Document:

Exhibit 10.11

                                                               December 31, 2005

Mr. Robert J. Khoury
c/o BE Aerospace, Inc.
1400 Corporate Way
Wellington, FL 33414

                              Consulting Agreement
                              --------------------

Dear Mr. Khoury:

              This letter agreement (the "Agreement") confirms the agreement
between BE Aerospace, Inc. (the "Company") and you to engage in a consulting
arrangement and sets forth the agreement between the Company and you regarding
the terms of such consulting arrangement.

              1. Term. The term of your services pursuant to this Consulting
Agreement shall commence on January 1, 2006 (the "Effective Date") and terminate
on the sixth anniversary of the Effective Date (the "Consulting Period").

              2. Consulting Services.

              (a) Services. Your services hereunder during the Consulting Period
shall consist of providing sales and marketing advice and consultation to the
Company, assistance in developing and implementing key customer strategies,
assisting the Company to maintain its key customer relationships through
periodic customer visits, as well as providing periodic advice and consultation
regarding Company operational matters including lean manufacturing and related
continuous improvement programs and such other services mutually agreed to by
you and the Company (the "Consulting Services"). At all times the Consulting
Services shall be non-exclusive and you shall only be required to devote so much
time as is reasonably necessary to discharge the Consulting Services; provided,
however, that in no event will the Consulting Services provided during each year
of the Consulting Period (when combined with your services as a member of the
Board of Directors of the Company (the "Board")) represent 30% or more of the
services you rendered, on average, to the Company during the three years prior
to the Effective Date.

              (b) Service Standards. You shall perform the Consulting Services
in a commercially reasonable manner. In no event shall you have any liability to
the Company arising out of or related to your performance of the Consulting
Services except to the extent it arises directly by reason of your gross
negligence or willful misconduct in performing such Consulting Services.

              (c) Expenses. During the Consulting Period the Company shall:

<PAGE>

              (i) provide you with an office at its Longwood, Florida facility
         or such other location otherwise reasonably specified by you; and

              (ii) provide you with a full time assistant; and

              (iii) provide you with travel in accordance with the Company's
         policy regarding Authorization and Limitation on Officer Travel as in
         effect on the Effective Date; and

              (iv) pay or reimburse you for reasonable out-of-pocket expenses
         incurred in connection with your performance of the Consulting Services
         in accordance with past practices; provided, however, that in no event
         shall reimbursement occur after March 15th of the year following the
         year in which expenses are incurred.

              3. Nature of the Relationship.

              (a) Independent Contractor. You acknowledge that the Consulting
Services shall be performed in the capacity of an "independent contractor," that
you are solely responsible for your actions or inactions, and that nothing in
this Consulting Agreement shall be construed to create an employment
relationship between the parties. You agree that, with respect to the Consulting
Services provided hereunder, you are not an employee of the Company for any
purpose, including, without limitation: (i) for federal, state or local tax,
employment, withholding or reporting purposes; or (ii) for eligibility or
entitlement to any benefit under any of the Company's employee benefit plans
(including, without limitation, those plans that are subject to the Employee
Retirement Income Security Act of 1974, as amended), incentive, compensation or
other employee programs or policies.

              (b) Code of Conduct. During the Consulting Period, you shall
comply with the Company's Code of Conduct and its Delegation of Authority, each
as in effect from time to time (as if you were a non-management employee with
respect to the Delegation of Authority Policy).

              (c) Payment of Taxes. You shall be responsible for and shall
maintain adequate records of expenses that you incur in the course of performing
the Consultant Services hereunder and shall be solely responsible for and shall
file, on a timely basis, tax returns and payments required to be filed with or
made to any federal, state or local tax authority with respect to your
performance of the Consultant Services. Neither federal, state nor local income
tax of any kind shall be withheld or paid by the Company with respect to any
amount paid to you pursuant to this Consulting Agreement. You agree that you are
responsible for withholding and paying all employment taxes and income
withholding taxes as required, with respect to you.

              (d) Indemnification. To the fullest extent permitted under
applicable laws, rules and regulations and the Company's applicable corporate
governance documents, the Company agrees to indemnify and hold you harmless from
any loss or liability, cost and expense (including, but not limited to,
reasonable attorney's fees) incurred by you as a result of you being made a
party to any action or proceedings by reason of your provision of the Consulting
Services.

                                       2
<PAGE>

              4. Consulting Fees. During the Consulting Period, you shall
receive a consulting fee of $263,300 per calendar year (the "Fees"), payable in
monthly installments in arrears on the last day of the month (pro-rated for
partial months).

              5. Effect of Death or Disability. In the event of your death or
Disability (as defined in the Company's long term disability plan), your shall
no longer be required to perform the Consulting Services pursuant to this
Agreement and you or your estate or beneficiaries, as applicable, shall be
entitled to a lump sum payment equal to the amount of Fees payable to you for
the remainder of the Consulting Period. The lump sum payment shall be made
within ten (10) business days following the effective date of your termination.

              6. Termination of Agreement. This Agreement cannot be amended,
modified or terminated without the prior written consent of both parties hereto.

              7. Proprietary Rights and Non-Competition.

              You acknowledge that the Company is engaged in a continuous
program of research, development and production in connection with its business,
present and future, and hereby covenants as follows:

              (a) Confidentiality. You will maintain in confidence and will not
disclose or use, either during or after the Consulting Period, any proprietary
or confidential information or know-how belonging to the Company ("Proprietary
Information" hereinafter defined), whether or not in written form, except to the
extent required to perform duties on behalf of the Company. For purposes of this
Agreement, "Proprietary Information" shall mean any information, not generally
known to the relevant trade or industry, which was obtained from the Company, or
which was learned, discovered, developed, conceived, originated or prepared by
you in connection with this Agreement. Such Proprietary Information includes,
without limitation, software, technical and business information relating to the
Company's inventions or products, research and development, production
processes, manufacturing and engineering processes, machines and equipment,
finances, customers, marketing and production and future business plans,
information belonging to customers or suppliers of the Company disclosed
incidental to your performance under this Agreement, and any other information
which is identified as confidential by the Company, but only so long as the same
is not generally known in the relevant trade or industry.

              (b) Inventions.

              (i) Definition of Inventions. For purposes of this Agreement,
         "Inventions" shall mean any new or useful art, discovery, contribution,
         finding or improvement, whether or not patentable, and all related
         know-how. Inventions shall include, without limitation, all designs,
         discoveries, formulae, processes, manufacturing techniques,
         semiconductor designs, computer software, inventions, improvements and
         ideas.

              (ii) Disclosure and Assignment of Inventions. You will promptly
         disclose and describe to the Company all Inventions which you may
         solely or jointly conceive, develop, or reduce to practice during the
         Consulting Period (i) which relate at the time of conception,
         development, or reduction to practice of the Invention to the Company's

                                       3
<PAGE>

         business or actual or demonstrably anticipated research or development,
         (ii) which were developed, in whole or in part, on the Company's time
         or with the use of any of the Company's equipment, supplies, facilities
         or trade secret information, or (iii) which resulted from any work
         performed by you for the Company (the "Company's Inventions"). You
         hereby assign to the Company all of your right, title and interest
         world-wide in and to the Company's Inventions and in all intellectual
         property rights based upon the Company's Inventions; provided, however,
         that you do not assign or agree to assign any Inventions, whether or
         not relating in any way to the Company's business or demonstrably
         anticipated research and development, which were developed by you
         independently during the Consulting Period and not under the conditions
         stated in subparagraph (ii) above.

              (c) Documents and Materials. Upon termination of this Agreement or
at any other time upon the Company's request, you will promptly deliver to the
Company, without retaining any copies, all documents and other materials
furnished to you by the Company, prepared by you for the Company or otherwise
relating to the Company's business, including, without limitation, all written
and tangible material in your possession incorporating any Proprietary
Information.

              (d) Competitive Services. During the Consulting Period and for a
period of two (2) years thereafter (collectively, the "Restricted Period"), you
will not engage in any employment, consulting, or other activity in any business
competitive with the Company without the Company's prior written consent, which
consent shall not be unreasonably withheld; provided, however, that nothing in
this Section 7(d) shall preclude you from serving as a director of any other
corporation.

              (e) Non-Solicitation. During the Restricted Period, you will not
solicit or encourage, or cause others to solicit or encourage, any employees of
the Company to terminate their employment with the Company.

              (f) Acts to Secure Proprietary Rights.

              (i) Further Acts. You agree to perform, during and after the
         Consulting Period, all acts deemed necessary or desirable by the
         Company to permit and assist it, at its expense, in perfecting and
         enforcing the full benefits, enjoyment, rights and title throughout the
         world in the Company's Inventions. Such acts may include, without
         limitation, execution of documents and assistance or co-operation in
         the registration and enforcement of applicable patents and copyrights
         or other legal proceedings.

              (ii) Appointment of Attorney-In-Fact. In the event that the
         Company is unable, for any reason whatsoever, to secure your signature
         to any lawful and necessary document required to apply for or execute
         any patent, copyright or other applications with respect to any of the
         Company's Inventions (including improvements, renewals, extensions,
         continuations, divisions or continuations in part thereof), you hereby
         irrevocably appoint the Company and its duly authorized officers and
         agents as your agents and attorneys-in-fact to execute and file any
         such application and to do all other lawfully permitted acts to further
         the prosecution and issuance of patents, copyrights or

                                       4
<PAGE>

         other rights thereon with the same legal force and effect as if
         executed by him, intending hereby to create a so-called "durable power"
         which will survive any subsequent disability.

              (g) Corporate Opportunities. You agree that you will first present
to the Board, for its acceptance or rejection on behalf of the Company, any
opportunity to create or invest in any company which is or will be involved in
equipping or furnishing airplane cabin interiors, which comes to your attention
during the Consulting Period and in which you, or any of your affiliates, might
desire to participate. If the Board rejects the same or fails to act thereon in
a reasonable time, you shall be free to invest in, participate or present such
opportunity to any other person or entity.

              (h) Remedies. Without intending to limit the remedies available to
the Company, including, but not limited to, those set forth in this Section 7,
you agree that a breach of any of the covenants contained in this Section 7 may
result in material and irreparable injury to the Company for which there is no
adequate remedy at law, that it will not be possible to measure damages for such
injuries precisely and that, in the event of such a breach or threat thereof,
the Company shall be entitled to seek a temporary restraining order or a
preliminary or permanent injunction, or both, without bond or other security,
restraining you from engaging in activities prohibited by the covenants
contained in this Section 7 or such other relief as may be required specifically
to enforce any of the covenants contained in this Section 7. Such injunctive
relief in any court shall be available to the Company in lieu of, or prior to or
pending determination in, any arbitration proceeding.

              8. Miscellaneous.

              (a) Section 409A.

              (i) If any provision of this Agreement contravenes any regulations
         or Treasury guidance promulgated under Section 409A of the Code, or if
         any tax is imposed under such Section 409A on any payment to be
         received by you hereunder, this Agreement or any provision hereof may
         be reformed by you, subject to the consent of the Company which consent
         shall not be unreasonably withheld, to maintain, to the maximum extent
         practicable, the original intent of the applicable provision without
         violating the provisions of Section 409A of the Code. You also agree in
         good faith to consider any such reformation proposed by the Company.

              (ii) If any amount payable to or other benefit receivable by you
         pursuant to this Agreement is subject to taxes pursuant to Section
         409A, you shall be paid by the Company an amount (the "Gross-Up
         Amount") in cash equal to the sum of the taxes payable under Section
         409A by you plus all taxes payable on amounts paid pursuant to this
         Section 8(a) plus all other amounts (if any) necessary to put you in
         the same after-tax position as if no taxes under Section 409A had been
         imposed and no payments had been made pursuant to this Section 8(a).
         Whether a payment or benefit results in the imposition of tax and the
         amount of any payment under this Section 8(a) shall be determined by a
         nationally recognized certified public accounting firm designated by
         the Company. All fees and expenses of such accounting firm shall be
         paid by the Company.

                                       5
<PAGE>

                   You shall notify the Company in writing of any claim by the
         Internal Revenue Service that, if successful, would require the payment
         by the Company of a Gross-Up Amount in addition to that previously paid
         by the Company pursuant to this Section 8(a). Such notification shall
         be given as soon as practicable but no later than fifteen (15) business
         days after you are informed in writing of such claim and shall apprise
         the Company of the nature of such claim and the date on which such
         claim is requested to be paid, provided that any failure to give or
         delay in giving such notice shall not affect the Company's obligations
         hereunder except to the extent that the Company is actually prejudiced
         by such failure or delay. You shall not pay such claim prior to the
         expiration of the thirty (30) day period following the date on which
         you give such notice to the Company (or such shorter period ending on
         the date that any payment of taxes with respect to such claim is due).
         If the Company notifies you in writing prior to the expiration of such
         period that it desires to contest such claim, you shall:

                   (1) give the Company any information reasonably requested by
              it relating to such claim;

                   (2) take such action in connection with contesting such claim
              as the Company shall reasonably request in writing from time to
              time, including without limitation accepting legal representation
              with respect to such claim by an attorney reasonably selected by
              the Company;

                   (3) cooperate with the Company in good faith in order to
              effectively contest such claim; and

                   (4) permit the Company to participate in any proceedings
              relating to such claim;

         provided, however, that the Company shall pay directly, and shall
         indemnify you against, all costs and expenses (including additional
         interest and penalties) incurred in connection with such contest.

              (b) Entire Agreement. This Consulting Agreement represents the
entire agreement of the parties and shall supersede any and all previous
contracts, arrangements or understandings between the Company and you, but
excluding the Retirement Agreement, effective as of December 31, 2005, between
you and the Company.

              (c) Governing Law. This Consulting Agreement will be governed by
and construed in accordance with the laws of Florida, without giving effect to
the conflicts of laws principles thereof.

              (d) Separability of Clauses. Each provision of this Consulting
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Consulting Agreement is held to be
prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Consulting Agreement.

                                       6
<PAGE>

              (e) Headings. The descriptive headings in this Consulting
Agreement are for convenience of reference only and shall not affect in any way
the meaning or interpretation of this Consulting Agreement.

              (f) Counterparts. This Consulting Agreement may be executed in one
or more counterparts, each of which when executed shall be deemed an original
but all of which together shall constitute one and the same agreement.

              (g) Signatures. Each party's signature on the lines below
constitutes his or its agreement with each provision contained in this
Consulting Agreement.

                                       7
<PAGE>

              IN WITNESS WHEREOF, the Company has caused this Consulting
Agreement to be duly executed and you have hereunto set his hand, as of the day
and year first above written.

                                     BE AEROSPACE, INC.

                                     By: /s/ Thomas P. McCaffrey
                                         ---------------------------------------
                                         Name:  Thomas P. McCaffrey
                                         Title: Chief Financial Officer

AGREED TO AND ACCEPTED BY:

/s/ Robert J. Khoury
------------------------------
Robert J. Khoury

                                       8<PAGE>

                                                                  EXECUTION COPY

             STRUCTURED ASSET SECURITIES CORPORATION, as Depositor,

                  AURORA LOAN SERVICES LLC, as Master Servicer,

                             WELLS FARGO BANK, N.A.,

                           as Securities Administrator

                                       and

                   U.S. BANK NATIONAL ASSOCIATION, as Trustee

                         -------------------------------

                                 TRUST AGREEMENT

                          Dated as of February 1, 2006

                         -------------------------------

                 STRUCTURED ADJUSTABLE RATE MORTGAGE LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 2006-2

<PAGE>
<TABLE>
<CAPTION>
                                                  TABLE OF CONTENTS

                                                                                                               PAGE
                                                                                                               ----
<S>                  <C>                                                                                       <C>
ARTICLE I DEFINITIONS............................................................................................17

   Section 1.01.     Definitions.................................................................................17
   Section 1.02.     Calculations Respecting Mortgage Loans......................................................56

ARTICLE II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES........................................................56

   Section 2.01.     Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans........................56
   Section 2.02.     Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund.................60
   Section 2.03.     Representations and Warranties of the Depositor.............................................62
   Section 2.04.     Discovery of Breach.........................................................................63
   Section 2.05.     Repurchase, Purchase or Substitution of Mortgage Loans......................................64
   Section 2.06.     Grant Clause................................................................................65

ARTICLE III THE CERTIFICATES.....................................................................................65

   Section 3.01.     The Certificates............................................................................66
   Section 3.02.     Registration................................................................................67
   Section 3.03.     Transfer and Exchange of Certificates.......................................................67
   Section 3.04.     Cancellation of Certificates................................................................73
   Section 3.05.     Replacement of Certificates.................................................................73
   Section 3.06.     Persons Deemed Owners.......................................................................74
   Section 3.07.     Temporary Certificates......................................................................74
   Section 3.08.     Appointment of Paying Agent.................................................................74
   Section 3.09.     Book-Entry Certificates.....................................................................75

ARTICLE IV ADMINISTRATION OF THE TRUST FUND......................................................................76

   Section 4.01.     Collection Account..........................................................................76
   Section 4.02.     Application of Funds in the Collection Account..............................................78
   Section 4.03.     Reports to Certificateholders...............................................................80
   Section 4.04.     Certificate Account.........................................................................83

ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES...............................................................85

   Section 5.01.     Distributions Generally.....................................................................85
   Section 5.02.     Distributions from the Certificate Account..................................................85
   Section 5.03.     Allocation of Realized Losses...............................................................96
   Section 5.04.     Advances by the Master Servicer and the Securities Administrator............................98
   Section 5.05.     Compensating Interest Payments..............................................................99
   Section 5.06.     Funding Account............................................................................100
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                  <C>                                                                                        <C>

ARTICLE VI CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR;  EVENTS OF DEFAULT..........................101

   Section 6.01.     Duties of Trustee and Securities Administrator.............................................101
   Section 6.02.     Certain Matters Affecting the Trustee and the Securities Administrator.....................104
   Section 6.03.     Trustee and Securities Administrator Not Liable for Certificates...........................105
   Section 6.04.     Trustee and Securities Administrator May Own Certificates..................................106
   Section 6.05.     Eligibility Requirements for Trustee and Securities Administrator..........................106
   Section 6.06.     Resignation and Removal of Trustee and Securities Administrator............................106
   Section 6.07.     Successor Trustee and Successor Securities Administrator...................................107
   Section 6.08.     Merger or Consolidation of Trustee or Securities Administrator.............................108
   Section 6.09.     Appointment of Co-Trustee, Separate Trustee or Custodian...................................108
   Section 6.10.     Authenticating Agents......................................................................110
   Section 6.11.     Indemnification of Trustee and Securities Administrator....................................111
   Section 6.12.     Fees and Expenses of Securities Administrator, Trustee and Custodian.......................112
   Section 6.13.     Collection of Monies.......................................................................112
   Section 6.14.     Events of Default; Securities Administrator To Act; Appointment of Successor...............112
   Section 6.15.     Additional Remedies of Trustee Upon Event of Default.......................................117
   Section 6.16.     Waiver of Defaults.........................................................................117
   Section 6.17.     Notification to Holders....................................................................117
   Section 6.18.     Directions by Certificateholders and Duties of Trustee During Event of Default.............118
   Section 6.19.     Action Upon Certain Failures of the Master Servicer and Upon Event of Default..............118
   Section 6.20.     Preparation of Tax Returns and Other Reports...............................................118
   Section 6.21.     Reporting Requirements of the Commission...................................................124
   Section 6.22.     No Merger..................................................................................125
   Section 6.23.     Indemnification by the Securities Administrator............................................125

ARTICLE VII PURCHASE AND TERMINATION OF THE TRUST FUND..........................................................125

   Section 7.01.     Termination of Trust Fund Upon Repurchase or Liquidation of All Mortgage Loans.............125
   Section 7.02.     Procedure Upon Termination of Trust Fund...................................................126
   Section 7.03.     Additional Requirements under the REMIC Provisions.........................................127

ARTICLE VIII RIGHTS OF CERTIFICATEHOLDERS.......................................................................128

   Section 8.01.     Limitation on Rights of Holders............................................................128
   Section 8.02.     Access to List of Holders..................................................................129
   Section 8.03.     Acts of Holders of Certificates............................................................130

ARTICLE IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER................................131

   Section 9.01.     Duties of the Master Servicer..............................................................131
   Section 9.02.     Master Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance Policy....131
   Section 9.03.     Master Servicer's Financial Statements and Related Information.............................132
   Section 9.04.     Power to Act; Procedures...................................................................132
</TABLE>

                                       ii
<PAGE>
<TABLE>
<S>                  <C>                                                                                        <C>
   Section 9.05.     Servicing Agreements Between the Master Servicer and Servicers; Enforcement of Servicers'
                     Obligations................................................................................134
   Section 9.06.     Collection of Taxes, Assessments and Similar Items.........................................135
   Section 9.07.     Termination of Servicing Agreements; Successor Servicers...................................135
   Section 9.08.     Master Servicer Liable for Enforcement.....................................................136
   Section 9.09.     No Contractual Relationship Between Servicers and Trustee or Depositor.....................136
   Section 9.10.     Assumption of Servicing Agreement by Securities Administrator..............................137
   Section 9.11.     "Due-on-Sale" Clauses; Assumption Agreements...............................................137
   Section 9.12.     Release of Mortgage Files..................................................................138
   Section 9.13.     Documents, Records and Funds in Possession of Master Servicer To Be Held for Trustee.......139
   Section 9.14.     Representations and Warranties of the Master Servicer......................................140
   Section 9.15.     Closing Certificate and Opinion............................................................142
   Section 9.16.     Standard Hazard and Flood Insurance Policies...............................................142
   Section 9.17.     Presentment of Claims and Collection of Proceeds...........................................143
   Section 9.18.     Maintenance of the Primary Mortgage Insurance Policies.....................................143
   Section 9.19.     Trustee To Retain Possession of Certain Insurance Policies and Documents...................144
   Section 9.20.     Realization Upon Defaulted Mortgage Loans..................................................144
   Section 9.21.     Compensation to the Master Servicer........................................................145
   Section 9.22.     REO Property...............................................................................145
   Section 9.23.     Notices to the Depositor and the Securities Administrator..................................146
   Section 9.24.     Reports to the Trustee and the Securities Administrator....................................147
   Section 9.25.     Assessment of Compliance and Attestation Reports...........................................147
   Section 9.26.     Annual Statement of Compliance with Applicable Servicing Criteria .........................149
   Section 9.27.     Merger or Consolidation....................................................................149
   Section 9.28.     Resignation of Master Servicer.............................................................150
   Section 9.29.     Assignment or Delegation of Duties by the Master Servicer..................................150
   Section 9.30.     Limitation on Liability of the Master Servicer and Others..................................151
   Section 9.31.     Indemnification; Third-Party Claims........................................................152

