reserve Fund.

       

      Basis
        Risk Shortfall:
        With
        respect to any Distribution Date and the Class 1-A2 or Class 1-A6 Certificates,
        the excess, if any, of the amount of interest such Class of Certificates
        would
        have been entitled to receive if the Certificate Interest Rate for such Class
        was calculated without regard to its related per annum maximum rate, over
        the
        actual amount of interest such Class is entitled to receive for such
        Distribution Date.

       

      Blanket
        Mortgage:
        The
        mortgage or mortgages encumbering a Cooperative Property.

       

      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 third table of the Preliminary Statement, other than the Class X and
        Class R Certificates, constitute Book-Entry Certificates. 

       

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

       

      Cap
        Agreements:
        Either
        of the Class 1-A2 or Class 1-A6 Cap Agreements.

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      Cap
        Counterparty:
        Lehman
        Brothers Special Financing Inc.

       

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

       

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

       

      Certificate
        Insurance Premium:
        None.

       

      Certificate
        Insurer:
        None.

       

      Certificate
        Insurer Default:
        Not
        applicable.

       

      Certificate
        Interest Rate:
        With
        respect to each Class of Certificates (other than the Class X and Class AP
        Certificates) and the Class I Component, 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) and with respect to Certificates other than Book-Entry Certificates,
        the
        Holder.

       

      Certificate
        Principal Amount:
        With
        respect to any Certificate (other than a Notional Certificate or Class X
        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 (1) less the amount of all principal distributions previously
        made
        with respect to such Certificate, all Realized Losses allocated to such
        Certificate, and, in the case of a Subordinate Certificate, any related
        Subordinate Certificate Writedown Amount allocated to such Certificate and
        (2)
        as increased, in the case of any Accrual Certificate, by such Certificate’s
        Percentage Interest of any Accrual Amount allocated thereto; provided,
        however,
        that on
        any Distribution Date on which a Subsequent Recovery is distributed, the
        Certificate Principal Amount of any Class of 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 (to be applied
        pro
        rata
        to all
        Certificates of such Class) 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 increased by
        any
        Subsequent Recovery and (ii) the total amount of any Subsequent Recovery
        distributed on such date to Certificateholders after application (for this
        purpose) to more senior Classes of Certificates. For purposes of Article
        V
        hereof, unless specifically provided to the contrary, Certificate Principal
        Amounts shall be determined as of the close of business of the immediately
        preceding Distribution Date, after giving effect to all distributions made
        on
        such date. Notional Certificates are issued without Certificate Principal
        Amounts.

       

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

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      Charged-off
        Loan:
        As of
        any date of determination, any Mortgage Loan other than a Covered Mortgage
        Loan
        that was delinquent in payment for a period of 180 days or more as of the
        last
        calendar day of the month immediately preceding the month in which such date
        of
        determination occurs, without giving effect to any grace period permitted
        by the
        related Mortgage Note; provided,
        however,
        that
        with respect to any such Mortgage Loan, (i) an equity analysis performed
        by the
        Servicer supports charge-off over foreclosure, (ii) the related Mortgaged
        Property has not become REO Property, (iii) there are no active foreclosure
        or
        other loss mitigation activities and (iv) nothing has come to the attention
        of
        the Servicer indicating that any such Mortgage Loan, at the time of its
        origination, violated any applicable federal, state or local law or regulation,
        including, without limitation, usury, truth-in-lending, consumer credit
        protection and privacy, equal credit opportunity, disclosure or predatory
        and
        abusive lending laws, applicable to the origination and servicing of such
        Mortgage Loan.

       

      Class:
        All
        Certificates bearing the same class designation, and, in the case of REMIC
        I and
        REMIC II, all Lower Tier Interests bearing the same designation.

       

      Class
        1-A2 Cap Agreements:
        An
        interest rate cap agreement entered into on the Closing Date by the Trustee,
        not
        individually but solely in its capacity as Trustee of the Supplemental Interest
        Trust, with the applicable Cap Counterparty, for the benefit of the Class
        1-A2
        and Class X Certificates. Such agreement is attached hereto as Exhibit
        J-1.

       

      Class
        1-A6 Cap Agreements:
        An
        interest rate cap agreement entered into on the Closing Date by the Trustee,
        not
        individually but solely in its capacity as Trustee of the Supplemental Interest
        Trust, with the applicable Cap Counterparty, for the benefit of the Class
        1-A6
        and Class X Certificates. Such agreement is attached hereto as Exhibit
        J-2.

       

      Class
        1-A2 Interest Rate Cap Amount:
        For the
        Class 1-A2 Cap Agreement and any Distribution Date, the amount, if any, to
        be
        paid by the Cap Counterparty to the Securities Administrator for the account
        of
        the Supplemental Interest Trust pursuant to the Class 1-A2 Cap
        Agreement.

       

      Class
        1-A6 Interest Rate Cap Amount:
        For the
        Class 1-A6 Cap Agreement and any Distribution Date, the amount, if any, to
        be
        paid by the Cap Counterparty to the Securities Administrator for the account
        of
        the Supplemental Interest Trust pursuant to the Class 1-A6 Cap
        Agreement.

       

      Class
        1-A2 Reserve Fund:
        A
        separate account established by the Securities Administrator that is held
        in the
        Supplemental Interest Trust for the benefit of the Holders of the Class 1-A2
        Certificates. 

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      Class
        1-A6 Reserve Fund:
        A
        separate account established by the Securities Administrator that is held
        in the
        Supplemental Interest Trust for the benefit of the Holders of the Class 1-A6
        Certificates. 

       

      Class
        E Distributable Amount:
        Not
        applicable.

       

      Class
        I Component:
        The
        interest-bearing Component of the Class 2-A2 Certificates.

       

      Class
        LT-R Certificates:
        Each Class LT-R Certificate executed by the Trustee, and authenticated and
        delivered by the Certificate Registrar, substantially in the form annexed
        hereto
        as Exhibit A and evidencing the residual interest in REMIC I.

       

      Class
        Notional Amount:
        With
        respect to each Class of Notional Certificates, as follows:

       

      ·  With
        respect to any Distribution Date and the Class 1-A3 Certificates, the Class
        Principal Amount of the Class 1-A2 Certificates for such date. 

       

      ·  With
        respect to any Distribution Date and the Class 1-A7 Certificates, the Class
        Principal Amount of the Class 1-A6 Certificates for such date. 

       

      ·  With
        respect to the Class AX Certificates and each Distribution Date, the product
        of
        (i) a fraction, the numerator of which is the weighted average of the Net
        Mortgage Rates of the AX Mortgage Loans at the beginning of the related Due
        Period minus
        7.50%
        and the denominator of which is 6.00% and (ii) the total Scheduled Principal
        Balance of the AX Mortgage Loans.

       

      Class
        Percentage:
        With
        respect to each Class of the 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 aggregate
        Class Principal Amount of all Classes of Senior Certificates and the aggregate
        Class Principal Amount of all Classes of Subordinate Certificates immediately
        prior to such date.

       

      Class
        Principal Amount:
        With
        respect to each Class of Certificates other than any Class of Notional
        Certificates and the Class X 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, zero.
        With
        respect to each Class of Lower Tier Interest and any date of determination,
        the
        initial Class Principal Amount, if any, as set forth in the Preliminary
        Statement as reduced by all distributions of principal and all losses previously
        allocated to such Class.

       

      Class
        R-2 Interest:
        The
        sole residual interest in REMIC II.

       

      Class
        X Certificate:
        The
        Class X Certificate executed by the Securities Administrator and authenticated
        by the Certificate Registrar, substantially in the forum annexed hereto as
        Exhibit A.

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      Clearstream:
        Clearstream Banking Luxembourg, and any successor thereto.

       

      Closing
        Date:
        August
        30, 2006.

       

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

       

      Collateral
        Group:
        Any of
        Collateral Group 1, 2 or P.

       

      Collateral
        Group P:
        the
        group of Mortgage Loans (or portions thereof) stripped to a rate of 0.00%
        derived from Subgroup A.

       

      Collateral
        Group 1:
        The
        group of Mortgage Loans (or portions thereof) stripped to a rate of 6.00%
        derived from Subgroup A and Subgroup B.

       

      Collateral
        Group 2:
        The
        group of Mortgage Loans (or portions thereof) stripped to a rate of 7.50%
        derived from Subgroup B and Subgroup C.

       

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

       

      Commission:
        U.S.
        Securities and Exchange Commission.

       

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

       

      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:
        The
        Class 2-A2 Certificates shall be issued in two non-severable Components:
        the
        Class I and Class P Components. The Class I Component shall be issued with
        a
        Certificate Interest Rate and Component Notional Amount; the Class P Component
        shall not be issued with either a Certificate Interest Rate or a balance
        but
        shall evidence the right to receive distributions pursuant to Section
        5.02(h).

       

      Component
        Certificate:
        None.

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      Component
        Interest Rate:
        None.

       

      Component
        Notional Amount:
        With
        respect to any Distribution Date and the Class I Component, the aggregate
        Class
        Principal Amount of the Class 2-A4, Class 2-A5 and Class 2-A6 Certificates
        for
        such date.

       

      Component
        Principal Amount:
        None.

       

      Component
        Writedown Amount:
        Not
        applicable.

       

      Control:
        The
        meaning specified in Section 8-106 of the UCC.

       

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

       

      Converted
        Mortgage Loan:
        None.

       

      Convertible
        Mortgage Loan:
        None.

       

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

       

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

       

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

       

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

       

      Cooperative
        Shares:
        Shares
        issued by a Cooperative Corporation.

       

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

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      Corporate
        Trust Office:
        With
        respect to the Securities Administrator, the principal corporate trust office
        at
        which, at any particular time, its corporate trust business shall be
        administered, which office at the date hereof is located at (a) for purposes
        of
        presentment, exchange and surrender of the Certificates, Sixth Street and
        Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Client Service
        Manager - LMT 2006-5 and (b) for all other purposes, 9062 Old Annapolis Road,
        Columbia, Maryland 21045, Attention: Client Service Manager - LMT 2006-5.
        

       

      With
        respect to the Trustee, the principal corporate trust office is located at
        452
        Fifth Avenue, New York, NY 10018, Attention: Corporate
        Trust & Loan Agency (LMT 2006-5).

      

      Corresponding
        Class:
        With
        respect to any class of REMIC II Interests, the Class of Certificates so
        designated in the Preliminary Statement hereto. With respect to any Class
        of
        Certificates, the class or classes of Lower Tier Interests so designated
        in the
        Preliminary Statement hereto.

       

      Covered
        Mortgage Loan:
        Any
        mortgage loan that is covered by a Primary Mortgage Insurance
        Policy.

       

      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, giving effect to all distributions on such date,
        the
        aggregate Certificate Principal Amount of the Subordinate Certificates is
        reduced to zero.

       

      Credit
        Support Percentage:
        As to
        any Class of Subordinate Certificates and any Distribution Date, the sum
        of the
        Class Percentages of all related Classes of Certificates that rank lower
        in
        priority than such Class.

       

      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 the Custodial Agreement, and
        any
        successor thereto. The initial custodians shall be U.S. Bank National
        Association, LaSalle Bank, National Association, Wells Fargo Bank, N.A. and
        Deutsche Bank National Trust Company.

       

      Cut-off
        Date:
        August
        1, 2006.

       

      Cut-off
        Date Aggregate Principal Balance:
        With
        respect to the Mortgage Loans in the Trust Fund on the Closing Date, the
        Aggregate Principal Balance for all such Mortgage Loans as of the Cut-off
        Date.

       

      Debt
        Service Reduction:
        With
        respect to any Mortgage Loan, a reduction of the Scheduled Payment that the
        related Mortgagor is obligated to pay on any Due Date as a result of any
        proceeding under Bankruptcy law or any similar proceeding.

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      Deceased
        Holder:
        Not
        applicable.

       

      Deferred
        Interest:
        Not
        applicable.

       

      Deficiency
        Amount:
        Not
        applicable.

       

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

       

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

       

      Deleted
        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.

       

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

       

      Designated
        Rate:
        With
        respect to Collateral Group 1, 6.00%. With respect to Collateral Group 2,
        7.50%.
        With respect to each of Collateral Group P, 0.00%.

       

      Determination
        Date:
        With
        respect to each Distribution Date and any Servicer, as specified in the
        applicable Servicing Agreement.

       

      Discount
        Mortgage Loan:
        Any
        Mortgage Loan with a Net Rate less than 6.00% per annum. 

       

      Disqualified
        Organization:
        A
“disqualified organization” as defined in Section 860E(e)(5) of the
        Code.

       

      Distressed
        Mortgage Loan:
        Any
        Mortgage Loan that at the date of determination is delinquent in payment
        for a
        period of 90 days or more without giving effect to any grace period permitted
        by
        the related Mortgage Note or for which the applicable Servicer or the Trustee
        has accepted a deed in lieu of foreclosure.

       

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

       

      Distribution
        Date Statement:
        As
        defined in Section 4.03(a) hereof. 

       

      Document
        Transfer Event:
        Not
        applicable.

       

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

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

      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
        Securities Administrator 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;

       

      (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;

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      (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 ratings;

       

      (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 Securities Administrator or any Affiliate thereof), (A) rated
        in
        the highest rating category by each Rating Agency rating such investment
        or (B)
        that would not adversely affect the then current rating by either Rating
        Agency
        of any of the Certificates. Such investments in this subsection (viii) may
        include money market mutual funds or common trust funds, including any other
        fund for which
        the Securities
        Administrator,
        the Trustee,
        the
        Master Servicer or an affiliate thereof serves as an investment advisor,
        administrator, shareholder servicing agent, and/or custodian or subcustodian,
        notwithstanding that (x) the
        Securities
        Administrator, the Trustee, the Master Servicer or an affiliate thereof charges
        and collects fees and expenses from such funds for services rendered, (y)
        the
        Trustee, the Securities
        Administrator, the Master Servicer or an affiliate thereof charges and collects
        fees and expenses for services rendered pursuant to this Agreement, and (z)
        services performed for such funds and pursuant to this Agreement may converge
        at
        any time. The
        Trustee or
        an
        affiliate thereof is specifically authorized to charge and collect from the
        Trustee such fees as are collected from all investors in such funds for services
        rendered to such funds (but not to exceed investment earnings
        thereon);

       

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

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

      Employee
        Discount Rate:
        Not
        applicable.

       

      Employee
        Mortgage Loan:
        None.

       

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

       

      ERISA-Qualifying
        Underwriting:
        A best
        efforts or firm commitment underwriting or private placement that meets the
        requirements of an Underwriter’s Exemption.

       

      ERISA-Restricted
        Certificate:
        Any
        Class R, Class LT-R, Class X, Class B4, Class B5, and Class B6 Certificate
        or
        any Certificate with a rating below the lowest applicable rating permitted
        under
        the Underwriter’s Exemption.

       

      ERISA-Restricted
        Trust Certificate:
        Any
        Class 1-A2 or Class 1-A6 Certificate.

       

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

       

      Euroclear:
        JPMorgan Chase Bank, Brussels office, 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.

       

      Exchange
        Act:
        The
        Securities and 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.

       

      Exchange
        Class
        or Exchange
        Certificates:
        The Class
        1-A8, Class 1-A9, Class 1-A10, Class 1-A11, Class 2-A4, Class 2-A5 and Class
        2-A6 Certificates issued under the Exchange Trust Agreement.

      

      Exchangeable
        Classes
        or Exchangeable
        Certificates:
        The Class
        1-A12, Class 1-A13, Class 1-A14, Class 1-A15, Class 1-A16, Class 2-A1 and
        Class
        2-A3 Certificates
        issued under the Exchange Trust Agreement.

      

      Exchange
        Trust Agreement:
        The
        Exchange Trust Agreement dated as of August 1, 2006, entered into by and
        among
        the Depositor, the Trustee and the Securities Administrator for the issuance
        of
        the Exchange and Exchangeable Certificates.

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

      

      Exchange
        Trustee:
        HSBC
        Bank USA, National Association, in its capacity as trustee under the Exchange
        Trust Agreement.

       

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

       

      FHLMC
        or Freddie Mac:
        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.

       

      Financial
        Asset:
        The
        meaning specified in Section 8-102(a)(9) of the UCC.

       

      Financial
        Intermediary:
        A
        broker, dealer, bank or other financial institution or other Person that
        clears
        through or maintains a custodial relationship with a Clearing Agency
        Participant.

       

      Fitch:
        Fitch
        Ratings or any successor in interest.

       

      FNMA
        or Fannie Mae:
        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 such
        Liquidated Mortgage Loan, as reported by the Servicer to the Master
        Servicer.

       

      Fraud
        Loss Limit:
        As of
        the Cut-off Date, $6,549,004. The Fraud Loss Limit for the Mortgage Pool
        will be
        reduced, from time to time, by the amount of Fraud Losses allocated to the
        Certificates. In addition, on each anniversary of the Cut-off Date, the Fraud
        Loss Limit will be reduced as follows: (a) on the first anniversary of the
        Cut-off Date, to an amount equal to the lesser of (1) the Fraud Loss Limit
        as of
        the most recent anniversary of the Cut-off Date and (2) 2.00% of the aggregate
        Scheduled Principal Balance of the Mortgage Loans, as of the most recent
        anniversary of the Cut-off Date, and (b) on the second through the fifth
        anniversaries of the Cut-off Date, to an amount equal to the lesser of (1)
        the
        Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and
        (2)
        1.00% of the aggregate Scheduled Principal Balance of the Mortgage Loans,
        as of
        the most recent anniversary of the Cut-off Date and thereafter, to zero.
        

      

      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.

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

      Group
        1 Percentage:
        With
        respect to each Distribution Date and the Class 1-A1 Certificates, the
        percentage obtained by dividing (x) the Class Principal Amount of the Class
        1-A1
        Certificates immediately prior to such date, by (y) the aggregate Class
        Principal Amount of the Class 1-A1 and Class 1-A2 Certificates. For
        any
        Distribution Date and the Class 1-A5 Certificates, the percentage obtained
        by
        dividing (x) the Class Principal Amount of the Class 1-A5 Certificates
        immediately prior to such dates by (y) the aggregate Class Principal Amount
        of
        the Class 1-A5, Class 1-A6, Class 1-A8, Class 1-A9, Class 1-A10 and Class
        1-A11
        Certificates..

       

      Group
        1 Priority Amount:
        With
        respect to each Distribution Date and each
        of the Class 1-A1 and Class 1-A5 Certificates, the lesser of (i) the sum
        of (x)
        the product of the related Group 1 Percentage for such date, the Shift
        Percentage for such date and 50.2088285597% (for the Class 1-A1 Certificates)
        and 46.0724244277% (for the Class 1-A5 Certificates)
        of the
        Scheduled Principal Amount for Collateral Group 1 for such date and (y) the
        product of the related Group 1 Percentage for such date, the Shift Percentage
        for such date and 50.2088285597% (for the Class 1-A1 Certificates) and
        46.0724244277% (for the Class 1-A5 Certificates)
        of
the
        Unscheduled Principal Amount for Collateral Group 1 for such date, and (ii)
        the
        Class Principal Amount of such Class of Certificates immediately prior to
        such
        date. Notwithstanding the foregoing, on and after the Credit Support Depletion
        Date, each such Class will be entitled to its pro
        rata
        share of the Senior Principal Distribution Amount for Collateral Group
        1.

       

      Group
        Subordinate Amount:
        With
        respect to any Collateral Group (other than Collateral Group P) and any
        Distribution Date, the excess of the Non-AP Pool Balance for such Collateral
        Group for the immediately preceding Distribution Date over the sum of the
        Class
        Principal Amounts of the Non-AP Senior Certificates for such Collateral Group
        immediately prior to such Distribution Date.

       

      Holder
        or Certificateholder:
        The
        registered owner of any Certificate as recorded on the books of the Certificate
        Registrar except that, solely for the purposes of taking any action or giving
        any consent pursuant to this Agreement, any Certificate registered in the
        name
        of the Depositor, the Trustee, the Master Servicer, the
        Securities
        Administrator, any Servicer, the Cap Counterparty 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,
        the
        Securities Administrator and any Servicer in determining whether any
        Certificates are registered to an Affiliate of the Depositor, the Master
        Servicer, the Securities Administrator, the Cap Counterparty or any Servicer.
        After a Section 7.01(c) Purchase Event other than in Sections 5.02(a) through
        (h) and 11.03(a) and (b) herein, and, except in the case of the Class LT-R
        Certificates, Sections 3.03, 3.04, 3.05, 3.06, 3.07, 3.09 and 5.07(c) and
        (f)
        herein, all references in this Agreement to “Holder” or “Certificateholder”
shall be deemed to be references to the LTURI-holder, as recorded on the
        books
        of the Certificate Registrar, as holder of the Lower Tier REMIC 1 Uncertificated
        Regular Interests.

       

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

      
        
          
          

        

        
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      Independent:
        When
        used with respect to any Accountants, a Person who is “independent” within the
        meaning of Rule 2-01(b) of the Commission’s Regulation S-X. When used with
        respect to any other Person, a Person who (a) is in fact independent of another
        specified Person and any Affiliate of such other Person, (b) does not have
        any
        material direct financial interest in such other Person or any Affiliate
        of such
        other Person, 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.

       

      Individual
        Redemption Certificate:
        Not
        applicable.

       

      Initial
        LIBOR Rate:
        5.33%.

       

      Initial
        Optional Termination Date:
        As
        defined in Section 7.01(b).

       

      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 Servicer in connection with procuring
        such proceeds, (ii) to be applied to restoration or repair of the related
        Mortgaged Property, (iii) required to be paid over to the Mortgagor pursuant
        to
        law or the related Mortgage Note or (iv) to be applied toward payment of
        any
        Retained Interest.

       

      Interest
        Distribution Amount:
        Not
        applicable.

       

      Interest
        Shortfall:
        With
        respect to any Class of Certificates (including any interest-bearing Component
        thereof but excluding the Class AP and Class X Certificates) and any
        Distribution Date, any Accrued Certificate Interest not distributed (or added
        to
        principal) with respect to any previous Distribution Date, other than due
        to any
        Net Prepayment Interest Shortfalls.

       

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

       

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

       

      LBB:
        Lehman
        Brothers Bank, FSB.

       

      LBH:
        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 Securities Administrator
        on
        the basis of the “Interest Settlement Rate” set by the British Bankers’
Association (the “BBA”) for one-month United States dollar deposits, as such
        rates appear on the Telerate Page 3750, as of 11:00 a.m. (London time) on
        such
        LIBOR Determination Date.

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      LIBOR
        Certificate:
        Any of
        the Class 1-A2, Class 1-A3, Class 1-A6, Class 1-A7, Class 1-A8, Class 1-A9,
        Class 1-A10, Class 1-A11, Class 1-A14, Class 1-A15, Class 2-A1, Class 2-A3,
        Class 2-A4, Class 2-A5 and Class 2-A6 Certificates and the Class 1-A2
        Certificates in respect of the Class I Component.

       

      LIBOR
        Component:
        None.

       

      LIBOR
        Determination Date:
        For any
        LIBOR Certificate, the second LIBOR Business Day immediately preceding the
        commencement of each Accrual Period other than the first Accrual
        Period.

       

      Liquidated
        Mortgage Loan:
        Any
        Charged-off Loan or defaulted Mortgage Loan as to which the Mortgage Loan
        or
        related REO Property has been disposed of and 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 the 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
        if
        the Mortgaged Property is acquired in satisfaction of the Mortgage Loan,
        including any amounts remaining in the related Escrow Account, together with
        an
        net proceeds received on a monthly basis with respect to any properties acquired
        on behalf of the Holders by foreclosure or deed in lieu of
        foreclosure.

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

       

      Living
        Holder:
        Not
        applicable.

       

      Loan-to-Value
        Ratio:
        With
        respect to any Mortgage Loan and any date of determination, the ratio, expressed
        as a percentage, of (a) of the principal balance of such Mortgage Loan on
        such
        date, over (b) the Original Value thereof.

       

      London
        Business Day:
        Any day
        on which banks are open for dealing in foreign currency and exchange in London,
        England and New York City.

       

      Lower
        Tier Interest:
        Any one
        of the interests in a Lower Tier REMIC, as described in the Preliminary
        Statement.

       

      Lower
        Tier REMIC:
        REMIC I
        or REMIC II, as described in the Preliminary Statement.

       

      Lower
        Tier REMIC I Uncertificated Regular Interests:
        Lower
        Tier Interests of REMIC I constituting regular interests held in uncertificated
        form. 

       

      LTURI
        holder:
        The
        holder of Lower Tier REMIC I Uncertificated Regular Interests, which, upon
        the
        occurrence of a Section 7.01(c) Purchase Event, shall be the Master Servicer
        or
        its designee, and including any trustee in its capacity as trustee of any
        privately placed securitization.

       

      Maintenance:
        With
        respect to any Cooperative Unit, the rent or fee paid by the Mortgagor to
        the
        Cooperative Corporation pursuant to the Proprietary Lease.

       

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

       

      Master
        Servicing Fee:
        As to
        any Distribution Date, an amount equal to one-twelfth the product of (a)
        the
        Master Servicing Fee Rate and (b) the outstanding principal balance of each
        Mortgage Loan.

       

      Master
        Servicing Fee Rate:
        0.00%
        per annum.

       

      Master
        Servicer Remittance Date:
        With
        respect to each Distribution Date, the
        second
        Business
        Day immediately preceding such Distribution Date.

       

      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.

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

      Mortgage
        Loan:
        A
        Mortgage and the related notes or other evidences of indebtedness secured
        by
        each such Mortgage or a manufactured housing contract conveyed, transferred,
        sold, assigned to or deposited with the Trustee pursuant to Section 2.01
        or
        Section 2.05, including without limitation, each Mortgage Loan listed on
        the
        Mortgage Loan Schedule, as amended from time to time.

       

      Mortgage
        Loan Sale Agreement:
        The
        agreement dated as of August 1, 2006, for the sale of the Mortgage Loans
        by LBH
        to the Depositor.

       

      Mortgage
        Loan Schedule:
        The
        schedule attached hereto as Schedule A, which shall identify each Mortgage
        Loan,
        as such schedule may be amended from time to time to reflect the addition
        of
        Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
        Such
        schedule shall set forth, among other things, the following information with
        respect to each Mortgage Loan: (i) the Mortgage Loan identifying number;
        (ii)
        the Mortgagor’s name; (iii) the street address of the Mortgaged Property
        including the city, state and zip code; (iv) the original principal amount
        of
        the Mortgage Loan; (v) the Mortgage Rate at origination; (vi) the monthly
        payment of principal and interest at origination; (vii) the Mortgage Pool,
        Collateral Group or Group to which such Mortgage Loan has been assigned,
        (viii)
        the Servicer of such Mortgage Loan, (ix) the term and method of calculation
        of Prepayment Penalty Amounts, (x) whether such Mortgage Loan is an
        Employee Mortgage Loan, and (xi) the initial Custodian for such Mortgage
        Loan. The Depositor shall be responsible for providing the Trustee, the
        Securities Administrator and the Master Servicer with all amendments to the
        Mortgage Loan Schedule.

       

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

       

      Mortgage
        Pool:
        The
        aggregate of the Mortgage Loans.

       

      Mortgage
        Rate:
        As to
        any Mortgage Loan, the per annum rate at which interest accrues on such Mortgage
        Loan, as determined under the related Mortgage Note as reduced by any Relief
        Act
        Reductions.

       

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

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

       

      Mortgagor:
        The
        obligor on a Mortgage Note.

       

      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, Servicing Fees and Retained Interest,
        if any, received and retained in connection with the liquidation of such
        Mortgage Loan.

       

      Net
        Mortgage Rate or NMR:
        With
        respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the sum
        of
        the applicable Servicing Fee Rate, the Securities
        Administrator Fee Rate, the applicable Retained Interest Rate, if any, and,
        if
        applicable and specified on the Mortgage Loan Schedule, the premium rate
        on any
        lender-provided mortgage insurance. The Net Mortgage Rate of any Employee
        Mortgage Loan shall be calculated without regard to any increase in the Mortgage
        Rate thereof as a result of the related Mortgagor ceasing to be an employee
        of
        the Underwriter or any of its affiliates.

       

      Net
        Prepayment Interest Shortfall:
        With
        respect to each Collateral Group and any Distribution Date, the excess, if
        any,
        of any Prepayment Interest Shortfalls with respect to the Mortgage Loans
        for
        such date over the sum of any amounts paid by the Servicers 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.

       

      Non-AP
        Pool Balance:
        As to
        any Collateral Group (other than Collateral Group P) and any Distribution
        Date,
        the sum of the related Applicable Fractions of the Scheduled Principal Balance
        of each Mortgage Loan included in the applicable Collateral Group for such
        Distribution Date. 

       

      Non-AP
        Senior Certificate:
        Any
        Senior Certificate other than the Class AP and Class AX
        Certificates.

       

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

       

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

       

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

       

      Non-U.S.
        Person:
        Any
        person other than a “United States person” within the meaning of Section
        7701(a)(30) of the Code.

       

      Notice
        of Nonpayment.
        Not
        applicable.

       

      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.

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

       

      Notional
        Certificate:
        Any
        Class AX, Class 1-A3, Class 1-A7 or Class 2-A2 Certificate.

       

      Notional
        Principal Contract Value:
        $16,000.00.

       

      Offering
        Document:
        The
        private placement memorandum relating to the Privately Offered Certificates,
        or
        the Prospectus.

       

      Offered
        Certificates:
        The
        Certificates other than the Privately Offered Certificates.

       

      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.

       

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

       

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

       

      Original
        Group Subordinate Amount:
        The
        Group Subordinate Amounts for Collateral Groups 1 and 2 as of the Cut-off
        Date.

       

      Original
        Value:
        With
        respect to any Mortgage Loan, 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.

       

      Originator:
        The
        entity that originated a Mortgage Loan.

       

      PAC
        Certificate:
        None.

       

      PAC
        Principal Amount:
        Not
        applicable.

       

      PAC
        Principal Amount Schedule:
        Not
        applicable.

       

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

       

      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
        (or Component Notional Amount) thereof divided by the initial Class Principal
        Amount (or Component Notional Amount) of all Certificates of the same Class.
        With respect to any Notional Certificate, the Percentage Interest evidenced
        thereby shall equal the initial Class Notional Amount divided by the initial
        Class Notional Amount of all Certificates of the same Class. With respect
        to the
        Class X and Class LT-R Certificates, the Percentage Interest evidenced thereby
        shall be as specified on the face thereof, or otherwise be equal to
        100%.

      
        
          
          

        

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

       

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

       

      Placement
        Agent:
        Lehman
        Brothers Inc.

       

      Plan
        Asset Regulations:
        The
        Department of Labor regulations set forth in 29 C.F.R. 2510.3-101.

       

      Plan:
        An
        employee benefit plan or other retirement arrangement which is subject to
        Section 406 of ERISA and/or Section 4975 of the Code or any entity whose
        underlying assets include such plan's or arrangement's assets by reason of
        their
        investment in the entity.

       

      Preference
        Amount:
        Not
        applicable.

       

      Prepayment
        Interest Shortfall:
        With
        respect to any Distribution Date and any Principal Prepayment, 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, the Master Servicing Fee Rate (if the Master
        Servicer is acting as a Servicer) and the applicable Retained Interest Rate,
        if
        any, on the outstanding principal balance of such Mortgage Loan immediately
        prior to such prepayment and (ii) the amount of interest actually received
        with
        respect to such Mortgage Loan in connection with such Principal
        Prepayment.

       

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

       

      Prepayment
        Period:
        With
        respect to any Distribution Date the period specified as such in the related
        Servicing Agreement.

       

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

       

      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 Servicing Agreement.

      
        
          
          

        

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

       

      Proceeding:
        Any
        suit in equity, action at law or other judicial or administrative
        proceeding.

       

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

       

      Prospectus:
        The
        prospectus supplement dated August 28, 2006, together with the accompanying
        prospectus dated August 11, 2006, relating to the Offered
        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 related Distribution Date, (c)
        any
        costs
        and damages incurred by the Trust Fund with respect to such Mortgage Loan
        in
        connection with any violation of any federal, state or local predatory or
        abusive lending laws or other similar laws and (d) any unreimbursed Servicing
        Advances with respect to such Mortgage Loan. The Master Servicer or the
        applicable Servicer (or the Securities Administrator, if applicable) shall
        be
        reimbursed from the Purchase Price for any Mortgage Loan or related REO Property
        for any Advances made with respect to such Mortgage Loan that are reimbursable
        to the Master Servicer, such Servicer or the Securities Administrator under
        this
        Agreement or the related Servicing Agreement, as well as any unreimbursed
        Servicing Advances and accrued and unpaid Master Servicing Fees or Servicing
        Fees, as applicable.

       

      QIB:
        As
        defined in Section 3.03(c).