ARTICLE X REMIC ADMINISTRATION..................................................................................152

   Section 10.01.    REMIC and Grantor Trust Administration.....................................................152
   Section 10.02.    Prohibited Transactions and Activities.....................................................157
   Section 10.03.    Indemnification with Respect to Certain Taxes and Loss of REMIC Status.....................157
   Section 10.04.    REO Property...............................................................................158

ARTICLE XI MISCELLANEOUS PROVISIONS.............................................................................159

   Section 11.01.    Binding Nature of Agreement; Assignment....................................................159
   Section 11.02.    Entire Agreement...........................................................................159
   Section 11.03.    Amendment..................................................................................159
   Section 11.04.    Voting Rights..............................................................................160
   Section 11.05.    Provision of Information...................................................................161
   Section 11.06.    Governing Law..............................................................................161
   Section 11.07.    Notices....................................................................................161
   Section 11.08.    Severability of Provisions.................................................................162
   Section 11.09.    Indulgences; No Waivers....................................................................162
</TABLE>

                                      iii

<PAGE>
<TABLE>
<S>                  <C>                                                                                       <C>
   Section 11.10.    Headings Not To Affect Interpretation......................................................162
   Section 11.11.    Benefits of Agreement......................................................................162
   Section 11.12.    Special Notices to the Rating Agencies.....................................................162
   Section 11.13.    Counterparts...............................................................................163
   Section 11.14.    Transfer of Servicing......................................................................163
   Section 11.15.    Conflicts..................................................................................165
   Section 11.16.    Compliance with Regulation AB..............................................................165
</TABLE>

                                       iv
<PAGE>

                                   ATTACHMENTS

Exhibit A         Forms of Certificates
Exhibit B-1       Form of Initial Certification
Exhibit B-2       Form of Interim Certification
Exhibit B-3       Form of Final Certification
Exhibit B-4       Form of Endorsement
Exhibit C         Request for Release of Documents and Receipt
Exhibit D-l       Form of Residual Certificate Transfer Affidavit (Transferee)
Exhibit D-2       Form of Residual Certificate Transfer Affidavit (Transferor)
Exhibit E         Servicing Agreements
Exhibit F         Form of Rule 144A Transfer Certificate
Exhibit G         Form of Purchaser's Letter for Institutional Accredited
                  Investors
Exhibit H         Form of ERISA Transfer Affidavit
Exhibit I         Monthly Remittance Advice
Exhibit J         Monthly Electronic Data Transmission
Exhibit K         Custodial Agreements
Exhibit L-1       Form of Transfer Certificate for Transfer from Restricted
                  Global Security to Regulation S Global Security
Exhibit L-2       Form of Transfer Certificate for Transfer from Regulation S
                  Global Security to Restricted Global Security
Exhibit M         Form of Certification to be Provided to the Depositor and the
                  Master Servicer by the Trustee
Exhibit N         Form of Assessment of Compliance
Exhibit O         Applicable Responsible Party For Items on Assessment of
                  Compliance
Exhibit P-1       Additional Form 10-D Disclosure
Exhibit P-2       Additional Form 10-K Disclosure
Exhibit P-3       Additional Form 8-K Disclosure
Exhibit P-4       Additional Disclosure Notification
Exhibit Q         Form of Back-up Sarbanes-Oxley Certification
Exhibit R         Transaction Parties

Schedule A        Mortgage Loan Schedule
Schedule B        Pool 1-AX Mortgage Loan Schedule
Schedule C        Pool 1-PAX Mortgage Loan Schedule
Schedule D        Pool 1-AX Mortgage Loan Schedule
Schedule E        Pool 1-PAX Mortgage Loan Schedule

<PAGE>
         This TRUST AGREEMENT, dated as of February 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., a national banking corporation,
as securities administrator (the "Securities Administrator") and U.S. BANK
NATIONAL ASSOCIATION, a national banking association, as trustee (the
"Trustee").

                              PRELIMINARY STATEMENT

         The Depositor has acquired the Mortgage Loans from Lehman Brothers
Holdings (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, the Securities Administrator and the Trustee
herein with respect to the Mortgage Loans and the other property constituting
the Trust Fund are for the benefit of the Holders from time to time of the
Certificates. 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 Trustee shall elect that the Trust Fund (other
than the rights to Prepayment Penalty Amounts or the Funding Account) be treated
for federal income tax purposes as comprising seven real estate mortgage
investment conduits (each a "REMIC" or, in the alternative, REMIC I-1, REMIC
I-2, REMIC I-3, REMIC I-4, REMIC II-1, REMIC II-2 and REMIC II-3). As is
described in Section 10.01 hereof, the Trust Fund will also be treated for
federal income tax purposes as including six grantor trusts.

         GROUP I REMICS

REMIC I-1

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

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

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

<PAGE>
<TABLE>
<CAPTION>
REMIC I-1 Class                     Interest         Initial Class or Principal        Related Pool or
  Designation                         Rate                    Amount                        Pools
---------------                     --------         --------------------------        ---------------
<S>                                 <C>              <C>                               <C>
Class LTI1-1AX                        (1)                   $79,723,205.57                  Pool 1
Class LTI1-1PAX                       (2)                   $65,390,067.80                  Pool 1
Class LTI1-2AX                        (3)                   $84,175,410.44                  Pool 2
Class LTI1-2PAX                       (4)                   $74,666,999.01                  Pool 2
Class LTI1-3                          (5)                  $362,193,034.00                  Pool 3
Class LTI1-R                          (6)                               (6)                 N/A
</TABLE>
-------------
(1) For any Distribution Date prior to the Distribution Date in January 2011,
    the interest rate for the Class LTI1-1AX Interest shall be a per annum rate
    equal to the weighted average of the Net Mortgage Rates of the Pool 1 AX
    Mortgage Loans at the beginning of the related Due Period, weighted on the
    basis of their respective Scheduled Principal Balances. For each
    Distribution Date starting with the Distribution Date in January 2011, the
    interest rate for the Class LTI1-1AX Interest shall be a per annum rate
    equal to the weighted average of the Net Mortgage Rates of the Pool 1
    Mortgage Loans at the beginning of the related Due Period, weighted on the
    basis of their respective Scheduled Principal Balances.

(2) For any Distribution Date prior to the Distribution Date in January 2011,
    the interest rate for the Class LTI1-1PAX Interest shall be a per annum rate
    equal to the weighted average of the Net Mortgage Rates of the Pool 1 PAX
    Mortgage Loans at the beginning of the related Due Period, weighted on the
    basis of their respective Scheduled Principal Balances. For each
    Distribution Date starting with the Distribution Date in January 2011, the
    interest rate for the Class LTI1-1PAX Interest shall be a per annum rate
    equal to the weighted average of the Net Mortgage Rates of the Pool 1
    Mortgage Loans at the beginning of the related Due Period, weighted on the
    basis of their respective Scheduled Principal Balances.

(3) For any Distribution Date prior to the Distribution Date in January 2011,
    the interest rate for the Class LTI1-2AX Interest shall be a per annum rate
    equal to the weighted average of the Net Mortgage Rates of the Pool 2 AX
    Mortgage Loans at the beginning of the related Due Period, weighted on the
    basis of their respective Scheduled Principal Balances. For each
    Distribution Date starting with the Distribution Date in January 2011, the
    interest rate for the Class LTI1-2AX Interest shall be a per annum rate
    equal to the weighted average of the Net Mortgage Rates of the Pool 2
    Mortgage Loans at the beginning of the related Due Period, weighted on the
    basis of their respective Scheduled Principal Balances.

(4) For any Distribution Date prior to the Distribution Date in January 2011,
    the interest rate for the Class LTI1-2PAX Interest shall be a per annum rate
    equal to the weighted average of the Net Mortgage Rates of the Pool 2 PAX
    Mortgage Loans at the beginning of the related Due Period, weighted on the
    basis of their respective Scheduled Principal Balances. For each
    Distribution Date starting with the Distribution Date in January 2011, the
    interest rate for the Class LTI1-2PAX Interest shall be a per annum rate
    equal to the weighted average of the Net Mortgage Rates of the Pool 2
    Mortgage Loans at the beginning of the related Due Period, weighted on the
    basis of their respective Scheduled Principal Balances.

(5) For any Distribution Date, the interest rate for the Class LTI1-3 Interest
    shall be a per annum rate equal to the weighted average of the Net Mortgage
    Rates of the Pool 3 Mortgage Loans at the beginning of the related Due
    Period, weighted on the basis of their respective Scheduled Principal
    Balances.

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

         All Realized Losses from the Pool 1 AX Mortgage Loans shall be
allocated to the Class LTI1-1AX Interest and all payments of principal and, for
Distribution Dates prior to the Distribution Date in January 2011, interest
received with respect to the Pool 1 AX Mortgage Loans shall be paid on the Class
LTI1-1AX Interest in payment of accrued interest and principal until the
principal balance of such Class is reduced to zero and any losses allocated to
such Class have been reimbursed.

                                        2
<PAGE>
         All Realized Losses from the Pool 1 PAX Mortgage Loans shall be
allocated to the Class LTI1-1PAX Interest and all payments of principal and, for
Distribution Dates prior to the Distribution Date in January 2011, interest
received with respect to the Pool 1 PAX Mortgage Loans shall be paid on the
Class LTI1-1PAX Interest in payment of accrued interest and principal until the
principal balance of such Class is reduced to zero and any losses allocated to
such Class have been reimbursed.

         For each Distribution Date starting with the Distribution Date in
January 2011, interest received on the Pool 1 Mortgage Loans will be distributed
in respect of the Class LTI1-1AX Interest and the Class LTI1-1PAX Interest in
proportion to the relative outstanding unpaid interest amounts for those
Interests.

         All Realized Losses from the Pool 2 AX Mortgage Loans shall be
allocated to the Class LTI1-2AX Interest and all payments of principal and, for
Distribution Dates prior to the Distribution Date in January 2011, interest
received with respect to the Pool 2 AX Mortgage Loans shall be paid on the Class
LTI1-2AX Interest in payment of accrued interest and principal until the
principal balance of such Class is reduced to zero and any losses allocated to
such Class have been reimbursed.

         All Realized Losses from the Pool 2 PAX Mortgage Loans shall be
allocated to the Class LTI1-2PAX Interest and all payments of principal and, for
Distribution Dates prior to the Distribution Date in January 2011, interest
received with respect to the Pool 2 PAX Mortgage Loans shall be paid on the
Class LTI1-2PAX Interest in payment of accrued interest and principal until the
principal balance of such Class is reduced to zero and any losses allocated to
such Class have been reimbursed.

         For each Distribution Date starting with the Distribution Date in
January 2011, interest received on the Pool 2 Mortgage Loans will be distributed
in respect of the Class LTI1-2AX Interest and the Class LTI1-2PAX Interest in
proportion to the relative outstanding unpaid interest amounts for those
Interests.

         All Realized Losses from the Pool 3 Mortgage Loans shall be allocated
to the Class LTI1-3 Interest and all payments of principal and interest received
with respect to the Pool 3 Mortgage Loans shall be paid on the Class LTI1-3
Interest in payment of accrued interest and principal until the principal
balance of such Class is reduced to zero and any losses allocated to such Class
have been reimbursed.

         If on any Distribution Date there is an increase in the Certificate
Principal Amount of any Class of Certificates as a result of the proviso in the
definition of Certificate Principal Amount, then there shall be a corresponding
increase in the principal amount of the REMIC I-1 Interests, with the increase
allocated among such REMIC I-1 Interests in a manner that reflects the Mortgage
Pool with respect to which the Subsequent Recovery was made (and, in the case of
Subsequent Recoveries with respect to Pool 1, whether the Subsequent Recovery
was in respect of a Pool 1 AX Mortgage Loan or a Pool 1 PAX Mortgage Loan, and,
in the case of Subsequent Recoveries with respect to Pool 2, whether the
Subsequent Recovery was in respect of a Pool 2 AX Mortgage Loan or a Pool 2 PAX
Mortgage Loan).

                                        3

<PAGE>
REMIC I-2

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

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

         The following table specifies the class designation, interest rate,
initial principal amount and related Mortgage Pool for each class of REMIC I-2
Interests.
<TABLE>
<CAPTION>
  REMIC I-2 Class              Interest            Initial Class or Principal          Related Pool
   Designation                   Rate                       Amount                      or Pools
------------------             --------            --------------------------          ------------
<S>                            <C>                 <C>                                 <C>
Class LTI2-1AX                    (1)                   $79,723,205.57                     Pool 1
Class LTI2-1AXIO                  (2)                              (11)                    Pool 1
Class LTI2-1PAX                   (3)                   $65,390,067.80                     Pool 1
Class LTI2-1PAXIO                 (4)                              (12)                    Pool 1
Class LTI2-2AX                    (5)                   $84,175,410.44                     Pool 2
Class LTI2-2AXIO                  (6)                              (13)                    Pool 2
Class LTI2-2PAX                   (7)                   $74,666,999.01                     Pool 2
Class LTI2-2PAXIO                 (8)                              (14)                    Pool 2
Class LTI2-3                      (9)                  $362,193,034.00                     Pool 3
Class LTI2-R                     (10)                              (10)                    N/A
</TABLE>
---------

(1) For any Distribution Date prior to the Distribution Date in January 2011,
    the interest rate for the Class LTI2-1AX Interest shall be the lesser of (i)
    5.71% and (ii) the interest rate on the Class LTI1-1AX Interest. For each
    Distribution Date starting with the Distribution Date in January 2011, the
    interest rate for the Class LTI2-1AX Interest shall be the interest rate on
    the Class LTI1-1AX Interest.

(2) For any Distribution Date prior to the Distribution Date in January 2011,
    the interest rate for the Class LTI2-1AXIO Interest shall be equal to the
    excess, if any, of (i) the interest rate on the Class LTI1-1AX Interest over
    (ii) 5.71%. The Class LTI2-1AXIO Interest shall not be entitled to any
    distributions in respect of Distribution Dates after December 2010.

(3) For any Distribution Date prior to the Distribution Date in January 2011,
    the interest rate for the Class LTI2-1PAX Interest shall be the lesser of
    (i) 5.71% and (ii) the interest rate on the Class LTI1-1PAX Interest. For
    each Distribution Date starting with the Distribution Date in January 2011,
    the interest rate for the Class LTI2-1PAX Interest shall be the interest
    rate on the Class LTI1-1PAX Interest.

(4) For any Distribution Date prior to the Distribution Date in January 2011,
    the interest rate for the Class LTI2-1PAXIO Interest shall be equal to the
    excess, if any, of (i) the interest rate on the Class LTI1-1PAX Interest
    over (ii) 5.71%. The Class LTI2-1PAXIO Interest shall not be entitled to any
    distributions in respect of Distribution Dates after December 2010.

                                        4
<PAGE>
(5)  For any Distribution Date prior to the Distribution Date in January 2011,
     the interest rate for the Class LTI2-2AX Interest shall be the lesser of
     (i) 6.00% and (ii) the interest rate on the Class LTI1-2AX Interest. For
     each Distribution Date starting with the Distribution Date in January 2011,
     the interest rate for the Class LTI2-2AX Interest shall be the interest
     rate on the Class LTI1-2AX Interest.

(6)  For any Distribution Date prior to the Distribution Date in January 2011,
     the interest rate for the Class LTI2-2AXIO Interest shall be equal to the
     excess, if any, of (i) the interest rate on the Class LTI1-2AX Interest
     over (ii) 6.00%. The Class LTI2-2AXIO Interest shall not be entitled to any
     distributions in respect of Distribution Dates after December 2010.

(7)  For any Distribution Date prior to the Distribution Date in January 2011,
     the interest rate for the Class LTI2-2PAX Interest shall be the lesser of
     (i) 6.00% and (ii) the interest rate on the Class LTI1-2PAX Interest. For
     each Distribution Date starting with the Distribution Date in January 2011,
     the interest rate for the Class LTI2-2PAX Interest shall be the interest
     rate on the Class LTI1-2PAX Interest.

(8)  For any Distribution Date prior to the Distribution Date in January 2011,
     the interest rate for the Class LTI2-2PAXIO Interest shall be equal to the
     excess, if any, of (i) the interest rate on the Class LTI1-2PAX Interest
     over (ii) 6.00%. The Class LTI2-2PAXIO Interest shall not be entitled to
     any distributions in respect of Distribution Dates after December 2010.

(9)  For any Distribution Date, the interest rate for the Class LTI2-3 Interest
     shall be the interest rate on the Class LTI1-3 Interest.

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

(11) For any Distribution Date prior to the Distribution Date in January of
     2011, the Class LTI2-1AXIO Interest shall bear interest on a notional
     amount equal to the aggregate Scheduled Principal Balance of the Pool 1 AX
     Mortgage Loans. For any subsequent Distribution Date, the notional amount
     of the Class LTI2-1AXIO Interest shall be zero.

(12) For any Distribution Date prior to the Distribution Date in January of
     2011, the Class LTI2-1PAXIO Interest shall bear interest on a notional
     amount equal to the aggregate Scheduled Principal Balance of the Pool 1 PAX
     Mortgage Loans. For any subsequent Distribution Date, the notional amount
     of the Class LTI2-1PAXIO Interest shall be zero.

(13) For any Distribution Date prior to the Distribution Date in January of
     2011, the Class LTI2-2AXIO Interest shall bear interest on a notional
     amount equal to the aggregate Scheduled Principal Balance of the Pool 2 AX
     Mortgage Loans. For any subsequent Distribution Date, the notional amount
     of the Class LTI2-2AXIO Interest shall be zero.

(14) For any Distribution Date prior to the Distribution Date in January of
     2011, the Class LTI2-2PAXIO Interest shall bear interest on a notional
     amount equal to the aggregate Scheduled Principal Balance of the Pool 2 PAX
     Mortgage Loans. For any subsequent Distribution Date, the notional amount
     of the Class LTI2-2PAXIO Interest shall be zero.

         An amount of losses and shortfalls equal to the amount of losses and
shortfalls allocated to the Component 1-AX shall be allocated to the Class
LTI2-1AXIO Interest. An amount equal to the amount of all distributions made, or
deemed made under Section 5.02(h) hereof, to the Component 1-AX shall be
distributed to the Class LTI2-1AXIO Interest.

         All losses and shortfalls on the Pool 1 AX Mortgage Loans not allocated
to the Component 1-AX will be allocated to the Class LTI2-1AX Interest. All
distributions in respect of principal, interest and reimbursements of previously
allocated losses and shortfalls on the Class LTI1-1AX Interest in excess of such
amounts distributed or treated as distributed to the Class LTI2-1AXIO Interest
shall be treated as made in respect of the Class LTI2-1AX Interest.

                                        5
<PAGE>
         An amount of losses and shortfalls equal to the amount of losses and
shortfalls allocated to the Component 1-PAX shall be allocated to the Class
LTI2-1PAXIO Interest. An amount equal to the amount of all distributions made,
or deemed made under Section 5.02(h) hereof, to the Component 1-PAX shall be
distributed to the Class LTI2-1PAXIO Interest.

         All losses and shortfalls on the Pool 1 PAX Mortgage Loans not
allocated to the Component 1-PAX will be allocated to the Class LTI2-1PAX
Interest. All distributions in respect of principal, interest and reimbursements
of previously allocated losses and shortfalls on the Class LTI1-1PAX Interest in
excess of such amounts distributed or treated as distributed to the Class
LTI2-1PAXIO Interest shall be treated as made in respect of the Class LTI2-1PAX
Interest.

         An amount of losses and shortfalls equal to the amount of losses and
shortfalls allocated to the Component 2-AX shall be allocated to the Class
LTI2-2AXIO Interest. An amount equal to the amount of all distributions made, or
deemed made under Section 5.02(h) hereof, to the Component 2-AX shall be
distributed to the Class LTI2-2AXIO Interest.

         All losses and shortfalls on the Pool 2 AX Mortgage Loans not allocated
to the Component 2-AX will be allocated to the Class LTI2-2AX Interest. All
distributions in respect of principal, interest and reimbursements of previously
allocated losses and shortfalls on the Class LTI1-2AX Interest in excess of such
amounts distributed or treated as distributed to the Class LTI2-2AXIO Interest
shall be treated as made in respect of the Class LTI2-2AX Interest.

         An amount of losses and shortfalls equal to the amount of losses and
shortfalls allocated to the Component 2-PAX shall be allocated to the Class
LTI2-2PAXIO Interest. An amount equal to the amount of all distributions made,
or deemed made under Section 5.02(h) hereof, to the Component 2-PAX shall be
distributed to the Class LTI2-2PAXIO Interest.

         All losses and shortfalls on the Pool 2 PAX Mortgage Loans not
allocated to the Component 2-PAX will be allocated to the Class LTI2-2PAX
Interest. All distributions in respect of principal, interest and reimbursements
of previously allocated losses and shortfalls on the Class LTI1-2PAX Interest in
excess of such amounts distributed or treated as distributed to the Class
LTI2-2PAXIO Interest shall be treated as made in respect of the Class LTI2-2PAX
Interest.

         All losses and shortfalls allocated to the Class LTI1-3 Interest shall
be allocated to the Class LTI2-3 Interest. All distributions in respect of
principal, interest and reimbursements of previously allocated losses and
shortfalls on the Class LTI1-3 Interest shall be made to the Class LTI2-3
Interest.

         If on any Distribution Date there is an increase in the Certificate
Principal Amount of any Class of Certificates as a result of the proviso in the
definition of Certificate Principal Amount, then there shall be a corresponding
increase in the principal amount of the REMIC I-2 Interests (other than the
Class LTI2-1AXIO Interest, the Class LTI2-1PAXIO Interest, the Class LTI2-2AXIO
Interest and the Class LTI2-2PAXIO Interest), with the increase allocated among
such REMIC I-2 Interests in a manner that reflects the Mortgage Pool with
respect to which the Subsequent Recovery was made (and, in the case of
Subsequent Recoveries with respect to Pool 1, whether the Subsequent Recovery
was in respect of a Pool 1 AX Mortgage Loan or a Pool 1 PAX Mortgage Loan, and,
in the case of Subsequent Recoveries with respect to Pool 2, whether the
Subsequent Recovery was in respect of a Pool 2 AX Mortgage Loan or a Pool 2 PAX
Mortgage Loan).

                                        6
<PAGE>
REMIC I-3

REMIC I-3 shall hold as its assets the several classes of uncertificated REMIC
I-2 Regular Interests other than the Class LT2-1AXIO Interest, the Class
LT2-1PAXIO Interest, the Class LT2-2AXIO Interest and the Class LT2-2PAXIO
Interest.

         Each of the REMIC I-3 Interests set forth below (other than the Class
LTI3-R Interest) is referred to herein as a REMIC I-3 Regular Interest and is
hereby designated as a regular interest in REMIC I-3. The Class LTI3-R Interest
is hereby designated as the sole class of residual interest in REMIC I-3.

         The following table specifies the class designation, interest rate,
initial principal amount and related Mortgage Pool for each class of REMIC I-3
Interests.
<TABLE>
<CAPTION>
 REMIC I-3  Class                                         Initial Class or Principal        Related Pool or
  Designation                    Interest Rate                       Amount                     Pools
-----------------                -------------            --------------------------        ---------------
<S>                              <C>                      <C>                               <C>
Class LTI3-1A                        (1)                            $90,701.7337                Pool 1
Class LTI3-1B                        (2)                         $1,451,132.7337                Pool 1
Class LTI3-2A                        (1)                            $99,284.0945                Pool 2
Class LTI3-2B                        (3)                         $1,588,424.0945                Pool 2
Class LTI3-3A                        (1)                           $226,380.3400                Pool 3
Class LTI3-3B                        (4)                         $3,621,930.3400                Pool 3
Class LTI3-Z                         (1)                       $659,070,863.4836                N/A
Class LTI3-R                         (5)                               (5)                      N/A
</TABLE>
-----------
(1)  For any Distribution Date, the interest rate for the Class LTI3-1A, Class
     LTI3-2A, Class LTI3-3A and Class LTI3-Z Interest shall be the weighted
     average of the interest rates on the Class LTI2-1AX, Class LTI2-1PAX, Class
     LTI2-2AX, Class LTI2-2PAX and Class LTI2-3 Interests.

(2)  For any Distribution Date, the interest rate for the Class LTI3-1B Interest
     shall be the weighted average of the interest rates on the Class LTI2-1AX
     and LTI2-1PAX Interests for such Distribution Date.

(3)  For any Distribution Date, the interest rate for the Class LTI3-2B Interest
     shall be the weighted average of the interest rates on the Class LTI2-2AX
     and LTI2-2PAX Interests for such Distribution Date.

(4)  For any Distribution Date, the interest rate for the Class LTI3-3B Interest
     shall be the interest rate on the Class LTI2-3 Interest for such
     Distribution Date.

(5)  The Class LTI3-R Interest shall represent the sole class of residual
     interest in REMIC I-3. The Class LTI3-R Interest will not have a principal
     amount or an interest rate. The Class LTI3-R Interest shall be represented
     by the Class R Certificate.

                                        7

<PAGE>
         Distributions shall be deemed to be made to the REMIC I-3 Regular
Interests first, so as to keep the principal balance of each REMIC I-3 Regular
Interest ending with the designation "B" equal to 1% of the aggregate Scheduled
Principal Balance of the Mortgage Loans in the related Mortgage Pool; second, to
each REMIC I-3 Regular Interest ending with the designation "A" so that the
principal balance of each such REMIC I-3 Regular Interest is equal to 1% of the
excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans in
the related Mortgage Pool over (y) the aggregate Class Principal Amounts of the
Certificate Group related to such Mortgage Pool (except that if 1% of any such
excess is greater than the principal amount of the corresponding REMIC I-3
Regular Interest ending with the designation "A", the least amount of principal
shall be distributed to such REMIC I-3 Regular Interests such that the REMIC I-3
Subordinated Balance Ratio is maintained); and finally, any remaining principal
to the Class LTI3-Z Interest. Realized Losses shall be applied after all
distributions have been made on each Distribution Date first, so as to keep the
principal balance of each REMIC I-3 Regular Interest ending with the designation
"B" equal to 1% of the aggregate Scheduled Principal Balance of the Mortgage
Loans in the related Mortgage Pool; second, to each REMIC I-3 Regular Interest
ending with the designation "A" so that the principal balance of each such REMIC
I-3 Regular Interest is equal to 1% of the excess of (x) the aggregate Scheduled
Principal Balance of the Mortgage Loans in the related Mortgage Pool over (y)
the aggregate Class Principal Amounts of the Certificate Group related to such
Mortgage Pool (except that if 1% of any such excess is greater than the
principal amount of the corresponding REMIC I-3 Regular Interest ending with the
designation "A", the least amount of Realized Losses shall be allocated to such
REMIC I-3 Regular Interests such that the REMIC I-3 Subordinated Balance Ratio
is maintained); and third, the remaining Realized Losses shall be allocated to
the Class LTI3-Z Interest. All computations with respect to any REMIC I-3
Interest shall be taken out to eight decimal places.

         If on any Distribution Date there is an increase in the Certificate
Principal Amount of any Class of Group I Certificates as a result of the proviso
in the definition of Certificate Principal Amount, then, prior to distributions
of principal and allocations of losses on such Distribution Date with respect to
REMIC I-3, there shall be a corresponding increase in the principal amount of
the REMIC I-3 Regular Interests, with such increase allocated among the REMIC
I-3 Regular Interests as follows: (i) first, to each REMIC I-3 Regular Interest
ending with the designation "B" so as to keep the principal balance of such
REMIC I-3 Regular Interest equal to 1% of the aggregate Scheduled Principal
Balance of the Mortgage Loans in the related Mortgage Pool, (ii) second, to each
REMIC I-3 Regular Interest ending with the designation "A", so that the
principal balance of each such REMIC I-3 Regular Interest is as close as
possible to (but does not exceed) 1% of the excess of (x) the aggregate
Scheduled Principal balance of the Mortgage Loans in the related Mortgage Pool
over (y) the aggregate Class Principal Amounts of the Senior Certificates of the
Certificate Group related to such Mortgage Pool; provided, however, that (a) the
REMIC I-3 Subordinated Balance Ratio is maintained and (b) amounts allocated to
any REMIC I-3 Regular Interest pursuant to this clause (ii) shall not exceed the
amount of any previous realized losses allocated to such REMIC I-3 Regular
Interest not previously offset by distributions or increases in the principal
amount of such REMIC I-3 Regular Interest and (iii) finally, all remaining
increases are allocated to the Class LTI3-Z Interest.

                                        8
<PAGE>
REMIC I-4

         REMIC I-4 shall hold as assets the several classes of uncertificated
REMIC I-3 Regular Interests and the Class LTI2-1AXIO Interest, the Class
LTI2-1PAXIO Interest, the Class LTI2-2AXIO Interest and the Class LTI2-2PAXIO
Interest.

         Each REMIC I-4 Regular Interest is hereby designated as a regular
interest in REMIC I-4. The Class LTI4-R Interest is hereby designated as the
sole class of residual interest in REMIC I-4. The Class LTI4-R Interest shall be
represented by the Class R Certificate. The entitlement of the Class R
Certificate to payments of principal and interest shall be attributable to its
representation of the Class LTI4-R Interest.

         The REMIC I-4 Regular Interests and the Class LTI4-R Interest are
referred to herein as the REMIC I-4 Interests.

         Solely for the purposes of the REMIC Provisions, the Component 1-AX
shall represent a "specified portion" of the interest accrued on the Class
LTI2-1AXIO Interest for each Distribution Date through the Distribution Date in
December 2010. Such "specified portion" shall equal all interest accruing on the
Class LTI2-1AXIO Interest.

         Solely for the purposes of the REMIC Provisions, the Component 1-PAX
shall represent a "specified portion" of the interest accrued on the Class
LTI2-1PAXIO Interest for each Distribution Date through the Distribution Date in
December 2010. Such "specified portion" shall equal all interest accruing on the
Class LTI2-1PAXIO Interest.

         Solely for the purposes of the REMIC Provisions, the Component 2-AX
shall represent a "specified portion" of the interest accrued on the Class
LTI2-2AXIO Interest for each Distribution Date through the Distribution Date in
December 2010. Such "specified portion" shall equal all interest accruing on the
Class LTI2-2AXIO Interest.

         Solely for the purposes of the REMIC Provisions, the Component 2-PAX
shall represent a "specified portion" of the interest accrued on the Class
LTI2-2PAXIO Interest for each Distribution Date through the Distribution Date in
December 2010. Such "specified portion" shall equal all interest accruing on the
Class LTI2-2PAXIO Interest.

Group II REMICs

REMIC II-1

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

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

                                       9

<PAGE>
         The following table specifies terms for each class of REMIC II-1
Interests:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
     REMIC II-1 Class                                  Initial Class or Principal        Related Pool or
        Designation                Interest Rate                 Amount                       Pools
---------------------------- --- ------------------ -- ---------------------------- -- --------------------
<S>                              <C>
---------------------------- --- ------------------ -- ---------------------------- -- --------------------
Class LTII1-4A                          (1)                      $226,592.7979            Pool 4
---------------------------- --- ------------------ -- ---------------------------- -- --------------------
Class LTII1-4B                          (2)                    $3,625,442.7979            Pool 4
---------------------------- --- ------------------ -- ---------------------------- -- --------------------
Class LTII1-5A                          (1)                      $188,144.0840            Pool 5
---------------------------- --- ------------------ -- ---------------------------- -- --------------------
Class LTII1-5B                          (3)                    $3,010,204.0840            Pool 5
---------------------------- --- ------------------ -- ---------------------------- -- --------------------
Class LTII1-Z                           (1)                  $656,514,304.4262            N/A
---------------------------- --- ------------------ -- ---------------------------- -- --------------------
Class LTII1-R                           (4)                        (4)                    N/A
-----------------------------------------------------------------------------------------------------------
</TABLE>
----------
(1) For any Distribution Date, the interest rate for these interests shall be a
    per annum rate equal to the weighted average of the Net Mortgage Rates of
    all the Mortgage Loans in Mortgage Group II at the beginning of the related
    Due Period, weighted on the basis of their respective Scheduled Principal
    Balances.

(2) For any Distribution Date, the interest rate for the Class LTII1-4B Interest
    shall be the Net WAC for Pool 4 for such Distribution Date.

(3) For any Distribution Date, the interest rate for the Class LTII1-5B Interest
    shall be the Net WAC for Pool 5 for such Distribution Date.

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

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

                                       10
<PAGE>
         If on any Distribution Date there is an increase in the Certificate
Principal Amount of any Class of Group II Certificates as a result of the
proviso in the definition of Certificate Principal Amount, then, prior to
distributions of principal and allocations of losses on such Distribution Date
with respect to REMIC II-1, there shall be a corresponding increase in the
principal amount of the REMIC II-1 Regular Interests, with such increase
allocated among the REMIC II-1 Regular Interests as follows: (i) first, to each
REMIC II-1 Regular Interest ending with the designation "B" so as to keep the
uncertificated principal balance of such REMIC II-1 Regular Interest equal to 1%
of the aggregate Scheduled Principal Balance of the Mortgage Loans in the
related Mortgage Pool, (ii) second, to each REMIC II-1 Regular Interest ending
with the designation "A", so that the uncertificated principal balance of each
such REMIC II-1 Regular Interest is as close as possible to (but does not
exceed) 1% of the excess of (x) the aggregate Scheduled Principal balance of the
Mortgage Loans in the related Mortgage Pool over (y) the aggregate Class
Principal Amounts of the Senior Certificates of the Certificate Group related to
such Mortgage Pool; provided, however, that (a) the REMIC II-1 Subordinated
Balance Ratio is maintained and (b) amounts allocated to any REMIC II-1 Regular
Interest pursuant to this clause (ii) shall not exceed the amount of any
previous realized losses allocated to such REMIC II-1 Regular Interest not
previously offset by distributions or increases in the principal amount of such
REMIC II-1 Regular Interest and (iii) finally, all remaining increases are
allocated to the Class LTII1-Z Interest.

REMIC II-2

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

         Each of the REMIC II-2 Interests set forth below (other than the Class
LTII2-R Interest) is referred to herein as a REMIC II-2 Regular Interest and is
hereby designated as a regular interest in REMIC II-2. The Class LTII2-R
Interest is hereby designated as the sole class of residual interest in REMIC
II-2.

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

                                       11
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------

         REMIC II-2                                                   Pass-Through             Corresponding Certificates
      Class Designation                   Initial Balance                Rate                    or REMIC II-3 Interests
------------------------------- ---------------------------------- ------------------- ----------------------------------
<S>                             <C>
------------------------------- ---------------------------------- ------------------- ----------------------------------
LTII2-4A1A2                                  $339,885,000.00              (1)                     4-A1, 4-A2, 4-AX
------------------------------- ---------------------------------- ------------------- ----------------------------------
LTII2-5A1A2                                  $282,206,000.00              (2)                     5-A1, 5-A2, 5-AX
------------------------------- ---------------------------------- ------------------- ----------------------------------
LTII2-B1II                                    $18,911,000.00              (3)                                B1-II
------------------------------- ---------------------------------- ------------------- ----------------------------------
LTII2-B2II                                     $7,630,000.00              (3)                                B2-II
------------------------------- ---------------------------------- ------------------- ----------------------------------
LTII2-B3II                                     $5,972,000.00              (3)                                B3-II
------------------------------- ---------------------------------- ------------------- ----------------------------------
LTII2-B4II                                     $1,327,000.00              (3)                                B4-II
------------------------------- ---------------------------------- ------------------- ----------------------------------
LTII2-B5II                                     $2,322,000.00              (3)                                B5-II
------------------------------- ---------------------------------- ------------------- ----------------------------------
LTII2-B6II                                     $2,986,000.00              (3)                                B6-II
------------------------------- ---------------------------------- ------------------- ----------------------------------
LTII2-B7II                                     $2,325,688.19              (3)                                B7-II
------------------------------- ---------------------------------- ------------------- ----------------------------------
LTII2-R                                        (4)                        (4)                                  N/A
------------------------------- ---------------------------------- ------------------- ----------------------------------
</TABLE>
--------------
(1) For any Distribution Date, the interest rate for the Class LTII2-4A1A2
    Interest shall be a per annum rate equal to the Net WAC for Pool 4 for such
    Distribution Date.

(2) For any Distribution Date, the interest rate for the Class LTII2-5A1A2
    Interest shall be a per annum rate equal to the Net WAC for Pool 5 for such
    Distribution Date.

(3) For any Distribution Date, the interest rate for each of the Class
    LTII2-B1II, Class LTII2-B2II, Class LTII2-B3II, Class LTII2-B4II, Class
    LTII2-B5II, Class LTII2-B6II and Class LTII2-B7II Interests shall be a per
    annum rate equal to the Pool 4-5 Underlying Subordinate Rate for such
    Distribution Date.

(4) The Class LTII2-R Interest shall represent the sole class of residual
    interest in REMIC II-2. The Class LTII2-R Interest will not have a principal
    amount or an interest rate. The Class LTII2-R Interest shall be represented
    by the Class R Certificate.

         Principal and interest shall be payable to, and shortfalls, losses and
prepayments are allocable to, the REMIC II-2 Regular Interests as such amounts
are payable and allocable to the Corresponding Certificates or REMIC II-3
Interests. Notwithstanding the preceding sentence, (i) the first $0.19 of losses
with respect to principal on the Mortgage Loans in Mortgage Group II shall be
allocated to the Class LTII2-B7II Interest and (ii) immediately preceding any
payment to the Class R Certificate pursuant to Section 5.02(e) attributable to
principal received with respect to any Mortgage Loan in Mortgage Group II, a
payment shall be treated as made to the Class LTII2-B7II Interest in reduction
of the principal balance thereof, if any, to zero.

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

REMIC II-3

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

Each of the Group II Certificates is referred to herein as a REMIC II-3 Regular
Interest and is hereby designated as a regular interest in REMIC II-3. The Class
LTII3-R Interest is hereby designated as the sole class of residual interest in
REMIC II-3. The Class LTII3-R Interest shall be represented by the Class R
Certificate. The Class LTII3-R Interest shall not have a principal amount or an
interest rate.

                                       12
<PAGE>
The REMIC II-3 Regular Interests and the Class LTII3-R Interest are referred to
herein as the REMIC II-3 Interests.

Solely for the purposes of the REMIC Provisions, the Class 4-AX Certificates
shall represent a "specified portion" of the interest accrued on the Class
LTII2-4A1A2 Interest for each Distribution Date through the Distribution Date in
January 2016. Such "specified portion" shall equal all interest accruing on the
Class LTII2-4A1A2 Interest in excess of the interest accruing thereon at a per
annum rate equal to 6.00%.

Solely for the purposes of the REMIC Provisions, the Class 5-AX Certificates
shall represent a "specified portion" of the interest accrued on the Class
LTII2-5A1A2 Interest for each Distribution Date through the Distribution Date in
December 2015. Such "specified portion" shall equal all interest accruing on the
Class LTI2-5A1A2 Interest in excess of the interest accruing thereon at a per
annum rate equal to 6.00%.

THE CERTIFICATES

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

                                       13
<PAGE>
<TABLE>
<CAPTION>
                                                                          Initial Class
                                                                         Principal Amount
                                           Certificate                       or Class                   Minimum
      Class Designation                   Interest Rate                   Notional Amount             Denomination
      -----------------                   -------------                   ---------------             ------------
<S>                                       <C>                          <C>                            <C>
Class 1-A1                                    (1)                          $122,439,000                   $25,000
Class 1-A2                                    (1)                           $13,604,000                   $25,000
Class 2-A1                                    (2)                          $129,059,000                   $25,000
Class 2-A2                                    (2)                           $19,855,000                   $25,000
Class AX                                    5.50%(3)                        $14,655,903                $1,000,000
Class PAX                                   5.50%(4)                        $14,441,488                $1,000,000
Class 3-A1                                    (5)                          $316,918,000                   $25,000
Class 3-A2                                    (5)                           $22,637,000                   $25,000
Class 4-A1                                    (6)                          $271,908,000                   $25,000
Class 4-A2                                    (6)                           $67,977,000                   $25,000
Class 4-AX                                  5.50%(7)                        $24,409,922                $1,000,000
Class 5-A1                                    (8)                          $263,393,000                   $25,000
Class 5-A2                                    (8)                           $18,813,000                   $25,000
Class 5-AX                                  5.50%(9)                        $15,018,134                $1,000,000
Class B1-I                                    (10)                          $21,649,000                  $100,000
Class B2-I                                    (10)                           $6,661,000                  $100,000
Class B3-I                                    (10)                           $4,996,000                  $100,000
Class B4-I                                    (10)                             $999,000                  $100,000
Class B5-I                                    (10)                           $2,331,000                  $250,000
Class B6-I                                    (10)                           $2,664,000                  $250,000
Class B7-I                                    (10)                           $2,336,616                  $250,000
Class B1-II                                   (11)                          $18,911,000                  $100,000
Class B2-II                                   (11)                           $7,630,000                  $100,000
Class B3-II                                   (11)                           $5,972,000                  $100,000
Class B4-II                                   (11)                           $1,327,000                  $100,000
Class B5-II                                   (11)                           $2,322,000                  $250,000
Class B6-II                                   (11)                           $2,986,000                  $250,000
Class B7-II                                   (11)                           $2,325,688                  $250,000
Class R                                       (1)                                  $100                      $100
Class P-I                                     (12)                                 (19)                       25%
Class P-II                                    (13)                                 (20)                       25%
Class P-III                                   (14)                                 (20)                       25%
Class P-IV                                    (15)                                 (20)                       25%
</TABLE>
-----------------
(1) For any Distribution Date on or prior to December 2010, the Certificate
    Interest Rate on the Class 1-A1, Class 1-A2 and Class R Certificates shall
    be a per annum rate equal to 5.71%, provided, however, that with respect to
    any Distribution Date as to which the Pool 1 Adjusted Net WAC is less than
    5.71%, the Certificate Interest Rate for the Class 1-A1, Class 1-A2 and R
    Certificates shall equal the Pool 1 Adjusted Net WAC for such Distribution
    Date. Beginning with the Distribution Date in January 2011, the Certificate
    Interest Rate for the Class 1-A1, Class 1-A2 and Class R Certificates shall
    be a per annum rate equal to the Net WAC for pool 1 for such Distribution
    Date.

(2) For any Distribution Date on or prior to December 2010, the Certificate
    Interest Rate on the Class 2-A1 and Class 2-A2 Certificates shall be a per
    annum rate equal to 6.00%, provided, however, that with respect to any
    Distribution Date as to which the Pool 2 Adjusted Net WAC is less than
    6.00%, the Certificate Interest Rate for the Class 2-A1 and Class 2-A2
    Certificates shall equal the Pool 2 Adjusted Net WAC for such Distribution
    Date. Beginning with the Distribution Date in January 2011, the Certificate
    Interest Rate for the Class 2-A1 and Class 2-A2 Certificates shall be a per
    annum rate equal to the Net WAC for pool 2 for such Distribution Date.