       

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

       

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

       

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

       

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

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

       

      (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:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the related Mortgaged Properties are located, duly authorized and licensed
        in
        such states to transact the applicable insurance business and to write the
        insurance provided and whose claims paying ability is rated by each Rating
        Agency in its highest rating category or whose selection as an insurer will
        not
        adversely affect the rating of the Certificates.

       

      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
        a Substitution Amount shall be paid by the party effecting such substitution
        to
        the Securities Administrator for deposit into the Certificate 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
        a Net
        Mortgage Rate within the Net Mortgage Rate parameters of the related Subgroup;
        (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; provided,
        however,
        in no
        case shall such substitute Mortgage Loan have a remaining stated term to
        maturity later than the Final Scheduled Distribution Date; (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%
        as of the date of substitution, 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, as of the date of substitution of the 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%; and
        (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. 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. Notwithstanding
        any
        provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall
        be
        deemed to have the same Applicable Fraction as that of the Deleted Mortgage
        Loan
        for which it was substituted.

      
        
          
          

        

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

       

      Realized
        Loss:
        (a)
        With respect to each Liquidated Mortgage Loan, an amount equal to (i) the
        unpaid
        principal balance of such Mortgage Loan as of the date of liquidation, plus
        (ii) interest at the applicable Net Mortgage Rate from the date as to which
        interest was last paid up to the last day of the month of such liquidation,
        minus (iii) Liquidation Proceeds received, net of amounts that are reimbursable
        to the Master Servicer or the applicable Servicer with respect to such Mortgage
        Loan (other than Advances of principal and interest) including expenses of
        liquidation, and (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 (including payment of any Retained Interest), then to accrued unpaid
        interest and finally to reduce the principal balance of the Mortgage
        Loan.

       

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

       

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

       

      Redemption
        Certificate:
        None.

      
        
          
          

        

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

       

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

       

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

       

      Reimbursement
        Amount:
        Not
        applicable.

       

      Released
        Mortgage Loan:
        As of
        any transfer date as set forth in the related Servicing Agreement, any Mortgage
        Loan other than a Covered Mortgage Loan that was delinquent in payment for
        a
        period of time equal to the later to occur of (i) 210 days or more or (ii)
        30
        days or more after such Mortgage Loan became a Charged-off Loan, in each
        case as
        of the last calendar day of the month immediately proceeding the month in
        which
        such transfer date occurs, without giving effect to any grace period permitted
        by the related Mortgage Note, and for which foreclosure proceedings have
        not
        been initiated.

       

      Released
        Mortgage Transferee:
        The
        Master Servicer.

       

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

       

      Relevant
        UCC:
        The
        Uniform Commercial Code as in effect in the applicable
        jurisdiction.

       

      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, as amended, or any similar state law or
        local
        statute, 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, REMIC II and REMIC III, as described in the Preliminary Statement
        hereto.

       

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to real estate mortgage
        investment conduits, which appear at sections 860A through 86OG 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.

      
        
          
          

        

        
          36

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      Residual
        Certificate:
        Any
        Class LT-R or Class R Certificate.

       

      Responsible
        Officer:
        When
        used with respect to the Trustee or the Securities Administrator, respectively,
        any Vice President, Assistant Vice President, the Secretary, any assistant
        secretary, any Trust Officer, the Treasurer, or any assistant treasurer,
        working
        in its corporate trust department and having direct responsibility for the
        administration of this Agreement.

       

      Restricted
        Certificate:
        Any
        Class B4, Class B5, Class B6 or Class X Certificate and any Restricted Global
        Security. 

       

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

       

      Retained
        Interest:
        Not
        applicable.

       

      Retained
        Interest Mortgage Loan:
        Not
        applicable.

       

      Retained
        Interest Holder:
        Not
        applicable.

       

      Retained
        Interest Rate:
        Not
        applicable.

       

      Retained
        Mortgage File:
        Not
        applicable. 

       

      Rules:
        As
        defined in Section 6.20(c).

       

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

       

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

       

      Sarbanes-Oxley
        Certification:
        A
        written certification covering the activities of all Servicing Function
        Participants and signed by an officer of the Exchange Act Signing Party that
        complies with Section 302 of the Sarbanes-Oxley Act, as amended from time
        to
        time.

       

      Scheduled
        Certificate:
        None.

      
        
          
          

        

        
          37

          
            

          

        

        
          
          

        

      

       

      Scheduled
        Component:
        None.

       

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

       

      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 by or on behalf of the Trustee (reduced
        by any amount applied as a reduction of principal on the Mortgage Loan).
        With
        respect to a Liquidated Mortgage Loan, the Scheduled Principal Balance will
        equal zero. With respect to any Mortgage Loan as of the Cut-off Date, as
        specified in the Mortgage Loan Schedule.

       

      Section
        7.01(c) Purchase Event:
        The
        purchase of all the Lower Tier REMIC 1 Uncertificated Regular
        Interests.

       

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

       

      Securities
        Administrator:
        Wells
        Fargo Bank, N.A., not in its individual capacity but solely as Securities
        Administrator, or any successor in interest, or if any successor Securities
        Administrator shall be appointed as herein provided, then such successor
        Securities Administrator.

       

      Securities
        Administrator Fee:
        As to
        any Distribution Date, an amount equal to one-twelfth of the product of (a)
        the
        Securities Administrator Fee Rate and (b) the outstanding principal balance
        of
        each Mortgage Loan as of the first day of the month preceding the month of
        such
        Distribution Date.

       

      Securities
        Administrator Fee Rate:
        0.014%
        per annum.

      
        
          
          

        

        
          38

          
            

          

        

        
          
          

        

      

       

      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:
        LBH or
        any successor in interest, as the context may require.

       

      Senior
        Certificate:
        Any
        Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4, Class 1-A5, Class 1-A6, Class
        1-A7, Class 1-A8, Class 1-A9, Class 1-A10, Class 1-A11, Class 1-A12, Class
        1-A13, Class 1-A14, Class 1-A15, Class 1-A16, Class 2-A1, Class 2-A2, Class
        2-A3, Class 2-A4, Class 2-A5, Class 2-A6, Class AP, Class AX or Class R
        Certificate in each case, issued hereunder.

       

      Senior
        Percentage:
        With
        respect to each Collateral Group (other than Collateral Group P) and any
        Distribution Date, the percentage equivalent of a fraction, the numerator
        of
        which is the sum of the Class Principal Amounts of each Class of Non-AP Senior
        Certificates for the such Collateral Group immediately prior to such
        Distribution Date, to the extent that such Classes are outstanding on such
        date,
        and the denominator of which is the related Non-AP Pool Balance as of the
        beginning of the related Due Period. 

       

      Senior
        Prepayment Percentage:
        With
        respect to each Collateral Group (other than Collateral Group P) and any
        Distribution Date occurring during the five years beginning on the first
        Distribution Date, 100%. With respect to each Collateral Group and for any
        Distribution Date occurring on or after the fifth 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,
        that if
        on any of the foregoing Distribution Dates the Senior Percentage for a
        Collateral Group exceeds the initial Senior Percentage for such Collateral
        Group, the Senior Prepayment Percentage for each Collateral Group for such
        Distribution Date shall once again equal 100% for such Distribution
        Date.

       

      Notwithstanding
        the foregoing, no decrease in the Senior Prepayment Percentage for any of
        Collateral Groups 1 or 2 below the level in effect for the most recent prior
        period set forth in 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 such
        Collateral Groups that were delinquent 60 days or more (including for this
        purpose any REO Property or Mortgage Loans in foreclosure or bankruptcy and
        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 related Group Subordinate
        Amounts, immediately prior to such Distribution Date or (ii) cumulative
        Realized Losses with respect to the Mortgage Loans in such Collateral Groups
        exceed (a) with respect to the Distribution Date on or after the fifth
        anniversary but prior to the sixth anniversary of the first Distribution
        Date,
        30% of the related Original Group Subordinate Amount, (b) with respect to
        the
        Distribution Date on or after the sixth anniversary but prior to the seventh
        anniversary of the first Distribution Date, 35% of the related Original Group
        Subordinate Amount, (c) with respect to the Distribution Date on or after
        the
        seventh anniversary but prior to the eighth anniversary of the first
        Distribution Date, 40% of the related Original Group Subordinate Amount,
        (d)
        with respect to the Distribution Date on or after the eighth anniversary
        but
        prior to the ninth anniversary of the first Distribution Date, 45% of the
        related Original Group Subordinate Amount and (e) with respect to the
        Distribution Date on or after the ninth anniversary of the first Distribution
        Date or thereafter, 50% of the related Original Group Subordinate
        Amount.

      
        
          
          

        

        
          39

          
            

          

        

        
          
          

        

      

       

      After
        the
        Class Principal Amount of each Class of Senior Certificates for a Collateral
        Group has been reduced to zero, the Senior Prepayment Percentage for such
        Collateral Group shall be 0%.

       

      Senior
        Principal Distribution Amount:
        For any
        Collateral Group (other than Collateral Group P) 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 (multiplied by the related Applicable Fraction) 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
        Collateral Group 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 (multiplied by the related Applicable Fraction):
        (1) each Principal Prepayment on the Mortgage Loans in the related Collateral
        Group 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 Collateral Group that was finally liquidated during the related
        Prepayment Period) representing or allocable to recoveries of principal received
        during the related Prepayment Period, and (3) the principal portion of all
        proceeds of the purchase of any Mortgage Loan in the related Collateral Group
        (or, in the case of a permitted substitution, amounts representing a principal
        adjustment) actually received by the Securities Administrator during the
        related
        Prepayment Period;

       

      (iii) with
        respect to unscheduled recoveries allocable to principal of any Mortgage
        Loan in
        the related Collateral Group that was finally liquidated during the related
        Prepayment Period, the lesser of (a) the related net Liquidation Proceeds
        allocable to principal (multiplied by the related Applicable Fraction) and
        (b)
        the product of the related Senior Prepayment Percentage for such date and
        the
        Scheduled Principal Balance (multiplied by the related Applicable Fraction)
        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 the Class or Classes of Non-AP
        Senior Certificates related to any Collateral Group have been reduced to
        zero,
        the Senior Principal Distribution Amount for such Class or Classes of Non-AP
        Senior Certificates for such date (following such reduction) and each subsequent
        Distribution Date shall be zero.

      
        
          
          

        

        
          40

          
            

          

        

        
          
          

        

      

       

      Senior
        Principal Priorities:
        The
        priorities for distribution of principal to the Senior Certificates as set
        forth
        in Exhibit O.

       

      Servicer:
        Any
        Servicer that has entered into any of the Servicing Agreements identified
        on
        Exhibit E hereto, or any successors in interest. The initial Servicers shall
        be
        Aurora Loan Services LLC, IndyMac Bank, F.S.B. and Wells Fargo Bank, N.A.
        

       

      Servicer
        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 related 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).

       

      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
        related Servicing Agreement.

       

      Servicing
        Agreement:
        Each
        servicing agreement or reconstituted servicing agreement between the Servicer
        and the Seller and acknowledged by the Trustee dated as of August 1, 2006,
        identified on Exhibit E hereto, 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
        criteria set forth in paragraph (d) of Item 1122 of Regulation AB, as such
        may
        be amended from time to time.

       

      Servicing
        Fee:
        As to
        any Distribution Date and each Mortgage Loan, an amount equal to the product
        of
        (a) one-twelfth of the Servicing Fee Rate and (b) the outstanding principal
        balance of such Mortgage Loan as of the first day of the month preceding
        the
        month of such Distribution Date.

       

      Servicing
        Fee Rate:
        With
        respect to each Mortgage Loan, the rate specified in the applicable Servicing
        Agreement.

       

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

       

      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,
        the
        Securities
        Administrator and the Custodian, as such list may from time to time be
        amended.

      
        
          
          

        

        
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      Shift
        Percentage:
        With
        respect to each Distribution Date occurring during the five years beginning
        on
        the first Distribution Date, 0%. With respect to each Distribution Date
        occurring on or after the fifth anniversary of the first Distribution Date,
        the
        following percentage for such Distribution Date; for any Distribution Date
        in
        the first year thereafter, 30%; for any Distribution Date in the second year
        thereafter, 40%; for any Distribution Date in the third year thereafter,
        60%;
        for any Distribution Date in the fourth year thereafter, 80%; and for any
        subsequent Distribution Date, 100%.

       

      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, the
        Securities
        Administrator, 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, $3,275,000, which amount shall 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 Mortgage
        Loans; (ii) twice the Scheduled Principal Balance of the Mortgage Loan having
        the highest Scheduled Principal Balance, and (iii) the aggregate Scheduled
        Principal Balances of the 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) the Special Hazard Loss Limit as of the Closing Date less the amount,
        if
        any, of Special Hazard Losses incurred with respect to the Mortgage Loans
        since
        the Closing Date.

       

      Specified
        Rating:
        Not
        applicable.

       

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

       

      Subcontractor:
        Any
        vendor, subcontractor or other Person that is not responsible for the overall
        servicing (as “servicing” is commonly understood by participants in the
        mortgage-backed securities market) of the Mortgage Loans but performs one
        or
        more discrete material functions required to be performed under this Agreement,
        the Servicing Agreement or any subservicing agreement, as identified in Item
        1122(d) of Regulation AB with respect to the Mortgage Loans under the direction
        or authority of the Securities
        Administrator,
        the Master Servicer, a Custodian or the Servicer.

       

      Subgroups:
        Each of
        the subgrouping of Mortgage Loans described below:

      
        
          
          

        

        
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      “Subgroup
        A”:
        The
        Mortgage Loans with Net Mortgage Rates of less than 6.00%.

       

      “Subgroup
        B”:
        The
        Mortgage Loans with Net Mortgage Loans of greater than or equal to 6.00%
        but
        less than 7.50%.

       

      “Subgroup-C”:
        The
        Mortgage Loans with Net Mortgage Rates of greater than 7.50%.

       

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

       

      Subordinate
        Certificates:
        Any of
        the Class M, Class B1, Class B2, Class B3, Class B4, Class B5 or Class B6
        Certificates.

       

      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 related Subordinate Certificates immediately prior
        to
        such Distribution Date.

       

      Subordinate
        Percentage:
        With
        respect to each Collateral Group (other than Collateral Group P) and any
        Distribution Date, the difference between 100% and the related Senior Percentage
        for such Distribution Date.

       

      Subordinate
        Prepayment Percentage:
        With
        respect to each Collateral Group (other than Collateral Group P) and any
        Distribution Date, the difference between 100% and the related Senior Prepayment
        Percentage for such Distribution Date.

       

      Subordinate
        Principal Distribution Amount:
        For any
        Collateral Group (other than Collateral Group P) 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 (multiplied by the related Applicable Fraction) 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 Collateral Group 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 (multiplied by the related Applicable
        Fraction): (1) each Principal Prepayment on the Mortgage Loans in the related
        Collateral Group 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 Collateral Group that was finally liquidated during the related
        Prepayment Period) representing or allocable to recoveries of principal received
        during the related Prepayment Period, and (3) the principal portion of all
        proceeds of the purchase of any Mortgage Loan in the related Collateral Group
        (or, in the case of a permitted substitution, amounts representing a principal
        adjustment) actually received by the Securities Administrator during the
        related
        Prepayment Period;

      
        
          
          

        

        
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      (iii) with
        respect to unscheduled recoveries allocable to principal of any Mortgage
        Loan in
        the related Collateral Group that was finally liquidated during the related
        Prepayment Period, the related net Liquidation Proceeds allocable to principal
        (multiplied by the related Applicable Fraction) less any related amount paid
        pursuant to subsection (iii) of the definition of Senior Principal Distribution
        Amount for the related Mortgage Pool; 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 any material servicing functions required
        to
        be performed under this Agreement, any related Servicing Agreement or any
        subservicing agreement that are identified in Item 1122(d) of Regulation
        AB.

       

      Substitution
        Amount:
        The
        amount, if any, by which the Scheduled Principal Balance of a Deleted Mortgage
        Loan exceeds the Scheduled Principal Balance of the related Qualifying
        Substitute Mortgage Loan, or aggregate Scheduled Principal Balance, if
        applicable, plus
        unpaid
        interest thereon at the applicable Net Mortgage Rate from the date on which
        interest was first paid through the end of the Due Period in which such
        substitution occurs, and any related unpaid Advances or Servicing Advances
        or
        unpaid Servicing Fees, and the amount of any costs and damages incurred by
        the
        Trust Fund associated with a violation of any applicable federal, state or
        local
        predatory or abusive lending law in connection with the origination of such
        Deleted Mortgage Loan.

       

      Supplemental
        Interest Trust:
        The
        corpus of a trust created pursuant to Section 5.07 of this Agreement and
        designated as the “Supplemental Interest Trust,” consisting of the Cap
        Agreements.

       

      TAC
        Certificate:
        None.

       

      TAC
        Principal Amount:
        Not
        applicable.

       

      TAC
        Principal Amount Schedule:
        Not
        applicable.

       

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

      
        
          
          

        

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

       

      Termination
        Price:
        As
        defined in Section 7.01 hereof.

       

      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 LBB or the Seller pursuant to a Transfer
        Agreement.

       

      Trust
        Fund:
        The
        corpus of the Lehman Mortgage Trust 2006-5 created pursuant to this Agreement,
        consisting of the Mortgage Loans (other than any Retained Interest), the
        assignment of the Depositor’s rights under the Mortgage Loan Sale Agreement,
        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).

       

      Trust
        Fund Termination Event:
        As
        defined in Section 7.01(a).

       

      Trustee:
        HSBC
        Bank USA, National Association, not in its individual capacity but solely
        as
        Trustee, or any successor in interest, or if any successor trustee or any
        co-trustee shall be appointed as herein provided, then such successor trustee
        and such co-trustee, as the case may be. 

       

      Trustee
        Fee:
        $3,500
        per annum.

       

      UCC:
        The
        Uniform Commercial Code as adopted in the State of New York.

       

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

       

      Undercollateralized
        Class or Classes:
        With
        respect to any Distribution Date and any Class of Non-AP Senior Certificates
        relating to a Collateral Group as to which the total Certificate Principal
        Amount thereof, after giving effect to distributions pursuant to Sections
        5.02(a) and (b) on such date, is greater than the Non-AP Pool Balance of
        the
        related Collateral Group for such Distribution Date, in the case of the Senior
        Certificates (other than the Notional Certificates).

       

      Underlying
        Exchange Certificates:
        The
        Certificates identified as such in footnote (i) to the Preliminary
        Statement.

       

      Underwriter:
        Lehman
        Brothers Inc.

      
        
          
          

        

        
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      Underwriter’s
        Exemption:
        Prohibited Transaction Exemption 2002-41, 67 Fed. Reg. 54487 (2002), as
        amended (or any successor thereto), or any substantially similar administrative
        exemption granted by the U.S. Department of Labor.

       

      Unpaid
        Basis Risk Shortfall:
        With
        respect to any Distribution Date and any of the Class 1-A2 or Class 1-A6
        Certificates, the aggregate of all Basis Risk Shortfalls with respect to
        such
        Class remaining unpaid from previous Distribution Dates, plus interest accrued
        thereon at the Certificate Interest Rate.

       

      Unscheduled
        Principal Amount:
        With
        respect to each Distribution Date and any Collateral Group (other than
        Collateral Group P), the amount described in clauses (ii) and (iii) (without
        application of the related Senior Prepayment Percentage) of the definition
        of
        Senior Principal Distribution Amount with respect to such Collateral
        Group.

       

      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, 95% of all Voting
        Interests shall be allocated to the Certificates other than the Notional
        Certificates. The Class X Certificates and each Class of Notional Certificates
        shall be allocated 1% of all Voting Interests. After the Class Notional Amount
        of each Class of Notional Certificate has been reduced to zero, 100% of all
        Voting Interests shall be allocated to the remaining Classes of Certificates.
        Voting Interests allocated to the Notional Certificates shall be allocated
        among
        the Certificates of each such Class in proportion to their Notional Amounts.
        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). In the case of the
        purchase by the Master Servicer of the Lower Tier REMIC I Uncertificated
        Regular
        Interests pursuant to a Section 7.01(c) Purchase Event, the LTURI holder
        shall
        be allocated 100% of the Voting Interests and upon such purchase any provisions
        in this Agreement which require a vote by, a direction or notice given by,
        an
        action taken by, a request in writing by or the consent of, any percentage
        of
        the Holders of the Certificates or any Class of Certificates may be exercised
        by
        the LTURI holder. 

       

      Section
        1.02.   Calculations
        Respecting Mortgage Loans.

       

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

      
        
          
          

        

        
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      ARTICLE
        II

       

      DECLARATION
        OF TRUST;

      ISSUANCE
        OF CERTIFICATES

       

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

       

      (a)  Concurrently
        with the execution and delivery of this Agreement, the Depositor does hereby
        transfer, assign, set over, deposit with and otherwise convey to the Trustee,
        without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust,
        all
        the right, title and interest of the Depositor in and to the Mortgage Loans.
        Such conveyance includes, without limitation, the right to all 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
        Basis
        Risk Reserve Fund, 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, has caused to be executed, authenticated
        and delivered to or upon the order of the Depositor, in exchange for the
        Trust
        Fund, Certificates in the authorized denominations evidencing the entire
        ownership of the Trust Fund. 

       

      Concurrently
        with the execution and delivery of this Agreement and any Cap 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
        Servicing Agreements and Transfer Agreements to the extent assigned under
        such
        Mortgage Loan Sale Agreement or the Assignment Agreement (as applicable).
        The
        Trustee hereby accepts such assignment, and shall be entitled to exercise
        all
        rights of the Depositor under the Mortgage Loan Sale Agreement as if, for
        such
        purpose, it were the Depositor. The foregoing sale, transfer, assignment,
        set-over, deposit and conveyance 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 or any
        other
        agreement or instrument relating thereto except as specifically set forth
        herein. The Depositor hereby authorizes and directs the Trustee, solely in
        its
        capacity as Trustee of the Supplemental Interest Trust created hereunder,
        to
        execute and deliver any Cap Agreement. The Seller, the Master
        Servicer,
        the Securities
        Administrator, the Depositor and the Certificateholders acknowledge and agree
        that the Trustee is executing any Cap Agreement solely in its capacity as
        trustee of the Supplemental Interest Trust, and not in its individual capacity.
        The Trustee shall have no duty or responsibility to enter into any other
        interest rate cap agreement upon the expiration or termination of any such
        Cap
        Agreement.

      
        
          
          

        

        
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      It
        is
        agreed and understood by the Depositor and the Trustee (and the Depositor
        has so
        represented and recognized in the Mortgage Loan Sale Agreement) that it is
        not
        intended that any Mortgage Loan to be included in the Trust Fund be a (i)
        “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective
        November 27, 2003; (ii) “High-Cost Home Loan” as defined in the New Mexico Home
        Loan Protection Act effective January 1, 2004; (iii) “High-Cost Home Mortgage
        Loans” as defined in the Massachusetts Predatory Home Loan Practices Act
        effective November 7, 2004 and (iv) “High Cost Home Loans” as defined in the
        Indiana Home Loan Practices Act effective January 1, 2005. 

       

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

       

      (i)  with
        respect to each Mortgage Loan, the original Mortgage Note endorsed without
        recourse in proper form to the order of the Trustee, as shown in Exhibit
        B-4, or
        in blank (in each case, with all necessary intervening endorsements as
        applicable);

       

      (ii)  the
        original of any guarantee, security agreement or pledge agreement 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 true and complete copy of the original submitted for recording. If, in
        connection with any Mortgage Loan, the Depositor cannot deliver the Mortgage
        with evidence of recording thereon on or prior to the Closing Date because
        of a
        delay caused by the public recording office where such Mortgage has been
        delivered for recordation or because such Mortgage has been lost, the Depositor
        shall deliver or cause to be delivered to the Trustee (or the applicable
        Custodian), in the case of a delay due to recording, a true copy of such
        Mortgage, pending delivery of the original thereof, together with an Officer’s
        Certificate of the Depositor certifying that the copy of such Mortgage delivered
        to the Trustee (or the applicable Custodian) is a true copy and that the
        original of such Mortgage has been forwarded to the public recording office,
        or,
        in the case of a Mortgage that has been lost, a copy thereof (certified as
        provided for under the laws of the appropriate jurisdiction) and a written
        Opinion of Counsel acceptable to the Trustee and the Depositor that an original
        recorded Mortgage is not required to enforce the Trustee’s interest in the
        Mortgage Loan;

      
        
          
          

        

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

       

      (v)  with
        respect to each Non-MERS Mortgage Loan other than a Cooperative Loan, the
        original Assignment of Mortgage 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 Depositor 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 executed
        in
        connection with the Mortgage or as to any security agreement, chattel mortgage
        or their equivalent 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 delivered to the Trustee (or the applicable Custodian) is a true
        copy
        and that the original of such document has been forwarded to the public
        recording office;

       

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

       

      (xi)  in
        connection with any pledge of Additional Collateral, the original additional
        collateral pledge and security agreement executed in connection therewith,
        assigned to the Trustee; and

       

      (xii)  with
        respect to any manufactured housing contract, any related manufactured housing
        sales contract, installment loan agreement or participation
        interest.

       

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

      
        
          
          

        

        
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      (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 of Mortgage need not be recorded if, in the Opinion of Counsel
        (which must be from Independent counsel) (which Opinion of Counsel may be
        in the
        form of a memorandum of law) 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 Trustee, 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
        each Non-MERS Mortgage Loan. With respect to each Cooperative Loan, the Trustee,
        at the expense of the Depositor and with the cooperation of the applicable
        Servicer, shall cause such Servicer to take such actions as are necessary
        under
        applicable law in order to perfect the interest of the Trustee in the related
        Mortgaged Property.

       

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

       

      (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 Servicer in trust for the benefit of the Trustee and
        the
        Certificateholders.

       

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

       

      (a)  The
        Trustee, by execution and delivery hereof, acknowledges receipt by it or
        a
        Custodian on behalf of the Trustee, of the Mortgage Files pertaining to the
        Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof
        by the Trustee, or by the applicable Custodian on behalf of the Trustee,
        under
        this Section 2.02. The Trustee, or the applicable Custodian on behalf of
        the
        Trustee, will execute and deliver to the 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.

      
        
          
          

        

        
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      (b)  Within
        45
        days after the Closing Date, the Trustee or the applicable Custodian will,
        on
        behalf of the Trustee and 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 Certification delivered to the Depositor, the
        Master Servicer and the Trustee. Within 90 days of its receipt of such notice,
        the Transferor, or if the Transferor does not do so, the Depositor shall
        be
        required to cure such Material Defect (and, in such event, the Depositor
        shall
        provide the Trustee with an Officer’s Certificate confirming that such cure has
        been effected). If the applicable Transferor or the Depositor, as applicable,
        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 applicable Transferor or 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 applicable Transferor or the Depositor to cure a Material
        Defect
        if, as determined by the Depositor, upon mutual agreement with the Master
        Servicer acting in good faith, absent such Material Defect, such loss would
        not
        have been incurred. Within the two-year period following the Closing Date,
        the
        Depositor may, in lieu of repurchasing a Mortgage Loan pursuant to this Section
        2.02, substitute for such Mortgage Loan a Qualifying Substitute Mortgage
        Loan
        subject to the provisions of Section 2.05. The failure of the Trustee or
        the
        applicable Custodian to give the notice contemplated herein within 45 days
        after
        the Closing Date shall not affect or relieve the Depositor of its obligation
        to
        repurchase any Mortgage Loan pursuant to this Section 2.02 or any other Section
        of this Agreement requiring the repurchase of Mortgage Loans from the Trust
        Fund.

      
        
          
          

        

        
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      (d)  Within
        180 days following the Closing Date, the Trustee, or the applicable Custodian,
        shall deliver to the Trustee, the Depositor 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 each Custodian shall perform the applicable
        review of the Mortgage Loans covered by its Custodial Agreement and deliver
        the
        respective certifications thereof as provided in this Section 2.02.

       

      (g)  Notwithstanding
        anything to the contrary contained herein, the parties hereto aknowledge
        that
        the functions of the Trustee with respect to the custody, acceptance,
        inspeaction and release of Mortgage Files, including but not limited to certain
        insurance policies and documents contemplated by this Agreement or the Servicing
        Agreement(s), and preparation and delivery of the certifications shall be
        performed by the Custodians pursuant to the terms and conditions of the
        Custodial Agreements.

       

      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 and the Securities Administrator,
        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;

      
        
          
          

        

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

       

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

       

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

       

      (b)  The
        representations and warranties of each Transferor with respect to the related
        Mortgage Loans in the applicable Transfer Agreement, which have been assigned
        to
        the Trustee hereunder, were made as of the date specified in the applicable
        Transfer Agreement (or underlying agreement, if such Transfer Agreement is
        in
        the form of an assignment of a prior agreement). To the extent that any fact,
        condition or event with respect to a Mortgage Loan constitutes a breach of
        both
        (i) a representation or warranty of the applicable Transferor under the
        applicable Transfer Agreement and (ii) a representation or warranty of LBH
        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. The Trustee acknowledges that LBH 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 Trustee further acknowledges that the Depositor
        shall have no obligation or liability with respect to any breach of any
        representation or warranty with respect to the Mortgage Loans (except as
        set
        forth in Section 2.03(a)(vi)) under any circumstances.

      
        
          
          

        

        
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      Section
        2.04.   Discovery
        of Breach.

       

      It
        is
        understood and agreed that the representations and warranties (i) of the
        Depositor set forth in Section 2.03 hereof, (ii) of LBH set forth in the
        Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor
        hereunder and (iii) of each Transferor, assigned by LBH 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 to the Trustee by the Depositor, any Transferor
        or LBH and assigned to the Trustee hereunder, the Depositor, such Transferor
        or
        LBH 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 the 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 the Certificateholders. As provided in the Mortgage
        Loan Sale Agreement, if any Transferor substitutes 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, LBH will, in exchange
        for
        such Substitute Mortgage Loan, either (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 LBH 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 Securities Administrator in respect of such
        repurchase of a Mortgage Loan will be considered a Principal Prepayment and
        shall be deposited in the Certificate Account. The Securities Administrator,
        upon receipt of the full amount of the Purchase Price for a Deleted Mortgage
        Loan, or upon its receipt of notification from the applicable Custodian that
        it
        has received the Mortgage File for a Qualifying Substitute Mortgage Loan
        substituted for a Deleted Mortgage Loan (and any applicable Substitution
        Amount), shall release or cause to be released and reassigned to the Depositor,
        LBH 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 applicable Servicer
        or the
        Trustee (or the applicable 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 Trustee,
        the
        Securities Administrator, 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 Securities Administrator,
        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 (i) any federal or state
        tax to be imposed on the Trust Fund, including without limitation, any federal
        tax imposed on “prohibited transactions” under Section 860F(2) of the Code, or
        (ii) any REMIC created hereunder to fail to qualify as a REMIC at any time
        that
        any Certificate is outstanding.

      
        
          
          

        

        
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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 LBH 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 Trustee, at the expense of the Depositor
        and at the direction and with the cooperation of the applicable Servicer,
        shall,
        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 the Servicer shall, with respect
        to a Qualifying Substitute Mortgage Loan that is a MERS Mortgage Loan, cause
        to
        be taken such actions as are necessary to cause the Trustee to be clearly
        identified as the owner of each such Mortgage Loan on the records of MERS
        if
        required pursuant to Section 2.01(c)(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.

      
        
          
          

        

        
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      Section
        2.06.   Grant
        Clause.

       

      (a)  It
        is
        intended that the conveyance of the Depositor’s right, title and interest in and
        to property constituting the Trust Fund pursuant to this Agreement shall
        constitute, and shall be construed as, a sale of such property and not a
        grant
        of a security interest to secure a loan. However, if such conveyance is deemed
        to be in respect of a loan, it is intended that: (1) the rights and obligations
        of the parties shall be established pursuant to the terms of this Agreement;
        (2)
        the Depositor hereby grants to the Trustee for the benefit of the Holders
        of the
        Certificates a first priority security interest to secure repayment of an
        obligation in an amount equal to the aggregate Class Principal Amount of
        the
        Certificates (or the aggregate principal balance of the Lower tier REMIC
        I
        Uncertificated Regular Interests, if applicable) in all of the Depositor’s
        right, title and interest in, to and under, whether now owned or hereafter
        acquired, the Trust Fund and all proceeds of any and all property constituting
        the Trust Fund to secure payment of the Certificates or Lower Tier REMIC
        I
        Uncertificated Regular Interests, as applicable; and (3) 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 or Lower Tier REMIC I Uncertificated Regular Interests, as
        applicable, the security interest created hereby shall continue in full force
        and effect and the Trustee shall be deemed to be the collateral agent for
        the
        benefit of such Person, and all proceeds shall be distributed as herein
        provided.

       

      (b)  The
        Depositor shall, to the extent consistent with this Agreement, take such
        reasonable actions as may be necessary to ensure that, if this Agreement
        were
        deemed to create a security interest in the Mortgage Loans and the other
        property described above, such security interest would be deemed to be a
        perfected security interest of first priority under applicable law and will
        be
        maintained as such throughout the term of this Agreement. The Depositor will,
        at
        its own expense, make all initial filings on or about the Closing Date and
        shall
        forward a copy of such filing or filings to the Trustee. Without limiting
        the
        generality of the foregoing, the Depositor shall prepare and forward for
        filing,
        or shall cause to be forwarded for filing, at the expense of the Depositor,
        all
        filings necessary to maintain the effectiveness of any original filings
        necessary under the relevant UCC to perfect the Trustee’s security interest in
        or lien on the Mortgage Loans, including without limitation (x) continuation
        statements, and (y) such other statements as may be occasioned by (1) any
        change
        of name of the Seller, the Depositor or the Trustee, (2) any change of location
        of the jurisdiction of organization of the Seller or the Depositor, (3) any
        transfer of any interest of the Seller or the Depositor in any Mortgage Loan
        or
        (4) any change under the relevant UCC or other applicable laws. Neither the
        Seller nor the Depositor shall organize under the law of any jurisdiction
        other
        than the State under which each is organized as of the Closing Date (whether
        changing its jurisdiction of organization or organizing under an additional
        jurisdiction) without giving 30 days prior written notice of such action
        to its
        transferee, including the Trustee. Before effecting such change, the Seller
        or
        the Depositor proposing to change its jurisdiction of organization shall
        prepare
        and file in the appropriate filing office any financing statements or other
        statements necessary to continue the perfection of the interests of its
        transferees, including the Trustee, in the Mortgage Loans. In connection
        with
        the transactions contemplated by this Agreement, each of the Seller and the
        Depositor authorizes its transferee to file in any filing office any initial
        financing statements, any amendments to financing statements, any continuation
        statements, or any other statements or filings described in this paragraph
        (b).

      
        
          
          

        

        
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      ARTICLE
        III

       

      THE
        CERTIFICATES

       

      Section
        3.01.   The
        Certificates.

       

      (a)  The
        Certificates shall be issuable in registered form only and shall be securities
        governed by Article 8 of the New York Uniform Commercial Code. The Book-Entry
        Certificates will be evidenced by one or more certificates, beneficial ownership
        of which will be held in the dollar denominations in Certificate Principal
        Amount or Notional Amount, as applicable, 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 Certificates shall each be issued as
        a
        single Certificate and maintained in definitive, fully registered form in
        a
        minimum denomination equal to 100% of the Percentage Interest of such Class.
        The
        Class X Certificates shall be maintained in definitive, fully registered
        form
        and shall be issued in a minimum denomination equal to 10% of the Percentage
        Interest of such class. 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 on behalf
        of the
        Securities Administrator by an authorized signatory. Each Certificate shall,
        on
        original issue, be authenticated by the Securities Administrator upon the
        order
        of the Depositor upon receipt by the Trustee (or the Custodian on its behalf)
        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 signatory of the Securities
        Administrator or the Authenticating Agent, if any, by manual signature, and
        such
        certification upon any Certificate shall be conclusive evidence, and the
        only
        evidence, that such Certificate has been duly authenticated and delivered
        hereunder. All Certificates shall be dated the date of their authentication.
        At
        any time and from time to time after the execution and delivery of this
        Agreement, the Depositor may deliver Certificates executed by the Depositor
        to
        the Securities Administrator or the Authenticating Agent for authentication
        and
        the Securities Administrator or the Authenticating Agent shall authenticate
        and
        deliver such Certificates as in this Agreement provided and not otherwise.
        

      
        
          
          

        

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

       

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

       

      The
        Privately Offered Certificates sold to an “accredited investor” 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
        Securities Administrator is hereby appointed, and hereby accepts its appointment
        as, Certificate Registrar in respect of the Certificates (and, after a Section
        7.01(c) Purchase Event, the Lower Tier REMIC I Uncertificated Regular Interests,
        if applicable) and shall maintain books for the registration and for the
        transfer of Certificates (and, after a Section 7.01(c) Purchase Event, the
        Lower
        Tier REMIC I Uncertificated Regular Interests, if applicable) (the “Certificate
        Register”). A registration book shall be maintained for the Certificates (and,
        after a Section 7.01(c) Purchase Event, the Lower Tier REMIC I Uncertificated
        Regular Interests, if applicable) collectively. The Certificate Registrar
        may
        resign or be discharged or removed and a new successor may be appointed by
        the
        Trustee in accordance with the procedures and requirements set forth in Sections
        6.06 and 6.07 hereof with respect to the resignation, discharge or removal
        of
        the Securities Administrator and the appointment of a successor Securities
        Administrator. The Certificate Registrar may appoint, by a written instrument
        delivered to the Holders and the Master Servicer, any bank or trust company
        to
        act as co-registrar under such conditions as the Certificate Registrar may
        prescribe; provided,
        however,
        that
        the Certificate Registrar shall not be relieved of any of its duties or
        responsibilities hereunder by reason of such appointment.

      
        
          
          

        

        
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      Upon
        the
        occurrence of a Section 7.01(c) Purchase Event, the Master Servicer shall
        provide the Securities Administrator with written notice of the identity
        of any
        transferee of the Master Servicer’s interest in the Lower Tier REMIC I
        Uncertificated Regular Interests, which notice shall contain a certification
        that such transferee is permitted LTURI holder. The Lower Tier REMIC I
        Uncertificated Regular Interests may only be transferred in whole and not
        in
        part to no more than one LTURI holder at a time who is either (1) an affiliate
        of the Master Servicer or (2) a trustee of a privately placed securitization.
        The Securities Administrator and the Depositor shall treat the Person in
        whose
        name the Lower Tier REMIC I Uncertificated Regular Interests are registered
        on
        the books of the Certificate Registrar as the LTURI holder for all purposes
        hereunder.

       

      Section
        3.03.   Transfer
        and Exchange of Certificates.

       

      (a)  A
        Certificate (other than 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 Securities Administrator shall execute,
        and the
        Securities Administrator or any Authenticating Agent shall authenticate and
        deliver to the transferee, one or more new Certificates of the same Class
        and
        evidencing, in the aggregate, the same aggregate Certificate Principal Amount
        or
        Percentage Interest as the Certificate being transferred. No service charge
        shall be made to a Certificateholder for any registration of transfer of
        Certificates, but the Certificate Registrar may require payment of a sum
        sufficient to cover any tax or governmental charge that may be imposed in
        connection with any registration of transfer of Certificates.

      
         

      

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

       

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

      
        
          
          

        

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

       

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

       

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

       

      (d)  (i)
        No
        transfer of an ERISA-Restricted Certificate in the form of a Definitive
        Certificate shall be made to any Person or shall be effective unless the
        Securities Administrator has received (A) a certificate substantially in
        the
        form of Exhibit H hereto (or Exhibit D-1, in the case of a Residual Certificate)
        from such transferee or (B) an Opinion of Counsel reasonably satisfactory
        to the
        Securities Administrator to the effect that the purchase and holding of such
        a
        Certificate will not constitute or result in prohibited transactions under
        Title
        I of ERISA or Section 4975 of the Code and will not subject the Trustee,
        the
        Securities Administrator the Master Servicer or the Depositor to any obligation
        in addition to those undertaken in the Agreement; provided,
        however,
        that
        the Securities Administrator will not require such certificate or opinion
        in the
        event that, as a result of a change of law or otherwise, the Securities
        Administrator receives an Opinion of Counsel to the effect that the purchase
        and
        holding of an ERISA-Restricted Certificate by a Plan or a Person that is
        purchasing or holding such a Certificate with the assets of a Plan will not
        constitute or result in a prohibited transaction under Title I of ERISA or
        Section 4975 of the Code. Each Transferee of an ERISA-Restricted Certificate
        that is a Book-Entry Certificate shall be deemed to have made the
        representations set forth in Exhibit H. The preparation and delivery of the
        certificate and opinions referred to above shall not be an expense of the
        Trust
        Fund, the Trustee, the
        Securities
        Administrator, the Master Servicer or the Depositor.

      
        
          
          

        

        
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      Notwithstanding
        the foregoing, no opinion or certificate shall be required for the initial
        issuance of the ERISA-Restricted Certificates. The Securities Administrator
        shall have no obligation to monitor transfers of Book-Entry Certificates
        that
        are ERISA-Restricted Certificates and shall have no liability for transfers
        of
        such Certificates in violation of the transfer restrictions. The Securities
        Administrator shall be under no liability to any Person for any registration
        of
        transfer of any ERISA-Restricted Certificate that is in fact not permitted
        by
        this Section 3.03(d) or for making any payments due on such Certificate to
        the
        Holder thereof or taking any other action with respect to such Holder under
        the
        provisions of this Agreement so long as the transfer was registered by the
        Securities Administrator in accordance with the foregoing requirements. The
        Securities Administrator shall be entitled, but not obligated, to recover
        from
        any Holder of any ERISA-Restricted Certificate that was in fact a Plan or
        a
        Person acting on behalf of a Plan any payments made on such ERISA-Restricted
        Certificate at and after either such time. Any such payments so recovered
        by the
        Securities Administrator shall be paid and delivered by the Securities
        Administrator to the last preceding Holder of such Certificate that is not
        such
        a Plan or Person acting on behalf of a Plan.

       

      (ii) No
        transfer of an ERISA-Restricted Trust Certificate shall be made prior to
        the
        termination of the related Cap Agreement unless the Securities Administrator
        shall have received a representation letter from the transferee of such
        Certificate, substantially in the form set forth in Exhibit H, to the effect
        that either (i) such transferee is neither a Plan nor a Person acting on
        behalf
        of any such Plan or using the assets of any such Plan to effect such transfer
        or
        (ii) the acquisition and holding of the ERISA-Restricted Trust Certificate
        are
        eligible for exemptive relief under Prohibited Transaction Class Exemption
        (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23. Notwithstanding
        anything else to the contrary herein, any purported transfer of an
        ERISA-Restricted Trust Certificate prior to the termination of the related
        Cap
        Agreement to or on behalf of a Plan without the delivery to the Securities
        Administrator of a representation letter as described above shall be void
        and of
        no effect. If the ERISA-Restricted Trust Certificate is a Book-Entry
        Certificate, prior to the termination of the related Cap Agreement, the
        transferee will be deemed to have made a representation as provided in clause
        (i) or (ii) of this paragraph, as applicable.

       

      If
        any
        ERISA-Restricted Trust Certificate, or any interest therein, is acquired
        or held
        in violation of the provisions of the preceding paragraph, the next preceding
        permitted beneficial owner will be treated as the beneficial owner of that
        Certificate, retroactive to the date of transfer to the purported beneficial
        owner. Any purported beneficial owner whose acquisition or holding of an
        ERISA-Restricted Trust Certificate, or interest therein, was effected in
        violation of the provisions of the preceding paragraph shall indemnify to
        the
        extent permitted by law and hold harmless the Depositor, the Trustee,
the
        Securities
        Administrator and the Master Servicer from and against any and all liabilities,
        claims, costs or expenses incurred by such parties as a result of such
        acquisition or holding.

      
        
          
          

        

        
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      To
        the
        extent permitted under applicable law (including, but not limited to, ERISA),
        neither the Trustee nor the Securities Administrator shall be under no liability
        to any Person for any registration of transfer of any ERISA-Restricted Trust
        Certificate that is in fact not permitted by this Section 3.03(d)(ii) or
        for
        making any payments due on such Certificate to the Holder thereof or taking
        any
        other action with respect to such Holder under the provisions of this Agreement
        so long as the transfer was registered by the Securities Administrator in
        accordance with the foregoing requirements.

       

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

       

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

       

      Prior
        to
        and as a condition of the registration of any transfer, sale or other
        disposition of a Residual Certificate, the proposed transferee shall deliver
        to
        the Securities Administrator an affidavit in substantially the form attached
        hereto as Exhibit D-1 representing and warranting, among other things, that
        such
        transferee is neither a Disqualified Organization, an agent or nominee acting
        on
        behalf of a Disqualified Organization, nor a Non-permitted Foreign Holder
        (any
        such transferee, a “Permitted Transferee”) and the proposed transferor shall
        deliver to the Securities Administrator an affidavit in substantially the
        form
        attached hereto as Exhibit D-2. In addition, the Securities Administrator
        may
        (but shall have no obligation to) require, prior to and as a condition of
        any
        such transfer, the delivery by the proposed transferee of an Opinion of Counsel,
        addressed to the Depositor and the Securities Administrator 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. The Securities Administrator
        shall
        not be under any liability to any person for any registration or transfer
        of a
        Residual Certificate to a Disqualified Organization, agent or nominee thereof,
        or Non-permitted Foreign Holder or for the maturity of any payments due on
        such
        Residual Certificate to the Holder thereof or for taking any other action
        with
        respect to such Holder under the provisions of the Agreement, so long as
        the
        transfer was effected in accordance with this Section 3.03(f), unless the
        Securities Administrator shall have actual knowledge at the time of such
        transfer or the time of such payment or other action that the transferee
        is a
        Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
        Holder. The Securities Administrator 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
        Securities Administrator shall be paid and delivered to the last preceding
        Holder of such Residual Certificate.

      
        
          
          

        

        
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      If
        any
        purported transferee shall become a registered Holder of a Residual Certificate
        in violation of the provisions of this Section 3.03(f), then upon receipt
        of
        written notice to the Securities Administrator that the registration of transfer
        of such Residual Certificate was not in fact permitted by this Section 3.03(f),
        the last preceding Permitted Transferee shall be restored to all rights as
        Holder thereof retroactive to the date of such registration of transfer of
        such
        Residual Certificate. The Securities Administrator shall be under no liability
        to any Person for any registration of transfer of a Residual Certificate
        that is
        in fact not permitted by this Section 3.03(f), for making any payment due
        on
        such Certificate to the registered Holder thereof or for taking any other
        action
        with respect to such Holder under the provisions of this Agreement so long
        as
        the transfer was registered upon receipt of the affidavit described in the
        preceding paragraph of this Section 3.03(f).

       

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

       

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

       

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

      
        
          
          

        

        
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      (B)  Restricted
        Global Security to Regulation S Global Security.
        If a
        holder of a beneficial interest in a Restricted Global Security deposited
        with
        or on behalf of DTC wishes at any time to exchange its interest in such
        Restricted Global Security for an interest in a Regulation S Global Security,
        or
        to transfer its interest in such Restricted Global Security to a Person who
        wishes to take delivery thereof in the form of an interest in a Regulation
        S
        Global Security, such holder, provided
        such
        holder is not a U.S. person, may, subject to the rules and procedures of
        DTC,
        exchange or cause the exchange of such interest for an equivalent beneficial
        interest in the Regulation S Global Security. Upon receipt by the Securities
        Administrator, as Certificate Registrar, of (I) instructions from DTC directing
        the Securities Administrator, as Certificate Registrar, to cause 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
        N-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 Regulation S Global Securities, including
        that
        the holder is not a U.S. person, and pursuant to and in accordance with
        Regulation S, the Securities Administrator, as Certificate Registrar, shall
        reduce the principal amount of the Restricted Global Security and increase
        the
        principal amount of the Regulation S Global Security by the aggregate principal
        amount of the beneficial interest in the Restricted Global Security to be
        exchanged, and shall instruct Euroclear or Clearstream, as applicable,
        concurrently with such reduction, to credit or cause to be credited to the
        account of the Person specified in such instructions a beneficial interest
        in
        the Regulation S Global Security equal to the reduction in the principal
        amount
        of the Restricted Global Security.

       

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

      
        
          
          

        

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

       

      (E)  Restrictions
        on U.S. Transfers.
        Transfers of interests in a 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)(C).

       

      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 Certificate Registrar.

       

      Section
        3.05.   Replacement
        of Certificates.

       

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

      
        
          
          

        

        
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      Section
        3.06.   Persons
        Deemed Owners.

       

      Subject
        to the provisions of Section 3.09 with respect to Book-Entry Certificates,
        the
        Depositor, the Master Servicer, the Trustee, the
        Securities
        Administrator, 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
        Securities
        Administrator, 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
        Securities Administrator shall execute and shall authenticate and deliver
        temporary Certificates that are printed, lithographed, typewritten, mimeographed
        or otherwise produced, in any authorized denomination, substantially of the
        tenor of the definitive Certificates in lieu of which they are issued and
        with
        such variations as the authorized officers executing such Certificates may
        determine, as evidenced by their execution of such Certificates.

       

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

       

      Section
        3.08.   Appointment
        of Paying Agent.

       

      The
        Securities Administrator may appoint a Paying Agent (which may be the Securities
        Administrator) for the purpose of making distributions to Certificateholders
        hereunder. The Securities Administrator shall cause such Paying Agent (if
        other
        than the Securities Administrator) to execute and deliver to the Securities
        Administrator an instrument in which such Paying Agent shall agree with the
        Securities Administrator that such Paying Agent will hold all sums held by
        it
        for the payment to Certificateholders in an Eligible Account, on behalf of
        the
        Securities Administrator, in trust for the benefit of the Certificateholders
        entitled thereto until such sums shall be paid to the Certificateholders.
        All
        funds remitted by the Securities Administrator to any such Paying Agent for
        the
        purpose of making distributions shall be paid to Certificateholders on each
        Distribution Date and any amounts not so paid shall be returned on such
        Distribution Date to the Securities Administrator. If the Paying Agent is
        not
        the Securities Administrator, the Securities Administrator shall cause to
        be
        remitted to the Paying Agent on or before the Business Day prior to each
        Distribution Date, by wire transfer in immediately available funds, the funds
        to
        be distributed on such Distribution Date. Any Paying Agent shall be either
        a
        bank or trust company or otherwise authorized under law to exercise corporate
        trust powers. As of the Closing Date, the Securities Administrator is the
        Paying
        Agent.

      
        
          
          

        

        
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      At
        any time during the period that a Form 10-K is being filed with respect to
        the
        Trust in accordance with the Exchange Act and the rules and regulations of
        the
        Commission, the Securities Administrator shall not appoint a Paying Agent
        that
        is not the Securities Administrator unless that Paying Agent first agrees
        in
        writing with the Securities Administrator (i) to deliver an assessment of
        compliance and an accountant’s attestation in such manner and at such times in
        compliance with Section 6.01(l) and (m) of this Agreement, (ii) to comply
        with
        the provisions of Section 6.01(l), 6.01(m), 6.20(e)(i) and 6.20(e)(iii)of
        this
        Agreement and (iii) to indemnify the Depositor and the Master Servicer, and
        their respective directors, officers, employees and agents and the Trust
        Fund
        and hold each of them harmless as set forth in Section 6.01(n). 

       

      In
        addition, the Paying Agent (if other than the Securities Administrator) (i)
        may
        not be an originator of Mortgage Loans, the Master Servicer, a Servicer,
        the
        Depositor or an affiliate of the Depositor unless the Paying Agent is in
        an
        institutional trust department of the Paying Agent, (ii) must be authorized
        to
        exercise corporate trust powers under the laws of its jurisdiction of
        organization and (iii) must be rated at least “A/F1” by Fitch, if Fitch is a
        Rating Agency that has rated the Paying Agent, or the equivalent rating by
        S&P. If no successor Paying Agent shall have been appointed and shall have
        accepted appointment within 60 days after the Paying Agent ceases to be the
        Paying Agent pursuant to this Section 3.08, then the Securities Administrator
        shall perform the duties of the Paying Agent pursuant to this Agreement.
        The
        Securities Administrator shall notify the Rating Agencies of any change of
        Paying Agent.

       

      Section
        3.09.   Book-Entry
        Certificates.

       

      (i)  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, or its custodian,
        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):

       

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

       

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

      
        
          
          

        

        
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      (iv)  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

       

      (v)  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 Securities Administrator in writing that the
        Clearing Agency is no longer willing or able to discharge properly its
        responsibilities with respect to the Book-Entry Certificates, and (B) the
        Securities Administrator or the Depositor is unable to locate a qualified
        successor or (ii) after the occurrence of an Event of Default, Certificate
        Owners representing beneficial interests aggregating not less than 50% of
        the
        Class Principal Amount (or Class Notional Amount) of a Class of Book-Entry
        Certificates identified as such to the Securities Administrator by an Officer’s
        Certificate from the Clearing Agency advise the Securities Administrator
        and the
        Clearing Agency through the Clearing Agency Participants in writing that
        the
        continuation of a book-entry system through the Clearing Agency is no longer
        in
        the best interests of the Certificate Owners of a Class of Book-Entry
        Certificates, the Securities Administrator shall notify or cause the Certificate
        Registrar to notify the Clearing Agency to effect notification to all
        Certificate Owners, through the Clearing Agency, of the occurrence of any
        such
        event and of the availability of Definitive Certificates to Certificate Owners
        requesting the same. Upon surrender to the Securities Administrator of the
        Book-Entry Certificates by the Clearing Agency, accompanied by registration
        instructions from the Clearing Agency for registration, the Securities
        Administrator shall issue the Definitive Certificates. Neither the Transferor
        nor the Securities Administrator shall be liable for any delay in delivery
        of
        such instructions and may conclusively rely on, and shall be protected in
        relying on, such instructions. Upon the issuance of Definitive Certificates
        all
        references herein to obligations imposed upon or to be performed by the Clearing
        Agency shall be deemed to be imposed upon and performed by the Securities
        Administrator, to the extent applicable, with respect to such Definitive
        Certificates and the Securities Administrator shall recognize the holders
        of the
        Definitive Certificates as Certificateholders hereunder. None of the Seller,
        the
        Depositor, the Underwriter, the Master Servicer or the Securities Administrator
        shall have any responsibility for any aspect of the records relating to or
        payments made on account of beneficial ownership interests of the Book Entry
        Certificates held by the Clearing Agency or for maintaining, supervising
        or
        reviewing any records relating to such beneficial ownership interests.

      
        
          
          

        

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

       

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

      

      ARTICLE
        IV

       

      ADMINISTRATION
        OF THE TRUST FUND

       

      Section
        4.01.   Collection
        Account.

       

      (a)  On
        the
        Closing Date, the Master Servicer shall open and shall thereafter maintain
        a
        segregated account held in trust (the “Collection Account”), entitled, Aurora
        Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders
        of Lehman Mortgage Trust Mortgage Pass-Through Certificates, Series 2006-5.” The
        Collection Account shall relate solely to the Certificates issued by the
        Trust
        Fund hereunder, and funds in such Collection Account shall not be commingled
        with any other monies.

       

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

       

      (c)  The
        Master Servicer shall give to the Trustee and the Securities Administrator
        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 2:00 p.m. New York City time on each Master Servicer
        Remittance Date, the entire amount on deposit in the Collection Account (subject
        to permitted withdrawals set forth in Section 4.02), excluding any amounts
        that
        are not included in the Available Distribution Amount for such Distribution
        Date
        (other than amounts due or reimbursable to the Securities Administrator pursuant
        to this Agreement), shall be remitted to the Securities Administrator for
        deposit into the Certificate Account by wire transfer in immediately available
        funds. The Master Servicer, at its option and with prior notice to the
        Securities Administrator, may choose to make daily remittances from the
        Collection Account to the Securities Administrator for deposit into the
        Certificate Account.

       

      (d)  The
        Master Servicer shall deposit or cause to be deposited into the Collection
        Account, no later than two Business Days 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 Master Servicer Remittance Date
        and two
        Business Days following receipt thereof, the following amounts received or
        payments made by it (other than in respect of principal of and interest on
        the
        Mortgage Loans due on or before the Cut-off Date):

      
        
          
          

        

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

       

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

       

      (iii)  any
        unscheduled payment or other recovery with respect to a Mortgage Loan not
        otherwise specified in this paragraph (d), including any Subsequent Recovery,
        all Net Liquidation Proceeds with respect to the Mortgage Loans and REO
        Property, and all amounts received in connection with the operation of any
        REO
        Property, net of any unpaid Servicing Fees and Master Servicing Fees with
        respect to such Mortgage Loans, but only to the extent of the amount permitted
        to be withdrawn or withheld from the Collection Account in accordance with
        Sections 5.04 and 9.21; provided
        that if
        the applicable Servicer is also the Retained Interest Holder with respect
        to any
        Mortgage Loan, payments on account of interest on the Mortgage Loans as to
        which
        such Servicer is the Retained Interest Holder may also be made net of the
        related Retained Interest with respect to each such Mortgage Loan.

       

      (iv)  all
        Insurance Proceeds;

       

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

       

      (vi)  all
        proceeds of any Mortgage Loan purchased by any Person and any Substitution
        Amounts related to any Qualifying Substitute Mortgage Loan.

       

      (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 the earlier of (a) the Master Servicer Remittance Date or (b) the day
        on
        which the funds in such Collection Account are required to be remitted to
        the
        Securities Administrator for deposit into the Certificate Account, 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 the Certificates. All
        income
        and gain realized from any such investment shall be for the benefit of the
        Master Servicer as compensation and shall be subject to its withdrawal on
        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
        the
        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 the Collection
        Account. 

      
        
          
          

        

        
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      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; provided,
        however,
        that the
        Master Servicer’s right to reimburse itself pursuant to this subclause 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; provided,
        further,
        that
        following the final liquidation of a Mortgage Loan, the Master Servicer may
        reimburse itself for previously unreimbursed Advances in excess of Liquidation
        Proceeds or Insurance Proceeds with respect to such Mortgage Loans from any
        funds in the Collection Account, it being understood, in the case of any
        such
        reimbursement, that the Master Servicer’s or Servicer’s right thereto shall be
        prior to the rights of the Certificateholders;

       

      (ii)  to
        reimburse itself or any Servicer for any 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 Servicing
        Advance was made or from Liquidation Proceeds or Insurance Proceeds with
        respect
        to such Mortgage Loan, it being understood, in the case of any such
        reimbursement, that such Master Servicer’s or Servicer’s right thereto shall be
        prior to the rights of the Certificateholders;

       

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

      
        
          
          

        

        
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      (iv)  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, 9.05, 9.06,
        9.16
        or 9.22(a) or pursuant to the applicable Servicing Agreement, and to reimburse
        itself for any expenses reimbursable to it pursuant to Section
        10.01(c);

       

      (v)  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;

       

      (vi)  to
        pay to
        itself income earned on the investment of funds deposited in the Collection
        Account;

       

      (vii)  to
        make
        payments to the Securities Administrator for deposit into the Certificate
        Account in the amounts and in the manner provided for in Section
        4.01(c);

       

      (viii)  to
        make
        distributions of any Retained Interest to the Retained Interest Holder on
        each
        Distribution Date (other than any Retained Interest not deposited into the
        Collection Account in accordance with Section 4.01(d)(iii));

       

      (ix)  to
        make
        payment to itself, the Securities Administrator and others pursuant to any
        provision of this Agreement;

       

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

       

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

       

      (xii)  to
        reimburse 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 Securities
        Administrator or a successor Master Servicer appointed by the Securities
        Administrator 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 Securities Administrator 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.

       

      In
        the
        event that the Master Servicer fails on any Master Servicer Remittance Date
        to
        remit to the Securities Administrator any amounts required to be so remitted
        to
        the Securities Administrator pursuant to subclause (vii) on such date, the
        Master Servicer shall pay the Securities Administrator, for the account of
        the
        Securities Administrator, 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 Master
        Servicer Remittance Date to but not including the related Distribution
        Date.

      
        
          
          

        

        
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      In
        connection with withdrawals pursuant to subclauses (i), (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, except as provided
        herein. 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
        subclauses (i), (iii), (iv) and (vi) above.

       

      Section
        4.03.   Reports
        to Certificateholders.

       

      (a)  On
        each
        Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust
        Fund Termination Event, the Securities Administrator shall prepare (based
        solely
        on information provided by the Master Servicer and the Cap Counterparty (other
        than item (xx) below, which shall be determined solely by the Securities
        Administrator)) and shall make available to each Certificateholder and each
        Rating Agency a report (the “Distribution Date Statement”), setting forth the
        following information (on the basis of Mortgage Loan level information obtained
        from the Master Servicer (other than with respect to item (xx)
        below)):

       

      (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, and in respect of any Component, 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, other than the Class AP Certificates,
        and
        in respect of any Component, 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)  for
        each
        Collateral Group and in the aggregate, (A) the aggregate amount of any
        Advances required to be made as of the end of the month immediately preceding
        the month in which such Distribution Date occurs by or on behalf of the Master
        Servicer or the Servicer (or the Securities Administrator 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 Non-AP Pool Balance
        of
        each Mortgage Pool for such Distribution Date, after giving effect to payments
        allocated to principal reported under clause (i) above;

       

      (vi)  the
        Class
        Principal Amount (or Class Notional Amount) of each Class of Certificates,
        to
        the extent applicable, and the Component Principal Amount or Component Notional
        Amount, as applicable, of each Component 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, Component Principal Amounts or Component Notional
        Amounts due to Realized Losses;

      
        
          
          

        

        
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      (vii)  for
        each
        Collateral Group and in the aggregate, 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 and Servicing Fees paid during the Due
        Period to which such distribution relates;

       

      (ix)  the
        number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported
        to the Securities Administrator by the Master Servicer, (a) remaining
        outstanding, (b) delinquent 30 to 59 days, (c) delinquent 60 to 89
        days, (d) delinquent 90 or more days, (e) as to which foreclosure
        proceedings have been commenced, all as of the close of business on the last
        Business Day of the calendar month immediately before the month in which
        that
        Distribution Date occurs, (f) in bankruptcy, (g) that are REO
        Properties, (h) that are Charged-off Loans and (i) that are Released
        Mortgage Loans (the information in this item (ix) will be calculated using
        the
        MBA delinquency method);

       

      (x)  the
        deemed principal balance of each REO Property as of the close of business
        on the
        last Business Day of the calendar month immediately preceding the month in
        which
        such Distribution Date occurs;

       

      (xi)  with
        respect to any Mortgage Loan that became an REO Property during the preceding
        calendar month, the principal balance of such Mortgage Loan and the number
        of
        such Mortgage Loans as of the close of business on the last Business Day
        of the
        calendar month immediately preceding the month in which such Distribution
        Date
        occurs;

       

      (xii)  with
        respect to substitution of Mortgage Loans in the preceding calendar month,
        the
        Scheduled Principal Balance of each Deleted Mortgage Loan, and of each
        Qualifying Substitute Mortgage Loan;

       

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

       

      (xiv)  the
        Certificate Interest Rate or Component Interest Rate applicable to such
        Distribution Date with respect to each Class of Certificates and each Component,
        respectively;

      
        
          
          

        

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

       

      (xvi)  the
        amount of any payments distributed to the Class X Certificates for such
        Distribution Date;

       

      (xvii)  the
        aggregate outstanding Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls,
        if
        any, after giving effect to the distribution made on such Distribution Date;
        

       

      (xviii)  the
        amount of any payments made by the Cap Counterparty to the Securities
        Administrator on behalf of the Supplemental Interest Trust under any Cap
        Agreement; 

       

      (xix) the
        amount of any Prepayment Penalty Amounts collected by the Servicers and paid
        to
        the Class P Component; and 

       

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

       

      In
        addition to the information listed above, such Distribution Date Statement
        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,
other
        than those data elements specified in Item 1121(a)(11), (12) and (14) for
        as
        long as reports on From 10-D are required to be filed by the Securities
        Administrator pursuant to Section 6.20.

       

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

       

      On
        any
        Distribution Date after the occurrence of a Section 7.01(c) Purchase Event,
        the
        information required by subclauses (i), (iii), (iv), (v), (vii), (viii),
        (ix),
        (x), (xi), (xii) and (xvi) shall be provided to the Holder of the LT-R
        Certificate and the LTURI Holder with regard to the Lower Tier REMIC I
        Uncertificated Regular Interests in lieu of the Certificates.

       

      The
        Securities Administrator shall make such report and any additional loan level
        information (and, at its option, any additional files containing the same
        information in an alternative format) available each month to the Trustee,
        the
        Certificateholders and the Rating Agencies via the Securities Administrator’s
        internet website. The Securities Administrator’s internet website shall
        initially be located at “www.ctslink.com.”
        Assistance in using the website can be obtained by calling the Securities
        Administrator’s customer service desk at 1-301-815-6600. Such parties that are
        unable to use the website are entitled to have a paper copy mailed to them
        via
        first class mail by calling the customer service desk and indicating such.
        The
        Securities Administrator shall have the right to change the way such statements
        are distributed in order to make such distribution more convenient and/or
        more
        accessible to the above parties and the Securities Administrator shall provide
        timely and adequate notification to all above parties regarding any such
        changes.