                                       14
<PAGE>
(3) Solely for purposes of determining distributions of interest, the Class AX
    Certificates will consist of two payment components: Component 1-AX and 2-AX
    and each Component relates to the Class AX Certificates. For any
    Distribution Date on or prior to the Distribution Date in December 2010, the
    Certificate Interest Rate on the Class AX Certificates shall be a per annum
    rate equal to 5.50%. Thereafter, the Class AX Certificates will not accrue
    interest and will not be entitled to any distributions related to subsequent
    Distribution Dates. On each Distribution Date, each Component of the Class
    AX Certificates shall be entitled to the amount of interest accrued during
    the related Accrual Period on its Component Notional Amount at the interest
    rate for such Component. With respect to the Component 1-AX, the Component
    Notional Amount shall be, for any Distribution Date on or prior to December
    2010, the amount equal to the product of (i) a fraction, the numerator of
    which is the excess, if any, of (1) the weighted average of the Net Mortgage
    Rates of the Pool 1 AX Mortgage Loans at the beginning of the related Due
    Period based on their Scheduled Principal Balances as of the beginning of
    the related Due Period over (2) 5.71%, and the denominator of which is 5.50%
    and (ii) the total Scheduled Principal Balance of the Pool 1 AX Mortgage
    Loans as of the beginning of the related Due Period. The initial Notional
    Amount of the Component 1-AX is $6,504,641.52. With respect to the Component
    2-AX, the Component Notional Amount shall be, for any Distribution Date on
    or prior to December 2010, the amount equal to a product of (i) a fraction,
    the numerator of which is the excess, if any, of (1) the weighted average of
    the Net Mortgage Rates of the Pool 2 AX Mortgage Loans at the beginning of
    the related Due Period based on their Scheduled Principal Balances as of the
    beginning of the related Due Period over (2) 6.00%, and the denominator of
    which is 5.50% and (ii) the total Scheduled Principal Balance of the Pool 2
    AX Mortgage Loans as of the beginning of the related Due Period. The initial
    Notional Amount of the Component 2-AX is $8,151,262.02. On each Distribution
    Date, the "Class AX Notional Amount" shall be equal to the sum of the
    Notional Amounts of the two components that comprise the Class AX
    Certificates. The initial Class AX Notional Amount will be approximately
    $14,655,903 for the first Distribution Date.

(4) Solely for purposes of determining distributions of interest, the Class PAX
    Certificates will consist of two payment components: Component 1-PAX and
    2-PAX and each Component relates to the Class PAX Certificates. For any
    Distribution Date on or prior to the Distribution Date in December 2010, the
    Certificate Interest Rate on the Class PAX Certificates shall be a per annum
    rate equal to 5.50%. Thereafter, the Class PAX Certificates will not accrue
    interest and will not be entitled to any distributions related to subsequent
    Distribution Dates. On each Distribution Date, each Component of the Class
    PAX Certificates shall be entitled to the amount of interest accrued during
    the related Accrual Period on its Component Notional Amount at the interest
    rate for such Component. With respect to the Component 1-PAX, the Component
    Notional Amount shall be, for any Distribution Date on or prior to December
    2010, the amount equal to the product of (i) a fraction, the numerator of
    which is the excess, if any, of (1) the weighted average of the Net Mortgage
    Rates of the Pool 1 PAX Mortgage Loans at the beginning of the related Due
    Period based on their Scheduled Principal Balances as of the beginning of
    the related Due Period over (2) 5.71%, and the denominator of which is 5.50%
    and (ii) the total Scheduled Principal Balance of the Pool 1 PAX Mortgage
    Loans as of the beginning of the related Due Period. The initial Notional
    Amount of the Component 1-PAX is $7,090,389.85. With respect to the
    Component 2-PAX, the Component Notional Amount shall be, for any
    Distribution Date on or prior to December 2010, the amount equal to a
    product of (i) a fraction, the numerator of which is the excess, if any, of
    (1) the weighted average of the Net Mortgage Rates of the Pool 2 PAX
    Mortgage Loans at the beginning of the related Due Period based on their
    Scheduled Principal Balances as of the beginning of the related Due Period
    over (2) 6.00%, and the denominator of which is 5.50% and (ii) the total
    Scheduled Principal Balance of the Pool 2 PAX Mortgage Loans as of the
    beginning of the related Due Period. The initial Notional Amount of the
    Component 2-PAX is $7,351,098.75. On each Distribution Date, the "Class PAX
    Notional Amount" shall be equal to the sum of the Notional Amounts of the
    two components that comprise the Class PAX Certificates. The initial Class
    PAX Notional Amount will be approximately $14,441,488 for the first
    Distribution Date.

                                       15
<PAGE>
(5)  For any Distribution Date, the Certificate Interest Rate on the Class 3-A1
     and Class 3-A2 Certificates shall be a per annum rate equal to the Net WAC
     for Pool 3 for such Distribution Date.

(6)  For any Distribution Date on or prior to the Distribution Date in January
     2016, the Certificate Interest Rate on the Class 4-A1 and Class 4-A2
     Certificates shall be a per annum rate equal to the lesser of (i) 6.00% or
     (ii) the Net WAC for Pool 4 for such Distribution Date. Beginning with the
     Distribution Date in February 2016, the Certificate Interest Rate on the
     Class 4-A1 and Class 4-A2 Certificates shall be a per annum rate equal to
     the Net WAC for Pool 4 for such Distribution Date.

(7)  For any Distribution Date on or prior to the Distribution Date in January
     2016, the Certificate Interest Rate on the Class 4-AX Certificates shall be
     a per annum rate equal to 5.50%. Thereafter, the Class 4-AX Certificates
     will not accrue interest and will not be entitled to any distributions
     related to subsequent Distribution Dates. For any Distribution Date, the
     Class Notional Amount of the Class 4-AX Certificates will be equal to the
     product of (i) a fraction, the numerator of which is the excess, if any, of
     (1) the Net WAC for Pool 4 for the related Distribution Date over (2)
     6.00%, and the denominator of which is 5.50% and (ii) the aggregate Class
     Principal Amount of the Class 4-A1 and Class 4-A2 Certificates immediately
     prior to such Distribution Date. The initial Class Notional Amount of the
     Class 4-AX Certificates is approximately $24,412,482.

(8)  For any Distribution Date on or prior to the Distribution Date in December
     2015, the Certificate Interest Rate on the Class 5-A1 and Class 5-A2
     Certificates shall be a per annum rate equal to the lesser of (i) 6.00% or
     (ii) the Net WAC for Pool 5 for such Distribution Date. Beginning with the
     Distribution Date in January 2016, the Certificate Interest Rate on the
     Class 5-A1 and Class 5-A2 Certificates shall be a per annum rate equal to
     the Net WAC for Pool 5 for such Distribution Date.

(9)  For any Distribution Date on or prior to the Distribution Date in December
     2015, the Certificate Interest Rate on the Class 5-AX Certificates shall be
     a per annum rate equal to 5.50%. Thereafter, the Class 5-AX Certificates
     will not accrue interest and will not be entitled to any distributions
     related to subsequent Distribution Dates. For any Distribution Date, the
     Class Notional Amount of the Class 5-AX Certificates will be equal to the
     product of (i) a fraction, the numerator of which is the excess, if any, of
     (1) the Net WAC for Pool 5 for the related Distribution Date over (2)
     6.00%, and the denominator of which is 5.50% and (ii) the aggregate Class
     Principal Amount of the Class 5-A1 and Class 5-A2 Certificates immediately
     prior to such Distribution Date. The initial Class Notional Amount of the
     Class 5-AX Certificates is approximately $15,018,134.

(10) For any Distribution Date, the Certificate Interest Rate for the Class
     B1-I, Class B2-I, Class B3-I, Class B4-I, Class B5-I, Class B6-I and Class
     B7-I Certificates shall be equal to an annual rate equal to the Pool 1-3
     Underlying Subordinate Rate.

(11) For any Distribution Date, the Certificate Interest Rate for the Class
     B1-II, Class B2-II, Class B3-II, Class B4-II, Class B5-II, Class B6-II and
     Class B7-II Certificates shall be equal to an annual rate equal to the Pool
     4-5 Underlying Subordinate Rate.

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

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

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

(15) The Class P-IV Certificates will be entitled to receive Prepayment Penalty
     Amounts paid by borrowers upon voluntary full or partial prepayment of the
     Mortgage Loans in Pool 4 and Pool 5.

         As of the Cut-off Date, the Mortgage Loans had an aggregate Scheduled
Principal Balance of $1,329,713,405.01.

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

                                       16
<PAGE>
         In consideration of the mutual agreements herein contained, the
Depositor, the Master Servicer, the Securities Administrator and the Trustee
hereby agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         Section 1.01. Definitions.

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

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

         Accepted Servicing Practices: With respect to any Mortgage Loan, as
applicable, either (x) those customary mortgage master servicing practices of
prudent mortgage servicing institutions that 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
Securities Administrator (as successor Master Servicer) or the Master Servicer
or (y) as provided in the applicable Servicing Agreement, to the extent
applicable to the related Servicer.

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

         Accretion Directed Certificate: Not applicable.

         Accretion Termination Date: Not applicable.

         Accrual Amount: Not applicable.

         Accrual Certificate: Not applicable.

         Accrual Component: Not applicable.

         Accrual Period: With respect to any Distribution Date and any Class of
Certificates, REMIC I-1 Interests, REMIC I-2 Interests, REMIC I-3 Interests,
REMIC I-4 Interests, REMIC II-1 Interests, REMIC II-2 Interests and REMIC II-3
Interests, the calendar month immediately preceding the month in which such
Distribution Date occurs. All calculations of interest will be made on the basis
of a 360 day year and twelve 30 day months.

         Accrued Certificate Interest: As to any Class of Certificates and any
Distribution Date, the amount of interest accrued at its Interest Rate during
the related Accrual Period on (in the case of each Class other than the Class
AX, Class PAX, Class 4-AX and Class 5-AX Certificates) the related Class
Principal Amount immediately prior to such Distribution Date or, in the case of
the Components 1-AX, 1-PAX, 2-AX and 2-PAX, and Class 4-AX and Class 5-AX
Certificates, the related Class Notional Amount or Component Notional Amount for
such Distribution Date, as reduced by such Class's or Component's share of the

                                       17
<PAGE>
interest portion of (i) any Excess Losses for the related Mortgage Pool or
Mortgage Pools for such Distribution Date and (ii) any Relief Act Reduction for
the related Mortgage Pool or Mortgage Pools for such Distribution Date, in each
case allocable among the Senior Certificates of the related Certificate Group
and the related Subordinate Certificates proportionately based on (1) in the
case of the Senior Certificates, the Accrued Certificate Interest otherwise
distributable thereon, and (2) in the case of the Group I Subordinate
Certificates and the Group II Subordinate Certificates interest accrued (at the
Underlying Subordinate Rate for the relevant Mortgage Pool) on their respective
Apportioned Principal Balances. All calculations of interest on each Class of
Certificates and each of the REMIC I-1 Interests, REMIC I-2 Interests, REMIC I-3
Interests, REMIC I-4 Interests, REMIC II-1 Interests, REMIC II-2 Interests and
REMIC II-3 Interests shall be calculated on the basis of a 360-day year
consisting of twelve 30-day months. The interest shall accrue during the related
Accrual Period.

         Act: As defined in Section 3.03(c).

         Additional Collateral: None.

         Additional Collateral Servicing Agreement: None.

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

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

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

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

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

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

                                       18
<PAGE>
         Aggregate Master Servicing Compensation: Not applicable.

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

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

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

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

         AP Percentage: Not applicable.

         AP Principal Distribution Amount: Not applicable.

         Applicants: As defined in Section 8.02(b).

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

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

         Assessment of Compliance: As defined in Section 6.21(a).

         Associated Mortgage Loan: Not applicable.

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

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

                                       19
<PAGE>
         Authenticating Agent: Any authenticating agent appointed by the Trustee
pursuant to Section 6.10.

         Authorized Officer:  Not applicable.

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

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

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

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

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

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

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

                        (F) [Reserved];

                                       20
<PAGE>
                        (G) [Reserved];

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

                  (ii) any other payment made by the Master Servicer, any
         Servicer, the Securities Administrator, the Trustee, 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).

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

         Balloon Mortgage Loan: Not applicable.

         Balloon Payment: Not applicable.

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

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

         Bankruptcy Loss Limit: As of the Cut-off Date, $253,634 for Pools 1
through 3 and $204,403 for Pools 4 and 5, which amounts shall each be reduced
from time to time by the amount of Bankruptcy Losses in the related Pool or
Pools that are allocated to the related Certificates until the applicable
Bankruptcy Coverage Termination Date.

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

         Basis Risk Shortfall Protected Certificate: Any Class 1-A1, Class 1-A2,
Class 2-A1, Class 2-A2 or any Class of Group I Subordinate Certificates.

         Basis Risk Shortfall: With respect to Pool 1 and any Distribution Date
on or prior to the Distribution Date in December 2010, to the extent that the
interest distributed on the Class 1-A1 and Class 1-A2, Certificates and the
Group I Subordinate Certificates is limited due to either the weighted average
Net Mortgage Rate on the Pool 1 AX Mortgage Loans or the weighted average Net
Mortgage Rate on the Pool 1 PAX Mortgage Loans being below 5.71%, the amount of
any such shortfall to such Certificates. With respect to Pool 2 and any
Distribution Date on or prior to the Distribution Date in December 2010, to the
extent that the interest distributed on the Class 2-A1, Class 2-A2 Certificates
and the Group I Subordinate Certificates is limited due to either the weighted
average Net Mortgage Rate on the Pool 2 AX Mortgage Loans or the weighted
average Net Mortgage Rate on the Pool 2 PAX Mortgage Loans being below 6.00%,
the amount of any such shortfall to such Certificates.

                                       21
<PAGE>
         Blanket Mortgage: Not applicable.

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

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

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

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

         Certificate Group: The Group 1 Certificates (which are related to Pool
1), the Group 2 Certificates (which are related to Pool 2), the Group 3
Certificates (which are related to Pool 3), the Group 4 Certificates (which are
related to Pool 4) or the Group 5 Certificates (which are related to Pool 5), as
applicable.

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

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

         Certificate Principal Amount: With respect to any Certificate other
than a Notional Certificate, at the time of determination, the maximum specified
dollar amount of principal to which the Holder thereof is then entitled
hereunder, such amount being equal to the initial principal amount set forth on
the face of such Certificate (plus, in the case of any Negative Amortization
Certificate, any Deferred Interest allocated thereto on previous Distribution
Dates, and plus, in the case of any Accrual Certificate, its Percentage Interest
of any related Accrual Amount for each previous Distribution Date), less the
amount of all principal distributions previously made with respect to such
Certificate, and all Realized Losses allocated to such Certificate and, in the
case of a Subordinate Certificate, any Subordinate Certificate Writedown Amount

                                       22
<PAGE>
allocated to such Certificates; provided, however, that on any Distribution Date
on which a Subsequent Recovery for a Mortgage Pool is distributed, the
Certificate Principal Amount of any Class of related Certificates then
outstanding for which any Realized Loss or any Subordinate Certificate Writedown
Amount has been applied will be increased, in order of seniority, by an amount
equal to the lesser of (i) the amount the Class of Certificates has been reduced
by any Realized Losses or any Subordinate Certificate Writedown Amount which
have not been previously offset by any Subsequent Recovery pursuant to this
proviso and (ii) the total amount of any Subsequent Recovery for such Mortgage
Pool distributed on such date to Certificateholders (as reduced (x) by increases
in the Certificate Principal Amount of more senior Classes of Certificates
related to such Mortgage Pool on such Distribution Date and (y) to reflect a
proportionate amount of what would (but for this clause (y) have been the
increases in the Certificate Principal Amount of Classes of Certificates related
to such Mortgage Pool of equal seniority on such Distribution Date). For
purposes of Article V hereof, unless specifically provided to the contrary,
Certificate Principal Amounts shall be determined as of the close of business of
the immediately preceding Distribution Date, after giving effect to all
distributions made on such date. Notional Certificates are issued without
Certificate Principal Amounts.

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

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

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

         Class: All Certificates bearing the same class designation, and, in the
case of REMIC I-1, REMIC I-2, REMIC I-3, REMIC I-4, REMIC II-1, REMIC II-2 or
REMIC II-3, all interests bearing the same designation.

         Class AP Certificate: None.

         Class AP Deferred Amount: Not applicable.

         Class B Certificate: Any Class B1-I, Class B2-I, Class B3-I, Class
B4-I, Class B5-I, Class B6-I, Class B7-I, Class B1-II, Class B2-II, Class B3-II,
Class B4-II, Class B5-II, Class B6-II or Class B7-II Certificate.

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

         Class P Certificate: Any Class P-I, Class P-II, Class P-III or Class
P-IV Certificate.

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

                                       23
<PAGE>
         Class Principal Amount: With respect to each Class of Certificates
other than any Class of Notional Certificates, the aggregate of the Certificate
Principal Amounts of all Certificates of such Class at the date of
determination. With respect to each Class of Notional Certificates and the Class
P Certificates, zero.

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

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

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

         Closing Date: February 28, 2006.

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

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

         Commission: The Securities and Exchange Commission.

         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 Components 1-AX, 1-PAX, 2-AX or 2-PAX, as applicable.
The Components 1-AX and 2-AX are related to the Class AX Certificates and the
Components 1-PAX and 2-PAX are related to the Class PAX Certificates.

         Component Certificate: Class AX and Class PAX Certificates.

         Component Notional Amount: The applicable Notional Amount as described
in "Preliminary Statement - The Certificates".

         Component Principal Amount: Not applicable.

         Component Writedown Amount: Not applicable.

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

         Conventional Loan: Not applicable.

                                       24
<PAGE>
         Converted Mortgage Loan: Not applicable.

         Convertible Mortgage Loan: Not applicable.

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

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

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

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

         Cooperative Shares: Shares issued by a Cooperative Corporation.

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

         Corporate Trust Office: With respect to the Trustee, the principal
corporate trust office of the Trustee located at Corporate Trust Services, One
Federal Street, Third Floor, Boston, Massachusetts 02110, Attention: SARM
2006-2, or at such other address as the Trustee may designate from time to time
by notice to the Certificateholders, the Depositor, the Master Servicer and the
Securities Administrator or the principal corporate trust office of any
successor Trustee. With respect to the Securities Administrator for purposes of
presentment of Certificates for registration of transfer, exchange or final
payment, Wells Fargo Bank, National Association, Sixth Street and Marquette
Avenue, Minneapolis, Minnesota 55479, Attention: SARM 2006-2.

         Corresponding Class: Not applicable.

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

                                       25
<PAGE>
         Credit Support Depletion Date: The Distribution Date on which, after
giving effect to all distributions on such date, the aggregate Certificate
Principal Amount of the Group I Subordinate Certificates or Group II Subordinate
Certificates, as applicable, is reduced to zero.

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

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

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

         Cut-off Date: February 1, 2006.

         Cut-off Date Aggregate Principal Balance: Not applicable.

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

         Deferred Interest: None.

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

         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 therefore.

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

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

         Designated Rate: Not applicable.

                                       26
<PAGE>
         Determination Date: With respect to each Distribution Date, the
Remittance Date immediately preceding such Distribution Date.

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

         Discount Mortgage Loan: None.

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

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

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

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

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

                                       27
<PAGE>
                  (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 or the
         Securities Administrator, acting in its respective commercial capacity)
         incorporated or organized under the laws of the United States of
         America or any state thereof and subject to supervision and examination
         by federal or state banking authorities, so long as at the time of
         investment or the contractual commitment providing for such investment
         the commercial paper or other short-term debt obligations of such
         depository institution or trust company (or, in the case of a
         depository institution or trust company which is the principal
         subsidiary of a holding company, the commercial paper or other
         short-term debt or deposit obligations of such holding company or
         deposit institution, as the case may be) have been rated by each Rating
         Agency in its highest short-term rating category or one of its two
         highest long-term rating categories;

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

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

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

                                       28
<PAGE>
                  (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 an Affiliate thereof), (A) rated in the highest rating
         category by each Rating Agency (if rated by such Rating Agency) or (B)
         that would not adversely affect the then current rating by either
         Rating Agency of any of the Certificates and has a short term rating of
         at least "A-1" or its equivalent by each Rating Agency. Such
         investments in this subsection (viii) may include money market mutual
         funds for which the Trustee, the Securities Administrator, the Master
         Servicer or an affiliate thereof serves as an investment advisor,
         administrator, shareholder servicing agent, and/or custodian or
         subcustodian, notwithstanding that (i) any such Person or an Affiliate
         thereof charges and collects fees and expenses from such funds for
         services rendered, (ii) any such Person or an Affiliate thereof charges
         and collects fees and expenses for services rendered pursuant to this
         Agreement, and (iii) services performed for such funds and pursuant to
         this Agreement may converge at any time. The Trustee specifically
         authorizes any such Person or an Affiliate thereof to charge and
         collect from the Trust Fund such fees as are collected from all
         investors in such funds for services rendered to such funds (but not to
         exceed investment earnings thereon);

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

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

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

         ERISA-Restricted Certificate: Any Class P-I, Class P-II, Class P-III,
Class P-IV, Class B5-I, Class B6-I, Class B7-I, Class B5-II, Class B6-II or
Class B7-II Certificate and any other Certificate, as long as the acquisition
and holding of such Certificate is not covered by and exempt under the
Underwriter's Exemption.

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

                                       29
<PAGE>
         Euroclear: Euroclear S.A./N.V., as operator of the Euroclear System.

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

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

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

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

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

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

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

         Final Scheduled Distribution Date: For the Certificates (other than the
Class AX, Class PAX, Class 4-AX and Class 5-AX Certificates), the Distribution
Date in March 2036. For the Class AX and Class PAX Certificates, the
Distribution Date in December 2010. For the Class 4-AX Certificates, the
Distribution Date in January 2016. For the Class 5-AX Certificates, the
Distribution Date in December 2015.