      
        
          
          

        

        
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      The
        foregoing information and reports shall be prepared and determined by the
        Securities Administrator based solely
        on
        Mortgage Loan data provided to the Securities Administrator by the Master
        Servicer (in a format agreed to by the Securities Administrator and the Master
        Servicer) no later than 2:00 p.m. Eastern Time four Business Days prior to
        the
        Distribution Date
        (or such
        other time period set forth in Section 9.23(b)), and on the information provided
        to the Securities Administrator by the Cap Counterparty.
        In
        preparing or furnishing Mortgage Loan data to the Securities Administrator,
        the
        Master Servicer shall be entitled to rely conclusively on the accuracy 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 shall not be obligated to verify, recompute, reconcile or recalculate
        any such information or data. In preparing or furnishing the foregoing
        information to the Certificateholders, the Securities Administrator shall
        be
        entitled to rely conclusively on the accuracy and completeness of
        the
        information or data (i) regarding the Mortgage Loans and the related REO
        Property, that has been provided to the Securities Administrator by the Master
        Servicer, and (ii) regarding the Cap Agreements, that has been provided to
        the
        Securities Administrator by the Cap Counterparty, and the Securities
        Administrator shall not be obligated to verify, recompute, reconcile or
        recalculate any such information or data. The Securities Administrator shall
        be
        entitled to conclusively rely on the Mortgage Loan data provided by the Master
        Servicer and shall have no liability for any errors or omissions
        in such
        Mortgage Loan data. 

       

      (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
        or the Securities Administrator, 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 the 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.

       

      (c)  Within
        90
        days, or such shorter period as may be required by statute or regulation,
        after
        the end of each calendar year, the Securities Administrator shall make available
        to each Person who at any time during the calendar year was a Certificateholder
        of record, a report summarizing the items provided to Certificateholders
        pursuant to Section 4.03(a)(i) and (ii) on an annual basis as may be required
        to
        enable such Holders to prepare their federal income tax returns. 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 Securities Administrator 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 Securities Administrator with such information
        as is necessary for the Securities Administrator to prepare such
        reports.

      
        
          
          

        

        
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      Section
        4.04.   Certificate
        Account.

       

      (a)  The
        Securities Administrator shall establish and maintain in its name, as securities
        administrator, a trust account (the “Certificate Account”), entitled
“Certificate Account, Wells Fargo Bank, N.A., as Securities Administrator,
        in
        trust for the benefit of the Holders of Lehman Mortgage Trust Mortgage
        Pass-Through Certificates, Series 2006-5” 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 Securities
        Administrator 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 Securities Administrator held under this Agreement.

       

      (b)  The
        Securities Administrator 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 Securities Administrator, all such amounts. 

       

      (c)  The
        Securities Administrator shall make withdrawals from the Certificate Account
        only for the following purposes:

       

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

       

      (ii)  to
        pay
        itself the Securities Administrator Fee and any investment income earned
        with
        respect to funds in the Certificate Account invested in Eligible Investments
        as
        set forth in subsection (d) below, and to make payments to itself prior to
        making distributions pursuant to Section 5.02 for any expenses or other
        indemnification owing to the Securities Administrator and others pursuant
        to any
        provision of this Agreement or the Custodial Agreements;

       

      (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
        payments of the Trustee Fee to the Trustee;

       

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

       

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

       

      (d)  The
        Securities Administrator 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 Securities Administrator described
        in paragraph (viii) of the definition thereof). All such investments must
        be
        payable on demand or 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 Securities Administrator (in
        its
        capacity as such) or its nominee. All income and gain realized from any such
        investment shall be compensation for the Securities Administrator 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 Securities
        Administrator 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.

      
        
          
          

        

        
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      ARTICLE
        V

       

      DISTRIBUTIONS
        TO HOLDERS OF CERTIFICATES

       

      Section
        5.01.   Distributions
        Generally.

       

      (a)  Subject
        to Section 7.01 respecting (a) the final distribution on the Certificates
        and
        (b) distributions on the Lower Tier REMIC I Uncertificated Regular Interests, on
        each Distribution Date the Securities Administrator 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 Securities
        Administrator with wire instructions or by check mailed to the address of
        such
        Certificateholder as it appears in the books of the Securities Administrator
        if
        the Certificateholder has not provided the Securities Administrator 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 applicable Corporate
        Trust
        Office; provided,
        further,
        that the
        foregoing provisions shall not apply to any Class of Certificates as long
        as
        such Certificate remains a Book-Entry Certificate in which case all payments
        made shall be made through the Clearing Agency and its Clearing Agency
        Participants. Notwithstanding such final distribution of principal of any
        of the
        Certificates, each Residual Certificate will remain outstanding until the
        termination of each related REMIC and the payment in full of all other amounts
        due with respect to such Residual Certificate and at such time such final
        payment in retirement of any such Residual Certificate will be made only
        upon
        presentation and surrender of such Certificate at the Corporate Trust Office
        of
        the Securities Administrator. If any payment required to be made on the
        Certificates or the Lower Tier REMIC I Uncertificated Regular Interests is
        to be
        made on a day that is not a Business Day, then such payment will be made
        on the
        next succeeding Business Day. 

       

      (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).

       

      Section
        5.02.   Distributions
        from the Certificate Account.

       

      (a)  On
        each
        Distribution Date, the Securities Administrator (or the Paying Agent on behalf
        of the Securities Administrator) shall withdraw from the Certificate Account,
        the Available Distribution Amount with respect to each Collateral Group,
        and
        shall distribute such amount to the Holders of record of each Class of
        Certificates, in the following order of priority:

      
        
          
          

        

        
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      (i)  from
        the
        Available Distribution Amount for each Collateral Group, to each Class of
        Senior
        Certificates (or related Component) relating to such Collateral Group (other
        than the Class AP Certificates), the Accrued Certificate Interest thereon
        for
        such Distribution Date, as reduced, in each case, by such Class’s (or related
        Component’s) allocable share of any Net Prepayment Interest Shortfalls for the
        related Collateral Group for such Distribution Date; provided,
        however,
        that
        any shortfall in available amounts for each Collateral Group shall be allocated
        among the Classes of Senior Certificates related to such Collateral Group
        in
        proportion to the amount of Accrued Certificate Interest (as so reduced)
        that
        would otherwise be distributable thereon. 

       

      (ii)  from
        the
        remaining Available Distribution Amount for each Collateral Group, to each
        Class
        of Senior Certificates (or related Component) relating to such Collateral
        Group
        (other than the Class AP Certificates), any related Interest Shortfall for
        such
        Distribution Date; provided,
        however,
        that
        any shortfall in available amounts for each Collateral Group shall be allocated
        among the Classes of Senior Certificates (or related Component) related to
        such
        Collateral Group in proportion to the amount of such interest (as so reduced)
        related that would otherwise be distributable thereon;. 

       

      (iii)  from
        the
        remaining Available Distribution Amount for each Collateral Group to the
        Senior
        Certificates (other than any related Notional Certificates) as set forth
        in the
        Senior Principal Priorities attached as Exhibit O hereto;

       

      (iv)  from
        the
        remaining Available Distribution Amounts for Collateral Groups 1 and 2, to
        the
        Class AP Certificates to the extent of the remaining Available Distribution
        Amounts for such Collateral Groups, any AP Deferred Amount for such Class
        and
        Distribution Date, until the Certificate Principal Amount thereof has been
        reduced to zero; provided,
        however,
        that
        (A) distributions pursuant to this priority shall not exceed the aggregate
        Subordinate Principal Distribution Amount for such Collateral Groups for
        such
        date; and (B) such amounts will not reduce the Certificate Principal Amount
        of
        the Class AP Certificates; and

       

      (v)  from
        the
        remaining Available Distribution Amounts for Collateral Groups 1 and 2, to
        the
        Subordinate Certificates, subject to the prior distribution of amounts pursuant
        to Section 5.02(f), in the following order of priority:

       

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

       

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

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

      (U)  to
        the
        Class B6 Certificates, in reduction of the Class Principal Amount thereof,
        such
        Class’s Subordinate Class Percentage of the Subordinate Principal Distribution
        Amount for each such Collateral Group on Distribution Date, except as provided
        in Section 5.02(d), until the Class Principal Amount thereof has been reduced
        to
        zero.

       

      (b)  Net
        Prepayment Interest Shortfalls for each Collateral Group shall be allocated
        among the Senior Certificates related to such Collateral Group (including
        any
        interest-bearing Component thereof and excluding the Class AP Certificates)
        and
        the Subordinate Certificates pro
        rata
        based on
        (i) in the case of the related Non-AP Senior Certificates (and any such
        Component), the Accrued Certificate Interest otherwise distributable thereon,
        and (ii) in the case of the Subordinate Certificates, interest accrued on
        the
        related Apportioned Principal Balances.

       

      (c)  After
        the
        Credit Support Depletion Date, the Senior Distribution Amount with respect
        to
        Collateral Groups 1 and 2 remaining after distribution of interest to the
        related Non-AP Senior Certificates on such date shall be distributed among
        the
        related Classes of Senior Certificates proportionately, on the basis of their
        respective Class Principal Amounts immediately prior to such Distribution
        Date,
        regardless of the priorities and amounts set forth in Section
        5.02(a)(iii).

      
        
          
          

        

        
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      (d)  With
        respect to each Class of Subordinate Certificates (other than the Class M
        Certificates), if on any Distribution Date the Credit Support Percentage
        for
        that Class is less than the Original Credit Support Percentage for such Class,
        then, notwithstanding anything to the contrary is in Section 5.02(a) no
        distribution of amounts described in clauses (ii) and (iii) of the definition
        of
        the related Subordinate Principal Distribution Amount will be made to any
        related Subordinate Certificates of lower priority. Any such amounts will
        be
        distributed proportionately to such Class of related Subordinate Certificates
        entitled to distributions in respect such clauses (ii) and (iii) of the
        definition of Subordinate Principal Distribution Amount on such date. Any
        amount
        not distributed in respect of any Class on any Distribution Date pursuant
        to the
        immediately preceding paragraph shall be allocated among the remaining Classes
        of Subordinate Certificates in proportion to their respective Class Principal
        Amounts.

       

      (e)  On
        each
        Distribution Date, the Securities Administrator shall distribute to the Holder
        of the Class R Certificate any amounts remaining in REMIC III for such
        Distribution Date after application of all amounts described in paragraph
        (a) of
        this Section 5.02. Any distributions pursuant to this paragraph (e) shall
        not
        reduce the Class Principal Amount of the Class R Certificate.

       

      (f)  (i)
        On each
        Distribution Date prior to the related Credit Support Depletion Date but
        after
        the date on which the total Certificate Principal Amount of the Non-AP Senior
        Certificate or Certificates relating to Collateral Group 1 or 2 have been
        reduced to zero, amounts otherwise distributable as principal on each
        Subordinate Certificates pursuant to Section 5.02(a)(v), in reverse order
        of
        priority, in respect of such Class’s Subordinate Class Percentage of the related
        Subordinate Principal Distribution Amount for the Collateral Group relating
        to
        such retired Certificates, shall be distributed as principal to such Non-AP
        Senior Certificates remaining outstanding pursuant to Section 5.02(a)(iii)
        until
        the Class Principal Amounts thereof have been reduced to zero, provided
        that on
        such Distribution Date (a) the Aggregate Subordinate Percentage for Collateral
        Groups 1 or 2 for such Distribution Date is less than 200% of such Aggregate
        Subordinate Percentage for the Subordinate Certificates, as of the Cut-off
        Date
        or (b) the average outstanding principal balance of the Mortgage Loans in
        any of
        Collateral Groups 1 or 2 that are delinquent 60 days or more for the last
        six
        months (including for this purpose any REO Property or Mortgage Loans in
        foreclosure or bankruptcy 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) as a percentage of the related Group Subordinate Amount is greater
        than or equal to 50%.

       

      On
        each
        Distribution Date on which the Class Principal Amounts of the Non-AP Senior
        Certificates relating to one or more Collateral Groups have been reduced
        to
        zero, any amounts distributable pursuant to this Section 5.02(f)(i) will
        be
        allocated, as to each applicable Class of Subordinate Certificates, in
        proportion to such Class’s Subordinate Class Percentage of the Subordinate
        Principal Distribution Amount for the Collateral Group relating to each such
        retired Senior Certificate.

       

      On
        each
        Distribution Date on which the Non-AP Senior Certificates for one or more
        Collateral Groups remain outstanding, any amounts distributable pursuant
        to this
        Section 5.02(f)(i) will be distributed in proportion to the aggregate
        Certificate Principal Amount of such Certificates relating to each such
        Collateral Group.

      
        
          
          

        

        
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      (ii)  (A)
        On
        any Distribution Date on which any Non-AP Senior Certificate or Certificates
        relating to Collateral Group 1 or 2 constitute an Undercollateralized Class
        or
        Classes, all amounts otherwise distributable as principal on the Subordinate
        Certificates, in reverse order of priority (other than amounts necessary
        to pay
        any AP Deferred Amounts or 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 such
        Undercollateralized Class or Classes pursuant to Section 5.02(a)(iii), until
        the
        total Certificate Principal Amount of the Undercollateralized Class or Classes
        equals the Non-AP Pool Balance of the related Collateral Group, (such
        distribution, an “Undercollateralization Distribution”). In the event that any
        Non-AP Senior Certificate or Certificates relating to Collateral Group 1
        or 2
        constitute an Undercollateralized Class or Classes on any Distribution Date
        following the related Credit Support Depletion Date, Undercollateralization
        Distributions will be made from any Available Distribution Amount for such
        Collateral Groups not related to an Undercollateralized Class or Classes
        remaining after all required amounts have been distributed to the Non-AP
        Senior
        Certificates related to such other Collateral Groups. In addition, the amount
        of
        any unpaid Interest Shortfalls with respect to an Undercollateralized Class
        on
        any Distribution Date (including any Interest Shortfalls for such Distribution
        Date) will be distributed to such Undercollateralized Class or Classes prior
        to
        the payment of any Undercollateralization Distributions from amounts otherwise
        distributable as principal on the Subordinate Certificates, in reverse order
        of
        priority (or, following the related Credit Support Depletion Date, as provided
        in the preceding sentence).

       

      (B)
        If on
        any Distribution Date the Non-AP Senior Certificates relating to more than
        one
        Collateral Group are Undercollateralized Classes, the distribution described
        in
        paragraph (ii)(A) above will be made in proportion to the amount by which
        the
        total Certificate Principal Amount of the Non-AP Senior Certificate or
        Certificates relating to each such Collateral Group, after giving effect
        to
        distributions pursuant to Sections 5.02(a) on such Distribution Date, exceeds
        the Non-AP Pool Balance for the related Collateral Group for such Distribution
        Date.

       

      (g)  On
        each
        Distribution Date occurring after a Section 7.01(c) Purchase Event but on
        or
        prior to a Trust Fund Termination Event, the Securities Administrator (or
        the
        Paying Agent on behalf of the Securities Administrator), shall withdraw from
        the
        Certificate Account the Available Distribution Amount (to the extent such
        amount
        is on deposit in the Certificate Account), and shall allocate such amount
        to the
        interests issued in respect of the Lower Tier REMIC 1 Uncertificated Regular
        Interests created pursuant to this Agreement and shall distribute such amount
        first, to the Securities Administrator, any amounts reimbursable pursuant
        to
        Section 4.04(b)(i) and not previously reimbursed to the Securities
        Administrator, second, to the LTURI-holder, any remaining Available Distribution
        Amount to the extent payable on the Lower Tier REMIC 1 Uncertificated Regular
        Interests as provided in the Preliminary Statement, and third, to the Class
        LT-R
        Certificates.

      
        
          
          

        

        
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      (h)  [Reserved.]

       

      (i)  On
        each
        Distribution Date, all Prepayment Penalty Amounts received during the related
        Prepayment Period shall be distributed to the Class 2-A2 Certificates (in
        respect of the Class P Component thereof), regardless of whether the Class
        Notional Amount thereof has been reduced to zero.

       

      Section
        5.03.   Allocation
        of Realized Losses.

       

      (a)  On
        any
        Distribution Date, (i) the related Applicable Fraction of the principal portion
        of each Realized Loss (other than any Excess Loss) in respect of a Mortgage
        Loan
        in Collateral Group P will be allocated to and reduce the Certificate Principal
        Amount of the Class AP Certificates until the Certificate Principal Amount
        thereof has been reduced to zero; and (ii) the related Applicable Fraction
        of
        the principal portion of each Realized Loss (other than any Excess Loss)
        in
        respect of a Mortgage Loan, shall be allocated in the following order of
        priority:

       

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

       

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

       

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

       

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

       

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

       

      sixth,
        to the
        Class B1 Certificates, in reduction of their Class Principal Amount, until
        the
        Class Principal Amount thereof has been reduced to zero; 

       

      seventh,
        to the
        Class M Certificates, in reduction of their Class Principal Amount, until
        the
        Class Principal Amount thereof has been reduced to zero; and

       

      eighth,
        to the
        related Classes of Non-AP Senior Certificates, pro
        rata,
        in
        accordance with their respective Class Principal Amounts; provided,
        however,
        that
        any Realized Loss allocated (1) to the Class 1-A1 or Class 1-A2 Certificates
        shall instead be allocated to the Class 1-A4 Certificates until the Class
        Principal Amount thereof has been reduced to zero; and (2) to the Class 2-A5
        and
        Class 2-A6 Certificates shall instead be allocated to the Class 2-A4
        Certificates until the Class Principal Amount thereof has been reduced to
        zero.

       

      (b)  With
        respect to any Distribution Date, the related Applicable Fraction of the
        principal portion of any Excess Loss in respect of a Mortgage Loan in any
        Collateral Group shall be allocated, pro
        rata,
        to the
        Subordinate Certificates and related Non-AP Senior Certificate or Certificates
        on the basis of the Apportioned Principal Balances of the Classes of Subordinate
        Certificates and Class Principal Amounts of the Non-AP Senior Certificates
        (and
        in the same manner as specified in clause eight
        of
        subsection (a) above).

      
        
          
          

        

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

       

      (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, except that the aggregate
        amount of Realized Losses to be allocated to the Class AP Certificates on
        such
        Distribution Date will be taken into account in determining distributions
        in
        respect of any related AP Deferred Amount for such date.

       

      (e)  On
        each
        Distribution Date, the Subordinate Certificate Writedown Amount for Subordinate
        Certificates for such date shall effect a corresponding reduction in the
        Class
        Principal Amount of the lowest ranking Class of outstanding Subordinate
        Certificates, which reduction 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 Securities Administrator.

       

      (a)  Advances
        shall be made in respect of each Master Servicer Remittance 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 cause the
        applicable Servicer to, advance such amount on the Master Servicer Remittance
        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 Securities
        Administrator on such Determination Date, which if advanced the Master Servicer
        or the applicable 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. If the Master Servicer
        determines that an Advance is required, it shall on the Master Servicer
        Remittance Date immediately following such Determination Date either (i)
        remit
        to the Securities Administrator 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 Securities Administrator 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 Securities Administrator for deposit in the
        Certificate Account on or before any future Master Servicer Remittance Date
        to
        the extent that funds in the Certificate Account on such Master Servicer
        Remittance Date shall be less than payments to Certificateholders required
        to be
        made on the related Distribution Date. The Securities Administrator 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 this Section 5.04, the Securities Administrator, 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 that would have been deposited in such Certificate Account over
        (b) the
        amount of any Advance made by the Master Servicer and Servicers with respect
        to
        such Distribution Date; provided,
        however,
        that
        the Securities Administrator 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 Securities Administrator 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.   Supplemental
        Interest Trust.

       

      The
        Trustee is hereby directed by the Depositor to accept each Cap Agreement
        on
        behalf of a trust, separate from the Trust Fund, for the benefit of the Class
        1-A2, Class 1-A6 and Class X Certificateholders in the form presented to
        it by
        the Depositor and shall have no responsibility for the contents, adequacy
        or
        sufficiency of the Cap Agreements, including without limitation, the
        representations and warranties contained therein.

       

      Section
        5.07.   The
        Reserve Funds.

       

      (a)  On
        the
        Closing Date, the Securities Administrator shall establish and maintain in
        the
        name of the Trustee, in the Supplemental Interest Trust for the benefit of
        the
        holders of the Class 1-A2 and Class X Certificates, the Class 1-A2 Reserve
        Fund,
        and for the benefit of the holders of the Class 1-A6 and Class X Certificates,
        the Class 1-A6 Reserve Fund, into which the Depositor shall deposit $1,000
        each.
        The Securities Administrator shall hold the Class 1-A2 Cap Agreement and
        the
        Class 1-A6 Cap Agreement as an asset in the Class 1-A2 Reserve Fund and Class
        1-A6 Reserve Fund, respectively. The Class 1-A2 Reserve Fund and Class 1-A6
        Reserve Fund shall each be an Eligible Account, and funds on deposit therein
        shall be held separate and apart from, and shall not be commingled with,
        any
        other moneys, including without limitation other moneys of the Securities
        Administrator held pursuant to this Agreement. The Class 1-A2 Reserve Fund
        and
        Class 1-A6 Reserve Fund shall not be an asset of any REMIC or the Trust Fund
        established hereby. The Securities Administrator shall deposit promptly upon
        receipt in the Class 1-A2 Reserve Fund and the Class 1-A6 Reserve Fund any
        amounts received from the Class 1-A2 Cap Agreement or the Class 1-A6 Cap
        Agreement, respectively.

      
        
          
          

        

        
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      (b)  On
        each
        Distribution Date, the Securities Administrator, on behalf of the Supplemental
        Interest Trust, shall distribute amounts on deposit in the Class 1-A2 Reserve
        Fund, first,
        to the
        Holders of the Class 1-A2 Certificates, in an amount up to any Basis Risk
        Shortfalls thereon and second,
        to the
        Holders of the Class 1-A2 Certificates, in an amount up to any Unpaid Basis
        Risk
        Shortfalls thereon. Any remaining amounts shall be retained in the Class
        1-A2
        Reserve Fund for distribution on future Distribution Dates.

       

      (c)  On
        each
        Distribution Date, the Securities Administrator, on behalf of the Supplemental
        Interest Trust, shall distribute amounts on deposit in the Class 1-A6 Reserve
        Fund, first,
        to the
        Holders of the Class 1-A6 Certificates, in an amount up to any Basis Risk
        Shortfalls thereon and second,
        to the
        Holders of the Class 1-A6 Certificates, in an amount up to any Unpaid Basis
        Risk
        Shortfalls thereon. Any remaining amounts shall be retained in the Class
        1-A6
        Reserve Fund for distribution on future Distribution Dates.

       

      (d)  Upon
        the
        earliest to occur of (i) the Distribution Date on which the Class Principal
        Amount of the Class 1-A2 Certificates is reduced to zero, (ii) a Section
        7.01(c)
        Purchase Event or (iii) a Trust Fund Termination Event, any amounts remaining
        in
        the Class 1-A2 Reserve Fund and any future amounts payable under the Class
        1-A2
        Cap Agreement shall be distributed to the Class X
        Certificateholder.

       

      (e)  Upon
        the
        earliest to occur of (i) the Distribution Date on which the Class Principal
        Amount of the Class 1-A6 Certificates is reduced to zero, (ii) a Section
        7.01(c)
        Purchase Event or (iii) a Trust Fund Termination Event, any amounts remaining
        in
        the Class 1-A6 Reserve Fund and any future amounts payable under the Class
        1-A6
        Cap Agreement shall be distributed to the Class X
        Certificateholder.

       

      (f)  Funds
        in
        the Class 1-A2 Reserve Fund and Class 1-A6 Reserve Fund shall be invested
        in
        Eligible Investments. The Class X Certificates shall evidence ownership of
        the
        Class 1-A2 Reserve Fund and Class 1-A6 Reserve Fund for federal income tax
        purposes and LBH on behalf of the Holders thereof shall direct the Securities
        Administrator, in writing, as to investment of amounts on deposit therein.
        LBH
        shall be liable for any losses incurred on such investments. In the absence
        of
        written instructions from LBH as to investment of funds on deposit in the
        Class
        1-A2 Reserve
        Fund or Class 1-A6 Reserve Fund, such funds shall remain
        uninvested.

       

      For
        federal income tax purposes, the Securities Administrator shall treat the
        holders of the Class 1-A2 and Class 1-A6 Certificates as having entered into
        a
        notional principal contract with the holders of the Class X Certificates.
        Pursuant to such notional principal contract, all holders of the Class X
        Certificates shall be treated as having agreed to pay Basis Risk Shortfalls
        and
        Unpaid Basis Risk Shortfalls to the holders of the Class 1-A2 and Class 1-A6
        Certificates. Any payments to the Class 1-A2 and Class 1-A6 Certificates
        in
        light of the foregoing shall not be payments with respect to a “regular
        interest” in a REMIC within the meaning of Code Section 860G(a)(1).
        Notwithstanding the priority and sources of payments set forth in Article
        V
        hereof or otherwise, the Securities Administrator shall account for all
        distributions on the Class 1-A2 and Class 1-A6 Certificates as set forth
        in this
        section. For purposes of providing tax information reporting with respect
        to the
        Class 1-A2 and Class 1-A6 Certificates, the Securities Administrator shall
        treat
        the notional principal contract described in this paragraph as having a value
        equal to the Notional Principal Contract Value as of the Closing
        Date.

      
        
          
          

        

        
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      ARTICLE
        VI

       

      CONCERNING
        THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS OF DEFAULT

       

      	Section
              6.01.   	
              Duties
                of Trustee and Securities Administrator. 

            

       

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

       

      (b)  Each
        of
        the Trustee and the Securities Administrator, upon receipt of all resolutions,
        certificates, statements, opinions, reports, documents, orders or other
        instruments furnished to the Trustee or the Securities Administrator which
        are
        specifically required to be furnished pursuant to any provision of this
        Agreement, shall examine them to determine whether they are on their face
        in the
        form required by this Agreement; provided,
        however,
        that
        neither the Trustee nor the Securities Administrator shall be responsible
        for
        the accuracy or content of any such resolution, certificate, statement, opinion,
        report, document, order or other instrument furnished by the Master Servicer,
        any Servicer, or the Cap Counterparty to the Trustee or the Securities
        Administrator pursuant to this Agreement, and shall not be required to
        recalculate or verify any numerical information furnished to the Trustee
        or the
        Securities Administrator pursuant to this Agreement. Subject to the immediately
        preceding sentence, if any such resolution, certificate, statement, opinion,
        report, document, order or other instrument is found not to conform on its
        face
        to the form required by this Agreement in a material manner the Trustee or
        Securities Administrator, as applicable, shall notify the Person providing
        such
        resolutions, certificates, statements, opinions, reports or other documents
        of
        the non-conformity, and if the instrument is not corrected to the Trustee’s or
        Securities Administrator’s, as applicable, satisfaction, the Trustee or
        Securities Administrator, as applicable, will provide notice thereof to the
        Certificateholders and 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.

      
        
          
          

        

        
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      (c)  Neither
        the Trustee nor the Securities Administrator shall have any liability arising
        out of or in connection with this Agreement, except for its negligence or
        willful misconduct. No provision of this Agreement shall be construed to
        relieve
        the Trustee or the Securities Administrator from liability for its own negligent
        action, its own negligent failure to act or its own willful misconduct;
provided,
        however,
        that:

       

      (i)  Neither
        the Trustee nor the Securities Administrator shall be liable with respect
        to any
        action taken, suffered or omitted to be taken by it in good faith in accordance
        with the direction of the Holders as provided in Section 6.18
        hereof;

       

      (ii)  For
        all
        purposes under this Agreement, the Trustee shall not be deemed to have notice
        of
        any Event of Default unless a Responsible Officer of the Trustee has actual
        knowledge thereof or unless written notice of any event which is in fact
        such a
        default is received by the Trustee at the address provided in Section 11.07,
        and
        such notice references the Holders of the Certificates and this
        Agreement;

       

      (iii)  For
        all
        purposes under this Agreement, the Securities Administrator shall not be
        deemed
        to have notice of any Event of Default (other than resulting from a failure
        by
        the Master Servicer to furnish information to the Securities Administrator
        when
        required to do so) unless a Responsible Officer of the Securities Administrator
        has actual knowledge thereof or unless written notice of any event which
        is in
        fact such a default is received by the Securities Administrator at its Corporate
        Trust Office, and such notice references the Holders of the Certificates
        and
        this Agreement;

       

      (iv)  No
        provision of this Agreement shall require the Trustee or the Securities
        Administrator to expend or risk its own funds or otherwise incur any financial
        liability in the performance of any of its duties hereunder, or in the exercise
        of any of its rights or powers, if it shall have reasonable grounds for
        believing that repayment of such funds or adequate indemnity against such
        risk
        or liability is not reasonably assured to it; and none of the provisions
        contained in this Agreement shall in any event require the Trustee or the
        Securities Administrator to perform, or be responsible for the manner of
        performance of, any of the obligations of the Master Servicer under this
        Agreement;

       

      (v)  Neither
        the Trustee nor the Securities Administrator shall be responsible for any
        act or
        omission of the Master Servicer, any Servicer, the Depositor, the Seller
        or the
        Custodian and neither the Securities Administrator nor the Trustee shall
        be
        responsible for any act or omission of the other.

       

      (d)  The
        Trustee shall have no duty hereunder with respect to any complaint, claim,
        demand, notice or other document it may receive or which may be alleged to
        have
        been delivered to or served upon it by the parties as a consequence of the
        assignment of any Mortgage Loan hereunder; provided,
        however,
        that the
        Trustee shall promptly remit to the Master Servicer upon receipt any such
        complaint, claim, demand, notice or other document (i) which is delivered
        to the
        address of the Trustee provided in Section 11.07 and makes reference to this
        series of Certificate or this Agreement, (ii) of which a Responsible Officer
        has
        actual knowledge, and (iii) which contains information sufficient to permit
        the
        Trustee to make a determination that the real property to which such document
        relates is a Mortgaged Property.

      
        
          
          

        

        
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      (e)  Neither
        the Trustee nor the Securities Administrator shall be personally liable with
        respect to any action taken, suffered or omitted to be taken by it in good
        faith
        in accordance with the direction of any the Certificateholders of any Class
        holding Certificates which evidence, as to such Class, Percentage Interests
        aggregating not less than 25% as to the time, method and place of conducting
        any
        proceeding for any remedy available to the Trustee or the Securities
        Administrator or exercising any trust or power conferred upon the Trustee
        or the
        Securities Administrator, as applicable, under this Agreement.

       

      (f)  Neither
        the Trustee nor the Securities Administrator shall be required to perform
        services under this Agreement, or to expend or risk its own funds or otherwise
        incur financial liability for the performance of any of its duties hereunder
        or
        the exercise of any of its rights or powers if there is reasonable ground
        for
        believing that the timely payment of its fees and expenses or the repayment
        of
        such funds or adequate indemnity against such risk or liability is not
        reasonably assured to it, and none of the provisions contained in this Agreement
        shall in any event require the Trustee or the Securities Administrator, as
        applicable, to perform, or be responsible for the manner of performance of,
        any
        of the obligations of the Master Servicer or any Servicer under this Agreement
        or any Servicing Agreement except during such time, if any, as the Securities
        Administrator shall be the successor to, and be vested with the rights, duties,
        powers and privileges of, the Master Servicer in accordance with the terms
        of
        this Agreement.

       

      (g)  [Reserved.]

       

      (h)  The
        Trustee shall not and, except as otherwise provided herein, the Securities
        Administrator shall not have any duty (A) to see to any recording, filing,
        or
        depositing of this Agreement or any agreement referred to herein or any
        financing statement or continuation statement evidencing a security interest,
        or
        to see to the maintenance of any such recording or filing or depositing or
        to
        any rerecording, refiling or redepositing of any thereof, (B) to see to any
        insurance or claim under any Insurance Policy, and (C) to see to the payment
        or
        discharge of any tax, assessment, or other governmental charge or any lien
        or
        encumbrance of any kind owing with respect to, assessed or levied against,
        any
        part of the Trust Fund or the Supplemental Interest Trust other than from
        funds
        available in the Certificate Account. Except as otherwise provided herein,
        neither the Trustee nor the Securities Administrator shall have any duty to
        confirm or verify the contents of any reports or certificates of the Master
        Servicer, any Servicer, or the Cap Counterparty delivered to the Trustee
        or the
        Securities Administrator pursuant to this Agreement believed by the Trustee
        or
        the Securities Administrator, as applicable, to be genuine and to have been
        signed or presented by the proper party or parties.

       

      (i)  Neither
        the Securities Administrator nor the Trustee shall be liable in its individual
        capacity for an error of judgment made in good faith by a Responsible Officer
        or
        other officers of the Trustee or the Securities Administrator, as applicable,
        unless it shall be proved that the Trustee or the Securities Administrator,
        as
        applicable, was negligent in ascertaining the pertinent facts.