         Financial Intermediary: Not applicable.

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

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

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

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

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

                                       30
<PAGE>
         Fraud Loss Limit: With respect to any Distribution Date (x) prior to
the first anniversary of the Cut-off Date, $13,322,974 for Mortgage Group I,
less the aggregate of Fraud Losses in Mortgage Group I since the Cut-off Date,
and (y) from the first anniversary to the fifth anniversary of the Cut-off Date,
an amount equal to (1) the lesser of (a) the Fraud Loss Limit as of the most
recent anniversary of the Cut-off Date and (b) 1.00% of the aggregate principal
balance of all the Mortgage Loans in Mortgage Group I as of the most recent
anniversary of the Cut-off Date less (2) the aggregate of Fraud Losses in
Mortgage Group I since the most recent anniversary of the Cut-off Date. On or
after the fifth anniversary of the Cut-off Date, the Fraud Loss Limit shall be
zero. With respect to any Distribution Date (x) prior to the first anniversary
of the Cut-off Date, approximately $13,271,293 for Mortgage Group II, less the
aggregate of Fraud Losses in Mortgage Group II since the Cut-off Date, (y) from
the first anniversary to the fifth anniversary of the Cut-off Date, an amount
equal to (1) the lesser of (a) the Fraud Loss Limit as of the most recent
anniversary of the Cut-off Date and (b) 1.00% of the aggregate principal balance
of all the Mortgage Loans in Mortgage Group II as of the most recent anniversary
of the Cut-off Date less (2) the aggregate of Fraud Losses in Mortgage Group II
since the most recent anniversary of the Cut-off Date. On or after the fifth
anniversary of the Cut-off Date, the Fraud Loss Limit shall be zero.

         Funding Account: The account defined in Section 5.06 herein.

         Funding Amount: The amount paid by the Depositor to the Securities
Administrator for deposit into the Funding Account on the Closing Date pursuant
to Section 5.06, which amount is $2,795,865.64. The Funding Amount is calculated
as the difference between the Scheduled Principal Balance of the Mortgage Loans
as of the Cut-off Date and the aggregate Certificate Principal Amount of the
Certificates as of the Closing Date, as adjusted for rounding ($2,782,526.29)
plus 30 days accrued interest on that amount ($13,339.35). For purposes of
distributions to Certificateholders pursuant to Section 5.06, the Funding Amount
with respect to Pool 1 shall equal a principal amount of $618,254.76 plus thirty
(30) days accrued interest on such principal amount at the Net WAC for Pool 1
for the first Distribution Date and the Funding Amount with respect to Pool 3
shall equal a principal amount of $2,164,271.53 plus thirty (30) days accrued
interest on such principal amount at the Net WAC for Pool 3 for the first
Distribution Date. To the extent that the total amount on deposit in the Funding
Account exceeds the sum of the Funding Amounts with respect to Pool 1 and Pool 3
described in the preceding sentence, such excess shall be distributed to the
Depositor as described in Section 5.06.

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

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

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

         Grantor Trust Assets: Any Prepayment Penalty Amounts collected with
respect to Pool 1, Pool 2, Pool 3, Pool 4 or Pool 5.

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

                                       31
<PAGE>
         Group 1: All of the Group 1 Certificates.

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

         Group 2: All of the Group 2 Certificates.

         Group 2 Certificate: Any Class 2-A1 or Class 2-A2 Certificate, or the
Components 2-AX and 2-PAX. The Group 2 Certificates and Components are related
to Pool 2.

         Group 3: All of the Group 3 Certificates.

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

         Group 4: All of the Group 4 Certificates.

         Group 4 Certificate: Any Class 4-A1, Class 4-A2 or Class 4-AX
Certificate. The Group 4 Certificates are related to Pool 4.

         Group 5: All of the Group 5 Certificates.

         Group 5 Certificate: Any Class 5-A1, Class 5-A2 or Class 5-AX
Certificate. The Group 5 Certificates are related to Pool 5.

         Group I Certificate: Any of the Class 1-A1, Class 1-A2, Class 2-A1,
Class 2-A2, Class AX, Class PAX, Class 3-A1, Class 3-A2 Class B1-I, Class B2-I,
Class B3-I, Class B4-I, Class B5-I, Class B6-I, Class B7-I or Class R
Certificates.

         Group I Subordinate Certificate: Any of the Class B1-I, Class B2-I,
Class B3-I, Class B4-I, Class B5-I, Class B6-I, Class B7-I Certificates.

         Group II Certificate: Any of the Class 4-A1, Class 4-A2, Class 4-AX,
Class 5-A1, Class 5-A2, Class 5-AX, Class B1-II, Class B2-II, Class B3-II, Class
B4-II, Class B5-II, Class B6-II or Class B7-II Certificates.

         Group II Subordinate Certificate: Any of the Class B1-II, Class B2-II,
Class B3-II, Class B4-II, Class B5-II, Class B6-II or Class B7-II Certificates.

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

                                       32
<PAGE>
         Holder or Certificateholder: The registered owner of any Certificate as
recorded on the books of the Certificate Registrar except that, solely for the
purposes of taking any action or giving any consent pursuant to this Agreement,
any Certificate registered in the name of the Depositor, the Trustee, the Master
Servicer, any Servicer, or any Affiliate thereof shall be deemed not to be
outstanding in determining whether the requisite percentage necessary to effect
any such consent has been obtained, except that, in determining whether the
Trustee shall be protected in relying upon any such consent, only Certificates
which a Responsible Officer of the Trustee knows to be so owned shall be
disregarded. The Trustee may request and conclusively rely on certifications by
the Depositor, the Master Servicer or any Servicer in determining whether any
Certificates are registered to an Affiliate of the Depositor, the Master
Servicer or such Servicer, respectively.

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

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

         Initial LIBOR Rate: Not applicable.

         Initial MTA Rate: Not applicable.

         Initial Net Mortgage Rate: Not applicable.

         Initial Senior Enhancement Percentage: 6.25% for Mortgage Group I and
6.25% for Mortgage Group II.

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

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

         Interest Distribution Amount: Not applicable.

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

                                       33
<PAGE>
         Intervening Assignments: The original intervening assignments of the
Mortgage, notice of transfer or equivalent instrument.

         IRS: The Internal Revenue Service.

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

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

         LIBOR: Not applicable.

         LIBOR Available Funds Cap: Not applicable.

         LIBOR Certificate: Not applicable.

         LIBOR Component: Not applicable.

         LIBOR Determination Date: Not applicable.

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

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

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

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

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

         Losses: As defined in Section 10.03.

         Maintenance: Not applicable.

                                       34
<PAGE>
         Master Servicer: Aurora Loan Services LLC, or any successor in
interest, or if any successor master servicer shall be appointed as herein
provided, then such successor master servicer.

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

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

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

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

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

         Moody's: Not applicable.

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

         Mortgage 100(SM) Loan: Not applicable.

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

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

         Mortgage Group I: Pool 1, Pool 2 and Pool 3, collectively.

         Mortgage Group II: Pool 4 and Pool 5, collectively.

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

                                       35
<PAGE>
         Mortgage Loan Sale Agreement: The agreement, dated as of February 1,
2006, for the sale of certain Mortgage Loans by Lehman Brothers Holdings to the
Depositor.

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

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

         Mortgage Pool: Any of Pool 1, Pool 2, Pool 3, Pool 4 or Pool 5.

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

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

         Mortgagor: The obligor on a Mortgage Note.

         Negative Amortization: Not applicable.

         Negative Amortization Certificate: None.

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

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

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

                                       36
<PAGE>
         Net WAC: With respect to each Mortgage Pool or portion thereof and any
Distribution Date, the weighted average of Net Mortgage Rates of the Mortgage
Loans in the related Mortgage Pool or portion thereof at the beginning of the
related Due Period, weighted on the basis of their Scheduled Principal Balances
at the beginning of the related Due Period.

         Non-AP Percentage: Not applicable.

         Non-AP Senior Certificate: Not applicable.

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

         Non-Discount Mortgage Loan: None.

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

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

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

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

         Notional Certificate: Any Class AX, Class PAX, Class 4-AX or Class 5-AX
Certificate.

         Notional Component: Any of the Components 1-AX, 1-PAX, 2-AX or 2-PAX.

         Offering Document: Either of the private placement memorandum dated
February 27, 2006 relating to the Class B5-I, Class B6-I, Class B7-I, Class
B5-II, Class B6-II and Class B7-II Certificates, or the Prospectus.

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

         One-Year MTA: Not Applicable.

                                       37
<PAGE>
         Opinion of Counsel: A written opinion of counsel, reasonably acceptable
in form and substance to the Trustee, and who may be in-house or outside counsel
to the Depositor, the Master Servicer or the applicable Servicer but which must
be Independent outside counsel with respect to any such opinion of counsel
concerning the transfer of any Residual Certificate or concerning certain
matters with respect to ERISA, or the taxation, or the federal income tax
status, of each REMIC. For purpose of Section 2.01(c)(i), the Opinion of Counsel
referred to therein may take the form of a memorandum of law or other acceptable
assurance.

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

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

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

         Originators: Aurora Loan Services LLC, Countrywide Home Loans, Inc.,
HSBC Mortgage Corp. (USA). and Wells Fargo Bank, N.A., and their successors and
assigns and any other originator contemplated by Item 1110 (ss. 229.1110) of
Regulation AB.

         Parent Power(SM) Loan: Not applicable.

         Participation Agreement: Not applicable.

         Participation: Not applicable.

         Participation Schedule: Not applicable.

         Participation Master Servicer:  Not applicable.

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

         PCAOB: The Public Company Accounting Oversight Board.

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

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

                                       38
<PAGE>
         Percentage Interest: With respect to any Certificate and the related
Class, such Certificate's percentage interest in the undivided beneficial
ownership interest in the Trust Fund evidenced by all Certificates of the same
Class as such Certificate. With respect to any Certificate other than a Notional
Certificate, the Percentage Interest evidenced thereby shall equal the initial
Certificate Principal Amount thereof divided by the initial Class Principal
Amount of all Certificates of the same Class. With respect to any Notional
Certificate and any Class P Certificate, the Percentage Interest evidenced
thereby shall be as specified on the face thereof.

         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: Not applicable.

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

         Pledged Asset Mortgage Loan: Not applicable.

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

         Pool 1 Adjusted Net WAC: For each Distribution Date, the weighted
average, based on their respective principal balances, of the Interest Rates on
(A) an obligation having a principal balance equal to the Scheduled Principal
Balance of the Pool 1 AX Mortgage Loans at the beginning of the related Due
Period and bearing interest at a rate equal to the lesser of (1) 5.71% or (2)
the weighted average Net Mortgage Rate of the Pool 1 AX Mortgage Loans at the
beginning of the related Due Period and (B) an obligation having a principal
balance equal to the Scheduled Principal Balance of the Pool 1 PAX Mortgage
Loans at the beginning of the related Due Period and bearing interest at a rate
equal to the lesser of (1) 5.71% or (2) the weighted average Net Mortgage Rate
of the Pool 1 PAX Mortgage Loans at the beginning of the related Due Period.

         Pool 1 AX Mortgage Loans: The Pool 1 AX Mortgage Loans are listed on
Schedule B hereto and are all of the Pool 1 Mortgage Loans other than the Pool 1
PAX Mortgage Loans.

         Pool 1 PAX Mortgage Loans: The Pool 1 PAX Mortgage Loans are listed on
Schedule C hereto and are all of the Pool 1 Mortgage Loans that have a remaining
prepayment penalty term as of the Cut-off Date for which the Seller owns the
servicing rights.

         Pool 1-3 Underlying Subordinate Rate: The weighted average of the
Underlying Subordinate Rate for Pool 1, Pool 2 and Pool 3 weighted by the
corresponding Group Subordinate Amounts.

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

                                       39
<PAGE>
         Pool 2 Adjusted Net WAC: For each Distribution Date, the weighted
average, based on their respective principal balances, of the Interest Rates on
(A) an obligation having a principal balance equal to the Scheduled Principal
Balance of the Pool 2 AX Mortgage Loans at the beginning of the related Due
Period and bearing interest at a rate equal to the lesser of (1) 6.00% or (2)
the weighted average Net Mortgage Rate of the Pool 2 AX Mortgage Loans at the
beginning of the related Due Period and (B) an obligation having a principal
balance equal to the Scheduled Principal Balance of the Pool 2 PAX Mortgage
Loans at the beginning of the related Due Period and bearing interest at a rate
equal to the lesser of (1) 6.00% or (2) the weighted average Net Mortgage Rate
of the Pool 2 PAX Mortgage Loans at the beginning of the related Due Period.

         Pool 2 AX Mortgage Loans: The Pool 2 AX Mortgage Loans are listed on
Schedule D hereto and are all of the Pool 2 Mortgage Loans other than the Pool 2
PAX Mortgage Loans.

         Pool 2 PAX Mortgage Loans: The Pool 2 PAX Mortgage Loans are listed on
Schedule E hereto and are all of the Pool 2 Mortgage Loans that have a remaining
prepayment penalty term as of the Cut-off Date for which the Seller owns the
servicing rights.

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

         Pool 4: The aggregate of the Mortgage Loans identified on the Mortgage
Loan Schedule as being included in Pool 4.

         Pool 4-5 Underlying Subordinate Rate: The weighted average of the
Underlying Subordinate Rate for Pool 4 and Pool 5, weighted by the corresponding
Group Subordinate Amounts.

         Pool 5: The aggregate of the Mortgage Loans identified on the Mortgage
Loan Schedule as being included in Pool 5.

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

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

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

                                       40
<PAGE>
         Prepayment Penalty Amounts: With respect to any Distribution Date, all
premiums or charges paid by the obligors under the related Mortgage Notes due to
Principal Prepayments collected by the applicable Servicer during the
immediately preceding Prepayment Period, if any.

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

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

         Principal Amount Schedules: Not applicable.

         Principal Only Certificate: Not applicable.

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

         Proceeding: Not applicable.

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

         Prospectus: The prospectus supplement dated February 27, 2006, together
with the accompanying prospectus dated September 26, 2005, relating to the
Senior Certificates and the Class B1-I, Class B2-I, Class B3-I, Class B4-I,
Class B1-II, Class B2-II, Class B3-II and Class B4-II Certificates.

                                       41
<PAGE>
         Purchase Price: With respect to the repurchase of a Mortgage Loan
pursuant to this Agreement, an amount equal to the sum of (a) 100% of the unpaid
principal balance of such Mortgage Loan, (b) accrued interest thereon at the
Mortgage Rate, from the date as to which interest was last paid to (but not
including) the Due Date immediately preceding the next Distribution Date, (c)
any unreimbursed Servicing Advances with respect to such Mortgage Loan and (d)
any costs and damages incurred by the Trust Fund in connection with any
violation by such Mortgage Loan of any predatory- or abusive-lending law. The
Master Servicer or the applicable Servicer (or the 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 applicable 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:

         (b) 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;

         (c) 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;

         (d) 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;

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

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

         Qualified Insurer: Not applicable.

                                       42
<PAGE>
         Qualifying Substitute Mortgage Loan: In the case of a Mortgage Loan
substituted for a Deleted Mortgage Loan, a Mortgage Loan that, on the date of
substitution, (i) has a Scheduled Principal Balance (together with that of any
other mortgage loan substituted for the same Deleted Mortgage Loan) as of the
Due Date in the month in which such substitution occurs not in excess of the
Scheduled Principal Balance of the related Deleted Mortgage Loan, provided,
however, that, to the extent that the Scheduled Principal Balance of such
Mortgage Loan is less than the Scheduled Principal Balance of the related
Deleted Mortgage Loan, then such differential in principal amount, together with
interest thereon at the applicable Mortgage Rate net of the applicable Master
Servicing Fee and the applicable Servicing Fee from the date as to which
interest was last paid through the end of the Due Period in which such
substitution occurs, shall be paid by the party effecting such substitution to
the Master Servicer for deposit into the Collection Account, and shall be
treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not
lower than the Net Mortgage Rate of the related Deleted Mortgage Loan and will
be a Discount Mortgage Loan if the Deleted Mortgage Loan was a Discount Mortgage
Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan was a
Non-Discount Mortgage Loan; (iii) has a remaining stated term to maturity not
more than eighteen months longer than, and not more than eighteen months shorter
than, the remaining term to stated maturity of the related Deleted Mortgage
Loan; (iv) (A) has a Loan-to-Value Ratio as of the date of such substitution of
not greater than 80%, provided, however, that if the related Deleted Mortgage
Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio
of such substitute Mortgage Loan may be greater than 80% but shall not be
greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and
(B) the addition of such substitute Mortgage Loan does not increase the weighted
average Loan-to-Value Ratio of the related Mortgage Pool by more than 5%; (v)
will comply with all of the representations and warranties relating to Mortgage
Loans set forth herein, as of the date as of which such substitution occurs;
(vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a
Cooperative Loan; (vii) if applicable, has the same index as and a margin not
less than that of the related Deleted Mortgage Loan; (viii) has not been
delinquent for a period of more than 30 days more than once in the twelve months
immediately preceding such date of substitution; (ix) is covered by a Primary
Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered,
and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; (x) has a
Credit Score not greater than 20 points lower than the Credit Score of the
related Deleted Mortgage Loan, provided, however, that if the Deleted Mortgage
Loan does not have a Credit Score, then such substitute Mortgage Loan shall have
a Credit Score equal to or greater than 700; (xi) has its initial adjustment
date after the related Reset Date; and (xii) has a gross margin no less than the
related Deleted Mortgage Loan. In the event that either one mortgage loan is
substituted for more than one Deleted Mortgage Loan or more than one mortgage
loan is substituted for one or more Deleted Mortgage Loans, then (a) the
Scheduled Principal Balance referred to in clause (i) above shall be determined
such that the aggregate Scheduled Principal Balance of all such substitute
Mortgage Loans shall not exceed the aggregate Scheduled Principal Balance of all
Deleted Mortgage Loans and (b) each of (1) the rate referred to in clause (ii)
above, (2) the remaining term to stated maturity referred to in clause (iii)
above, (3) the Loan-to-Value Ratio referred to in clause (iv) above and (4) the
Credit Score referred to in clause (x) above shall be determined on a weighted
average basis, provided that the final scheduled maturity date of any Qualifying
Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date
of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is
substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party
effecting such substitution shall certify such qualification in writing to the
Trustee and the Master Servicer.

         Rating Agency: Each of S&P or Fitch.

                                       43
<PAGE>
         Realized Loss: (a) with respect to each Liquidated Mortgage Loan, an
amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the
date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate from
the date as to which interest was last paid up to the last day of the month of
such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that
are reimbursable to the Master Servicer or the applicable Servicer with respect
to such Mortgage Loan (other than Advances of principal and interest) including
expenses of liquidation or (b) with respect to each Mortgage Loan that has
become the subject of a Deficient Valuation, the difference between the unpaid
principal balance of such Mortgage Loan immediately prior to such Deficient
Valuation and the unpaid principal balance of such Mortgage Loan as reduced by
the Deficient Valuation. In determining whether a Realized Loss on a Liquidated
Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds
shall be allocated, first, to payment of expenses related to such Liquidated
Mortgage Loan, then to accrued unpaid interest and finally to reduce the
principal balance of the Mortgage Loan.

         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, the close of business on the last Business Day of the month
immediately preceding the month in which such Distribution Date occurs.

         Redemption Certificate: None.

         Reference Banks: Not applicable.

         Regulation AB: Subpart 229.1100 - Asset Backed Securities (Regulation
AB), 17 C.F.R. ss.ss.229.1100-229.1123, as such may be amended from time to
time, and subject to such clarification and interpretation as have been provided
by the Commission in the adopting release (Asset-Backed Securities, Securities
Act Release No. 33-8518, 70 Fed Reg. 1,506, 1.531 (Jan. 7, 2005)) or by the
staff of the Commission, or as may otherwise be provided by the Commission or
its staff from time to time; and all references to any rule, item, section or
subsection of, or definition or term contained in, Regulation AB mean such rule,
item, section, subsection, definition or term, as the case may be, or any
successor thereto, in each case as the same may be amended from time to time.

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

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

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

                                       44
<PAGE>
         Relief Act Reduction: With respect to any Mortgage Loan as to which
there has been a reduction in the amount of interest collectible thereon as a
result of application of the Servicemembers Civil Relief Act or any similar
state law, any amount by which interest collectible on such Mortgage Loan for
the Due Date in the related Due Period is less than interest accrued thereon for
the applicable one-month period at the Mortgage Rate without giving effect to
such reduction.

         REMIC: Each of REMIC I-1, REMIC I-2, REMIC I-3, REMIC I-4, REMIC II-1,
REMIC II-2 and REMIC II-3, as described in the Preliminary Statement hereto.

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

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

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

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

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

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

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

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

         REMIC I-3 Regular Interest: Each of the REMIC I-3 Interests other than
the Class LTI3-R Interest.

         REMIC I-3 Subordinated Balance Ratio: As of any Distribution Date, the
ratio among the uncertificated principal balances of each of the REMIC I-3
Regular Interests ending with the designation "A" that is equal to the ratio
among, with respect to each such REMIC I-3 Regular Interest, the excess of (x)
the aggregate Scheduled Principal Balance of the Mortgage Loans in the related
Mortgage Pool over (y) the aggregate Class Principal Amounts of the Senior
Certificates of the Certificate Group related to such Mortgage Pool (after
giving effect to distributions on such Distribution Date).

         REMIC I-4: REMIC I-4 as described in the Preliminary Statement hereto.

         REMIC I-4 Interest: Any one of the classes of REMIC I-4 Interests
described in the Preliminary Statement hereto.

                                       45
<PAGE>
         REMIC I-4 Regular Interest: Any of (i) the Class 3-A1 and Class 3-A2
Certificates, (ii) the uncertificated REMIC regular interests represented by the
rights associated with the Class 1-A1, Class 1-A2, Class 2-A1, Class 2-A2 and
each Class of the Group I Subordinate Certificates other than rights to receive
payments in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
and (iii) the rights associated with the Component 1-AX, Component 1-PAX,
Component 2-AX and Component 2-PAX Certificates as determined without regard to
the obligation to make payments in respect of Basis Risk Shortfalls and Unpaid
Basis Risk Shortfalls.

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

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

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

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

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

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

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

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

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

         REMIC II-3 Regular Interest: Each Class of the Group II Certificates.

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

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

                                       46
<PAGE>
         REO Property: A Mortgaged Property acquired by the Trust Fund through
foreclosure or deed-in-lieu of foreclosure in connection with a defaulted
Mortgage Loan or otherwise treated as having been acquired pursuant to the REMIC
Provisions.

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

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

         Repurchase Price: As defined in Section 7.01.

         Reserve Interest Rate: Not applicable.

         Reset Date: Not applicable.

         Residual Certificate: Any Class R Certificate.

         Responsible Officer: When used with respect to the Trustee, any officer
within its corporate trust department having direct responsibility for the
administration of this Agreement and any other officer to whom a matter arising
under this Agreement may be referred.

         Restricted Certificate: Any Class B5-I, Class B6-I, Class B7-I, Class
B5-II, Class B6-II or Class B7-II Certificate but excluding any Regulation S
Global Security.

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

         Rounding Account: Not applicable.

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

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

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

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

                                       47
<PAGE>
         Scheduled Principal Amount: Not applicable.

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

         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 and each
Mortgage Loan, an amount equal to the product of the Securities Administrator
Fee Rate and the Scheduled Principal Balance of such Mortgage Loan as of the
first day of the related Due Period.

         Securities Administrator Fee Rate: 0.0040% per annum.

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

         Seller: Lehman Brothers Holdings or any successor in interest.

         Senior Certificate: Any Class 1-A1, Class 1-A2, Class 2-A1, Class 2-A2,
Class AX, Class PAX, Class 3-A1, Class 3-A2, Class 4-A1, Class 4-A2, Class 4-AX,
Class 5-A1, Class 5-A2, 5-AX or Class R Certificate.

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

                                       48
<PAGE>
         Senior Percentage: With respect to each Mortgage Pool and any
Distribution Date, the percentage equivalent of the fraction, the numerator of
which is the aggregate of the Certificate Principal Amounts of the Class 1-A1,
Class 1-A2 and Class R Certificates, in the case of Pool 1, the Class 2-A1 and
Class 2-A2 Certificates, in the case of Pool 2, the Class 3-A1 and Class 3-A2
Certificates, in the case of Pool 3, the Class 4-A1 and Class 4-A2 Certificates,
in the case of Pool 4, and the Class 5-A1 and Class 5-A2 Certificates, in the
case of Pool 5, in each case immediately prior to such Distribution Date and the
denominator of which is the related Pool Balance for the immediately preceding
Distribution Date.

         Senior Prepayment Percentage: With respect to each of Pools 1 through 5
for any Distribution Date occurring during the seven years beginning on the
first Distribution Date, 100%, except as described herein below. With respect to
each of Mortgage Pools 1 through 5 for any Distribution Date occurring on or
after the seventh anniversary of the first Distribution Date, the related Senior
Percentage plus the following percentage of the related Subordinate Percentage
for such Distribution Date: for any Distribution Date in the first year
thereafter, 70%; for any Distribution Date in the second year thereafter, 60%;
for any Distribution Date in the third year thereafter, 40%; for any
Distribution Date in the fourth year thereafter, 20%; and for any subsequent
Distribution Date, 0%; provided, however, (i) if on any of the foregoing
Distribution Dates the Senior Enhancement Percentage for Mortgage Group I or
Mortgage Group II, as applicable, is less than the related Initial Senior
Enhancement Percentage, the Senior Prepayment Percentage for each Mortgage Pool
in Mortgage Group I or Mortgage Group II, as applicable, on such Distribution
Date shall once again equal 100%, (ii) unless the condition described in clause
(i) has occurred, if on any Distribution Date before the Distribution Date in
March 2009, prior to giving effect to any distributions on such Distribution
Date, the Senior Enhancement Percentage for Mortgage Group I or Mortgage Group
II, as applicable, for such Distribution Date is greater than or equal to twice
the related Initial Senior Enhancement Percentage, then the Senior Prepayment
Percentage for each Mortgage Pool in Mortgage Group I or Mortgage Group II, as
applicable, for such Distribution Date will equal the related Senior Percentage
plus 50% of the related Subordinate Percentage for such Mortgage Pool and (iii)
unless the condition described in clause (i) has occurred, if on any
Distribution Date on or after the Distribution Date in March 2009, prior to
giving effect to any distributions on such Distribution Date, the Senior
Enhancement Percentage for Mortgage Group I or Mortgage Group II, as applicable,
for such Distribution Date is greater than or equal to twice the related Initial
Senior Enhancement Percentage, then the Senior Prepayment Percentage for each
Mortgage Pool in Mortgage Group I or Mortgage Group II, as applicable, on such
Distribution Date will equal the related Senior Percentage.

         Notwithstanding the foregoing, no decrease in the Senior Prepayment
Percentage for any Mortgage Pool in Mortgage Group I or Mortgage Group II, as
applicable, below the respective levels in effect for the most recent prior
period set forth in the paragraph above (calculated without regard to clause
(ii) or clause (iii) of the paragraph above) shall be effective on any
Distribution Date if, as of the first Distribution Date as to which any such
decrease applies, (i) the average outstanding principal balance on such
Distribution Date and for the preceding five Distribution Dates of all Mortgage
Loans in the related Mortgage Pool that were delinquent 60 days or more
(including for this purpose any Mortgage Loans in foreclosure and the Scheduled
Payments that would have been due on Mortgage Loans with respect to which the
related Mortgaged Property has been acquired by the Trust Fund if the related

                                       49
<PAGE>
Mortgage Loan had remained in existence) is greater than or equal to 50% of the
applicable Group Subordinate Amount immediately prior to such Distribution Date
or (ii) cumulative Realized Losses with respect to the Mortgage Loans in the
related Mortgage Pool exceed (a) with respect to each Distribution Date prior to
the third anniversary of the first Distribution Date, 20% of the related
Original Group Subordinate Amount, (b) with respect to each Distribution Date on
or after the third anniversary and prior to the eighth anniversary of the first
Distribution Date, 30% of the related Original Group Subordinate Amount, (c)
with respect to each Distribution Date on or after the eighth anniversary and
prior to the ninth anniversary of the first Distribution Date, 35% of the
related Original Group Subordinate Amount, (d) with respect to each Distribution
Date on or after the ninth anniversary and prior to the tenth anniversary of the
first Distribution Date, 40% of the related Original Group Subordinate Amount,
(e) with respect to each Distribution Date on or after the tenth anniversary and
prior to the eleventh anniversary of the first Distribution Date, 45% of the
related Original Group Subordinate Amount, and (f) with respect to each
Distribution Date on or after the eleventh anniversary of the first Distribution
Date or thereafter, 50% of the related Original Group Subordinate Amount. After
the Class Principal Amount of each Class of Senior Certificates in any
Certificate Group has been reduced to zero, the Senior Prepayment Percentage for
the related Mortgage Pool shall be 0%.

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

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

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

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

                                       50
<PAGE>
                  (iv) any amounts described in clauses (i) through (iii) for
         any previous Distribution Date that remain unpaid.

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

         Servicer: Any Servicer that has entered into any of the Servicing
Agreements attached as Exhibit E hereto, or any successor in interest.
Initially, the Servicers are Aurora, Countrywide Home Loans Servicing LP, HSBC
Mortgage Corporation (USA) and Wells Fargo Bank, N.A..

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

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

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

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

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

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

         Servicing Function Participant: Any Subservicer, Subcontractor or any
other Person, other than each Servicer, each Custodian, the Master Servicer, the
Trustee, 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, as such list may from time to time be
amended.

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

                                       51
<PAGE>
         Special Hazard Loss: With respect to the Mortgage Loans, (x) any
Realized Loss arising out of any direct physical loss or damage to a Mortgaged
Property which is caused by or results from any cause, exclusive of any loss
covered by a hazard policy or a flood insurance policy required to be maintained
in respect of such Mortgaged Property and any loss caused by or resulting from
(i) normal wear and tear, (ii) conversion or other dishonest act on the part of
the Trustee, the Master Servicer, any Servicer or any of their agents or
employees, or (iii) errors in design, faulty workmanship or faulty materials,
unless the collapse of the property or a part thereof ensues, or (y) any
Realized Loss arising from or related to the presence or suspected presence of
hazardous wastes, or hazardous substances on a Mortgaged Property unless such
loss is covered by a hazard policy or flood insurance policy required to be
maintained in respect of such Mortgaged Property, in any case, as reported by
any Servicer to the Master Servicer.

         Special Hazard Loss Limit: As of the Cut-off Date, $6,661,487 for Pools
1 through 3, and $12,267,127 for Pools 4 and 5, which amounts shall each be
reduced from time to time to an amount equal on any Distribution Date to the
lesser of (a) the greatest of (i) 1% of the aggregate of the Scheduled Principal
Balances of the related Mortgage Loans; (ii) twice the Scheduled Principal
Balance of the related Mortgage Loan having the highest Scheduled Principal
Balance, and (iii) the aggregate Scheduled Principal Balances of the related
Mortgage Loans secured by Mortgaged Properties located in the single California
postal zip code area having the highest aggregate Scheduled Principal Balance of
Mortgage Loans of any such postal zip code area and (b) the applicable Special
Hazard Loss Limit as of the Closing Date less the amount, if any, of Special
Hazard Losses incurred with respect to the related Mortgage Loans since the
Closing Date.

         Specified Rating: Not applicable.

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

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

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

         Subordinate Certificate: Any Class B Certificate.

         Subordinate Certificate Writedown Amount: As to any Distribution Date,
(x) with respect to the Group I Certificates, the amount by which (i) the sum of
the Class Principal Amounts of all the Certificates related to Pools 1 through 3
(after giving effect to the distribution of principal and the allocation of
Realized Losses in reduction of the Certificate Principal Amounts of the
Certificates related to Pool 1, Pool 2 and Pool 3 on such Distribution Date)
exceeds (ii) the aggregate Scheduled Principal Balance of the Mortgage Loans in
Pool 1, Pool 2 and Pool 3 for such Distribution Date or (y) with respect to the
Group II Certificates, the amount by which (i) the sum of the Class Principal
Amounts of all the Certificates related to Pool 4 and Pool 5 after giving effect
to the distribution of principal and the allocation of Realized Losses in
reduction of the Certificate Principal Amounts of the Certificates related to
Pool 4 and Pool 5 on such Distribution Date) exceeds (ii) the aggregate
Scheduled Principal Balance of the Mortgage Loans in Pool 4 and Pool 5 for such
Distribution Date.

                                       52
<PAGE>
         Subordinate Class Percentage: With respect to any Distribution Date and
any Class of Subordinate Certificates, the percentage obtained by dividing the
Class Principal Amount of such Class immediately prior to such Distribution Date
by the aggregate Certificate Principal Amount of all Subordinate Certificates
related to the same Mortgage Group immediately prior to such Distribution Date.

         Subordinate Component Percentage: Not applicable.

         Subordinate Floating Rate Certificate Shortfall: Not applicable.

         Subordinate LIBOR Certificate:  Not applicable.

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

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

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

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

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

                                       53
<PAGE>
                  (iii) with respect to unscheduled recoveries allocable to
         principal of any Mortgage Loan in the related Mortgage Pool that was
         finally liquidated during the related Prepayment Period, the related
         Net Liquidation Proceeds allocable to principal less any related amount
         paid pursuant to subsection (iii) of the definition of Senior Principal
         Distribution Amount for the related Certificate Group; and

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

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

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

         Surety: Not applicable.

         Surety Bond: Not applicable.

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

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

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

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

         Trust Fund: The corpus of the trust created pursuant to this Agreement,
consisting of the Mortgage Loans, the assignment of the Depositor's rights under
the Mortgage Loan Sale Agreement and the Participation Agreement, the
Participations, the Additional Collateral, such amounts as shall from time to
time be held in the Collection Account, the Certificate Account, any Escrow
Account, the Insurance Policies, any REO Property and the other items referred
to in, and conveyed to the Trustee under, Section 2.01(a).

         Trust Rate: Not applicable.

         Trust REMIC: Any of REMIC I-1, REMIC I-2, REMIC I-3, REMIC I-4, REMIC
II-1, REMIC II-2 or REMIC II-3.

                                       54
<PAGE>
         Trustee: U.S. Bank National Association, a national banking
association, not in its individual capacity, but solely in its capacity as
trustee for the benefit of the Certificateholders under this Agreement, and any
successor thereto, and any corporation or national banking association resulting
from or surviving any consolidation or merger to which it or its successors may
be a party and any successor trustee as may from time to time be serving as
successor trustee hereunder.

         Trustee Fee: A fixed annual fee of $4000.00, which is paid by the
Securities Administrator pursuant to Section 6.12.

         Trustee Fee Rate: Not applicable.

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

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

         Underlying Subordinate Rate: For Pool 1, (A) for each Distribution Date
on or prior to the Distribution Date in December 2010, the lesser of (i) 5.71%
and (ii) the Pool 1 Adjusted Net WAC and (B) for each Distribution Date after
the Distribution Date in December 2010, the Pool 1 Net WAC; for Pool 2, (A) for
each Distribution Date on or prior to the Distribution Date in December 2010,
the lesser of (i) 6.00% and (ii) the Pool 2 Adjusted Net WAC and (B) for each
Distribution Date after the Distribution Date in December 2010, the Pool 2 Net
WAC; for Pool 3, for each Distribution Date, the Pool 3 Net WAC; for Pool 4, for
each Distribution Date, the Pool 4 Net WAC; and for Pool 5, for each
Distribution Date, the Pool 5 Net WAC.

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

         Unpaid Basis Risk Shortfall: With respect to Pool 1 and any
Distribution Date and any of the Class 1-A1, Class 1-A2, Class B1-I, Class B2-I,
Class B3-I, Class B4-I, Class B5-I, Class B6-I and Class B7-I Certificates, the
sum of all Basis Risk Shortfalls for such Class for prior Distribution Dates in
respect of which no payment of amounts that would otherwise have been
distributed in respect of the Component 1-AX or Component 1-PAX has been made.
With respect to Pool 2 and any Distribution Date and any of the Class 2-A1,
Class 2-A2, Class B1-I, Class B2-I, Class B3-I, Class B4-I, Class B5-I, Class
B6-I and Class B7-I Certificates, the sum of all Basis Risk Shortfalls for such
Class for prior Distribution Dates in respect of which no payment of amounts
that would otherwise have been distributed in respect of the Component 2-AX or
Component 2-PAX has been made.

         Unpaid Subordinate Floating Rate Certificate Shortfall: Not applicable.

                                       55
<PAGE>
         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, 91% of all Voting Interests shall be allocated to the
Certificates other than the Notional Certificates and the Class P-I, Class P-II,
Class P-III and Class P-IV Certificates, 5% of all Voting Interests shall be
allocated to the Notional Certificates, 1% shall be allocated to the Class P-I
Certificates, 1% shall be allocated to the Class P-II Certificates, 1% shall be
allocated to the Class P-III Certificates and 1% shall be allocated to the Class
P-IV Certificates. After the Class Notional Amounts of all Classes of Notional
Certificates have been reduced to zero, 96% of all Voting Interests shall be
allocated to the remaining Classes of Certificates other than the Class P-I,
Class P-II, Class P-III and Class P-IV Certificates. Voting Interests allocated
to the Notional Certificates shall be allocated among the Classes of such
Certificates (and among the Certificates of each such Class) in proportion to
their Class Notional Amounts (or Notional Amounts). Voting Interests shall be
allocated among the Class P-I, Class P-II, Class P-III and Class P-IV
Certificates in proportion to their Percentage Interest. Voting Interests shall
be allocated among the other Classes of Certificates (and among the Certificates
of each such Class) in proportion to their Class Principal Amounts (or
Certificate Principal Amounts).

         Section 1.02. Calculations Respecting Mortgage Loans.

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

                                   ARTICLE II

                              DECLARATION OF TRUST;
                            ISSUANCE OF CERTIFICATES

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

                  (a) Concurrently with the execution and delivery of this
         Agreement, the Depositor does hereby transfer, assign, set over,
         deposit with and otherwise convey to the Trustee, without recourse,
         subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust, all the right,
         title and interest of the Depositor in and to the Mortgage Loans
         (including the Participations). Such conveyance includes, without
         limitation, the right to all distributions of principal and interest
         received on or with respect to the Mortgage Loans on and after the
         Cut-off Date (other than payments of principal and interest due on or
         before such date), and all such payments due after such date but
         received prior to such date and intended by the related Mortgagors to
         be applied after such date, together with all of the Depositor's right,
         title and interest in and to the Collection Account and all amounts
         from time to time credited to and the proceeds of the Collection
         Account, the Certificate Account and all amounts from time to time
         credited to and the proceeds of the Certificate Account, any Escrow
         Account established pursuant to Section 9.06 hereof and all amounts
         from time to time credited to and the proceeds of any such Escrow
         Account, any REO Property and the proceeds thereof, the Depositor's
         rights under any Insurance Policies related to the Mortgage Loans, and

                                       56
<PAGE>
         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, the
Depositor does hereby assign to the Trustee all of its rights and interest under
the Mortgage Loan Sale Agreement; including all rights of the Seller under the
applicable Servicing Agreement to the extent assigned under the Mortgage Loan
Sale Agreement. The Trustee hereby accepts such assignment, and shall be
entitled to exercise all rights of the Depositor under the Mortgage Loan Sale
Agreement as if, for such purpose, it were the Depositor.

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

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

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

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

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

                                       57
<PAGE>
                  (ii) the original of any guarantee, security agreement or
         pledge agreement relating to any Additional Collateral and executed in
         connection with the Mortgage Note, assigned to the Trustee;

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

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

                  (v) with respect to each Non-MERS Mortgage Loan other than a
         Cooperative Loan, the original Assignment of Mortgage, in form and
         substance acceptable for recording. The Mortgage shall be assigned
         either (A) in blank, without recourse or (B) to "U.S. Bank National
         Association, as Trustee of the Structured Adjustable Rate Mortgage Loan
         Trust Mortgage Pass Through Certificates, Series 2006-2," without
         recourse for each Mortgage Loan;

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

                                       58
<PAGE>
                  (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 its
         custodian) is a true copy and that the original of such document has
         been forwarded to the public recording office; and

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

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

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

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

                                       59
<PAGE>
                  (ii) With respect to each MERS Mortgage Loan, the Master
         Servicer (or its applicable Custodian), at the expense of the Depositor
         and with the cooperation of the applicable Servicer, shall cause to be
         taken such actions by such Servicer as are necessary to cause the
         Trustee to be clearly identified as the owner of each such Mortgage
         Loan on the records of MERS for purposes of the system of recording
         transfers of beneficial ownership of mortgages maintained by MERS.

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

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

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

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

         (b) Within 45 days after the Closing Date, 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.

                                       60
<PAGE>
         (c) If in the course of the review described in paragraph (b) above the
Trustee or the applicable Custodian discovers any document or documents
constituting a part of a Mortgage File that is missing, does not appear regular
on its face (i.e., is mutilated, damaged, defaced, torn or otherwise physically
altered) or appears to be unrelated to the Mortgage Loans identified in the
Mortgage Loan Schedule (each, a "Material Defect"), the Trustee, or the
applicable Custodian on behalf of the Trustee, shall promptly identify the
Mortgage Loan to which such Material Defect relates in the Interim Certificate
delivered to the Depositor or the Master Servicer (and to the Trustee). Within
90 days of its receipt of such notice, the Depositor shall be required to cure
such Material Defect (and, in such event, the Depositor shall provide the
Trustee with an Officer's Certificate confirming that such cure has been
effected). If the Depositor does not so cure such Material Defect, it shall, if
a loss has been incurred with respect to such Mortgage Loan that would, if such
Mortgage Loan were not purchased from the Trust Fund, constitute a Realized
Loss, and such loss is attributable to the failure of the Depositor to cure such
Material Defect, repurchase the related Mortgage Loan from the Trust Fund at the
Purchase Price. A loss shall be deemed to be attributable to the failure of the
Depositor to cure a Material Defect if, as determined by the Depositor, upon
mutual agreement with the Servicer acting in good faith, absent such Material
Defect, such loss would not have been incurred. Within the two-year period
following the Closing Date, the Depositor may, in lieu of repurchasing a
Mortgage Loan pursuant to this Section 2.02, substitute for such Mortgage Loan a
Qualifying Substitute Mortgage Loan subject to the provisions of Section 2.05.
The failure of the Trustee or the applicable Custodian to give the notice
contemplated herein within 45 days after the Closing Date shall not affect or
relieve the Depositor of its obligation to repurchase any Mortgage Loan pursuant
to this Section 2.02 or any other Section of this Agreement requiring the
repurchase of Mortgage Loans from the Trust Fund.

         (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.

                                       61
<PAGE>
(f) Each of the parties hereto acknowledges that the applicable Custodian shall
hold the related Mortgage Files and shall perform the applicable review of the
Mortgage Loans and deliver the respective certifications thereof as provided in
this Section 2.02 and the related Custodial Agreement.

         Section 2.03. Representations and Warranties of the Depositor.