       

      (j)  Notwithstanding
        anything in this Agreement to the contrary, none of the Securities
        Administrator, any Paying Agent or the Trustee shall be liable for special,
        indirect or consequential losses or damages of any kind whatsoever (including,
        but not limited to, lost profits), even if the Securities Administrator,
        the
        Paying Agent or the Trustee, as applicable, has been advised of the likelihood
        of such loss or damage and regardless of the form of action, provided,
        however,
        that
        this Subsection 6.01(j) shall not apply in connection with any failure by
        the
        Securities Administrator to comply with the provisions of Subsections 6.01(l)
        hereof and Subsections 9.25(a) and (b) hereof.

      
        
          
          

        

        
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      (k)  Neither
        the Securities Administrator nor the Trustee shall be responsible for the
        acts
        or omissions of the other, it being understood that this Agreement shall
        not be
        construed to render them agents of one another, or of the Master Servicer
        or any
        Servicer.

       

      (l)  The
        Securities Administrator shall give prior written notice to the Sponsor,
        the
        Master Servicer and the Depositor of the appointment of any Subcontractor
        by it
        and a written description (in form and substance satisfactory to the Sponsor
        and
        the Depositor) of the role and function of each Subcontractor utilized by
        the
        Securities Administrator specifying (A) the identity of each such Subcontractor
        and (B) which elements of the servicing criteria set forth under Item 1122(d)
        of
        Regulation AB will be addressed in assessments of compliance provided by
        each
        such Subcontractor.

       

      	Section
              6.02.   	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator. 

            

       

      Except
        as
        otherwise provided in Section 6.01:

       

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

       

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

       

      (c)  Neither
        the Trustee nor the Securities Administrator shall be personally liable for
        any
        action taken, suffered or omitted by it in good faith and reasonably believed
        by
        it to be authorized or within the discretion or rights or powers conferred
        upon
        it by this Agreement;

       

      (d)  Unless
        an
        Event of Default shall have occurred and be continuing, neither the Trustee
        nor
        the Securities Administrator shall be bound to make any investigation into
        the
        facts or matters stated in any resolution, certificate, statement, instrument,
        opinion, report, notice, request, consent, order, approval, bond or other
        paper
        or document (provided the same appears regular on its face), unless requested
        in
        writing to do so by the Holders of at least a majority in Class Principal
        Amount
        (or Percentage Interest) of each Class of Certificates; provided,
        however,
        that, if
        the payment within a reasonable time to the Trustee or the Securities
        Administrator, as applicable, of the costs, expenses or liabilities likely
        to be
        incurred by it in the making of such investigation is, in the opinion of
        the
        Trustee or the Securities Administrator, as applicable, not reasonably assured
        to the Trustee or the Securities Administrator by the security afforded to
        it by
        the terms of this Agreement, the Trustee or the Securities Administrator,
        as
        applicable, may require reasonable indemnity against such expense or liability
        or payment of such estimated expenses from the Certificateholders as a condition
        to proceeding. The reasonable expense thereof shall be paid by the party
        requesting such investigation and if not reimbursed by the requesting party
        shall be reimbursed to the Trustee by the Trust Fund;

      
        
          
          

        

        
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      (e)  Each
        of
        the Trustee and the Securities Administrator may execute any of the trusts
        or
        powers hereunder or perform any duties hereunder either directly or by or
        through agents, custodians or attorneys, which agents, custodians or attorneys
        shall have any and all of the rights, powers, duties and obligations of the
        Trustee and the Securities Administrator conferred on them by such appointment,
        provided that each of the Trustee and the Securities Administrator shall
        continue to be responsible for its duties and obligations hereunder to the
        extent provided herein, and provided further that neither the Trustee nor
        the
        Securities Administrator shall be responsible for any misconduct or negligence
        on the part of any such agent or attorney appointed with due care by the
        Trustee
        or the Securities Administrator, as applicable;

       

      (f)  Neither
        the Trustee nor the Securities Administrator shall be under any obligation
        to
        exercise any of the trusts or powers vested in it by this Agreement or to
        institute, conduct or defend any litigation hereunder or in relation hereto,
        in
        each case at the request, order or direction of any of the Certificateholders
        pursuant to the provisions of this Agreement, unless such Certificateholders
        shall have offered to the Trustee or the Securities Administrator, as
        applicable, reasonable security or indemnity against the costs, expenses
        and
        liabilities which may be incurred therein or thereby;

       

      (g)  The
        right
        of the Trustee and the Securities Administrator to perform any discretionary
        act
        enumerated in this Agreement shall not be construed as a duty, and neither
        the
        Trustee nor the Securities Administrator shall be answerable for other than
        its
        negligence or willful misconduct in the performance of such act;
        and

       

      (h)  Neither
        the Trustee nor the Securities Administrator shall be required to give any
        bond
        or surety in respect of the execution of the Trust Fund or Supplemental Interest
        Trust created hereby or the powers granted hereunder.

       

      	Section
              6.03.   	
              Trustee
                and Securities Administrator Not Liable for Certificates. 

            

       

      The
        Trustee and the Securities Administrator make no representations as to the
        validity or sufficiency of this Agreement, the Exchange Trust Agreement,
        the Cap
        Agreements or the Certificates (other than the certificate of authentication
        on
        the Certificates) or the Lower Tier REMIC 1 Uncertificated Regular Interests,
        or
        of any Mortgage Loan, or related document save that the Trustee and the
        Securities Administrator represent that, assuming due execution and delivery
        by
        the other parties hereto, this Agreement has been duly authorized, executed
        and
        delivered by it and constitutes its valid and binding obligation, enforceable
        against it in accordance with its terms except that such enforceability may
        be
        subject to (A) applicable bankruptcy and insolvency laws and other similar
        laws
        affecting the enforcement of the rights of creditors generally, and (B) general
        principles of equity regardless of whether such enforcement is considered
        in a
        proceeding in equity or at law. The Trustee and the Securities Administrator
        shall not be accountable for the use or application by the Depositor of funds
        paid to the Depositor in consideration of the assignment of the Mortgage
        Loans
        to the Trust Fund by the Depositor or for the use or application of any funds
        deposited into the Certificate Account, any Escrow Account or any other fund
        or
        account maintained with respect to the Certificates. The Trustee and the
        Securities Administrator shall not be responsible for the legality or validity
        of this Agreement, the Exchange Trust Agreement or the Cap Agreements or
        the
        validity, priority, perfection or sufficiency of the security for the
        Certificates or the Lower Tier REMIC 1 Uncertificated Regular Interests issued
        or intended to be issued hereunder. The Trustee shall not, and except as
        otherwise provided herein, the Securities Administrator shall have no
        responsibility for filing any financing or continuation statement in any
        public
        office at any time or to otherwise perfect or maintain the perfection of
        any
        security interest or lien granted to it hereunder or to record this
        Agreement.

      
        
          
          

        

        
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      	Section
              6.04.   	
              Trustee
                and the Securities Administrator May Own Certificates. 

            

       

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

       

      	Section
              6.05.   	
              Eligibility
                Requirements for Trustee and Securities Administrator. 

            

       

      The
        Trustee and the Securities Administrator hereunder shall at all times be
        (i) an
        institution whose accounts are insured by the FDIC, (ii) a corporation or
        national banking association, organized and doing business under the laws
        of any
        State or the United States of America, authorized under such laws to exercise
        corporate trust powers, having a combined capital and surplus of not less
        than
        $50,000,000 and subject to supervision or examination by federal or state
        authority and (iii) not an Affiliate of the Master Servicer or any Servicer
        (except in the case of the Securities Administrator). If such corporation
        or
        national banking association publishes reports of condition at least annually,
        pursuant to law or to the requirements of the aforesaid supervising or examining
        authority, then, for the purposes of this Section, the combined capital and
        surplus of such corporation or national banking association shall be deemed
        to
        be its combined capital and surplus as set forth in its most recent report
        of
        condition so published. In addition, the Securities Administrator (i) may
        not be
        an originator of Mortgage Loans, the Master Servicer, a Servicer, the Depositor
        or an affiliate of the Depositor unless the Securities Administrator is in
        an
        institutional trust department of the Securities Administrator, (ii) must
        be
        authorized to exercise corporate trust powers under the laws of its jurisdiction
        of organization and (iii) must be rated at least “A/F1” by Fitch, if Fitch is a
        Rating Agency that has rated the Securities Administrator, or the equivalent
        rating by S&P or Moody’s. In case at any time the Trustee or the Securities
        Administrator shall cease to be eligible in accordance with provisions of
        this
        Section, the Trustee or the Securities Administrator, as applicable, shall
        resign immediately in the manner and with the effect specified in Section
        6.06.

       

      	Section
              6.06.   	
              Resignation
                and Removal of Trustee and the Securities Administrator. 

            

       

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

      
        
          
          

        

        
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      (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 or the Securities Administrator
        shall become incapable of acting, or shall be adjudged a bankrupt or insolvent,
        or a receiver of the Trustee or the Securities Administrator of its property
        shall be appointed, or any public officer shall take charge or control of
        the
        Trustee or the Securities Administrator or of either of their property or
        affairs for the purpose of rehabilitation, conservation or liquidation, (iii)
        the Securities Administrator shall fail to observe or perform in any material
        respect any of the covenants or agreements of the Securities Administrator
        contained in this Agreement, including any failure to provide the information,
        reports, assessments or attestations required pursuant to Subsection 9.25(a)
        or
        9.25(b) hereof, (iv) a tax is imposed or threatened with respect to the Trust
        Fund by any state in which the Trustee or the Trust Fund held by the Trustee
        is
        located, (v) the continued use of the Trustee or Securities Administrator
        would
        result in a downgrading of the rating by any Rating Agency of any Class of
        Certificates with a rating, (vi) the Paying Agent shall fail to provide the
        information required pursuant to Sections 9.25(a) and (b) hereof or (vii)
        the
        Depositor desires to replace the Securities Administrator with a successor
        Securities Administrator, then the Depositor, the Master Servicer or the
        Trustee
        (with regard to clause (iii) only) shall remove the Trustee, the Paying Agent
        or
        the Securities Administrator, as applicable, and the Depositor shall appoint
        a
        successor trustee or successor securities administrator, as applicable,
        acceptable to the Master Servicer by written instrument, one copy of which
        instrument shall be delivered to the Trustee or Securities Administrator
        so
        removed, one copy each to the successor trustee or successor securities
        administrator, as applicable, and one copy to each of the Master
        Servicer.

       

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

       

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

      
        
          
          

        

        
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      	Section
              6.07.   	
              Successor
                Trustee and Successor Securities Administrator. 

            

       

      (a)  Any
        successor trustee or successor securities administrator appointed as provided
        in
        Section 6.06 shall execute, acknowledge and deliver to the Depositor, the
        Master
        Servicer and to its predecessor trustee or predecessor securities administrator,
        as applicable, an instrument accepting such appointment hereunder, and thereupon
        the resignation or removal of the predecessor trustee or predecessor securities
        administrator, as applicable, shall become effective and such successor trustee
        or successor securities administrator, as applicable, without any further
        act,
        deed or conveyance, shall become fully vested with all the rights, powers,
        duties and obligations of its predecessor hereunder, with like effect as
        if
        originally named as trustee or securities administrator, as applicable, herein.
        A predecessor trustee shall deliver to the Trustee or any successor trustee
        (or
        assign to the Trustee its interest under the 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 records
        or
        copies thereof maintained by the predecessor trustee in the administration
        hereof as may be requested by the successor trustee and shall thereupon be
        discharged from all duties and responsibilities under this Agreement. In
        addition, the Master Servicer and the predecessor trustee or predecessor
        securities administrator, as applicable, shall execute and deliver such other
        instruments and do such other things as may reasonably be required to more
        fully
        and certainly vest and confirm in the successor trustee or successor securities
        administrator, as applicable, all such rights, powers, duties and obligations.
        

       

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

       

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

       

      (d)  Upon
        the
        resignation or removal of the Securities Administrator pursuant to this Section
        6.06, the Securities Administrator shall deliver the amounts held in its
        possession for the benefit of the Certificateholders to the successor securities
        administrator upon the appointment of the successor securities
        administrator.

       

      	Section
              6.08.   	
              Merger
                or Consolidation of Trustee or the Securities
                Administrator. 

            

       

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

      
        
          
          

        

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

            

       

      (a)  Notwithstanding
        any other provisions hereof, at any time, the Trustee, the Depositor or the
        Certificateholders evidencing more than 50% of the Class Principal Amount
        (or
        Percentage Interest) of every Class of Certificates shall
        have the power from time to time to appoint one or more Persons, approved
        by the
        Trustee, 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 Securities Administrator to make Advances
        pursuant to Section 5.04 and 6.14 hereof shall not be affected or assigned
        by
        the appointment of a co-trustee. Notwithstanding the foregoing, no such
        co-custodian or co-trustee shall be vested with any powers, rights and remedies
        under this Agreement unless such party has agreed to comply with all Regulation
        AB requirements set forth under this Agreement or the related Custodial
        Agreement, as applicable.

       

      (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:

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

      (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.

      
        
          
          

        

        
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      (g)  The
        Trustee shall pay the reasonable compensation of the co-trustees requested
        by
        the Trustee to be so appointed (which compensation shall not reduce any
        compensation payable to the Trustee ) and, if paid by the Trustee, shall
        be a
        reimbursable expense pursuant to Section 6.12.

       

      	Section
              6.10.   	
              Authenticating
                Agents. 

            

       

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

       

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

       

      (c)  Any
        Authenticating Agent may at any time resign by giving at least 30 days’ advance
        written notice of resignation to the Securities Administrator, the Trustee
        and
        the Depositor. The Securities Administrator may at any time terminate the
        agency
        of any Authenticating Agent by giving written notice of termination to such
        Authenticating Agent and the Depositor. Upon receiving a notice of resignation
        or upon such a termination, or in case at any time any Authenticating Agent
        shall cease to be eligible in accordance with the provisions of this Section
        6.10, the Securities Administrator may appoint a successor Authenticating
        Agent,
        shall give written notice of such appointment to the Depositor and shall
        mail
        notice of such appointment to all Holders of Certificates. Any successor
        Authenticating Agent upon acceptance of its appointment hereunder shall become
        vested with all the rights, powers, duties and responsibilities of its
        predecessor hereunder, with like effect as if originally named as Authenticating
        Agent. No successor Authenticating Agent shall be appointed unless eligible
        under the provisions of this Section 6.10. No Authenticating Agent shall
        have
        responsibility or liability for any action taken by it as such at the direction
        of the Securities Administrator. Any Authenticating Agent shall be entitled
        to
        reasonable compensation for its services and, if paid by the Securities
        Administrator, it shall be a reimbursable expense pursuant to Section
        6.12.

       

      	Section
              6.11.   	
              Indemnification
                of Trustee and Securities Administrator. 

            

       

      The
        Trustee and the Securities Administrator and their respective directors,
        officers, employees and agents shall be entitled to indemnification from
        the
        Trust Fund for any loss, liability or expense incurred in connection with
        any
        legal proceeding or incurred without negligence or willful misconduct on
        their
        part, arising out of, or in connection with, the acceptance or administration
        of
        the trusts created hereunder or in connection with the performance of their
        duties hereunder or under the Cap Agreements, the Exchange Trust Agreement,
        the
        Mortgage Loan Sale Agreement, the Transfer Agreement, any Servicing Agreement
        or
        the Custodial Agreements, including any applicable fees and expenses payable
        pursuant to Section 6.12 and the costs and expenses of defending themselves
        against any claim in connection with the exercise or performance of any of
        their
        powers or duties hereunder, provided that:

      
        
          
          

        

        
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      (i)  with
        respect to any such claim, the Trustee or the Securities Administrator, as
        applicable, shall have given the Depositor, the Master Servicer and the Holders
        written notice thereof promptly after a Responsible Officer of the Trustee
        or
        the Securities Administrator, as applicable, shall have knowledge thereof
        provided
        that the
        failure to provide such prompt written notice shall not affect the Trustee’s or
        Securities Administrator’s right to indemnification hereunder;

       

      (ii)  while
        maintaining control over its own defense, the Trustee or the Securities
        Administrator, as applicable, shall cooperate and consult fully with the
        Depositor and the Master Servicer in preparing such defense; and

       

      (iii)  notwithstanding
        anything to the contrary in this Section 6.11, the Trust Fund shall not be
        liable for settlement of any such claim by the Trustee or the Securities
        Administrator, as applicable, entered into without the prior consent of the
        Depositor and the Master Servicer, which consent shall not be unreasonably
        withheld.

       

      The
        Trustee shall be further indemnified by the Seller for and held harmless
        against, any loss, liability or expense arising out of, or in connection
        with,
        the provisions set forth in the fourth paragraph of Section 2.01(a) hereof,
        including, without limitation, all costs, liabilities and expenses (including
        reasonable legal fees and expenses) of investigating and defending itself
        against any claim, action or proceeding, pending or threatened, relating
        to the
        provisions of such paragraph.

       

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

       

      	Section
              6.12.   	
              Fees
                and Expenses of Securities Administrator, Trustee and Custodian. 

            

       

      The
        Trustee shall be entitled, annually, to the Trustee Fee, which shall be paid
        by
        the Securities Administrator on the first Distribution Date of each Anniversary
        Year from the Securities Administrator Fee. The Securities Administrator
        shall
        be entitled to the Securities Administrator Fee (other than any amounts required
        to be deducted in respect of the Trustee Fee as provided in Section 4.01).
        The
        Trustee and the Securities Administrator shall be entitled to reimbursement
        of
        all reasonable expenses, disbursements and advances incurred or made by the
        Securities Administrator or Trustee, as applicable, in accordance with this
        Agreement (including fees and expenses of its counsel and all persons not
        regularly in its employment and any amounts described in Section 10.01 to
        which
        such party is entitled as provided therein), except for expenses, disbursements
        and advances that either (i) do not constitute “unanticipated expenses” within
        the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) or (ii) arise
        from
        its negligence, bad faith or willful misconduct. If the Trustee Fee is not
        fully
        paid from the Securities Administrator Fee, the Trust Fund shall immediately
        reimburse the Trustee upon demand for any shortfall from amounts on deposit
        in
        the Certificate Account. Each Custodian shall receive compensation and
        reimbursement or payment of its expenses under the applicable Custodial
        Agreement as provided therein; provided
        that,
        to the
        extent required under the Custodial Agreement, the Securities Administrator
        is
        hereby authorized to pay such compensation from amounts on deposit in the
        Certificate Account prior to any distributions to Certificateholders pursuant
        to
        Section 5.02 hereof.

      
        
          
          

        

        
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      	Section
              6.13.   	
              Collection
                of Monies. 

            

       

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

       

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

            

       

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

       

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

       

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

      
        
          
          

        

        
          100

          
            

          

        

        
          
          

        

      

       

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

       

      (iv)  Any
        failure on the part of the Master Servicer duly to observe or perform in
        any
        material respect any other of the covenants or agreements on the part of
        the
        Master Servicer contained in this Agreement which continues unremedied for
        a
        period of 30 days after the date on which written notice of such failure,
        requiring the same to be remedied, shall have been given to the Master Servicer
        by the Trustee or the Securities Administrator, or to the Master Servicer,
        the
        Securities Administrator and the Trustee by the Holders of more than 50%
        of the
        Aggregate Voting Interests of the Certificates; or

       

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

       

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

       

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

       

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

       

      (ix)  If
        a
        representation or warranty set forth in Section 9.14 hereof shall prove to
        be
        incorrect as of the time made in any respect that materially and adversely
        affects the interests of the Certificateholders, and the circumstance or
        condition in respect of which such representation or warranty was incorrect
        shall not have been eliminated or cured within 30 days after the date on
        which
        written notice of such incorrect representation or warranty shall have been
        given to the Master Servicer by the Trustee or the Securities Administrator,
        or
        to the Master Servicer, the Securities Administrator and the Trustee by the
        Holders of more than 50% of the Aggregate Voting Interests of the Certificates;
        or

      
        
          
          

        

        
          101

          
            

          

        

        
          
          

        

      

       

      (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 Aggregate Voting Interests
        of
        the Certificates; or

       

      (xi)  The
        Master Servicer has notice or actual knowledge that any Servicer at any time
        is
        not either a Fannie Mae- or Freddie Mac- approved Seller/Servicer, and the
        Master Servicer has not terminated the rights and obligations of such Servicer
        under the applicable Servicing Agreement and replaced such Servicer with
        a
        Fannie Mae- or Freddie Mac -approved servicer within 60 days of the date
        the
        Master Servicer receives such notice or acquires such actual
        knowledge.

       

      (xii)  After
        receipt of notice from the Trustee or the Securities Administrator, any failure
        of the Master Servicer to deposit into the Certificate Account any payment
        required to be made for the benefit of Certificateholders under the terms
        of
        this Agreement, including any Advance, on the Business Day immediately preceding
        the related Distribution Date which such failure continues unremedied for
        a
        period of one Business Day after the date upon which notice of such failure
        shall have been given to the Master Servicer by the Trustee.

       

      If
        an
        Event of Default described in clauses (i) through (xi) of this Section shall
        occur, then, in each and every case, subject to applicable law, so long as
        any
        such Event of Default shall not have been remedied within any period of time
        prescribed by this Section, the Trustee, by notice in writing to the Master
        Servicer (with a copy to the Securities Administrator) may, and shall, if
        so
        directed by Certificateholders evidencing more than 50% of the Class Principal
        Amount of each Class of Certificates, terminate all of the rights and
        obligations of the Master Servicer hereunder and in and to the Mortgage Loans
        and the proceeds thereof. If an Event of Default described in clause (xii)
        of
        this Section shall occur, then, in each and every case, subject to applicable
        law,
        so long
        as such Event of Default shall not have been remedied within the time period
        prescribed by clause (xii) of this Section 6.14, the
        Trustee, by notice in writing to the Master Servicer (with a copy to the
        Securities Administrator), shall promptly terminate all of the rights and
        obligations of the Master Servicer hereunder and in and to the Mortgage Loans
        and the proceeds thereof. On or after the receipt by the Master Servicer
        of such
        written notice, all authority and power of the Master Servicer, and only
        in its
        capacity as Master Servicer under this Agreement, whether with respect to
        the
        Mortgage Loans or otherwise, shall pass to and be vested in the Securities
        Administrator and upon receipt of written notice by the Securities Administrator
        from the Trustee pursuant to and under the terms of this Agreement; provided,
        however,
        the
        parties acknowledge that notwithstanding the preceding sentence there may
        be a
        transition period, not to exceed 90 days, in order to effect the transfer
        of the
        Master Servicing obligations to the Securities Administrator; provided,
        further,
        the
        obligation to make Advances by the Securities Administrator shall be effective
        upon the Trustee providing notice to the Securities Administrator of the
        termination of the Master Servicer pursuant to this Section 6.14. The Securities
        Administrator 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 and the Securities Administrator
        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 Securities Administrator or its designee all
        documents and records in electronic or other form reasonably requested by
        it to
        enable the Securities Administrator or its designee to assume the defaulting
        Master Servicer’s functions hereunder and the transfer to the Securities
        Administrator for administration by it of all amounts which shall at the
        time be
        or should have been deposited by the 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 an Event of Default shall bear all
        reasonable costs and expenses of a master servicing transfer, including but
        not
        limited to those of the Trustee or Securities Administrator 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.

      
        
          
          

        

        
          102

          
            

          

        

        
          
          

        

      

       

      The
        Securities Administrator and the Trustee shall be entitled to be reimbursed
        from
        the Master Servicer (or by the Trust Fund, if the Master Servicer is unable
        to
        fulfill its obligations hereunder) for all costs associated with the transfer
        of
        master servicing from the predecessor Master Servicer, including, without
        limitation, any costs or expenses associated with the complete transfer of
        all
        master servicing data and the completion, correction or manipulation of such
        servicing data as may be required by the Securities Administrator to correct
        any
        errors or insufficiencies in the master servicing data or otherwise to enable
        the Securities Administrator to master service the Mortgage Loans properly
        and
        effectively. If the terminated Master Servicer does not pay such reimbursement
        within thirty (30) days of its receipt of an invoice therefore, such
        reimbursement shall be an expense of the Trust and the Securities Administrator
        and the Trustee, as applicable, shall be entitled to withdraw such reimbursement
        from amounts on deposit in the Certificate Account pursuant to Section 4.02;
        provided
        that the
        terminated Master Servicer shall reimburse the Trust for any such expense
        incurred by the Trust; and provided,
        further,
        that
        the Securities Administrator shall decide whether and to what extent it is
        in
        the best interest of the Certificateholders to pursue any remedy against
        any
        party obligated to make such reimbursement.

       

      Notwithstanding
        the termination of its activities as Master Servicer, each terminated Master
        Servicer shall continue to be entitled to reimbursement to the extent provided
        in Section 4.02 to the extent such reimbursement relates to the period prior
        to
        such Master Servicer’s termination.

       

      If
        any
        Event of Default shall occur, the Trustee, upon a Responsible Officer of
        the
        Trustee becoming aware of the occurrence thereof, shall promptly notify the
        Securities Administrator, the Cap Counterparty and each Rating Agency of
        the
        nature and extent of such Event of Default. The Securities Administrator
        shall
        immediately give written notice to the Master Servicer and the Trustee upon
        the
        Master Servicer’s failure to remit funds to the Securities Administrator on the
        Master Servicer Remittance Date.

      
        
          
          

        

        
          103

          
            

          

        

        
          
          

        

      

       

      (b)  On
        and
        after the time the Master Servicer receives a notice of termination from
        the
        Trustee pursuant to Section 6.14(a) or the Trustee receives the resignation
        of
        the Master Servicer evidenced by an Opinion of Counsel pursuant to Section
        9.28
        and within a period of time not to exceed 90 days after the Securities
        Administrator receives written notice from the Trustee pursuant to Section
        6.14(a) or Section 9.28, the Securities Administrator, unless another master
        servicer shall have been appointed, shall be the successor in all respects
        to
        the Master Servicer in its capacity as such under this Agreement and the
        transactions set forth or provided for herein and shall have all the rights
        and
        powers and be subject to all the responsibilities, duties and liabilities
        relating thereto and arising thereafter placed on the Master Servicer hereunder,
        including the obligation to make Advances; provided,
        however,
        that
        any failure to perform such duties or responsibilities caused by the Master
        Servicer’s or the Trustee’s failure to provide information required by this
        Agreement shall not be considered a default by the Securities Administrator
        or
        the Trustee hereunder. In addition, the Securities Administrator shall have
        no
        responsibility for any act or omission of the Master Servicer prior to the
        issuance of any notice of termination and within a period of time not to
        exceed
        90 days after the Securities Administrator receives written notice from the
        Trustee pursuant to Section 6.14(a) or Section 9.28, as applicable. The
        Securities Administrator shall have no liability relating to the representations
        and warranties of the Master Servicer set forth in Section 9.14. In the
        Securities Administrator’s capacity as such successor, the Securities
        Administrator shall have the same limitations on liability herein granted
        to the
        Master Servicer. As compensation therefor, the Securities Administrator shall
        be
        entitled to receive all compensation payable to the Master Servicer under
        this
        Agreement, including the Master Servicing Fee.

       

      (c)  Notwithstanding
        the above, the Securities Administrator may, if it shall be unwilling to
        continue to so act, or shall, if it is unable to so act, request the Trustee
        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 the Master Servicer hereunder. Any entity designated by the
        Trustee or the Securities Administrator as a successor master servicer may
        be an
        Affiliate of the Trustee or the Securities Administrator; provided,
        however,
        that,
        unless such Affiliate meets the net worth requirements and other standards
        set
        forth herein for a successor master servicer, the Trustee or the Securities
        Administrator, 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 or the Securities Administrator
        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, the Securities Administrator 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, the Securities Administrator
        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, the Securities Administrator 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, the Securities
        Administrator 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 the Lower Tier REMIC 1 Uncertificated Regular Interests
        or thereafter be received with respect to the Mortgage Loans. Neither the
        Trustee, the Securities Administrator nor any other successor master servicer
        shall be deemed to be in default hereunder by reason of any failure to make,
        or
        any delay in making, any distribution hereunder or any portion thereof caused
        by
        (i) the failure of the Master Servicer to deliver, or any delay in delivering,
        cash, documents or records to it, (ii) the failure of the Master Servicer
        to
        cooperate as required by this Agreement, (iii) the failure of the Master
        Servicer to deliver the Mortgage Loan data to the Securities Administrator
        as
        required by this Agreement or (iv) restrictions imposed by any regulatory
        authority having jurisdiction over the Master Servicer. Neither the Securities
        Administrator 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
        Trustee to deliver, or any delay in delivering cash, documents or records
        to it,
        or (ii) the failure of Trustee to cooperate as required by this
        Agreement.

      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

       

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

            

       

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

       

      	Section
              6.16.   	
              Waiver
                of Defaults. 

            

       

      More
        than
        50% 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
        Securities Administrator to make any required payment of principal of or
        interest on the Certificates may only be waived with the consent of 100%
        of the
        affected Certificateholders. 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.

      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

       

      	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 Securities Administrator and the
        Certificateholders at their respective addresses appearing on the Certificate
        Register and the Cap Counterparty. The Trustee shall also, within 45 days
        after
        the occurrence of any Event of Default known to a Responsible Officer of
        the
        Trustee, give written notice thereof to Securities Administrator and the
        Certificateholders, unless such Event of Default shall have been cured or
        waived
        prior to the issuance of such notice and within such 45-day period.

       

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

            

       

      Subject
        to the provisions of Section 8.01 hereof, during the continuance of any Event
        of
        Default, Holders of Certificates evidencing not less than 25% of the Class
        Principal Amount (or Percentage Interest) of each Class of Certificates affected
        thereby may 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 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 the Trustee or the Securities Administrator shall have actual
        knowledge of any action or inaction of the Master Servicer that would become
        an
        Event of Default upon the Master Servicer’s failure to remedy the same after
        notice, the Trustee or the Securities Administrator, as applicable, shall
        give
        notice thereof to the Master Servicer, the Trustee, the Securities Administrator
        and the Cap Counterparty, as applicable.

       

      	Section
              6.20.   	
              Preparation
                of Tax Returns and Other Reports. 

            

       

      (a)  The
        Securities Administrator shall prepare or cause to be prepared on behalf
        of the
        Trust Fund, based upon information calculated in accordance with this Agreement
        pursuant to instructions given by the Depositor, and the Securities
        Administrator shall file federal tax returns, all in accordance with Article
        X
        hereof. If the Securities Administrator determines that a state tax return
        or
        other return is required, then, at its sole expense, the Securities
        Administrator shall prepare and file such state income tax returns and such
        other returns as may be required by applicable law relating to the Trust
        Fund,
        and, if required by state law, and shall file any other documents to the
        extent
        required by applicable state tax law (to the extent such documents are in
        the
        Securities Administrator’s possession). The Securities Administrator shall
        forward copies to the Depositor of all such returns and supplemental tax
        information and such other information within the Securities Administrator’s
        control as the Depositor may reasonably request in writing. The Securities
        Administrator shall furnish to each Certificateholder, such forms and such
        information within the control of the Securities Administrator as are required
        by the Code and the REMIC Provisions to be furnished to them (other than
        any
        Form 1099s). The Master Servicer will indemnify the Securities Administrator
        and
        the Trustee for any liability of or assessment against the Securities
        Administrator and the Trustee, as applicable, resulting from any error in
        any of
        such tax or information returns directly resulting from errors in the
        information provided by such Master Servicer.

      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

       

      (b)  The
        Securities Administrator shall prepare and file with the Internal Revenue
        Service (“IRS”), on behalf of the Trust Fund and each of the REMICs specified in
        the Preliminary Statement, an application for an employer identification
        number
        on IRS Form SS-4 or by any other acceptable method. The Securities Administrator
        shall also file a Form 8811 as required. The Securities Administrator, upon
        receipt from the IRS of the Notice of Taxpayer Identification Number Assigned,
        shall upon request promptly forward a copy of such notice to the Trustee
        and the
        Depositor. The Trustee shall have no obligation to verify the information
        in any
        Form 8811 or Form SS-4 filing.

       

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

       

      (d)  Reports
        Filed on Form 10-D.

       

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

       

      (ii)  As
        set
        forth on Exhibit L-1 hereto, within five calendar days after the related
        Distribution Date, (A) certain parties to the Lehman Mortgage Trust 2006-5
        transaction shall be required to provide to the Securities Administrator
        and the
        Depositor, to the extent known by a responsible officer thereof, in
        EDGAR-compatible form (which may be Word or Excel documents easily convertible
        to EDGAR format), or in such other form as otherwise agreed upon by the
        Securities Administrator and such party, the form and substance of any
        Additional Form 10-D Disclosure, if applicable, and include with such Additional
        Form 10-D Disclosure Notification in the form attached hereto as Exhibit
        L-4,
        and (B) the Depositor will approve, as to form and substance, or disapprove,
        as
        the case may be, the inclusion of the Additional Form 10-D Disclosure on
        Form
        10-D. The Sponsor will be responsible for any reasonable fees and expenses
        assessed or incurred by the Securities Administrator in connection with
        including any Additional Form 10-D Disclosure on Form 10-D pursuant to this
        paragraph.