         (a) The Depositor hereby represents and warrants to the Trustee, for
the benefit of Certificateholders, 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;

                  (iv) this Agreement has been duly executed and delivered by
         the Depositor and, assuming due authorization, execution and delivery
         by the Trustee, the Securities Administrator and the Master Servicer,
         constitutes a 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

                                       62
<PAGE>
                  (vi) immediately prior to the transfer and assignment of the
         Mortgage Loans to the Trustee, the Depositor was the sole owner of
         record and holder of each Mortgage Loan, and the Depositor had good and
         marketable title thereto, and had full right to transfer and sell each
         Mortgage Loan to the Trustee free and clear, subject only to (1) liens
         of current real property taxes and assessments not yet due and payable
         and, if the related Mortgaged Property is a condominium unit, any lien
         for common charges permitted by statute, (2) covenants, conditions and
         restrictions, rights of way, easements and other matters of public
         record as of the date of recording of such Mortgage acceptable to
         mortgage lending institutions in the area in which the related
         Mortgaged Property is located and specifically referred to in the
         lender's Title Insurance Policy or attorney's opinion of title and
         abstract of title delivered to the originator of such Mortgage Loan,
         and (3) such other matters to which like properties are commonly
         subject which do not, individually or in the aggregate, materially
         interfere with the benefits of the security intended to be provided by
         the Mortgage, of any encumbrance, equity, participation interest, lien,
         pledge, charge, claim or security interest, and had full right and
         authority, subject to no interest or participation of, or agreement
         with, any other party, to sell and assign each Mortgage Loan pursuant
         to this Agreement.

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

                                       63
<PAGE>
         Section 2.04. Discovery of Breach.

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

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

         (a) With respect to any Mortgage Loan repurchased by the Depositor
pursuant to this Agreement, by Lehman Brothers Holdings pursuant to the
applicable Mortgage Loan Sale Agreement or by any Transferor pursuant to the
applicable Transfer Agreement, the principal portion of the funds received by
the Master Servicer in respect of such repurchase of a Mortgage Loan will be
considered a Principal Prepayment and shall be deposited in the Collection
Account pursuant to Section 4.01. The Trustee, upon receipt of the full amount
of the Purchase Price for a Deleted Mortgage Loan, or upon receipt of
notification from the related Custodian that it received the Mortgage File for a
Qualifying Substitute Mortgage Loan substituted for a Deleted Mortgage Loan (and
any applicable Substitution Amount), shall release or cause to be released to
the Depositor, Lehman Brothers Holdings or the applicable Transferor, as
applicable, the related Mortgage File for the Deleted Mortgage Loan and shall
execute and deliver such instruments of transfer or assignment, in each case
without recourse, representation or warranty, as shall be necessary to vest in
such party or its designee or assignee title to any Deleted Mortgage Loan
released pursuant hereto, free and clear of all security interests, liens and
other encumbrances created by this Agreement, which instruments shall be
prepared by the Trustee (or a Custodian), and the Trustee shall have no further
responsibility with respect to the Mortgage File relating to such Deleted
Mortgage Loan.

                                       64
<PAGE>
         (b) With respect to each Qualifying Substitute Mortgage Loan to be
delivered to the Trustee (or a Custodian) pursuant to the terms of this Article
II in exchange for a Deleted Mortgage Loan: (i) the Depositor, the applicable
Transferor, or Lehman Brothers Holdings, as applicable, must deliver to the
Trustee (or its 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 Qualified Substitute
Mortgage Loan, each of the representations and warranties made by it with
respect to the related Deleted Mortgage Loan. As soon as practicable after the
delivery of any Qualifying Substitute Mortgage Loan hereunder, the Master
Servicer, at the expense of the Depositor and at the direction and with the
cooperation of the applicable Servicer, shall (i) with respect to a Qualifying
Substitute Mortgage Loan that is a Non-MERS Mortgage Loan, cause the Assignment
of Mortgage to be recorded by such Servicer if required pursuant to Section
2.01(c)(i), or (ii) with respect to a Qualifying Substitute Mortgage Loan that
is a MERS Mortgage Loan, cause to be taken such actions by such Servicer as are
necessary to cause the Trustee to be clearly identified as the owner of each
such Mortgage Loan on the records of MERS if required pursuant to Section
2.01(c)(ii).

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

         Section 2.06. Grant Clause.

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

                                       65
<PAGE>
                                  ARTICLE III

                                THE CERTIFICATES

         Section 3.01. The Certificates.

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

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

         (c) The Class B5-I, Class B6-I, Class B7-I, Class B5-II, Class B6-II or
Class B7-II Certificates offered and sold in reliance on the exemption from
registration under Rule 144A shall be issued initially in the form of one or
more permanent global Certificates in definitive, fully registered form without
interest coupons with the applicable legends set forth in Exhibit A added to the
forms of such Certificates (each, a "Restricted Global Security"), which shall
be deposited on behalf of the subscribers for such Certificates represented
thereby with the Securities Administrator, as custodian for DTC and registered
in the name of a nominee of DTC, duly executed and authenticated by the Trustee
as hereinafter provided. The aggregate principal amounts of the Restricted
Global Securities may from time to time be increased or decreased by adjustments
made on the records of the Trustee or DTC or its nominee, as the case may be, as
hereinafter provided.

                                       66
<PAGE>
         The Class B5-I, Class B6-I, Class B7-I, Class B5-II, Class B6-II or
Class B7-II Certificates sold in offshore transactions in reliance on Regulation
S shall be issued initially in the form of one or more permanent global
Certificates in definitive, fully registered form without interest coupons with
the applicable legends set forth in Exhibit A hereto added to the forms of such
Certificates (each, a "Regulation S Global Security"), which shall be deposited
on behalf of the subscribers for such Certificates represented thereby with the
Securities Administrator, as custodian for DTC and registered in the name of a
nominee of DTC, duly executed and authenticated by the Trustee or the
Authenticating Agent as hereinafter provided. The aggregate principal amounts of
the 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.

         (d) The Class B5-I, Class B6-I, Class B7-I, Class B5-II, Class B6-II or
Class B7-II Certificates sold to an "accredited investor" complying with the
transfer provision set forth in Section 3.03 under Rule 501(a)(1), (2), (3) or
(7) under the Act shall be issued initially in the form of one or more
Definitive Certificates.

         Section 3.02. Registration.

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

         Section 3.03. Transfer and Exchange of Certificates.

         (a) A Certificate (other than Book-Entry Certificates which shall be
subject to Section 3.09 hereof) may be transferred by the Holder thereof only
upon presentation and surrender of such Certificate at the office of the
Certificate Registrar duly endorsed or accompanied by an assignment duly
executed by such Holder or his duly authorized attorney in such form as shall be
satisfactory to the Certificate Registrar. Upon the transfer of any Certificate
in accordance with the preceding sentence, the Trustee shall execute, and the
Trustee or any Authenticating Agent shall authenticate and deliver to the
transferee, one or more new Certificates of the same Class and evidencing, in
the aggregate, the same aggregate Certificate Principal Amount 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.

                                       67
<PAGE>
         (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 as the Certificate
surrendered, upon surrender of the Certificate to be exchanged at the office of
the Certificate Registrar duly endorsed or accompanied by a written instrument
of transfer duly executed by such Holder or his duly authorized attorney in such
form as is satisfactory to the Certificate Registrar. Certificates delivered
upon any such exchange will evidence the same obligations, and will be entitled
to the same rights and privileges, as the Certificates surrendered. No service
charge shall be made to a Certificateholder for any exchange of Certificates,
but the Certificate Registrar may require payment of a sum sufficient to cover
any tax or governmental charge that may be imposed in connection with any
exchange of Certificates. Whenever any Certificates are so surrendered for
exchange, the Trustee shall execute, and the Trustee or 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
Trustee, the Certificate Registrar and any of their respective successors that:
(i) such Person is not a U.S. person within the meaning of Regulation S and was,
at the time the buy order was originated, outside the United States and (ii)
such Person understands that such Certificates have not been registered under
the Securities Act of 1933, as amended (the "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.

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

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

                                       68
<PAGE>
                  (ii) The Certificate Registrar shall register the transfer of
         a Restricted Certificate if the requested transfer is being made to an
         "accredited investor" under Rule 501(a)(1), (2), (3) or (7) under the
         Act by a transferor who furnishes to the Certificate Registrar a letter
         of the transferee substantially in the form of Exhibit G hereto.

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

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

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

                                       69
<PAGE>
         (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.

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

         Prior to and as a condition of the registration of any transfer, sale
or other disposition of a Residual Certificate, the proposed transferee shall
deliver to the Trustee or the Certificate Registrar an affidavit in
substantially the form attached hereto as Exhibit D-1 representing and
warranting, among other things, that such transferee is neither a Disqualified
Organization, an agent or nominee acting on behalf of a Disqualified
Organization, nor a Non-permitted Foreign Holder (any such transferee, a
"Permitted Transferee"), and the proposed transferor shall deliver to the
Trustee an affidavit in substantially the form attached hereto as Exhibit D-2.
In addition, the Trustee or the Certificate Registrar may (but shall have no
obligation to) require, prior to and as a condition of any such transfer, the
delivery by the proposed transferee of an Opinion of Counsel, addressed to the
Depositor, the Trustee and the Certificate Registrar satisfactory in form and
substance to the Depositor, that such proposed transferee or, if the proposed
transferee is an agent or nominee, the proposed beneficial owner, is not a
Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
Holder. Notwithstanding the registration in the Certificate Register of any
transfer, sale, or other disposition of a Residual Certificate to a Disqualified
Organization, an agent or nominee thereof, or Non-permitted Foreign Holder, such
registration shall be deemed to be of no legal force or effect whatsoever and
such Disqualified Organization, agent or nominee thereof, or Non-permitted
Foreign Holder shall not be deemed to be a Certificateholder for any purpose
hereunder, including, but not limited to, the receipt of distributions on such
Residual Certificate. Neither the Trustee nor the Certificate Registrar shall be
under any liability to any person for any registration or transfer of a Residual
Certificate to a Disqualified Organization, agent or nominee thereof, or
Non-permitted Foreign Holder or for the maturity of any payments due on such
Residual Certificate to the Holder thereof or for taking any other action with

                                       70
<PAGE>
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
Trustee or the Certificate Registrar shall have actual knowledge at the time of
such transfer or the time of such payment or other action that the transferee is
a Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
Holder. The Trustee or the Certificate Registrar shall be entitled to recover
from any Holder of a Residual Certificate that was a Disqualified Organization,
agent or nominee thereof, or Non-permitted Foreign Holder at the time it became
a Holder or any subsequent time it became a Disqualified Organization, agent or
nominee thereof, or Non-permitted Foreign Holder, all payments made on such
Residual Certificate at and after either such times (and all costs and expenses,
including but not limited to attorneys' fees, incurred in connection therewith).
Any payment (not including any such costs and expenses) so recovered by the
Trustee or the Certificate Registrar shall be paid and delivered to the last
preceding Holder of such Residual Certificate.

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

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

         (h) Notwithstanding any provision to the contrary herein, so long as a
Global Security representing any of the Class B5-I, Class B6-I, Class B7-I,
Class B5-II, Class B6-II or Class B7-II Certificates remains outstanding and is
held by or on behalf of DTC, transfers of a Global Security representing any
such Certificates, in whole or in part, shall only be made in accordance with
Section 3.01 and this Section 3.03(h).

                        (A) Subject to clauses (B) and (C) of this Section
                  3.03(h), transfers of a Global Security representing any of
                  the Class B5-I, Class B6-I, Class B7-I, Class B5-II, Class
                  B6-II or Class B7-II or 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.

                                       71
<PAGE>
                        (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 Certificate
                  Registrar, of (I) instructions from DTC directing the
                  Certificate Registrar, to be credited a beneficial interest in
                  a Regulation S Global Security in an amount equal to the
                  beneficial interest in such Restricted Global Security to be
                  exchanged but not less than the minimum denomination
                  applicable to such holder's Certificates held through a
                  Regulation S Global Security, (II) a written order given in
                  accordance with DTC's procedures containing information
                  regarding the participant account of DTC and, in the case of a
                  transfer pursuant to and in accordance with Regulation S, the
                  Euroclear or Clearstream account to be credited with such
                  increase and (III) a certificate in the form of Exhibit L-1
                  hereto given by the holder of such beneficial interest stating
                  that the exchange or transfer of such interest has been made
                  in compliance with the transfer restrictions applicable to the
                  Global Securities, including that the holder is not a U.S.
                  person, and pursuant to and in accordance with Regulation S,
                  the Certificate Registrar, shall reduce the principal amount
                  of the Restricted Global Security and increase the principal
                  amount of the Regulation S Global Security by the aggregate
                  principal amount of the beneficial interest in the Restricted
                  Global Security to be exchanged, and shall instruct Euroclear
                  or Clearstream, as applicable, concurrently with such
                  reduction, to credit or cause to be credited to the account of
                  the Person specified in such instructions a beneficial
                  interest in the Regulation S Global Security equal to the
                  reduction in the principal amount of the Restricted Global
                  Security.

                        (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 Certificate Registrar, of (I) instructions from
                  DTC directing the Certificate Registrar, to cause to be
                  credited a beneficial interest in a Restricted Global Security
                  in an amount equal to the beneficial interest in such
                  Regulation S Global Security to be exchanged but not less than
                  the minimum denomination applicable to such holder's
                  Certificates held through a Restricted Global Security, to be
                  exchanged, such instructions to contain information regarding
                  the participant account with DTC to be credited with such
                  increase, and (II) a certificate in the form of Exhibit L-2
                  hereto given by the holder of such beneficial interest and
                  stating, among other things, that the Person transferring such
                  interest in such Regulation S Global Security reasonably
                  believes that the Person acquiring such interest in a
                  Restricted Global Security is a QIB, is obtaining such

                                       72
<PAGE>
                  beneficial interest in a transaction meeting the requirements
                  of Rule 144A and in accordance with any applicable securities
                  laws of any State of the United States or any other
                  jurisdiction, then the Certificate Registrar, will reduce the
                  principal amount of the Regulation S Global Security and
                  increase the principal amount of the Restricted Global
                  Security by the aggregate principal amount of the beneficial
                  interest in the Regulation S Global Security to be transferred
                  and the Certificate Registrar, shall instruct DTC,
                  concurrently with such reduction, to credit or cause to be
                  credited to the account of the Person specified in such
                  instructions a beneficial interest in the Restricted Global
                  Security equal to the reduction in the principal amount of the
                  Regulation S Global Security.

                        (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 Act, as the case may be), and as may be from time to time
                  adopted by the Certificate Registrar.

                        (E) Restrictions on U.S. Transfers. Transfers of
                  interests in the Regulation S Global Security to U.S. persons
                  (as defined in Regulation S) shall be limited to transfers
                  made pursuant to the provisions of Section 3.03(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 Trustee or the
Certificate Registrar.

         Section 3.05. Replacement of Certificates.

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

                                       73
<PAGE>
         Section 3.06. Persons Deemed Owners.

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

         Section 3.07. Temporary Certificates.

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

         (b) If temporary Certificates are issued, the Depositor will cause
Definitive Certificates to be prepared without unreasonable delay. After the
preparation of Definitive Certificates, the temporary Certificates shall be
exchangeable for Definitive Certificates upon surrender of the temporary
Certificates at the office or agency of the Certificate Registrar without charge
to the Holder. Upon surrender for cancellation of any one or more temporary
Certificates, the Trustee shall execute and the Authenticating Agent shall
authenticate and deliver in exchange therefore 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 Trustee may appoint a Paying Agent (which may be the Trustee) for
the purpose of making distributions to Certificateholders hereunder. The
Securities Administrator is hereby appointed, and hereby accepts its appointment
as Paying Agent in respect of the Certificates. The Trustee shall cause such
Paying Agent (if other than the Trustee) to execute and deliver to the Trustee
an instrument in which such Paying Agent shall agree with the Trustee that such
Paying Agent will hold all sums held by it for the payment to Certificateholders
in an Eligible Account in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to the Certificateholders. All
funds remitted by the Trustee to any such Paying Agent for the purpose of making
distributions shall be paid to Certificateholders on each Distribution Date and
any amounts not so paid shall be returned on such Distribution Date to the
Trustee. If the Paying Agent is not the Trustee, the Trustee shall cause 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. To the extent that the Paying Agent is a Person not otherwise
already subject to the reporting obligations under Regulation AB with respect to
the Trust Fund, such Person shall comply with such obligations in form and
substance similar to those of the Securities Administrator pursuant to Sections
6.01, 6.23 and 9.25 and 9.26.

                                       74
<PAGE>
         Section 3.09. Book-Entry Certificates.

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

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

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

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

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

                                       75
<PAGE>
         (b) Whenever notice or other communication to the Certificateholders is
required under this Agreement, unless and until Definitive Certificates shall
have been issued to Certificate Owners pursuant to Section 3.09(c), the Trustee
shall give all such notices and communications specified herein to be given to
Holders of the Book-Entry Certificates to the Clearing Agency.

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

                                   ARTICLE IV

                        ADMINISTRATION OF THE TRUST FUND

         Section 4.01. Collection Account.

         (a) On the Closing Date, the Master Servicer shall open and shall
thereafter maintain a segregated account held in trust (the "Collection
Account"), entitled "Aurora Loan Services LLC, as Master Servicer, in trust for
the benefit of the Holders of Structured Adjustable Rate Mortgage Loan Trust
Mortgage Pass-Through Certificates, Series 2006-2." 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.

                                       76
<PAGE>
         (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 1:00 p.m. New York City time on each
Deposit Date, the entire amount on deposit in the Collection Account (subject to
permitted withdrawals set forth in Section 4.02), not including any amounts
which are to be excluded from the Available Distribution Amount for such
Distribution Date pursuant to clauses (A) through (H) of paragraph (i) of the
definition thereof (other than any amounts due or reimbursable to the Trustee,
the Custodians or 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, 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 the second Business Day following the Closing
Date, any amounts representing Scheduled Payments on the Mortgage Loans due
after the Cut-off Date and received by the Master Servicer on or before the
Closing Date. Thereafter, the Master Servicer shall deposit or cause to be
deposited in the Collection Account on the earlier of the applicable Remittance
Date and two Business Days following receipt thereof, the following amounts
received or payments made by it (other than in respect of principal of and
interest on the Mortgage Loans due on or before the Cut-Off Date):

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

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

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

                  (iv) all Insurance Proceeds;

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

                  (vi) all Prepayment Penalty Amounts; and

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

                                       77
<PAGE>
         (e) Funds in the Collection Account may be invested in Eligible
Investments (selected by and at the written direction of the Master Servicer)
which shall mature not later than one Business Day prior to the Deposit Date
(except that if such Eligible Investment is an obligation of the Trustee or the
Paying Agent, if other than the Trustee, and such Collection Account is
maintained with the Trustee or the Paying Agent, if other than the Trustee, then
such Eligible Investment shall mature not later than such applicable Deposit
Date), and any such Eligible Investment shall not be sold or disposed of prior
to its maturity. All such Eligible Investments shall be made in the name of the
Master Servicer in trust for the benefit of the Trustee and Holders of
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through
Certificates, Series 2006-2. All income and gain realized from any such
investment shall be for the benefit of the Master Servicer, while such
Collection Account is maintained by the Master Servicer, and shall be subject to
its withdrawal or order from time to time and shall not be part of the Trust
Fund. The amount of any losses incurred in respect of any such investments shall
be deposited in such Collection Account by the Master Servicer out of its own
funds, without any right of reimbursement therefore, immediately as realized.
The foregoing requirements for deposit in the Collection Account are exclusive,
it being understood and agreed that, without limiting the generality of the
foregoing, payments of interest on funds in the Collection Account and payments
in the nature of late payment charges or assumption fees need not be deposited
by the Master Servicer in the Collection Account and may be retained by the
Master Servicer or the applicable Servicer as additional servicing compensation.
If the Master Servicer deposits in the Collection Account any amount not
required to be deposited therein, it may at any time withdraw such amount from
such Collection Account.

         Section 4.02. Application of Funds in the Collection Account.

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

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

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

                                       78
<PAGE>
                  (iii) to reimburse itself or any Servicer from Liquidation
         Proceeds for Liquidation Expenses and for amounts expended by it
         pursuant to Sections 9.20 and 9.22(a) or the applicable Servicing
         Agreement in good faith in connection with the restoration of damaged
         property and, to the extent that Liquidation Proceeds after such
         reimbursement exceed the unpaid principal balance of the related
         Mortgage Loan, together with accrued and unpaid interest thereon at the
         applicable Mortgage Rate less the applicable Servicing Fee and the
         Master Servicing Fee for such Mortgage Loan to the Due Date next
         succeeding the date of its receipt of such Liquidation Proceeds, to pay
         to itself out of such excess the amount of any unpaid assumption fees,
         late payment charges or other Mortgagor charges on the related Mortgage
         Loan and to retain any excess remaining thereafter as additional
         servicing compensation, it being understood, in the case of any such
         reimbursement or payment, that such Master Servicer's or Servicer's
         right thereto shall be prior to the rights of the Certificateholders;

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

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

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

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

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

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

                                       79
<PAGE>
                  (x) to withdraw funds deposited in error in the Collection
         Account;

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

                  (xii) to reimburse a successor Master Servicer (solely in its
         capacity as successor Master Servicer, including the Securities
         Administrator), 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 provided such amounts are Servicing Fees or
         "unanticipated expenses" within the meaning of Treasury Regulation
         Section 1.860G-1(b)(3)(ii).

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

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

         In the event that the Master Servicer fails on any Deposit Date to
remit to the Securities Administrator any amounts required to be so remitted to
the Securities Administrator pursuant to sub-clause (viii) by 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 Deposit Date to but not
including the related Distribution Date. The Master Servicer shall only be
required to pay the Securities Administrator interest for the actual number of
days such amounts are not timely remitted (e.g., one day's interest, if such
amounts are remitted one day after the Deposit Date).

         Section 4.03. Reports to Certificateholders.