      
        
          
          

        

        
          107

          
            

          

        

        
          
          

        

      

       

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

       

      (iv)  Form
        10-D
        requires the registrant to indicate (by checking "yes" or "no") that it “(1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such
        filing requirements for the past 90 days.” The Depositor hereby represents to
        the Securities Administrator that the Depositor has filed all such required
        reports during the preceding 12 months and that it has been subject to such
        filing requirement for the past 90 days. The Depositor shall notify the
        Securities Administrator in writing, no later than the fifth calendar day
        after
        the related Distribution Date with respect to the filing of a report on Form
        10-D if the answer to the questions should be “no.” The Securities Administrator
        shall be entitled to rely on such representations in preparing, executing
        and/or
        filing any such report.

      
        
          
          

        

        
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      (e)  Reports
        Filed on Form 10-K.

       

      (i)  Within
        90
        days after the end of each fiscal year of the Trust Fund or such earlier
        date as
        may be required by the Exchange Act (the “10-K Filing Deadline”) (it being
        understood that the fiscal year for the Trust Fund ends on December
        31st
        of each
        year), commencing in March 2007, the Securities Administrator shall prepare
        and
        file on behalf of the Trust Fund a Form 10-K, in form and substance as required
        by the Exchange Act. Each such Form 10-K shall include the following items,
        in
        each case to the extent they have been delivered to the Securities Administrator
        within the applicable time frames set forth in this Agreement and in the
        related
        Servicing Agreements and Custodial Agreement, (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, the Custodian, each Additional Servicer, the Master Servicer, any
        Servicing Function Participant, the Paying Agent and the Securities
        Administrator (each, a “Reporting Servicer”), as described under Section 9.25(a)
        hereof and in each Servicing Agreement and Custodial Agreement, and (II)
        if any
        Reporting Servicer’s report on assessment of compliance with servicing criteria
        described under Section 9.25(a) hereof or in any Servicing Agreement or
        Custodial Agreement identifies any material instance of noncompliance,
        disclosure identifying such instance of noncompliance, or if any Reporting
        Servicer’s report on assessment of compliance with servicing criteria described
        under Section 9.25(a) hereof or in 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 Securities Administrator
        will have no duty or liability for any failure hereunder to determine or
        prepare
        any Additional Form 10-K Disclosure, except as set forth in the next paragraph.
        

       

      (ii)  As
        set
        forth on Exhibit L-2 hereto, no later than March 15 of each year that the
        Trust
        Fund is subject to the Exchange Act reporting requirements, commencing in
        2007,
        (A) certain parties to the Lehman Mortgage Trust 2006-5 transaction shall
        be
        required to provide to the Securities Administrator and the Depositor, to
        the
        extent known by a responsible officer thereof, in EDGAR-compatible form (which
        may be Word or Excel documents easily convertible to EDGAR format), or in
        such
        other form as otherwise agreed upon by the Securities Administrator and such
        party, the form and substance of any Additional Form 10-K Disclosure, if
        applicable, and include with such Additional Form 10-K Disclosure, an Additional
        Disclosure Notification in the form attached hereto as Exhibit L-4, and (B)
        the
        Depositor will approve, as to form and substance, or disapprove, as the case
        may
        be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. The
        Securities Administrator has no duty under this Agreement to monitor or enforce
        the performance by the parties listed on Exhibit L-2 of their duties under
        this
        paragraph or proactively solicit or procure from such parties any Form 10-K
        Disclosure Information. The Sponsor will be responsible for any reasonable
        fees
        and expenses assessed or incurred by the Securities Administrator in connection
        with including any Additional Form 10-K Disclosure on Form 10-K pursuant
        to this
        paragraph. 

      
        
          
          

        

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

       

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

      
        
          
          

        

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

       

      (vi)  Form
        10-K
        requires the registrant to indicate (by checking "yes" or "no") that it “(1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such
        filing requirements for the past 90 days.” The Depositor hereby represents to
        the Securities Administrator that the Depositor has filed all such required
        reports during the preceding 12 months and that it has been subject to such
        filing requirement for the past 90 days. The Depositor shall notify the
        Securities Administrator in writing, no later than March 15th
        with
        respect to the filing of a report on Form 10-K, if the answer to the questions
        should be “no.” The Securities Administrator shall be entitled to rely on such
        representations in preparing, executing and/or filing any such
        report.

      

      (f)  Reports
        Filed on Form 8-K.

       

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

       

      (ii)  As
        set
        forth on Exhibit L-3 hereto, for so long as the Trust Fund is subject to
        the
        Exchange Act reporting requirements, no later than Noon New York City time
        on
        the 2nd Business Day after the occurrence of a Reportable Event (A) certain
        parties to the Lehman Mortgage Trust 2006-5 transaction shall be required
        to
        provide to the Securities Administrator and the Depositor, to the extent
        known
        by a responsible officer thereof, in EDGAR-compatible form (which may be
        Word or
        Excel documents easily convertible to EDGAR format), or in such other form
        as
        otherwise agreed upon by the Securities Administrator and such party, the
        form
        and substance of any Form 8-K Disclosure Information, if applicable, and
        include
        with such Form 8-K Disclosure Information, an Additional Disclosure Notification
        in the form attached hereto as Exhibit L-4, and (B) the Depositor will approve,
        as to form and substance, or disapprove, as the case may be, the inclusion
        of
        the Form 8-K Disclosure Information. The Securities Administrator has no
        duty
        under this Agreement to monitor or enforce the performance by the parties
        listed
        on Exhibit L-3 of their duties under this paragraph or proactively solicit
        or
        procure from such parties any Form 8-K Disclosure Information. The Sponsor
        will
        be responsible for any reasonable fees and expenses assessed or incurred
        by the
        Securities Administrator in connection with including any Form 8-K Disclosure
        Information on Form 8-K pursuant to this paragraph. 

      
        
          
          

        

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

      

      (g)  Suspension
        of Reporting Obligation; Amendments; Late Filings.

      
        
          
          

        

        
          112

          
            

          

        

        
          
          

        

      

       

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

       

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

      

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

      

      (i) 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 Securities
        Administrator, 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 Securities Administrator of
        any
        such change. Any notice delivered pursuant to this Section 6.20 may be by
        fax or
        electronic copy notwithstanding the notice provisions of Section
        11.07.

      
        
          
          

        

        
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      	Section
              6.21.   	
              [Reserved]

            

       

      	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 Securities Administrator. 

            

       

      The
        Securities Administrator agrees to indemnify the Depositor, the Trustee and
        the
        Master Servicer, and each of their respective directors, officers, employees
        and
        agents and the Trust Fund and hold each of them harmless from and against
        any
        losses, damages, penalties, fines, forfeitures, legal fees and expenses and
        related costs, judgments, and any other costs, fees and expenses that any
        of
        them may sustain arising out of or based upon the engagement of any
        Subcontractor in violation of Section 6.01(l) or any failure by the Securities
        Administrator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Agreement, including
        any report under Sections 6.20, 9.25(a) or (b).

       

      Section
        6.24.   Compliance
        with Regulation AB.

       

      Each
        of
        the parties hereto acknowledges and agrees that the purpose of Sections 6.01
        and
        6.20 of this Agreement is to facilitate compliance by the Sponsor, the Master
        Servicer, the Depositor and the Securities Administrator 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 from the Commission, convention or consensus among active
        participants in the asset-backed securities markets, 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 Depositor
        or
        the Securities Administrator for delivery of additional or different
        information, to the extent such information is available or reasonably
        attainable, as the Sponsor, the Master Servicer, the Depositor or the Securities
        Administrator may determine in good faith is necessary to comply with the
        provisions of Regulation AB.

      
        
          
          

        

        
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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 Securities Administrator
        for deposit into the Certificate Account pursuant to Section 4.01 and the
        obligations of the Master Servicer to the Securities Administrator pursuant
        to
        Sections 9.10 and 9.14), shall terminate upon the occurrence of 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, (ii) the sale
        of the
        property held by the Trust Fund in accordance with Section 7.01(b) and (iii)
        the
        Latest Possible Maturity Date (each, a “Trust Fund Termination Event”);
        provided, however, that in no event shall the Trust Fund created hereby continue
        beyond the expiration of 21 years from the death of the last survivor of
        the
        descendants of Joseph P. Kennedy, the late Ambassador of the United States
        to
        the Court of St. James’s, living on the date hereof or beyond the Latest
        Possible Maturity Date. Upon the occurrence of a Trust Fund Termination Event,
        each REMIC shall be terminated in a manner that shall qualify as a “qualified
        liquidation” under the REMIC Provisions.

       

      (b)  On
        any
        Distribution Date occurring after the date on which the aggregate Scheduled
        Principal Balance of the Mortgage Loans is less than 10% of the Cut-off Date
        Aggregate Principal Balance (the “Initial Optional Termination Date”), the
        Master Servicer or LTURI-holders, as applicable, may, upon written direction
        to
        the Trustee (delivered no later than 30 days prior to the anticipated sale
        date), with a copy to the Securities Administrator, cause (i) the Trustee
        to
        sell (or arrange for the sale of) the assets of the Trust Fund and (ii) the
        Trust Fund to adopt a plan of complete liquidation pursuant to Section
        7.03(a)(i) hereof to sell all of its property. The property of the Trust
        Fund
        shall be sold at a price (the “Termination Price”) equal to the sum of: (i) 100%
        of the unpaid principal balance of each Mortgage Loan on the day of such
        purchase plus interest accrued thereon at the applicable Mortgage Rate with
        respect to any Mortgage Loan to the Due Date in the Due Period immediately
        preceding the related Distribution Date to the date of such repurchase, (ii)
        the
        fair market value of any REO Property and any other property held by any
        REMIC,
        such fair market value to be determined by an appraiser or appraisers appointed
        by the Master Servicer and reasonably acceptable to the Trustee (reduced,
        in the
        case of REO Property, by (1) reasonably anticipated disposition costs (as
        determined by the Master Servicer plus interest accrued thereon at the
        applicable Net Mortgage Rate to the date of purchases) and (2) any amount
        by
        which the fair market value as so reduced exceeds the outstanding principal
        balance of the related Mortgage Loan) and (iii) any unreimbursed Servicing
        Advances with respect to each Mortgage Loan. The Master Servicer, each Servicer,
        the Trustee, the Securities Administrator and each Custodian shall be reimbursed
        from the Termination Price for any Mortgage Loan or related REO Property
        for any
        Advances made or other amounts advanced with respect to the Mortgage Loans
        that
        are reimbursable to any such entity under this Agreement, the applicable
        Servicing Agreement or the applicable Custodial Agreement, together with
        any
        accrued and unpaid compensation and any other amounts due to the Master
        Servicer, the Securities Administrator or the Trustee hereunder or the Servicers
        or the Custodians.

      
        
          
          

        

        
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      (c)  On
        any
        Distribution Date occurring on or after the Initial Optional Termination
        Date,
        the Master Servicer, with the prior written consent of the Seller, which
        consent
        shall not be unreasonably withheld, has the option to purchase all of the
        Lower
        Tier REMIC 1 Uncertificated Regular Interests. Upon exercise of such option,
        the
        Lower Tier REMIC 1 Uncertificated Regular Interests shall be sold to the
        Master
        Servicer at a price (the “Lower Tier REMIC 1 Uncertificated Regular Interests
        Purchase Price”) equal to the sum of (i) 100% of the unpaid principal balance of
        each Mortgage Loan on the day of such purchase plus interest accrued thereon
        at
        the applicable Mortgage Rate with respect to any Mortgage Loan to the Due
        Date
        in the Collection Period immediately preceding the related Distribution Date
        to
        the date of such repurchase and (ii) the fair market value of any REO Property
        and any other property held by any REMIC, such fair market value to be
        determined by an independent appraiser or appraisers mutually agreed upon
        by the
        Master Servicer and the Trustee (reduced, in the case of REO Property, by
        (1)
        reasonably anticipated disposition costs and (2) any amount by which the
        fair
        market value as so reduced exceeds the outstanding principal balance of the
        related Mortgage Loan plus interest accrued thereon at the applicable Net
        Mortgage Rate to the date of such purchase). If the Master Servicer elects
        to
        exercise such option, each REMIC created pursuant to this Agreement (other
        than
        REMIC I) shall be terminated in such a manner so that the termination of
        each
        such REMIC shall qualify as a “qualified liquidation” under the REMIC Provisions
        and the Lower Tier REMIC 1 Uncertificated Regular Interests and the Class
        LT-R
        Certificates will evidence the entire beneficial interest in the property
        of the
        Trust Fund. Following a purchase of the Lower Tier REMIC 1 Uncertificated
        Regular Interests pursuant to this subsection, the Trust Fund (and REMIC
        I) will
        remain outstanding and final payment on the Certificates (other than the
        Class
        LT-R Certificates) will be made in accordance with Sections 7.03(a)(iii)
        and
        5.02. The Trust Fund will terminate upon the occurrence of a Trust Fund
        Termination Event, in accordance with Section 7.01(a).

       

      Section
        7.02.   Procedure
        Upon Termination of Trust Fund. 

       

      (a)  Notice
        of
        any Trust Fund Termination Event and notice of the purchase of the Lower
        Tier
        REMIC 1 Uncertificated Regular Interests, specifying the Distribution Date
        upon
        which the final distribution to the Certificates (other than the Class LT-R
        Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
        Regular Interests) shall be made, shall be given promptly by the Securities
        Administrator by first class mail to Certificateholders mailed no later than
        5
        Business Days after the Securities Administrator has received notice from
        the
        Master Servicer of its election to cause (x) the sale of all of the property
        of
        the Trust Fund pursuant to Section 7.01(b), (y) the purchase of the Lower
        Tier
        REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z)
        upon
        the final payment or other liquidation of the last Mortgage Loan or REO Property
        in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee
        shall also give notice to the Master Servicer and the Certificate Registrar
        at
        the time notice is given to Holders of the Certificates.

      
        
          
          

        

        
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      In
        the
        case of a Trust Fund Termination Event, such notice shall specify (A) the
        Distribution Date upon which final distribution on the Certificates or Lower
        Tier REMIC 1 Uncertificated Regular Interests of all amounts required to
        be
        distributed to Certificateholders pursuant to Section 5.02 will be made upon
        presentation and surrender of the Certificates at the Corporate Trust Office,
        and (B) that the Record Date otherwise applicable to such Distribution Date
        is
        not applicable, distribution being made only upon presentation and surrender
        of
        the Certificates at the office or agency of the Securities Administrator
        therein
        specified. Upon any such Trust Fund Termination Event, the duties of the
        Certificate Registrar with respect to the Certificates or Lower Tier REMIC
        1
        Uncertificated Regular Interests shall terminate and the Securities
        Administrator shall terminate or request the Master Servicer to terminate,
        the
        Collection Account it maintains, the Certificate Account and any other account
        or fund maintained with respect to the Certificates or Lower Tier REMIC 1
        Uncertificated Regular Interests, subject to the Securities Administrator’s
        obligation hereunder to hold all amounts payable to Certificateholders in
        trust
        without interest pending such payment. 

       

      In
        the
        case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests,
        such notice shall specify (A) the Distribution Date upon which final
        distribution on the Certificates (other than the Class LT-R Certificates)
        of all
        amounts required to be distributed to Certificateholders pursuant to Section
        5.02 (other than any distributions to the Class LT-R Certificates in respect
        of
        REMIC I) will be made upon presentation and surrender of the Certificates
        (other
        than the Class LT-R Certificates) at the Corporate Trust Office of the
        Securities Administrator, and (B) that the Record Date otherwise applicable
        to
        such Distribution Date is not applicable, distribution being made only upon
        presentation and surrender of the Certificates (other than the Class LT-R
        Certificates) at the office or agency of the Securities Administrator therein
        specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated
        Regular Interests, the duties of the Certificate Registrar with respect to
        the
        Certificates other than the Class LT-R Certificate shall terminate but the
        Securities Administrator shall not terminate or request the Master Servicer
        to
        terminate, the Collection Account it maintains, the Certificate Account and
        any
        other account or fund maintained with respect to the Certificates, subject
        to
        the Securities Administrator’s obligation hereunder to hold all amounts payable
        to Certificateholders in trust without interest pending such payment. For
        all
        Distribution Dates following the Distribution Date on which the Master Servicer
        purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts
        that would be distributed on the Certificates (other than the Class LT-R
        Certificate and exclusive of amounts payable from any fund held outside of
        REMIC
        I) absent such purchase shall be payable to the LTURI-holder.

       

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

      
        
          
          

        

        
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      (c)  Any
        reasonable expenses incurred by the Trustee or Securities Administrator in
        connection with any Trust Fund Termination Event or any purchase of the Lower
        Tier REMIC I Uncertificated Regular Interests shall be reimbursed from proceeds
        received from the liquidation of the Trust Fund.

       

      Section
        7.03.   Additional
        Requirements for any Trust Fund Termination Events or Purchase of the Lower
        Tier
        REMIC 1 Uncertificated Regular Interests. 

       

      (a)  Any
        termination of the Trust Fund pursuant to Section 7.01(a) or any termination
        of
        a REMIC pursuant to Section 7.01(c) shall be effected in accordance with
        the
        following additional requirements, unless the Securities Administrator receives
        (at the request of the party exercising the option to purchase all of the
        Mortgage Loans or Lower Tier REMIC 1 Uncertificated Regular Interests pursuant
        to Section 7.01(b) or Section 7.01(c), respectively) an Opinion of Counsel
        (at
        the expense of such requesting party), addressed to the Securities Administrator
        to the effect that the failure to comply with the requirements of this Section
        7.03 will not result in an Adverse REMIC Event:

       

      (i)  Within
        89
        days prior to the time of the making of the final payment on the Certificates
        other than the Class LT-R Certificates, in the case of a purchase of the
        Lower
        Tier REMIC 1 Uncertificated Regular Interests, upon notification by the Master
        Servicer or an Affiliate of the Seller that it intends to exercise its option
        to
        cause the termination of the Trust Fund or purchase the Lower Tier REMIC
        1
        Uncertificated Regular Interests, the Securities Administrator shall adopt
        a
        plan of complete liquidation on behalf of each REMIC (other than REMIC I,
        in the
        case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests),
        meeting the requirements of a qualified liquidation under the REMIC Provisions;
        

       

      (ii)  Any
        sale
        of the assets of the Trust Fund or the Lower Tier REMIC 1 Uncertificated
        Regular
        Interests pursuant to Section 7.02 shall be a sale for cash and shall occur
        at
        or after the time of adoption of such a plan of complete liquidation and
        prior
        to the time of making of the final payment on the Certificates (other than
        the
        Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC
        1
        Uncertificated Regular Interests);

       

      (iii)  On
        the
        date specified for final payment of the Certificates (other than the Class
        LT-R
        Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
        Regular Interests), the Securities Administrator shall make final distributions
        of principal and interest on such Certificates in accordance with Section
        5.02.
        In the case of a Trust Fund Termination Event, and, after payment of, or
        provision for any outstanding expenses, the Securities Administrator shall
        distribute or credit, or cause to be distributed or credited, to the Holders
        of
        the Residual Certificates all cash on hand after such final payment (other
        than
        cash retained to meet claims), and the Trust Fund (and each REMIC) shall
        terminate at that time; and

      
        
          
          

        

        
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      (iv)  In
        no
        event may the final payment on the Certificates or the final distribution
        or
        credit to the Holders of the Residual Certificates in respect of the residual
        interest in any liquidated REMIC be made after the 89th day from the date
        on
        which the plan of complete liquidation for such REMIC is adopted.

       

      (b)  By
        its
        acceptance of a Residual Certificate, each Holder thereof hereby (i) authorizes
        the Securities Administrator 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 each REMIC created under this Agreement, which authorization
        shall be binding upon all successor Residual Certificateholders.

       

      (c)  In
        connection with the termination of the Trust Fund or a Section 7.01(c) Purchase
        Event, the Securities Administrator may request an Opinion of Counsel addressed
        to the Securities Administrator (at the expense of the Depositor) to the
        effect
        that all of the requirements of a qualified liquidation under the REMIC
        Provisions have been met.

       

      	Section
              7.04.   	
              Charged-off
                Loans and Released Mortgage Loans.

            

       

      Notwithstanding
        anything to the contrary contained in this Agreement, each Charged-off Loan
        that
        becomes a Released Mortgage Loan shall be released from the Trust Fund as
        soon
        as practicable after becoming a Released Mortgage Loan and shall no longer
        be an
        asset of any REMIC. Each Released Mortgage Loan shall be transferred to the
        Released Mortgage Transferee, without recourse. Thereafter (i) the Released
        Mortgage Transferee shall be entitled to any amounts subsequently received
        in
        respect of any such Released Mortgage Loans, (ii) the Released Mortgage
        Transferee may designate any Servicer to service any such Released Mortgage
        Loan
        and (iii) the Released Mortgage Transferee may sell any such Released Mortgage
        Loan to a third party. For purposes of compliance with the REMIC Provisions,
        any
        such Released Mortgage Loan transferred to the Released Mortgage Transferee
        pursuant to this Section 7.04 and having any value as of the date of such
        transfer shall be treated as having been transferred by the related REMIC
        as
        additional compensation for services provided to such REMIC.

       

      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.

      
        
          
          

        

        
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      (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) of Certificates of each Class 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.

       

      Section
        8.02.   Access
        to List of Holders. 

       

      (a)  If
        the
        Securities Administrator is not acting as Certificate Registrar, the Certificate
        Registrar will furnish or cause to be furnished to the Securities Administrator,
        within fifteen days after receipt by the Certificate Registrar of a request
        by
        the Securities Administrator in writing, a list, in such form as the Securities
        Administrator 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 Securities Administrator, and such application states
        that the Applicants desire to communicate with other Holders with respect
        to
        their rights under this Agreement or under the Certificates and is accompanied
        by a copy of the communication which such Applicants propose to transmit,
        then
        the Securities Administrator shall, within five Business Days after the receipt
        of such application, afford such Applicants reasonable access during the
        normal
        business hours of the Securities Administrator to the most recent list of
        Certificateholders held by the Securities Administrator or shall, as an
        alternative, send, at the Applicants’ expense, the written communication
        proffered by the Applicants to all Certificateholders at their addresses
        as they
        appear in the Certificate Register.

      
        
          
          

        

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

       

      Section
        8.03.   Acts
        of Holders of Certificates. 

       

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

       

      (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 Securities Administrator
        deems sufficient.

       

      (c)  The
        ownership of Certificates or Lower Tier REMIC I Uncertificated Regular Interests
        (whether or not such Certificates or Lower Tier REMIC I Uncertificated Regular
        Interests shall be overdue and notwithstanding any notation of ownership
        or
        other writing thereon made by anyone other than the Trustee) shall be proved
        by
        the Certificate Register, and none of the Trustee, the Securities Administrator,
        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 or Lower Tier REMIC I Uncertificated
        Regular Interests shall bind every future Holder of the same Certificate
        and the
        Holder of every Certificate or Lower Tier REMIC I Uncertificated Regular
        Interests 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 Securities Administrator or the Master Servicer in reliance
        thereon, whether or not notation of such action is made upon such Certificate
        or
        Lower Tier REMIC I Uncertificated Regular Interests.

      
        
          
          

        

        
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      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
        or
        Lower Tier REMIC I Uncertificated Regular Interests, appoint Aurora Loan
        Services LLC, as Master Servicer. For and on behalf of the Depositor, the
        Trustee, the
        Securities
        Administrator 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 Servicing Agreements.

       

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

       

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

      
        
          
          

        

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

       

      For
        each
        year this Agreement is in effect, the Master Servicer shall submit to the
        Securities Administrator, each Rating Agency and the Depositor a copy of
        its
        annual unaudited financial statements on or prior to March 15 of each year,
        commencing March 15, 2007. Such financial statements shall include a balance
        sheet, income statement, statement of retained earnings, statement of additional
        paid-in capital, statement of changes in financial position and all related
        notes and schedules and shall be in comparative form, certified by a nationally
        recognized firm of Independent Accountants to the effect that such statements
        were examined and prepared in accordance with generally accepted accounting
        principles applied on a basis consistent with that of the preceding
        year.

       

      Section
        9.04.   Power
        to Act; Procedures. 

       

      (a)  The
        Master Servicer shall master service the Mortgage Loans and shall have full
        power and authority, subject to the REMIC Provisions and the provisions of
        Article X hereof, and each Servicer shall have full power and authority (to
        the
        extent provided in the applicable Servicing Agreement) to do any and all
        things
        that it may deem necessary or desirable in connection with the servicing
        and
        administration of the Mortgage Loans, including but not limited to the power
        and
        authority (i) to execute and deliver, on behalf of the Certificateholders
        and
        the Trustee, customary consents or waivers and other instruments and documents,
        (ii) to consent to transfers of any Mortgaged Property and assumptions of
        the
        Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
        and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
        of the ownership of the Mortgaged Property securing any Mortgage Loan, in
        each
        case, in accordance with the provisions of this Agreement and the applicable
        Servicing Agreement, as applicable; provided
        that the
        Master Servicer shall not take, or knowingly permit any Servicer to take,
        any
        action that is inconsistent with or prejudices the interests of the Trust
        Fund,
        the Trustee 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, when the Master Servicer or the 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 formed hereby 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 applicable 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 execute, upon request, any powers of attorney furnished to it by the
        Master Servicer empowering the Master Servicer or any Servicer to execute
        and
        deliver instruments of satisfaction or cancellation, or of partial or full
        release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
        Property, and to appeal, prosecute or defend in any court action relating
        to the
        Mortgage Loans or the Mortgaged Property, in accordance with the applicable
        Servicing Agreement and this 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 allow each Servicer to service the
        Mortgage Loans in each case in accordance with Accepted Servicing Practices
        (and
        the Trustee shall have no liability for misuse of any such powers of attorney
        by
        the Master Servicer or any Servicer). If the Master Servicer or the Trustee
        has
        been advised that it is likely that the laws of the state in which action
        is to
        be taken prohibit such action if taken in the name of the Trustee or that
        the
        Trustee would be adversely affected under the “doing business” or tax laws of
        such state if such action is taken in its name, then upon request of the
        Trustee, the Master Servicer shall join with the Trustee in the appointment
        of a
        co-trustee pursuant to Section 6.09 hereof. In 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.

      
        
          
          

        

        
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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 or any prepayment charge or penalty interest in connection
        with
        the prepayment of a Mortgage Loan, and, except as set forth below (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
        Premium 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 Premium and
        the
        related Mortgage Loan or (b) if the prepayment is not the result of a refinance
        by the Servicer or any of its affiliates and (i) such Mortgage Loan is in
        default or default by the related Mortgagor is, in the reasonable judgment
        of
        the Master Servicer or the
        applicable
        Servicer, reasonably foreseeable, and such waiver would maximize recovery
        of
        total proceeds taking into account the value of such Prepayment Premium and
        the
        related Mortgage Loan or (ii) the collection of the Prepayment Premium would
        be
        in violation of applicable laws or (iii) the collection of such Prepayment
        Premium would be considered "predatory" pursuant to written guidance published
        or issued by any applicable federal, state or local regulatory authority
        acting
        in its official capacity and having jurisdiction over such matters, and (3)
        the
        Master Servicer shall have provided or caused to be provided to the Trustee
        an
        Opinion of Counsel(which opinion shall, if provided by the Master Servicer,
        be
        an expense reimbursed 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 Premium under clause (2) above. Notwithstanding
        anything to the contrary, the Master Servicer shall not without the 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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      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 the 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 Fund, the Trustee or the Master Servicer.

       

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

      
        
          
          

        

        
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      (d)  The
        Master Servicer shall be entitled to rely conclusively on any certifications
        or
        other information provided by the Servicer under the terms of the Servicing
        Agreement in its preparation of any certifications, notifications, filings
        or
        reports to be made 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.

       

      (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, extraordinary costs, and not ordinary
        or
        routine costs shall be recoverable by the Master Servicer pursuant to Section
        4.02(v).

      
        
          
          

        

        
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      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 Agreement 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 such Servicer in the performance
        by the Servicer of its obligations under the related Servicing
        Agreement.

       

      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
        related Seller and the Master Servicer, and except to the extent expressly
        provided therein 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.

      
        
          
          

        

        
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      Section
        9.10.   Assumption
        of Servicing Agreement by Securities Administrator.

       

      (a)  In
        the
        event the Master Servicer shall for any reason no longer be the Master Servicer
        (including by reason of any Event of Default under this Agreement), after
        a
        period not to exceed ninety days after the issuance of any notice of termination
        pursuant to Section 6.14 or Section 9.28, as applicable, the Securities
        Administrator shall, in accordance with Section 6.14, thereupon assume all
        of
        the rights and obligations of such Master Servicer hereunder and enforce
        the
        rights under the Servicing Agreement entered into with respect to the Mortgage
        Loans. The Securities Administrator, its designee or any successor master
        servicer appointed by the Securities Administrator 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
        Securities Administrator, and hereby agrees to indemnify and hold harmless
        the
        Securities Administrator from and against all costs, damages, expenses and
        liabilities (including reasonable attorneys’ fees) incurred by the Securities
        Administrator as a result of such liability or obligations of the Master
        Servicer and in connection with the Securities Administrator’s assumption (but
        not its performance, except to the extent that costs or liability of the
        Securities Administrator 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 Securities
        Administrator against negligent or willful misconduct of the Securities
        Administrator.

       

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

       

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

       

      (a)  To
        the
        extent provided in the applicable Servicing Agreement, to the extent Mortgage
        Loans contain enforceable due-on-sale clauses, and to the extent that the
        Master
        Servicer has knowledge of the conveyance of a Mortgaged Property, the Master
        Servicer shall use its reasonable best efforts to cause the Servicers to
        enforce
        such clauses in accordance with the applicable Servicing Agreement. If
        applicable law prohibits the enforcement of a due-on-sale clause or such
        clause
        is otherwise not enforced in accordance with the applicable Servicing Agreement,
        and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor
        may be
        released from liability in accordance with the applicable Servicing
        Agreement.

       

      (b)  The
        Master Servicer or the related Servicer, as the case may be, shall be entitled
        to approve a request from a Mortgagor for the granting of an easement thereon
        in
        favor of another Person or any alteration or demolition of the related Mortgaged
        Property if it has determined, exercising its good faith business judgment
        in
        the same manner as it would if it were the owner of the related Mortgage
        Loan,
        that the security for, and the timely and full collectibility 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 the such Servicer as additional servicing
        compensation.

      
        
          
          

        

        
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      Section
        9.12.   Release
        of Mortgage Files.

       

      (a)  Upon
        (i)
        becoming aware of the payment in full of any Mortgage Loan or, (ii) the receipt
        by the applicable Servicer of a notification that payment in full has been
        or
        will be escrowed in a manner customary for such purposes, the Master Servicer
        will, or will cause the 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 applicable
        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 the 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.

       

      (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 applicable
        Custodian, shall, upon request of the Master Servicer, or of the 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 applicable 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 applicable Custodian, as applicable,
        to
        the Master Servicer (or the applicable Servicer) or (ii) the Mortgage File
        has
        been delivered directly or through the 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 the 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.

      
        
          
          

        

        
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      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. 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 the 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.

       

      (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
        Securities Administrator in accordance with this Agreement.

      
        
          
          

        

        
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      (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 either
        Seller
        to the Depositor not to constitute a sale, the Trustee shall have a security
        interest in either Mortgage Loans and in all Mortgage Files representing
        such
        Mortgage Loans and in all funds 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 such 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 a 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 the Servicer
        to, create, incur or subject any Mortgage Loans, or any funds that are deposited
        in any custodial account, Escrow Account or the Collection Account, or any
        funds
        that otherwise are or may become due or payable to the Trustee, to any claim,
        lien, security interest, judgment, levy, writ of attachment or other
        encumbrance, nor assert by legal action or otherwise any claim or right of
        setoff against any Mortgage Loan or any funds collected on, or in connection
        with, a Mortgage Loan.

       

      Section
        9.14.   Representations
        and Warranties of the Master Servicer. 

       

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

       

      (i)  it
        is
        validly existing and in good standing under the 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;

      
        
          
          

        

        
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      (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;

       

      (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.

      
        
          
          

        

        
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      (b)  It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 9.14 shall survive the execution and delivery of this Agreement.
        The
        Master Servicer shall indemnify the Depositor, the Securities Administrator
        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 resulting from any claim, demand, defense or assertion based on
        or
        grounded upon, or resulting from, a breach of the Master Servicer’s
        representations and warranties contained in Section 9.14(a). 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 either 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) through (f) 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) through (f) hereof. It is understood and agreed
        that the enforcement of the obligation of the Depositor set forth in this
        Section to indemnify the Master Servicer as provided in this Section constitutes
        the sole remedy of the Master Servicer respecting a breach by the Depositor
        of
        the representations and warranties in Sections 2.03(a) through (f)
        hereof.

       

      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) through (f) hereof
        shall
        accrue upon discovery of such breach by either the Depositor or the Master
        Servicer or notice thereof by any one of such parties to the other
        parties.

       

      Section
        9.15.   Closing
        Certificate and Opinion. 

       

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

       

      Section
        9.16.   Standard
        Hazard and Flood Insurance Policies. 

       

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

      
        
          
          

        

        
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      Pursuant
        to Section 4.01, any amounts collected by the Master Servicer, or by any
        Servicer, under any insurance policies maintained pursuant to this Section
        9.16
        (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(v).

       

      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 the Servicer and remitted to the Master
        Servicer) in respect of such policies or bonds shall be promptly deposited
        in
        the Collection Account upon receipt, except that any amounts realized that
        are
        to be applied to the repair or restoration of the related Mortgaged Property
        or
        released to the Mortgagor in accordance with the Master Servicer’s or the
        Servicer’s normal servicing procedures need not be so deposited (or
        remitted).

       

      Section
        9.18.   Maintenance
        of the Primary Mortgage Insurance Policies. 

       

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

      
        
          
          

        

        
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      (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 any 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 any 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 any Custodian, as directed by the Trustee), 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. 

       

      The
        Master Servicer shall use its reasonable best efforts to, or to cause the
        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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      Section
        9.21.   Compensation
        to the Master Servicer. 

       

      The
        Master Servicer shall be entitled to withdraw from the Collection Account,
        the
        Master Servicing Fee to the extent permitted by Section 4.02(vi). Servicing
        compensation in the form of assumption fees, if any, late payment charges,
        as
        collected, if any, or otherwise 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 Securities Administrator to pay the Master Servicing Fee to
        such
        Master Servicer by withdrawal from the Certificate Account. The Master Servicer
        shall be required to pay all expenses incurred by it in connection with its
        activities hereunder and shall not be entitled to reimbursement therefor
        except
        as provided in this Agreement. Pursuant to Section 4.01(e), all income and
        gain
        realized from any investment of funds in the Collection Account shall be
        for the
        benefit of the Master Servicer as additional compensation. The provisions
        of
        this Section 9.21 are subject to the provisions of Section 6.14(b).

       

      Section
        9.22.   REO
        Property. 

       

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

       

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

       

      (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.

      
        
          
          

        

        
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      (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 be remitted by wire transfer
        in
        immediately available funds to the Securities Administrator for deposit into
        the
        Certificate Account on the next succeeding Master Servicer Remittance
        Date.

       

      Section
        9.23.   Notices
        to the Depositor and the Securities Administrator 

       

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

       

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

       

      Section
        9.24.   Reports
        to the Securities Administrator. 

       

      (a)  Not
        later
        than 30 days after each Distribution Date, the Master Servicer shall forward
        to
        the Securities Administrator 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
        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)).

      
        
          
          

        

        
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      (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 (including information
        on any Net Prepayment Interest Shortfalls), to the extent that such information
        has been provided to the Master Servicer by the Servicers or by the
        Depositor.

       

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

       

      Section
        9.25.   Assessment
        of Compliance and Attestation Reports. 

       

      (a)  Assessment
        of Compliance

       

      (i)  By
        March
        15 of each year, commencing in March 2007, the Master Servicer, the Paying
        Agent
        and the Securities Administrator, each at its own expense, shall furnish,
        and
        shall cause any Servicing Function Participant engaged by it to furnish,
        each at
        its own expense, to the Sponsor, the Depositor, the Master Servicer and the
        Securities Administrator, a report on an assessment of compliance with the
        Relevant Servicing Criteria that contains (A) a statement by such party of
        its
        responsibility for assessing compliance with the Relevant Servicing Criteria,
        (B) a statement that such party used the Servicing Criteria to assess compliance
        with the Relevant Servicing Criteria, (C) such party’s assessment of compliance
        with the Relevant Servicing Criteria as of and for the fiscal year covered
        by
        the Form 10-K required to be filed pursuant to Section 6.20(e), including,
        if
        there has been any material instance of noncompliance with the Relevant
        Servicing Criteria, a discussion of each such failure and the nature and
        status
        thereof, and (D) a statement that a registered public accounting firm has
        issued
        an attestation report on such party’s assessment of compliance with the Relevant
        Servicing Criteria as of and for such period. 

       

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

      
        
          
          

        

        
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      (iii)  Promptly
        after receipt of each report on assessment of compliance, the Securities
        Administrator shall confirm that the assessments, taken as a whole, address
        all
        applicable Servicing Criteria and taken individually address the Relevant
        Servicing Criteria (and disclose the inapplicability of the Servicing Criteria
        not determined to be Relevant Criteria) for each party as set forth on Exhibit
        Q
        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.

       

      (b)  Attestation
        Reports

       

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

       

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

       

      (c)  The
        Paying Agent’s 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.
        Notwithstanding the foregoing after the occurrence of such event and provided
        the Depositor is not otherwise provided with such reports or copies of such
        reports, the Paying Agent shall be obligated to provide a copy of such reports
        by March 15 of each year to the Depositor.

       

      Section
        9.26.   Annual
        Statement
        of Compliance with Applicable Servicing Criteria. 

       

      (a)  The
        Master Servicer shall deliver (and the Master Servicer shall cause any
        Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
        and
        the Securities Administrator on or before March 15 of each year, commencing
        in
        March 2007, an Officer’s Certificate stating, as to the signer thereof, that (A)
        a review of such party’s activities during the preceding calendar year or
        portion thereof and of such party’s performance under this Agreement, or such
        other applicable agreement in the case of an Additional Servicer, has been
        made
        under such officer’s supervision and (B) to the best of such officer’s
        knowledge, based on such review, such party has fulfilled all its obligations
        under this Agreement, or such other applicable agreement in the case of an
        Additional Servicer, in all material respects throughout such year or portion
        thereof, or, if there has been a failure to fulfill any such obligation in
        any
        material respect, specifying each such failure known to such officer and
        the
        nature and status thereof.

      
        
          
          

        

        
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      Copies
        of
        such statements shall be provided to any Certificateholder upon request,
        by the
        Master Servicer or by the Securities Administrator at the Master Servicer’s
        expense if the Master Servicer failed to provide such copies (unless (i)
        the
        Master Servicer shall have failed to provide the Securities Administrator
        with
        such statement or (ii) the Securities Administrator shall be unaware of the
        Master Servicer’s failure to provide such statement).

       

      (b)  The
        Master Servicer shall give prompt written notice to the Securities
        Administrator, the Sponsor and the Depositor of the appointment of any
        Subcontractor by it and a written description (in form and substance
        satisfactory to the Securities Administrator, the Sponsor and the Depositor)
        of
        the role and function of each Subcontractor utilized by the Master Servicer,
        specifying (A) the identity of each such Subcontractor and (B) which elements
        of
        the Servicing Criteria set forth under Item 1122(d) of Regulation AB will
        be
        addressed in assessments of compliance provided by each such
        Subcontractor.

       

      Section
        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.

       

      Section
        9.28.   Resignation
        of Master Servicer. 

       

      Except
        as
        otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer
        shall
        not resign from the obligations and duties hereby imposed on it unless it
        determines that the Master Servicer’s duties hereunder are no longer permissible
        under applicable law or are in material conflict by reason of applicable
        law
        with any other activities carried on by it and cannot be cured. Any such
        determination permitting the resignation of the Master Servicer shall be
        evidenced by an Opinion of Counsel that shall be Independent to such effect
        delivered to the Trustee. No such resignation shall become effective until
        the
        Securities Administrator shall have assumed, or a successor master servicer
        acceptable to the Trustee shall have been appointed by the Securities
        Administrator and until such successor shall have assumed, the Master Servicer’s
        responsibilities and obligations under this Agreement. Notice of such
        resignation shall be given promptly by the Master Servicer and the Depositor
        to
        the Trustee and the Securities Administrator.

      
        
          
          

        

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

       

      Except
        as
        expressly provided herein, the Master Servicer shall not assign or transfer
        any
        of its rights, benefits or privileges hereunder to any other Person, or delegate
        to or subcontract with, or authorize or appoint any Subservicer, Subcontractor
        or 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 Securities Administrator. 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.

       

      The
        Master Servicer shall not permit a Subservicer to perform any master servicing
        responsibilities hereunder with respect to the Mortgage Loans unless that
        Subservicer first agrees in writing with such Master Servicer to deliver
        an
        assessment of compliance and an accountant’s attestation in such manner and at
        such times in compliance with Sections 9.25(a)(ii) and (b)(ii) of this
        Agreement.

       

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

       

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

       

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

      
        
          
          

        

        
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      (c)  None
        of
        the Master Servicer, the Seller 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 any of them shall
        be
        entitled to indemnification by the Trust Fund and will be held harmless against
        any loss, liability or expense incurred in connection with any legal action
        relating to this Agreement or the Certificates other than any loss, liability
        or
        expense incurred by reason of willful misfeasance, bad faith or negligence
        in
        the performance of 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.

       

      Section
        9.31.   Indemnification;
        Third-Party Claims. 

       

      The
        Master Servicer agrees to indemnify the Depositor, the Sponsor, the
        Securities
        Administrator and the Trustee, and their respective officers, directors,
        agents
        and affiliates, and hold each of them harmless against any and all claims,
        losses, penalties, fines, forfeitures, reasonable legal fees and related
        costs,
        judgments, and any other costs, liability, fees and expenses that the Depositor,
        the Sponsor, the
        Securities
        Administrator or the Trustee may sustain as a result of (a) any material
        breach
        by the Master Servicer of any if its obligations hereunder, including
        particularly its obligations to provide any reports under Section 9.25(a),
        Section 9.25(b), Section 9.26 or any information, data or materials required
        to
        be included in any Exchange Act report, (b) any material misstatement or
        omission in any information, data or materials provided by the Master Servicer,
        or (c) the negligence, bad faith or willful misconduct of the Master Servicer
        in
        connection with its performance hereunder, 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. The Depositor, the Sponsor, the
        Securities
        Administrator 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, the
        Securities
        Administrator or the Trustee to indemnification hereunder, whereupon the
        Master
        Servicer shall assume the defense of any such claim and pay all expenses
        in
        connection therewith, including counsel fees, and promptly pay, discharge
        and
        satisfy any judgment or decree which may be entered against it or them in
        respect of such claim. This indemnification shall survive the termination
        of
        this Agreement or the termination of the Master Servicer as a party to this
        Agreement.

      
        
          
          

        

        
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      Section
        9.32.   Special
        Servicing of Delinquent Mortgage Loans. 

       

      If
        permitted under the terms of the Servicing Agreement, the Seller may appoint,
        pursuant to the terms of the Servicing Agreement and with the written consent
        of
        the Depositor, the Master Servicer and the Trustee, a special Servicer (the
        “Special Servicer”) to special service any Distressed Mortgage Loans. Any
        applicable termination fee related to the termination of the Servicer and
        the
        appointment of any Special Servicer shall be paid by the Mortgage Loan Seller
        from its own funds, without right of reimbursement from the Trust Fund. Any
        fees
        paid to any such Special Servicer shall not exceed the Servicing Fee
        Rate.

       

      ARTICLE
        X

       

      REMIC
        ADMINISTRATION

       

      Section
        10.01.   REMIC
        Administration. 

       

      (a)  As
        set
        forth in the Preliminary Statement hereto, the Securities Administrator shall
        elect REMIC status in accordance with the REMIC Provisions with respect to
        each
        of the REMICs. The Securities Administrator shall make such elections 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 the purposes of such elections, each of the Interests in REMIC
        I,
        other than the Class LT-R Certificate, is hereby designated as a regular
        interest in REMIC I; each of the interests in REMIC II, other than the Class
        R-2
        Interest, is hereby designated as a regular interest in REMIC II; and each
        Certificate, other than the Class X, Class LT-R and Class R Certificates,
        is
        hereby designated as a regular interest in REMIC III. In addition, the Class
        R-2
        Interest is hereby designated as the sole residual interest in REMIC II,
        and the
        Class R Certificate evidences ownership of the Class R-2 Interest, and is
        also
        hereby designated as the sole residual interest in REMIC III.

       

      (b)  The
        Closing Date is hereby designated as the “Startup Day” of each REMIC within the
        meaning of section 86OG(a)(9) of the Code. The latest possible maturity date
        for
        purposes of Treasury Regulation 1.86OG-1(a)(4) will be the Latest Possible
        Maturity Date.

       

      (c)  The
        Securities Administrator shall pay any and all tax related expenses (not
        including taxes) of each REMIC, including but not limited to any professional
        fees or expenses related to audits or any administrative or judicial proceedings
        with respect to such REMIC that involve the Internal Revenue Service or state
        tax authorities, but only to the extent that (i) such expenses are ordinary
        or
        routine expenses, including expenses of a routine audit but not expenses
        of
        litigation (except as described in (ii)); or (ii) such expenses or liabilities
        (including taxes and penalties) are attributable to the negligence or willful
        misconduct of the Securities Administrator in fulfilling its duties hereunder
        (including its duties as tax return preparer). The Securities Administrator
        shall be entitled to reimbursement of expenses to the extent provided in
        clause
        (i) above from the Certificate Account, provided,
        however,
        the
        Securities Administrator shall not be entitled to reimbursement for expenses
        incurred in connection with the preparation of tax returns and Form SS-4
        as
        required by Section 6.20 and this Section 10.01.

      
        
          
          

        

        
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      (d)  The
        Securities Administrator shall prepare (and the Trustee shall sign) and file
        all
        of each REMIC’s federal and applicable state tax and information returns as such
        REMIC’s direct representative. As used in the previous sentence, “applicable
        state tax and information returns” shall mean such returns as may be required by
        the laws of any state, the applicability of which to the Trust Fund shall
        have
        been confirmed to the Securities Administrator in writing either (i) by the
        delivery to the Securities Administrator of an Opinion of Counsel to such
        effect, or (ii) by delivery to the Securities Administrator of a written
        notification to such effect by the taxing authority of such state. The expenses
        of preparing and filing such returns shall be borne by the Securities
        Administrator. If any Disqualified Organization acquires any Ownership Interest
        in a Residual Certificate, then the Securities Administrator 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. The Securities Administrator shall be entitled to additional
        compensation from such person for the cost of providing such
        information.

       

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

       

      (f)  The
        Securities Administrator, the Master Servicer and the Holders of Certificates
        shall take any action within their respective control and scope of its duties
        or
        cause each REMIC to take any action necessary to create or maintain the status
        of such REMIC as a REMIC under the REMIC Provisions and shall assist each
        other
        as necessary to create or maintain such status. None of the Securities
        Administrator, the Master Servicer or the Holder of any Residual Certificate
        shall take any action within their respective control, cause any REMIC to
        take
        any action or fail to take (or fail to cause to be taken) any action within
        its
        control and in the scope of its duties that, under the REMIC Provisions,
        if
        taken or not taken, as the case may be, could (i) endanger the status of
        any REMIC as a REMIC or (ii) result in the imposition of a tax upon any 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 Securities Administrator 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 REMIC or the assets therein, or causing any REMIC to take
        any
        action, which is not expressly permitted under the terms of this Agreement
        any
        Holder of a Residual Certificate will consult with the Securities Administrator
        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 any REMIC, and no such Person shall take any such action or cause any
        REMIC
        to take any such action as to which the Securities Administrator or the Master
        Servicer has advised it in writing that an Adverse REMIC Event could
        occur.

      
        
          
          

        

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

       

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

       

      (i)  No
        additional contributions of assets shall be made to any REMIC, except as
        expressly provided in this Agreement with respect to eligible substitute
        mortgage loans.

       

      (j)  None
        of
        the Trustee, the Securities Administrator, or the Master Servicer shall enter
        into any arrangement by which any REMIC will receive a fee or other compensation
        for services.

       

      (k)  Upon
        the
        request of any Rating Agency, the Securities Administrator shall deliver
        to such
        Rating Agency an Officer’s Certificate stating, without regard to any actions
        taken by any party other than the Securities Administrator, the Securities
        Administrator’s compliance with the provisions of this Section 10.01 applicable
        to it.

       

      Section
        10.02.   Prohibited
        Transactions and Activities. 

       

      None
        of
        the Depositor, the Master Servicer, the Trustee or the Securities Administrator
        shall sell, dispose of, or substitute for any of the Mortgage Loans, except
        in a
        disposition pursuant to (i) the foreclosure of a Mortgage Loan, (ii) the
        bankruptcy of the Trust Fund, (iii) the termination of each REMIC pursuant
        to
        Article VII of this Agreement, (iv) a substitution pursuant to Article II
        of
        this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article
        II of
        this Agreement, nor acquire any assets for any REMIC, nor sell or dispose
        of any
        investments in the Certificate Account for gain, nor accept any contributions
        to
        any REMIC after the Closing Date, unless 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 and Class X 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 Securities Administrator of its duties and obligations
        set
        forth herein, the Securities Administrator 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 Securities Administrator 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, or for any such Losses
        resulting from misinformation provided by the Holder of such Residual
        Certificate on which the Securities Administrator has relied. The foregoing
        shall not be deemed to limit or restrict the rights and remedies of the Holder
        of such Residual Certificate now or hereafter existing at law or in equity.
        Notwithstanding the foregoing, however, in no event shall the Securities
        Administrator 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 Securities Administrator
        its
        duties and obligations set forth herein, and (3) for any special or
        consequential damages to Certificateholders (in addition to payment of principal
        and interest on the Certificates); provided, however, that this sentence
        shall
        not apply in connection with any failure by the Securities Administrator
        to
        comply with the provisions of Section 6.01(l) herefor and Section 9.25(a)
        or (b)
        hereof. In addition, the Securities Administrator shall not have any liability
        for the actions or failure to act of the Trustee.

       

      Section
        10.04.   REO
        Property. 

       

      (a)  Notwithstanding
        any other provision of this Agreement, the Master Servicer, acting on behalf
        of
        the Securities Administrator hereunder, shall not (except to the extent provided
        in the applicable Servicing Agreement) permit any Servicer to, rent, lease,
        or
        otherwise earn income 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 Securities
        Administrator 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 any 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 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 Securities Administrator and (b) the Master Servicer, acting
        on
        behalf of the Trust Fund, 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 Trust Fund hereunder, or the
        applicable Servicer is unable to sell the REO Property within 33 months after
        its acquisition by the Trust Fund or if an extension has been received and
        the
        Master Servicer acting on behalf of the Trust Fund 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)  On
        or
        prior to a Section 7.01(c) Purchase Event, this Agreement may be amended
        from
        time to time by the Depositor, the Master Servicer, the Securities Administrator
        and the Trustee, 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, (iii) to make any other provisions with respect
        to
        matters or questions arising under this Agreement or with the provisions
        of any
        Servicing Agreement (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. No such amendment effected pursuant to the preceding
        sentence shall, as evidenced by an Opinion of Counsel, adversely affect the
        status of any REMIC created pursuant to this Agreement, 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 paragraph.
        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)  On
        or
        prior to a Section 7.01(c) Purchase Event, this Agreement may also be amended
        from time to time by the Depositor, the Master Servicer and the Securities
        Administrator with the consent of the Holders of not less than 66 2/3% of
        the
        Class Principal Amount (or Class Notional 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 Securities Administrator receives
        an
        Opinion of Counsel, 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 Class Notional
        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)
        of each
        Class of Certificates affected thereby. For purposes of this paragraph,
        references to “Holder” or “Holders” shall be deemed to include, in the case of
        any Class of Book-Entry Certificates, the related Certificate
        Owners.

       

      (c)  After
        a
        Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination
        Event, this Agreement may be amended from time to time by the Depositor,
        the
        Master Servicer, the
        Securities
        Administrator, the LTURI holder and the Trustee. Prior to entering into any
        amendment without the consent of Holders pursuant to this paragraph,
        the Securities
        Administrator and the Trustee shall be provided with an Opinion of Counsel
        addressed to the Securities
        Administrator and the Trustee (at the expense of the party requesting such
        amendment) to the effect that such amendment is permitted under this Section
        and
        will not result in an Adverse REMIC Event.

       

      (d)  Promptly
        after the execution of any such amendment, the Securities
        Administrator shall furnish written notification of the substance of such
        amendment to each Holder, the Depositor and to the Rating Agencies.

       

      (e)  It
        shall
        not be necessary for the consent of Holders under this Section 11.03 to approve
        the particular form of any proposed amendment, but it shall be sufficient
        if
        such consent shall approve the substance thereof. The manner of obtaining
        such
        consents and of evidencing the authorization of the execution thereof by
        Holders
        shall be subject to such reasonable regulations as the Trustee may
        prescribe.

      
        
          
          

        

        
          148

          
            

          

        

        
          
          

        

      

       

      (f)  Notwithstanding
        anything to the contrary in any Servicing Agreement, the Trustee shall not
        consent to any amendment of any Servicing Agreement unless (i) such amendment
        is
        effected pursuant to the standards provided in Section 11.03(a) or Section
        11.03(b) with respect to amendment of this Agreement and (ii) except for
        a
        Permitted Servicing Amendment, any such amendment pursuant to Section
        11.03(a)(iii) shall not be materially inconsistent with the provisions of
        such
        Servicing Agreement as evidenced by an Officer’s Certificate of the
        Depositor.

       

      (g)  Notwithstanding
        anything to the contrary in this Section 11.03, this Agreement may be amended
        from time to time by the Depositor, the Master Servicer and the Trustee to
        the
        extent necessary, in the judgment of the Depositor and its counsel, to comply
        with the Rules.

       

      (h)  Prior
        to
        the execution of any amendment to this Agreement, the Trustee shall be entitled
        to receive and rely upon an Opinion of Counsel addressed to it stating that
        the
        execution of such amendment is authorized or permitted by this Agreement.
        The
        Trustee may, but shall not be obligated to, enter into any such amendment
        which
        affects the Trustee’s own rights, duties or immunities under this
        Agreement.

       

      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),
        Certificates owned by the Depositor, the Master Servicer, the Trustee,
the
        Securities
        Administrator 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, the
        Securities
        Administrator 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 and the Securities Administrator 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 Securities Administrator in providing such information shall
        be
        reimbursed by the Depositor.

       

      (b)  The
        Securities Administrator 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
        or Form 10-K filed with the Securities and Exchange Commission pursuant to
        Section 6.20(c) and (ii) a copy of any other document incorporated by reference
        in the Prospectus to the extent in the possession of the Securities
        Administrator. Any reasonable out-of-pocket expenses incurred by the Securities
        Administrator in providing copies of such documents shall be reimbursed by
        the
        Depositor.

      
        
          
          

        

        
          149

          
            

          

        

        
          
          

        

      

       

      (c)  On
        each
        Distribution Date, the Securities Administrator shall deliver or cause to
        be
        delivered by first class mail or make available on its website to the Depositor,
        Attention: Contract Finance, a copy of the report delivered to
        Certificateholders pursuant to Section 4.03.

       

      Section
        11.06.   Governing
        Law. 

       

      THIS
        AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
        OF THE
        STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
        THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS,
        RIGHTS
        AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
        SUCH LAWS.

       

      Section
        11.07.   Notices. 

       

      All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given when 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): (a) in the case of the Depositor, Structured Asset Securities
        Corporation, 745 Seventh Avenue, 7th
        Floor,
        New York, New York 10019, Attention:
        Mortgage Finance, LMT 2006-5,
        (b) in
        the case of the Securities Administrator, the Corporate Trust Office, (c)
        in the
        case of the Master Servicer, Aurora Loan Services LLC, 10350 Park Meadows
        Drive,
        Littleton, Colorado 80124; Attention: Master Servicing and (d) in the case
        of
        the Trustee, HSBC Bank USA, National Association, 452 Fifth Avenue, New York,
        NY
        10018, Attention: Corporate Trust & Loan Agency (LMT 2006-5), 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.

      
        
          
          

        

        
          150

          
            

          

        

        
          
          

        

      

       

      Section
        11.10.   Headings
        Not To Affect Interpretation. 

       

      (a)  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 Sections 11.14 and 11.15.

       

      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
        S&P, to:

       

      Standard
        & Poor’s Ratings Services

      55
        Water
        Street, 41st Floor

      New
        York,
        New York 10041

      Attention:
        Residential Mortgage Surveillance

      
        
          
          

        

        
          151

          
            

          

        

        
          
          

        

      

       

      If
        to
        Moody’s, to:

       

      Moody’s
        Investors Service, Inc.

      99
        Church
        Street

      New
        York,
        New York 10007

      Attention:
        ABS Monitoring Department

       

      If
        to Fitch, to:

      

      Fitch
        Ratings

      One
        State
        Street Plaza

      New
        York,
        New York 10004

      Attention:
        Residential Mortgages

       

      (c)  The
        Securities Administrator shall provide or make available to the Rating Agencies
        reports prepared pursuant to Section 4.03. In addition, the Securities
        Administrator shall, at the expense of the Trust Fund, make available to
        each
        Rating Agency such information as such Rating Agency may reasonably request
        regarding the Certificates or the Trust Fund, to the extent that such
        information is reasonably available to the Securities
        Administrator.

       

      Section
        11.13.   Counterparts. 

       

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

       

      Section
        11.14.   Transfer
        of Servicing. 

       

      The
        Seller agrees that it shall provide written notice to the Trustee, the
        Securities
        Administrator 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 any
        Servicing Agreement; provided,
        that
        (i) 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 the Servicer on the Closing Date or (ii) LBH shall be required
        to
        provide notice of any transfer of servicing rights by either of them to the
        other. In addition, the ability of the Seller to transfer or assign its rights
        and delegate its duties under the Servicing Agreement (other than a transfer
        of
        servicing rights between LBH and LBB) or to transfer the servicing thereunder
        to
        a successor servicer shall be subject to the following conditions:

       

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

       

      (ii)  Such
        successor servicer must satisfy the 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;

      
        
          
          

        

        
          152

          
            

          

        

        
          
          

        

      

       

      (iii)  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 Servicer under the applicable
        Servicing Agreement or, (i) 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
        the
        Servicer and (ii) in the case of a transfer of servicing to a Special Servicer
        pursuant to Section 9.32 herein, a special servicing agreement in the form
        of
        that attached to the Servicing Agreement;

       

      (iv)  If
        the
        successor servicer is not a Servicer of Mortgage Loans at the time of 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;
        and

       

      (v)  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 Servicer Remittance
        Date
        but before the next succeeding Master Servicer Remittance 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.

       

      
        
          
          

        

        
          153

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective officers hereunto duly authorized as of the day and year
        first above written.

       

       

      STRUCTURED
        ASSET SECURITIES 
CORPORATION, as Depositor

       

      By:  /s/
        Ellen V. Kiernan                

      Ellen
        V.
        Kiernan

      Senior
        Vice President

       

      HSBC
        BANK
        USA, NATIONAL ASSOCIATION,
as
        Trustee

       

      By:  /s/
        Fernando Acebedo               
        

      Name:
        Fernando Acebedo

      Title: 
        Vice President

       

      AURORA
        LOAN SERVICES LLC, 
as
        Master
        Servicer

       

      By:  /s/
        Jerald Dreyer                 
        

      Jerald
        Dreyer

      Vice
        President

       

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

      

      

      By:
        /s/ Michael Pinzon                

      Name:
        Michael Pinzon

      Title:   Assistant
        Vice President

      
 

      Solely
        for purposes of Sections 6.11 and 11.14, 

      accepted
        and agreed to by:

       

      LEHMAN
        BROTHERS HOLDINGS INC.

       

      By: 
        /s/ Michael Hitzmann            

      Michael
        Hitzmann

      Authorized
        Signatory

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      

      [RESERVED]

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
         

        

        [RESERVED]

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

     

    

     

    

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-1

     

    FORM
      OF INITIAL CERTIFICATION

     

    ______________________

    [Date]

     

    HSBC
      Bank USA, National Association

    452
      Fifth Avenue

    New
      York,
      NY 10018

    Attention:
      CTLA-Structured Finance/LMT 2006-5

    

    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 dated as of August 1, 2006, (the “Trust Agreement”), among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as Securities
                Administrator, and HSBC Bank USA, National Association, as Trustee,
                with
                respect to Lehman Mortgage
                Trust Mortgage Pass-Through Certificates, Series
                2006-5

            

    

     

    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 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

    HSBC
      Bank USA, National Association,

    as
      Trustee

     

    By:
      ________________________

      
      Name: 

      
      Title:

     

    

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-2

     

    FORM
      OF INTERIM CERTIFICATION

     

    ______________________

    [Date]

     

    

    HSBC
      Bank USA, National Association

    452
      Fifth Avenue

    New
      York,
      NY 10018

    Attention:
      CTLA-Structured Finance/LMT 2006-5

    

    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 dated as of August 1, 2006, (the “Trust Agreement”), among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as Securities
                Administrator, and HSBC Bank USA, National Association, as Trustee,
                with
                respect to Lehman Mortgage
                Trust Mortgage Pass-Through Certificates, Series
                2006-5

            

    

     

    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 the attachment 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 the attachment
      hereto, it has reviewed the documents listed above and has determined that
      each
      such document appears regular on its face and appears to relate to the Mortgage
      Loan identified in such document.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement including, but not limited to, Section
      2.02(b).

     

    [Custodian],
      on behalf of

    HSBC
      Bank USA, National Association,

    as
      Trustee

     

    By:_______________________________

    Name:

    Title:

    

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-3

     

    FORM
      OF FINAL CERTIFICATION

     

    

     

    ______________________

    [Date]

     

    

    HSBC
      Bank USA, National Association

    452
      Fifth Avenue

    New
      York,
      NY 10018

    Attention:
      CTLA-Structured Finance/LMT 2006-5

    

    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 dated as of August 1, 2006, (the “Trust Agreement”), among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as Securities
                Administrator, and HSBC Bank USA, National Association, as Trustee,
                with
                respect to Lehman Mortgage Trust
                Mortgage Pass-Through Certificates, Series
                2006-5

            

    

     

    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 the attachment hereto) it has received the applicable
      documents listed in Section 2.02(b) of the Trust Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified in the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed 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 items (i) through (vi) of the definition
      of Mortgage Loan Schedule is correct.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement.

    [Custodian],
      on behalf of

    HSBC
      Bank USA, National Association, 

    as
      Trustee

     

    By:________________________________

    Name:

    Title:

    

    
      
        
        

      

      
        B-3-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-4

     

    FORM
      OF
      ENDORSEMENT

     

    Pay
      to
      the order of
      HSBC Bank USA, National Association,
      as
      trustee (the “Trustee”) under the Trust
      Agreement dated as of August 1, 2006, (the “Trust Agreement”), among Structured
      Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, Wells Fargo Bank, N.A., as Securities Administrator, and HSBC Bank
      USA, National Association, as Trustee,
      relating
      to Lehman Mortgage Trust Mortgage Pass-Through Certificates, Series 2006-5,
      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 August 1, 2006, (the “Trust Agreement”), among
      Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
      LLC,
      as Master Servicer, Wells Fargo Bank, N.A., as Securities Administrator, and
      you,
      as
      Trustee (the “Trust Agreement”), the undersigned Master Servicer hereby requests
      a release of the Mortgage File held by you as Trustee, or Custodian, as
      applicable, 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).

    
      
        
        

      

      
        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:

     

    1. That
      he
      [she] is [title of officer] ________________________ of [name of Purchaser]
      _________________________________________ (the “Purchaser”), a
      _______________________ [description of type of entity] duly organized and
      existing under the laws of the [State of __________] [United States], on behalf
      of which he [she] makes this affidavit.

     

    2. That
      the
      Purchaser’s Taxpayer Identification Number is ______________.

     

    3. That
      the
      Purchaser is not a “disqualified organization” within the meaning of Section
      860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”) and
      will not be a “disqualified organization” as of __________________ [date of
      transfer], and that the Purchaser is not acquiring a Residual Certificate (as
      defined in the Agreement) for the account of, or as agent (including a broker,
      nominee, or other middleman) for, any person or entity from which it has not
      received an affidavit substantially in the form of this affidavit. 

     

    4. That
      the
      Purchaser either (x) is not, and on __________________ [date of transfer] will
      not be, an employee benefit plan or other retirement arrangement subject to
      Section 406 of the Employee Retirement Income Security Act of 1974, as amended
      (“ERISA”), or Section 4975 of the Code (“Code”), (collectively, a “Plan”) or a
      person acting on behalf of any such Plan or investing the assets of any such
      Plan to acquire a Residual Certificate; (y) is an insurance company that is
      purchasing the Certificate with funds contained in an “insurance company general
      account” as defined in Section V(e) of Prohibited Transaction Class Exemption
      (“PTCE”) 95-60 and the purchase and holding of the Certificate are covered under
      Sections I and III of PTCE 95-60; or (z) herewith delivers to the Certificate
      Registrar an opinion of counsel satisfactory to the Trustee, and upon which
      the
      Trustee, the Certificate Registrar, the Master Servicer and the Depositor shall
      be entitled to rely, to the effect that the purchase or holding of such Residual
      Certificate by the Investor will not result in any non-exempt prohibited
      transactions under Title I of ERISA or Section 4975 of the Code and will not
      subject the Trustee, the Certificate Registrar, the Depositor or the Master
      Servicer to any obligation in addition to those undertaken by such entities
      in
      the Trust Agreement, which opinion of counsel shall not be an expense of the
      Trust Fund or any of the above parties.

     

    5. That
      the
      Purchaser hereby acknowledges that under the terms of the Trust Agreement (the
      “Agreement”) dated
      as of August 1, 2006, among Structured Asset Securities Corporation, as
      Depositor, Aurora Loan Services LLC, as Master Servicer, Wells Fargo Bank,
      N.A.,
      as Securities Administrator, and HSBC Bank USA, National Association, as
      Trustee,
      no
      transfer of a Residual Certificate shall be permitted to be made to any person
      unless the Depositor and the Certificate Registrar have received a certificate
      from such transferee containing the representations in paragraphs 3, 4 and
      5
      hereof.

    
      
        
        

      

      
        D-1-1

        
          

        

      

      
        
        

      

    

     

    6. That
      the
      Purchaser does not hold REMIC residual securities as nominee to facilitate
      the
      clearance and settlement of such securities through electronic book-entry
      changes in accounts of participating organizations (such entity, a “Book-Entry
      Nominee”).

     

    7. That
      the
      Purchaser does not have the intention to impede the assessment or collection
      of
      any federal, state or local taxes legally required to be paid with respect
      to
      such Residual Certificate, 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.

     

    8. That
      the
      Purchaser will not transfer a Residual Certificate to any person or entity
      (i)
      as to which the Purchaser has actual knowledge that the requirements set forth
      in paragraph 3, paragraph 6 or paragraph 10 hereof are not satisfied or that
      the
      Purchaser has reason to believe does not satisfy the requirements set forth
      in
      paragraph 7 hereof, and (ii) without obtaining from the prospective Purchaser
      an
      affidavit substantially in this form and providing to the Certificate Registrar
      a written statement substantially in the form of Exhibit G to the
      Agreement.

     

    9. That
      the
      Purchaser understands that, as the holder of a Residual Certificate, the
      Purchaser may incur tax liabilities in excess of any cash flows generated by
      the
      interest and that it intends to pay taxes associated with holding such Residual
      Certificate as they become due.

     

    10. 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 Certificate
      Registrar with an effective Internal Revenue Service Form W-8 ECI (Certificate
      of Foreign Person’s Claim for exception 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; (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

        
          

        

      

      
        
        

      

    

     

    11. That
      the
      Purchaser agrees to such amendments of the Trust Agreement as may be required
      to
      further effectuate the restrictions on transfer of any Residual Certificate
      to
      such a “disqualified organization,” an agent thereof, a Book-Entry Nominee, or a
      person that does not satisfy the requirements of paragraph 7 and paragraph
      10
      hereof.

     

    12. That
      the
      Purchaser consents to the designation of the Securities Administrator as its
      agent to act as “tax matters person” of the Trust Fund pursuant to the Trust
      Agreement.

     

    
      
        
        

      

      
        D-1-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [title of
      officer] this _____ day of __________, 20__.

     

    ______________________________________

    [name
      of
      Purchaser]

     

    By:___________________________________

    Name:
      

    Title:
      

     

    Personally
      appeared before me the above-named [name of officer] ________________, known
      or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the [title of officer] _________________ of the Purchaser, and acknowledged
      to me that he [she] executed the same as his [her] free act and deed and the
      free act and deed of the Purchaser.

     

    Subscribed
      and sworn before me this _____ day of __________, 20__.

     

    NOTARY
      PUBLIC

     

    _________________________________

     

    COUNTY
      OF_____________________

     

    STATE
      OF_______________________

     

    My
      commission expires the _____ day of __________, 20__.

     

    
      
        
        

      

      
        D-1-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-2

     

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

     

    __________________

    Date

     

    
      	 	
              Re:

            	
              Lehman
                Mortgage Trust

            

    

    Mortgage
      Pass-Through Certificates 

    Series
      2006-5    

     

    _______________________
      (the “Transferor”) has reviewed the attached affidavit of
      _____________________________ (the “Transferee”), and has no actual knowledge
      that such affidavit is not true and has no reason to believe that the
      information contained in paragraph 7 thereof is not true, and has no reason
      to
      believe that the Transferee has the intention to impede the assessment or
      collection of any federal, state or local taxes legally required to be paid
      with
      respect to a Residual Certificate. In addition, the Transferor has conducted
      a
      reasonable investigation at the time of the transfer and found that the
      Transferee had historically paid its debts as they came due and found no
      significant evidence to indicate that the Transferee will not continue to pay
      its debts as they become due.

     

    Very
      truly yours,

     

    _______________________________

    Name:

    Title:

    
      
        
        

      

      
        D-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    LIST
      OF
      SERVICING AGREEMENT(S)

    

    

    

     

    (a) Servicing
      Agreement dated as of August 1, 2006, among Aurora Loan Services LLC, as Master
      Servicer and Servicer, and Lehman Brothers Holdings Inc., as Seller, as
      acknowledged by HSBC Bank USA, National Association, as Trustee.

     

    (b) Reconstituted
      Servicing Agreement dated as of August 1, 2006, by and between IndyMac Bank,
      F.S.B., as servicer, and Lehman Brothers Holdings Inc., as Seller, as
      acknowledged by Aurora Loan Services LLC, as Master Servicer, and HSBC Bank
      USA,
      National Association, as Trustee.

     

    (c) Reconstituted
      Servicing Agreement dated as of August 1, 2006, by and between Wells Fargo
      Bank,
      N.A., as servicer, and Lehman Brothers Holdings Inc., as Seller, as acknowledged
      by Aurora Loan Services LLC, as Master Servicer, and HSBC Bank USA, National
      Association, as Trustee.

     

    

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

     

    
      	 	
              Re:

            	
              Lehman
                Mortgage Trust

            

    

    Mortgage
      Pass-Through Certificates

    Series
      2006-5                

     

    Reference
      is hereby made to the Trust
      Agreement dated as of August 1, 2006, (the “Trust Agreement”), among Structured
      Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, Wells Fargo Bank, N.A., as Securities Administrator, and HSBC Bank
      USA, 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 Securities Act to a purchaser
      that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own account or for the
      account of a “qualified institutional buyer”, which purchaser is aware that the
      sale to it is being made in reliance upon Rule 144A, in a transaction meeting
      the requirements of Rule 144A and in accordance with any applicable securities
      laws of any state of the United States or any other applicable
      jurisdiction.

     

    This
      certificate and the statements contained herein are made for your benefit and
      the benefit of the Placement Agent and the Depositor.

     

    ________________________________________

    [Name
      of
      Transferor]

     

    By:_____________________________________

    Name:

    Title:

     

    Dated:
      __________________, ________

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF
      PURCHASER’S LETTER FOR

    INSTITUTIONAL
      ACCREDITED INVESTOR

     

    __________________

    Date     

     

    Dear
      Sirs:

     

    In
      connection with our proposed purchase of $______________ principal amount of
      Mortgage Pass-Through Certificates, Series 2006-5 (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 dated as of August 1, 2006, (the “Trust Agreement”), among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as Securities
                Administrator, and HSBC Bank USA, 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 Certificate Registrar and the Depositor
                a
                certification from such transferee in the form hereof to confirm
                that the
                proposed sale is being made pursuant to an exemption from, or in
                a
                transaction not subject to, the registration requirements of the
                Securities Act. We further understand that the Privately Offered
                Certificates purchased by us will bear a legend to the foregoing
                effect.

            

    

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

     

    
      	
              (3)

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

            

    

     

    
      	
              (4)

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

            

    

     

    
      	
              (5)

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

            

    

     

    
      	
              (6)

            	
              If
                we are acquiring ERISA-Restricted Certificates, we understand that
                in
                accordance with ERISA, the Code and the Exemption, no Plan and no
                person
                acting on behalf of such a Plan may acquire such Certificate except
                in
                accordance with Section 3.03(d) of the Trust
                Agreement.

            

    

     

    Terms
      used in this letter which are not otherwise defined herein have the respective
      meanings assigned thereto in the Trust Agreement.

     

    
      
        
        

      

      
        G-2

        
          

        

      

      
        
        

      

    

    The
      Certificate Registrar and the Depositor are entitled to rely upon this letter
      and are irrevocably authorized to produce this letter or a copy hereof to any
      interested party in any administrative or legal proceeding or official inquiry
      with respect to the matters covered hereby.

     

    Very
      truly yours,

     

    __________________________________

    [Purchaser]

     

    By________________________________

    Name:
      

    Title:

     

     

     

     

    
      
        
        

      

      
        G-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    FORM
      OF
      ERISA TRANSFER AFFIDAVIT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            
	 	
              )
                ss.: 

            
	
              COUNTY
                OF NEW YORK

            	
              )

            

    

    

     

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1. The
      undersigned is the ______________________ of (the “Investor”), a [corporation
      duly organized] and existing under the laws of __________, on behalf of which
      he
      makes this affidavit.

     

    2. The
      Investor either (x) is not, and on ___________ [date of transfer] will not
      be,
      an employee benefit plan or other retirement arrangement subject to Section
      406
      of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
      Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
      (collectively, a “Plan”) or a person acting on behalf of any such Plan or
      investing the assets of any such Plan; (y) if the Certificate has been the
      subject of an ERISA-Qualifying Underwriting, is an insurance company that is
      purchasing the Certificate with funds contained in an “insurance company general
      account” as defined in Section V(e) of Prohibited Transaction Class Exemption
      (“PTCE”) 95-60 and the purchase and holding of the Certificate are covered under
      Sections I and III of PTCE 95-60; or (z) herewith delivers to the Certificate
      Registrar an opinion of counsel satisfactory to the Certificate Registrar,
      and
      upon which the Trustee, the Certificate Registrar, the Master Servicer and
      the
      Depositor shall be entitled to rely, to the effect that the purchase or holding
      of such Certificate by the Investor will not result in any non-exempt prohibited
      transactions under Title I of ERISA or Section 4975 of the Code and will not
      subject the Trustee, the Depositor, the Certificate Registrar or the Master
      Servicer to any obligation in addition to those undertaken by such entities
      in
      the Trust Agreement, which opinion of counsel shall not be an expense of the
      Trust Fund or any of the above parties.

     

    3. In
      the
      case of an ERISA-Restricted Trust Certificate prior to the termination of the
      related Cap Agreement, either (i) the Investor is neither a Plan nor a person
      acting on behalf of any such Plan or using the assets of any such Plan to effect
      such transfer or (ii) the acquisition and holding of the ERISA-Restricted Trust
      Certificate are eligible for exemptive relief under PTCE 84-14, PTCE 90-1,
      PTCE
      91-38, PTCE 95-60 or PTCE 96-23.

     

    4. The
      Investor hereby acknowledges that under the terms of the
      Trust Agreement dated as of August 1, 2006, (the “Agreement”), among Structured
      Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, Wells Fargo Bank, N.A., as Securities Administrator, and HSBC Bank
      USA, National Association, as Trustee,
      no
      transfer of the ERISA-Restricted Certificates shall be permitted to be made
      to
      any person unless the Depositor and Certificate Registrar have received a
      certificate from such transferee in the form hereof.

     

    
      
        
        

      

      
        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

     

    TRANSACTION
      PARTIES

     

    Sponsor
      and Seller: Lehman Brothers Holdings Inc.

    

    Depositor:
      Structured Asset Securities Corporation

    

    Trustee:
      HSBC
      Bank USA, National Association

    

    Securities
      Administrator: Wells Fargo Bank, N.A.

    

    Master
      Servicer: Aurora Loan Services, LLC

    

    Servicers:
      Aurora Loan Services LLC, IndyMac Bank, F.S.B. and Wells Fargo Bank,
      N.A.

     

    Primary
      Originator: Lehman Brothers Bank, FSB, IndyMac Bank, F.S.B. and Wells Fargo
      Bank, N.A.

    

    Custodians:
      U.S. Bank National Association, LaSalle Bank, National Association, Wells Fargo
      Bank, N.A. and Deutsche Bank National Trust Company

     

    

     

    

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

     

    CAP
      AGREEMENTS

     

     

    
 

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    CUSTODIAL
      AGREEMENTS

     

    

     

    

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L-1

    

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            
	
              Item
                1: Distribution and Pool Performance Information

               

            	 
	
              Information
                included in the Distribution Date Statement

            	
              Servicer(1)

              Master
                Servicer

              Securities
                Administrator

            
	
              Any
                information required by 1121 which is NOT included on the Distribution
                Date Statement

            	
              Depositor

            
	
              Item
                2: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceedings known to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Trust Agreement) or Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Custodian

            	
              Custodian(2)

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                Administrator)

            	
              Servicer(1)

            
	
              ▪
                Any other party contemplated by 1100(d)(1)

            	
              Depositor

            
	
              Item
                3: Sale of Securities and Use of Proceeds

              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	
              Depositor

            

    

     

    
      
        
        

      

      
        L-1-1

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            
	
              Item
                4: Defaults Upon Senior Securities

               

              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default (after expiration of any grace
                period and provision of any required notice)

            	
              Securities
                Administrator

              Trustee

            
	
              Item
                5: Submission of Matters to a Vote of Security
                Holders

               

              Information
                from Item 4 of Part II of Form 10-Q

            	
              Trustee

            
	
              Item
                6: Significant Obligors of Pool Assets

               

              Item
                1112(b) - Significant
                Obligor Financial Information*

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              Item
                7: Significant Enhancement Provider Information

               

              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

            	 
	
              ▪
                Determining applicable disclosure threshold

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information*

            	 
	
              ▪
                Determining current maximum probable exposure

            	
              Depositor

            
	
              ▪
                Determining current significance percentage

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 

    

     

    
      
        
        

      

      
        L-1-2

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            
	
              Item
                8: Other Information

               

              Disclose
                any information required to be reported on Form 8-K during the period
                covered by the Form 10-D but not reported

            	
              Any
                party responsible for the applicable Form 8-K Disclosure
                item

            
	
              Item
                9: Exhibits

            	 
	
              Monthly
                Statement to Certificateholders

            	
              Securities
                Administrator

            
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	
              Depositor

            

    

    _______________________

     

    
      	
              (1)

            	
              This
                information to be provided pursuant to the applicable Servicing
                Agreement.

            

    

    
      	
              (2)

            	
              This
                information to be provided pursuant to the applicable Custodial
                Agreement.

            

    

    

    

    
      
        
        

      

      
        L-1-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L-2

    

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              Item
                1B: Unresolved Staff Comments

               

            	
              Depositor

            
	
              Item
                9B: Other Information

              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                15: Exhibits, Financial Statement Schedules

            	
              Securities
                Administrator

              Depositor

            
	
              Reg
                AB Item 1112(b): Significant Obligors of Pool
                Assets

            	 
	
              Significant
                Obligor Financial Information*

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              Reg
                AB Item 1114(b)(2): Credit Enhancement Provider Financial
                Information

            	 
	
              ▪
                Determining applicable disclosure threshold

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Reg
                AB Item 1115(b): Derivative Counterparty Financial
                Information

            	 
	
              ▪
                Determining current maximum probable exposure

            	
              Depositor

            
	
              ▪
                Determining current significance percentage

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 

    

     

    
      
        
        

      

      
        L-2-1

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              Reg
                AB Item 1117: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceedings known to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Trust Agreement) or Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Custodian

            	
              Custodian(1)

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                Administrator)

            	
              Servicer(2)

            
	
              ▪
                Any other party contemplated by 1100(d)(1)

            	
              Depositor

            
	
              Reg
                AB Item 1119: Affiliations and Relationships

            	 
	
              Whether
                (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                of
                the following parties, and (b) to the extent known and material,
                any of
                the following parties are affiliated with one another:

            	
              Depositor
                as to (a) 

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer(2)

            
	
              ▪
                Any 1110 Originator

            	
              Depositor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor

            
	
              Whether
                there are any “outside the ordinary course business arrangements” other
                than would be obtained in an arm’s length transaction between (a) the
                Sponsor (Seller), Depositor or Issuing Entity on the one hand, and
                (b) any
                of the following parties (or their affiliates) on the other hand,
                that
                exist currently or within the past two years and that are material
                to a
                Certificateholder’s understanding of the Certificates:

            	
              Depositor
                as to (a) 

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            

    

     

    
      
        
        

      

      
        L-2-2

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Depositor

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer(2)

            
	
              ▪
                Any 1110 Originator

            	
              Depositor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor

            
	
              Whether
                there are any specific relationships involving the transaction or
                the pool
                assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                on
                the one hand, and (b) any of the following parties (or their affiliates)
                on the other hand, that exist currently or within the past two years
                and
                that are material:

            	
              Depositor
                as to (a) 

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Depositor

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer(2)

            
	
              ▪
                Any 1110 Originator

            	
              Depositor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor

            

    

     

    
      	
              (1)

            	
              This
                information to be provided pursuant to the applicable Custodial
                Agreement.

            

    

    
      	
              (2)

            	
              This
                information to be provided pursuant to the applicable Servicing
                Agreement.

            

    

    

    

    
      
        
        

      

      
        L-2-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L-3

    

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              Item
                1.01- Entry into a Material Definitive Agreement

               

              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

               

              Examples:
                servicing agreement, custodial agreement.

               

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	
              All
                parties (with respect to any agreement entered into by such
                party)

            
	
              Item
                1.02- Termination of a Material Definitive Agreement

               

              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

               

              Examples:
                servicing agreement, custodial agreement.

            	
              All
                parties (with respect to any agreement entered into by such
                party)

            
	
              Item
                1.03- Bankruptcy or Receivership

               

              Disclosure
                is required regarding the bankruptcy or receivership, with respect
                to any
                of the following: 

            	
              Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Depositor/Sponsor
                (Seller)

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Affiliated Servicer

            	
              Servicer(1)

            
	
              ▪
                Other Servicer servicing 20% or more of the pool assets at the time
                of the
                report

            	
              Servicer(1)

            
	
              ▪
                Other material servicers

            	
              Servicer(1)

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Significant Obligor

            	
              Depositor

            
	
              ▪
                Credit Enhancer (10% or more)

            	
              Depositor

            
	
              ▪
                Derivative Counterparty

            	
              Depositor

            
	
              ▪
                Custodian

            	
              Custodian(2)

            

    

     

    
      
        
        

      

      
        L-3-1

        
          

        

      

      
        
        

      

    

     

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              Item
                2.04- Triggering Events that Accelerate or Increase a Direct Financial
                Obligation or an Obligation under an Off-Balance Sheet
                Arrangement

               

              Includes
                an early amortization, performance trigger or other event, including
                event
                of default, that would materially alter the payment priority/distribution
                of cash flows/amortization schedule.

               

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the monthly statements to the certificateholders.

            	
              Depositor

              Master
                Servicer

              Securities
                Administrator

            
	
              Item
                3.03- Material Modification to Rights of Security
                Holders

               

              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Trust Agreement.

            	
              Securities
                Administrator

              Trustee
                (with respect to each, only to the extent it is a party to any such
                documents)

              Depositor

            
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year

              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”.

            	
              Depositor

            
	
              Item
                6.01- ABS Informational and Computational
                Material

            	
              Depositor

            
	
              Item
                6.02- Change of Servicer or Securities Administrator

               

              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                master servicer, affiliated servicer, other servicer servicing 10%
                or more
                of pool assets at time of report, other material servicers or
                trustee.

            	
              Master
                Servicer/Securities Administrator/Depositor/

              Servicer(1)/Trustee
                (as to itself and the Master Servicer)

            
	
              Reg
                AB disclosure about any new servicer or master servicer is also
                required.

            	
              Servicer(1)/Master
                Servicer/Depositor

            
	
              Reg
                AB disclosure about any new Trustee is also required.

            	
              Trustee

            
	
              Item
                6.03- Change in Credit Enhancement or External
                Support

              Covers
                termination of any enhancement in manner other than by its terms,
                the
                addition of an enhancement, or a material change in the enhancement
                provided. Applies to external credit enhancements as well as derivatives.
                

            	
              Depositor/Securities
                Administrator/Trustee

            

    

     

    
      
        
        

      

      
        L-3-2

        
          

        

      

      
        
        

      

    

     

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              Reg
                AB disclosure about any new enhancement provider is also
                required.

            	
              Depositor

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	
              Securities
                Administrator

              Trustee
                (so long as the Trustee is the Paying Agent)

            
	
              Item
                6.05- Securities Act Updating Disclosure

               

              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	
              Depositor

            
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	
              Depositor

            
	
              Item
                7.01- Reg FD Disclosure

            	
              All
                parties

            
	
              Item
                8.01- Other Events

               

              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to
                certificateholders.

            	
              Depositor

            
	
              Item
                9.01- Financial Statements and Exhibits

            	
              Responsible
                party for reporting/disclosing the financial statement or
                exhibit

            

    

     

    
      	
              (1)

            	
              This
                information to be provided pursuant to the applicable Servicing
                Agreement.

            

    

    
      	
              (2)

            	
              This
                information to be provided pursuant to the applicable Custodial
                Agreement.

            

    

    

    

    
      
        
        

      

      
        L-3-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L-4

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

    

    Wells
      Fargo Bank, N.A., as Securities Administrator

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Attn:
      Corporate Trust Services - LMT 2006-5 - 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 August 1, 2006,
      by and among Structured Asset Securities Corporation, as Depositor, Aurora
      Loan
      Services LLC, as Master Servicer, HSBC Bank USA, National Association, as
      Trustee and Wells Fargo Bank, N.A., as Securities Administrator, the
      undersigned, as [ ], hereby notifies you that certain events have come to our
      attention that [will] [may] need to be disclosed on Form
      [10-D][10-K][8-K].

     

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

     

    

     

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure:

     

    
 

     

    Any
      inquiries related to this notification should be directed to
      [                           ],
      phone number:
      [               ];
      email address:
      [                        ].

     

    [NAME
      OF
      PARTY],

    as
      [role]

     

    By: 
      __________________________________
Name:
Title:

    
      
        
        

      

      
        L-4-1

        
          

        

      

      
        
        

      

    

    
      	
              cc:

            	
              HSBC
                Bank USA, National Association

            

    

    452
      Fifth Avenue

    New
      York, NY 10018

    Attention:
      Corporate
      Trust & Loan Agency (LMT 2006-5)

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LMT 2006-5

    

     

     

    
      
        
        

      

      
        L-4-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

     

    MONTHLY
      ELECTRONIC DATA TRANSMISSION

     

    

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N-1

     

    FORM
      OF TRANSFER CERTIFICATE FOR TRANSFER 

    FROM
      RESTRICTED GLOBAL SECURITY TO REGULATION S 

    GLOBAL
      SECURITY PURSUANT TO SECTION 3.03(h)(B)

    

     

    
      	 	
              Re:

            	
              Lehman
                Mortgage Loan Trust,

            

    

    Mortgage
      Pass-Through Certificates, Series 2006-5

     

    Reference
      is hereby made to the Trust
      Agreement dated as of August 1, 2006, (the “Agreement”), among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, Wells Fargo Bank, N.A., as Securities Administrator, and HSBC Bank
      USA, National Association, as Trustee.
      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
      Certificate Registrar is entitled to rely upon this letter and is 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.

    
      
        
        

      

      
        N-1-1

        
          

        

      

      
        
        

      

    

     

    

    

                                                                
      

    [Name
      of Transferor]

    

    

    By:
                                                              

    Name:

    Title:

     

    Date:                                   ,
            

    

    

    

    
      
        
        

      

      
        N-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N-2

     

    FORM
      OF TRANSFER CERTIFICATE FOR TRANSFER 

    FROM
      REGULATION S GLOBAL SECURITY TO 

    RESTRICTED
      GLOBAL SECURITY PURSUANT TO SECTION 3.03(h)(C)

     

    Re:  Lehman
      Mortgage Trust Mortgage Pass-Through Certificates, Series
      2006-5

     

    Reference
      is hereby made to the Trust
      Agreement dated as of August 1, 2006, (the “Agreement”), among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, Wells Fargo Bank, N.A., as Securities Administrator, and HSBC Bank
      USA, National Association, as Trustee.
      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.

     

    The
      Certificate Registrar is entitled to rely upon this letter and is 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.

     

    

     

                                                                
      

    [Name
      of Transferor]

    

    By:                                                        

    Name:

    Title:

     

    Date:                                     ,
            

     

    
      
        
        

      

      
        N-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

     

    SENIOR
      PRINCIPAL PRIORITIES

     

    

     

    To
      the
      Senior Certificates related to a Collateral Group (other than any related
      Interest-Only Certificates), to the extent of the remaining Available
      Distribution Amount for the related Collateral Group, in reduction of their
      Class Principal Amounts, concurrently, as follows:

    

    (i) to
      the
      Class AP Certificates, from the Available Distribution Amount for Collateral
      Group P, in an amount up to the AP Principal Distribution Amount, until the
      Class Principal Amount thereof has been reduced to zero;

     

    (ii) to
      the
      Class 1-A1, Class 1-A2, Class 1-A4, Class 1-A5, Class 1-A6, Class 1-A8,
      Class 1-A9, Class 1-A10 and Class 1-A11 Certificates, from the Available
      Distribution Amount for Collateral Group 1, in an amount up to the Senior
      Principal Distribution Amount for Collateral Group 1, concurrently, as
      follows:

     

    (A) 50.2088285597%
      of the amount distributable pursuant to clause (ii) above, to the Class 1-A1
      and
      Class 1-A2 Certificates, in the following order of priority:

     

    (1) to
      the
      Class 1-A1 Certificates, the related Group 1 Priority Amount for such
      Distribution Date, until the Class Principal Amount of such Class has been
      reduced to zero;

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

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

    

     

    (B) 3.7187470126%
      of the amount distributable pursuant to clause (ii) above sequentially to the
      Class R and Class 1-A4 Certificates, in that order, until the respective Class
      Principal Amount of each such Class has been reduced to zero; and

     

    (C) 46.0724244277%
      of the amount distributable pursuant to clause (ii) above, to the Class 1-A5,
      Class 1-A6, Class 1-A8, Class 1-A9, Class 1-A10 and Class 1-A11
      Certificates, in the following order of priority:

     

    (1) on
      each
      Distribution Date occurring in or after September 2013, to the Class 1-A5
      Certificates, the related Group 1 Priority Amount for such Distribution Date,
      until the Class Principal Amount thereof has been reduced to zero; 

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

    (2) to
      the
      Class 1-A6 Certificates, until $1,000 has been distributed to such Class on
      such
      date, until the Class Principal Amount thereof has been reduced to
      zero;

    (3) on
      each
      Distribution Date occurring in or after July 2007, until $218,477 has been
      distributed on such date to the Class 1-A8, Class 1-A9, Class 1-A10 and Class
      1-A11 Certificates, in the following order:

    (I) to
      the
      Class 1-A8 and Class 1-A9 Certificates, on a pro
      rata
      basis;
      and

     

    (II) to
      the
      Class 1-A10 and Class 1-A11 Certificates, on a pro
      rata
      basis;

     

    (4) to
      the
      Class 1-A6 Certificates, until the Class Principal Amount thereof has been
      reduced to zero; 

    (5) to
      the
      Class 1-A8 and Class 1-A9 Certificates, on a pro
      rata
      basis,
      until the Class Principal Amounts thereof have each been reduced to zero;

    (6) to
      the
      Class 1-A10 and Class 1-A11 Certificates, on a pro
      rata
      basis,
      until the Class Principal Amounts thereof have each been reduced to zero;
      and

    (7) to
      the
      Class 1-A5 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

    

     

    (iii) to
      the
      Class 2-A4, Class 2-A5 and Class 2-A6 Certificates, from the Available
      Distribution Amount for Collateral Group 2, in an amount up to the Senior
      Principal Distribution Amount for Collateral Group 2, concurrently, as follows:
      

     

    (A) 93.1052686570%
      of the amount distributable pursuant to clause (iii) above, to the Class 2-A5
      and Class 2-A6 Certificates in the following order of priority:

     

    (1) to
      the
      Class 2-A5 Certificates, until $1,000 has been distributed to such Class on
      such
      date, until the Class Principal Amount thereof has been reduced to
      zero;

    (2) to
      the
      Class 2-A6 Certificates, until $800,000 has been distributed to such Class
      on
      such date, until the Class Principal Amount thereof has been reduced to zero;
      

    (3) to
      the
      Class 2-A5 Certificates, until the Class Principal Amount thereof has been
      reduced to zero; and

    (4) to
      the
      Class 2-A6 Certificates, until the Class Principal Amount thereof has been
      reduced to zero; and

    (B)
      6.8947313430% of the amount distributable pursuant to clause (iii) above, to
      the
      Class 2-A4 Certificates, until the Class Principal Amount thereof has been
      reduced to zero.

    
      
        
        

      

      
        O-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P

     

    FORM
      OF BACK-UP CERTIFICATION

     

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LMT 2006-5

    

    Aurora
      Loan Services LLC

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    
      	
              Re:

            	
              Lehman
                Mortgage Trust

            

    

    Mortgage
      Pass-Through Certificates, Series 2006-5

    

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

     

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

     

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

     

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

     

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

     

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

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

     

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

     

    

    Date:      

    

                           

    [Signature]

    [Title]

    

    
      
        
        

      

      
        P-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q

     

    FORM
      OF
      CERTIFICATION REGARDING SERVICING CRITERIA TO BE ADDRESSED IN REPORT ON
      ASSESSMENT OF COMPLIANCE

     

    
      	
              Reg
                AB 

              Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the 

              Securities
                

              Administrator
                if 

              acting
                as Paying 

              Agent)

            	
              Master
                

              Servicer

            	
              Securities
                

              Administrator

            
	 	
              General Servicing
                 Considerations

            	 	 	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 	
              X

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              X

            	 	 
	
              1122(d)(1)(iii)

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

            	
               

            	
              X

            	 
	
              1122(d)(1)(iv)

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

            	 	
              X

            	 
	 	
              Cash Collection and Administration

            	 	 	 
	
              1122(d)(2)(i)

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

            	
              X

            	
              X

            	
              X

            
	
              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

            

    

     

    
      
        
        

      

      
        Q-1

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB 

              Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the 

              Securities
                

              Administrator
                if 

              acting
                as Paying 

              Agent)

            	
              Master
                

              Servicer

            	
              Securities
                

              Administrator

            
	
              1122(d)(2)(v)

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

            	 	
              X

            	
              X

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              X

            	
              X

            	 
	
              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

            

    

     

    
      
        
        

      

      
        Q-2

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB 

              Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the 

              Securities
                

              Administrator
                if 

              acting
                as Paying 

              Agent)

            	
              Master
                

              Servicer

            	
              Securities
                

              Administrator

            
	
              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. 

            	
               

            	 	 
	
              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. 

            	
               

            	 	 
	
              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

            	 

    

     

    
      
        
        

      

      
        Q-3

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB 

              Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the 

              Securities
                

              Administrator
                if 

              acting
                as Paying 

              Agent)

            	
              Master
                

              Servicer

            	
              Securities
                

              Administrator

            
	
              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. 

            	 	 	 
	
              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. 

            	 	
               

            	 

    

     

    
      
        
        

      

      
        Q-4

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB 

              Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the 

              Securities
                

              Administrator
                if 

              acting
                as Paying 

              Agent)

            	
              Master
                

              Servicer

            	
              Securities
                

              Administrator

            
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the Servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission. 

            	 	
               

            	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements. 

            	 	
               

            	 
	
              1122(d)(4)(xiv)
                

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements. 

            	 	
              X

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements. 

            	 	 	
              X

            

    

    

    
      	
              *

            	
              If
                applicable for such transaction
                participant.

            

    

    
      	
              **

            	
              Subject
                to clarification from the
                Commission.

            

    

    

     

    
      
        
        

      

      
        Q-5

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

     

    ALL
      MORTGAGE LOANS 

     

     

    

     

    

     

     

    

     

    
      
        
        

      

      
        Sch
          A-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      B

     

     

    AX
      MORTGAGE LOANS

     

     

     

     

     

    
      
        
        

      

      
        Sch
          B-1

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