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

                                       80
<PAGE>
                  (i) the aggregate amount of the distribution to be made on
         such Distribution Date to the Holders of each Class of Certificates,
         other than any Class of Notional Certificates, to the extent
         applicable, allocable to principal on the Mortgage Loans, including any
         Subsequent Recovery, Liquidation Proceeds and Insurance Proceeds,
         stating separately the amount attributable to scheduled principal
         payments and unscheduled payments in the nature of principal in each
         Mortgage Pool;

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

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

                  (iv) (A) the aggregate amount of any Advances required to be
         made as of the end if the month immediately preceding the month in
         which such Distribution Date occurs by or on behalf of the Master
         Servicer or any Servicer (or, if applicable, the 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 Pool Balance of each Mortgage Pool for such Distribution Date,
         after giving effect to payments allocated to principal reported under
         clause (i) above;

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

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

                  (viii) the amount of the Master Servicing Fees, Servicing Fees
         and Securities Administrator Fee 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 one month,
         (c) delinquent two months, (d) delinquent three or more months and (e)
         as to which foreclosure proceedings have been commenced as of the close
         of business on the last Business Day of the calendar month immediately
         preceding the month in which such Distribution Date occurs;

                                       81
<PAGE>
                  (x) the delinquency method (MBA) that is used to calculate the
         information provided under (ix) above;

                  (xi) the deemed aggregate principal balance of all REO
         Properties as of the close of business on the last Business Day of the
         calendar month immediately preceding the month in which such
         Distribution Date occurs; with respect to substitution of Mortgage
         Loans in the preceding calendar month, the aggregate Scheduled
         Principal Balance of all such Deleted Mortgage Loans, and of all
         Qualifying Substitute Mortgage Loans;

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

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

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

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

         In addition to the information listed above, such Distribution Date
report shall also include such other information as is required by Form 10-D,
including, but not limited to, the information required by Item 1121 (ss.
229.1121) of Regulation AB.

         The Securities Administrator shall make such report and additional loan
level information (and, at its option, any additional files provided by the
Master Servicer containing the same information in an alternative format)
available each month to the Trustee, 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 (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.

                                       82
<PAGE>
         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 four
Business Days prior to the Distribution Date. In preparing or furnishing the
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. 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 in such Mortgage Loan data or other information.

         On each Distribution Date, in the event the above referenced Securities
Administrator's Internet web site is not accessible to the Depositor, the
Securities Administrator shall also provide or make available to the Depositor a
copy of the above described written report, to the following address: Lehman
Brothers Inc., 745 Seventh Avenue, 7th Floor, New York, New York 10019,
Attention: Michael Hitzmann, or to such other address as the Depositor may
designate.

         (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 a Servicer under the applicable Servicing
Agreement, shall use reasonable efforts to obtain such information and
documentation from such Servicer, and provide) to such Certificateholder such
reports and access to information and documentation regarding the Mortgage Loans
as such Certificateholder may reasonably deem necessary to comply with
applicable regulations of the Office of Thrift Supervision or its successor or
other regulatory authorities with respect to investment in the Certificates;
provided, however, that the Master Servicer shall be entitled to be reimbursed
by such Certificateholder for such Master Servicer's actual expenses incurred in
providing such reports and access.

         (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 have prepared and shall make available, upon written
request, to each Person who at any time during the calendar year was a
Certificateholder of record, and make available to Certificate Owners
(identified as such by the Clearing Agency) in accordance with applicable
regulations, a report summarizing the items provided to Certificateholders
pursuant to Section 4.03(a) on an annual basis as may be required to enable such
Holders to prepare their federal income tax returns. 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 Mortgage
Loan level information as is necessary for the Securities Administrator to
prepare such reports.

                                       83
<PAGE>
         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"),
to be held in trust for the benefit of the Certificateholders until disbursed
pursuant to the terms of this Agreement. The Certificate Account shall be an
Eligible Account. If the existing Certificate Account ceases to be an Eligible
Account, the 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. 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 (c)
         below, and to make payments to itself, the Trustee and others prior to
         making distributions pursuant to Section 5.02 for any expenses or other
         indemnification owing to itself, the Trustee and others pursuant to any
         provision of this Agreement (to the extent payment of such expenses or
         other indemnification constitutes "unanticipated expenses" within the
         meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii));

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

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

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

         (c) The 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). All such investments must mature no later than the next
Distribution Date, and shall not be sold or disposed of prior to their maturity.
All such Eligible Investments will be made in the name of the Securities
Administrator (in its capacity as such) or its nominee. All income and gain
realized from any such investment shall be paid to 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 therefore, immediately as realized.
Funds held in the Certificate Account that are not invested shall be held in
cash.

                                       84
<PAGE>
                                   ARTICLE V

                    DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

         Section 5.01. Distributions Generally.

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

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

         Section 5.02. Distributions from the Certificate Account.

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

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

                  (ii) from the Available Distribution Amount for each Mortgage
         Pool, to each Class of Senior Certificates in the related Certificate
         Group, the Accrued Certificate Interest thereon for such Distribution
         Date, as reduced by such Class's allocable share of any Net Prepayment
         Interest Shortfalls for the related Mortgage Pool for such Distribution
         Date; provided, however, that any shortfall in available amounts for a
         Mortgage Pool shall be allocated among the Classes of the related
         Certificate Group in proportion to the amount of Accrued Certificate
         Interest (as so reduced) that would otherwise be distributable thereon;
         and provided, further, however, that payments that would otherwise be
         made to the Component 1-AX and Component 1-PAX may be made to the Class
         1-A1 and Class 1-A2 Certificates, and the Group I Subordinate
         Certificates, each in respect of any Basis Risk Shortfalls and Unpaid
         Basis Risk Shortfalls with respect to Pool 1, and payments that would
         otherwise be made to the Component 2-AX and Component 2-PAX may be made
         to the Class 2-A1 and Class 2-A2 Certificates, and the Group I
         Subordinate Certificates, each in respect of any Basis Risk Shortfalls
         and Unpaid Basis Risk Shortfalls with respect to Pool 2 as set forth in
         Section 5.02(h).

                                       85
<PAGE>
                  (iii) from the remaining Available Distribution Amount for
         each Mortgage Pool, to each Class of Senior Certificates in the related
         Certificate Group (reduced, in each case, by any Net Prepayment
         Interest Shortfalls for the related Mortgage Pool allocated to that
         Class of Certificates in that Distribution Date, as described herein),
         any related Interest Shortfall for such Distribution Date; provided,
         however, that any shortfall in available amounts for each Mortgage Pool
         shall be allocated among the Classes of the related Certificate Group
         in proportion to the Interest Shortfall (as so reduced) for each such
         Class on such Distribution Date;

                  (iv) from the remaining Available Distribution Amount for each
         Mortgage Pool, to the Senior Certificates (other than the Class AX,
         Class PAX, Class 4-AX and Class 5-AX Certificates) of the related
         Certificate Group in reduction of the Class Principal Amounts thereof,
         concurrently, as follows:

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

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

                            (II) second, pro rata to the Class 1-A1 and Class
                       1-A2 Certificates, in reduction of their Class Principal
                       Amounts until their Class Principal Amounts have been
                       reduced to zero:

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

                        (C) pro rata, to the Class 3-A1 and Class 3-A2
                  Certificates from the Available Distribution Amount for Pool 3
                  for such Distribution Date, the Senior Principal Distribution
                  Amount for such Mortgage Pool for such Distribution Date, in
                  reduction of their Class Principal Amounts until their Class
                  Principal Amounts have been reduced to zero;

                                       86
<PAGE>
                        (D) pro rata, to the Class 4-A1 and Class 4-A2
                  Certificates from the Available Distribution Amount for Pool 4
                  for such Distribution Date, the Senior Principal Distribution
                  Amount for such Mortgage Pool for such Distribution Date, in
                  reduction of their Class Principal Amounts until their Class
                  Principal Amounts have been reduced to zero; and

                        (E) pro rata, to the Class 5-A1 and Class 5-A2
                  Certificates from the Available Distribution Amount for Pool 5
                  for such Distribution Date, the Senior Principal Distribution
                  Amount for such Mortgage Pool for such Distribution Date, in
                  reduction of their Class Principal Amounts until their Class
                  Principal Amounts have been reduced to zero.

                  (v) from the remaining Available Distribution Amount for
         Mortgage Pools 1 through 3, subject to the prior distribution of
         amounts pursuant to Section 5.02(f) in the case of clauses (C), (F),
         (I), (L), (O), (R) and (U) below, to the Group I Subordinate
         Certificates, in the following order of priority:

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

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

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

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

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

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

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

                                       87
<PAGE>
                        (H) to the Class B3-I Certificates, any Interest
                  Shortfall for such Class on such Distribution Date;

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

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

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

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

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

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

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

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

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

                                       88
<PAGE>
                        (R) to the Class B6-I Certificates, in reduction of the
                  Class Principal Amount thereof, such Class's Subordinate Class
                  Percentage of each Subordinate Principal Distribution Amount
                  for such Distribution Date, except as provided in Section
                  5.02(c), until the Class Principal Amount thereof has been
                  reduced to zero;

                        (S) to the Class B7-I Certificates, the Accrued
                  Certificate Interest thereon for such Distribution Date, as
                  reduced by such Class's allocable share of any Net Prepayment
                  Interest Shortfalls for such Distribution Date;

                        (T) to the Class B7-I Certificates, any Interest
                  Shortfall for such Class on such Distribution Date;

                        (U) to the Class B7-I Certificates, in reduction of the
                  Class Principal Amount thereof, such Class's Subordinate Class
                  Percentage of each Subordinate Principal Distribution Amount
                  for such Distribution Date, except as provided in Section
                  5.02(c), until the Class Principal Amount thereof has been
                  reduced to zero;

                  (vi) from the remaining Available Distribution Amount for
         Mortgage Pools 4 and 5, subject to the prior distribution of amounts
         pursuant to Section 5.02(g) in the case of clauses (C), (F), (I), (L),
         (O), (R) and (U) to the Group II Subordinate Certificates, in the
         following order of priority:

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

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

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

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

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

                                       89
<PAGE>
                        (F) to the Class B2-II Certificates, in reduction of the
                  Class Principal Amount thereof, such Class's Subordinate Class
                  Percentage of each Subordinate Principal Distribution Amount
                  for such Distribution Date, except as provided in Section
                  5.02(c), until the Class Principal Amount thereof has been
                  reduced to zero;

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

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

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

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

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

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

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

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

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

                                       90
<PAGE>
                        (P) to the Class B6-II Certificates, the Accrued
                  Certificate Interest thereon for such Distribution Date, as
                  reduced by such Class's allocable share of any Net Prepayment
                  Interest Shortfalls for such Distribution Date and as further
                  reduced by such Class's allocable share of any Deferred
                  Interest for such Distribution Date;

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

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

                        (S) to the Class B7-II Certificates, the Accrued
                  Certificate Interest thereon for such Distribution Date, as
                  reduced by such Class's allocable share of any Net Prepayment
                  Interest Shortfalls for such Distribution Date and as further
                  reduced by such Class's allocable share of any Deferred
                  Interest for such Distribution Date;

                        (T) to the Class B7-II Certificates, any Interest
                  Shortfall for such Class on such Distribution Date; and

                        (U) to the Class B7-II Certificates, in reduction of the
                  Class Principal Amount thereof, such Class's Subordinate Class
                  Percentage of each Subordinate Principal Distribution Amount
                  for such Distribution Date, except as provided in Section
                  5.02(c), until the Class Principal Amount thereof has been
                  reduced to zero.

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

         (c) (i) if on any Distribution Date the Credit Support Percentage for
the Class B1-I Certificates is less than the Original Credit Support Percentage
for such Class, then, notwithstanding anything to the contrary in Section
5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the
definition of Subordinate Principal Distribution Amount will be made in respect
of the Class B2-I, Class B3-I, Class B4-I, Class B5-I, Class B6-I or Class B7-I
Certificates on such Distribution Date; (ii) if on any Distribution Date the
Credit Support Percentage for the Class B2-I Certificates is less than the
Original Credit Support Percentage for such Class, then, notwithstanding
anything to the contrary in Section 5.02(a), no distribution of amounts
described in clauses (ii) and (iii) of the definition of Subordinate Principal
Distribution Amount will be made in respect of the Class B3-I, Class B4-I, Class
B5-I, Class B6-I or Class B7-I Certificates on such Distribution Date; (iii) if
on any Distribution Date the Credit Support Percentage for the Class B3-I

                                       91
<PAGE>
Certificates is less than the Original Credit Support Percentage for such Class,
then, notwithstanding anything to the contrary in Section 5.02(a), no
distribution of amounts described in clauses (ii) and (iii) of the definition of
Subordinate Principal Distribution Amount will be made in respect of the Class
B4-I, Class B5-I, Class B6-I or Class B7-I Certificates on such Distribution
Date; (iv) if on any Distribution Date the Credit Support Percentage for the
Class B4-I Certificates is less than the Original Credit Support Percentage for
such Class, then, notwithstanding anything to the contrary in Section 5.02(a),
no distribution of amounts described in clauses (ii) and (iii) of the definition
of Subordinate Principal Distribution Amount will be made in respect of the
Class B5-I, Class B6-I or Class B7-I Certificates on such Distribution Date; (v)
if on any Distribution Date the Credit Support Percentage for the Class B5-I
Certificates is less than the Original Credit Support Percentage for such Class,
then, notwithstanding anything to the contrary in Section 5.02(a), no
distribution of amounts described in clauses (ii) and (iii) of the definition of
Subordinate Principal Distribution Amount will be made in respect of the Class
B6-I or Class B7-I Certificates on such Distribution Date; (vi) if on any
Distribution Date the Credit Support Percentage for the Class B6-I Certificates
is less than the Original Credit Support Percentage for such Class, then,
notwithstanding anything to the contrary in Section 5.02(a), no distribution of
amounts described in clauses (ii) and (iii) of the definition of Subordinate
Principal Distribution Amount will be made in respect of the Class B7-I
Certificates on such Distribution Date; (vii) if on any Distribution Date the
Credit Support Percentage for the Class B1-II Certificates is less than the
Original Credit Support Percentage for such Class, then, notwithstanding
anything to the contrary in Section 5.02(a), no distribution of amounts
described in clauses (ii) and (iii) of the definition of Subordinate Principal
Distribution Amount will be made in respect of the Class B2-II, Class B3-II,
Class B4-II, Class B5-II, Class B6-II or Class B7-II Certificates on such
Distribution Date; (viii) if on any Distribution Date the Credit Support
Percentage for the Class B2-II Certificates is less than the Original Credit
Support Percentage for such Class, then, notwithstanding anything to the
contrary in Section 5.02(a), no distribution of amounts described in clauses
(ii) and (iii) of the definition of Subordinate Principal Distribution Amount
will be made in respect of the Class B3-II, Class B4-II, Class B5-II, Class
B6-II or Class B7-II Certificates on such Distribution Date; (ix) if on any
Distribution Date the Credit Support Percentage for the Class B3-II Certificates
is less than the Original Credit Support Percentage for such Class, then,
notwithstanding anything to the contrary in Section 5.02(a), no distribution of
amounts described in clauses (ii) and (iii) of the definition of Subordinate
Principal Distribution Amount will be made in respect of the Class B4-II, Class
B5-II, Class B6-II or Class B7-II Certificates on such Distribution Date; (x) if
on any Distribution Date the Credit Support Percentage for the Class B4-II
Certificates is less than the Original Credit Support Percentage for such Class,
then, notwithstanding anything to the contrary in Section 5.02(a), no
distribution of amounts described in clauses (ii) and (iii) of the definition of
Subordinate Principal Distribution Amount will be made in respect of the Class

                                       92
<PAGE>
B5-II, Class B6-II or Class B7-II Certificates on such Distribution Date; (xi)
if on any Distribution Date the Credit Support Percentage for the Class B5-II
Certificates is less than the Original Credit Support Percentage for such Class,
then, notwithstanding anything to the contrary in Section 5.02(a), no
distribution of amounts described in clauses (ii) and (iii) of the definition of
Subordinate Principal Distribution Amount will be made in respect of the Class
B6-II or Class B7-II Certificates on such Distribution Date; and (xii) if on any
Distribution Date the Credit Support Percentage for the Class B6-II Certificates
is less than the Original Credit Support Percentage for such Class, then,
notwithstanding anything to the contrary in Section 5.02(a), no distribution of
amounts described in clauses (ii) and (iii) of the definition of Subordinate
Principal Distribution Amount will be made in respect of the Class B7-II
Certificates on such Distribution Date.

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

         (d) On each Distribution Date, the Paying Agent shall distribute to the
Holders of the Class P-I Certificates, any Prepayment Penalty Amounts paid by
borrowers upon voluntary full or partial prepayment of the Mortgage Loans in
Pool 1. On each Distribution Date, the Paying Agent shall distribute to the
Holders of the Class P-II Certificates, any Prepayment Penalty Amounts paid by
borrowers upon voluntary full or partial prepayment of the Mortgage Loans in
Pool 2. On each Distribution Date, the Paying Agent shall distribute to the
Holders of the Class P-III Certificates, any Prepayment Penalty Amounts paid by
borrowers upon voluntary full or partial prepayment of the Mortgage Loans in
Pool 3 On each Distribution Date, the Paying Agent shall distribute to the
Holders of the Class P-IV Certificates, any Prepayment Penalty Amounts paid by
borrowers upon voluntary full or partial prepayment of the Mortgage Loans in
Pool 4 and Pool 5.

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

         (f) (i) On each Distribution Date prior to the Credit Support Depletion
Date but on or after the date on which the aggregate Certificate Principal
Amount of the Senior Certificates of any Certificate Group (other than the Group
4 and Group 5 Certificates) has been reduced to zero, amounts otherwise
distributable as principal on each Class of Group I Subordinate Certificates in
accordance with the priorities set forth in Section 5.02(a)(v), in reverse order
of priority, in respect of such Class's Subordinate Class Percentage of the
Subordinate Principal Distribution Amount for the Mortgage Pool relating to such
retired Senior Certificates, shall be distributed as principal to the Senior
Certificates (other than the Group 4 and Group 5 Certificates) remaining
outstanding in accordance with the priorities set forth in Sections 5.02(a)(iv),
until the Class Principal Amounts thereof have been reduced to zero, provided
that on such Distribution Date (a) the Aggregate Subordinate Percentage for such
Distribution Date is less than 200% of the Aggregate Subordinate Percentage as
of the first Distribution Date or (b) the average outstanding principal balance
of the Mortgage Loans in Pool 1 (if the aggregate Certificate Principal Amount
of the Senior Certificates of any other Certificate Group other than the Group 4
and Group 5 Certificates have been reduced to zero), Pool 2 (if the aggregate
Certificate Principal Amount of the Senior Certificates of any other Certificate
Group other than the Group 4 and Group 5 Certificates have been reduced to zero)
or Pool 3 (if the aggregate Certificate Principal Amount of the Senior
Certificates of any other Certificate Group other than the Group 4 and Group 5
Certificates have been reduced to zero), that are delinquent 60 days or more for
the last six months as a percentage of the related Group Subordinate Amount is
greater than or equal to 50%. If the Senior Certificates of two or more
Certificate Groups (other than the Group 4 and Group 5 Certificates) remain
outstanding, the distributions described above will be made in proportion to the
aggregate Certificate Principal Amount of such Senior Certificates of each such
Certificate Group (other than the Group 4 and Group 5 Certificates).

                                       93
<PAGE>
                  (ii) On any Distribution Date on which any Certificate Group
         (other than the Group 4 and Group 5 Certificates) constitutes an
         Undercollateralized Group, all amounts otherwise distributable as
         principal on the Group I Subordinate Certificates, in reverse order of
         priority (other than amounts necessary to pay unpaid Interest
         Shortfalls) (or, following the Credit Support Depletion Date, such
         other amounts described in the immediately following sentence), will be
         distributed as principal to the Senior Certificates of such
         Undercollateralized Group in accordance with the priorities set forth
         in Section 5.02(a)(iv), until the aggregate Certificate Principal
         Amount of such Senior Certificates equals the Pool Balance of the
         related Mortgage Pool (such distribution, an "Undercollateralization
         Distribution"). In the event that any Certificate Group (other than the
         Group 4 and Group 5 Certificates) constitutes an Undercollateralized
         Group on any Distribution Date following the Credit Support Depletion
         Date, Undercollateralization Distributions will be made from the excess
         of the Available Distribution Amount for the other such Mortgage Pools
         not related to an Undercollateralized Group (other than Pool 4 and Pool
         5) remaining after all required amounts have been distributed to the
         Senior Certificates of the other Certificate Groups (other than the
         Group 4 and Group 5 Certificates). In addition, the amount of any
         unpaid Interest Shortfalls with respect to an Undercollateralized Group
         (other than the Group 4 and Group 5 Certificates) on any Distribution
         Date (including any Interest Shortfalls for such Distribution Date)
         will be distributed to the Senior Certificates of such
         Undercollateralized Group prior to the payment of any
         Undercollateralization Distributions from amounts otherwise
         distributable as principal on the Group I Subordinate Certificates, in
         reverse order of priority (or, following the Credit Support Depletion
         Date, as provided in the preceding sentence). If more than one of the
         Certificate Groups (other than the Group 4 and Group 5 Certificates) is
         an Undercollateralized Group, the distributions described above will be
         made in proportion to the amount by which the aggregate Certificate
         Principal Amount of the Senior Principal Amount of the Senior
         Certificates of each such Certificate Group exceeds the Pool Balance of
         the related Mortgage Pool.

         (g) (i) On each Distribution Date prior to the Credit Support Depletion
Date but on or after the date on which the aggregate Certificate Principal
Amount of the Senior Certificates of any Certificate Group (other than the Group
1, Group 2 and Group 3 Certificates) have been reduced to zero, amounts
otherwise distributable as principal on each Class of Group II Subordinate
Certificates in accordance with the priorities set forth in Section 5.02(a)(vi),
in reverse order of priority, in respect of such Class's Subordinate Class
Percentage of the Subordinate Principal Distribution Amount for the Mortgage
Pool relating to such retired Senior Certificates, shall be distributed as
principal to the Senior Certificates (other than the Group 1, Group 2 and Group
3 Certificates) remaining outstanding in accordance with the priorities set
forth in Sections 5.02(a)(iv), until the Class Principal Amounts thereof have
been reduced to zero, provided that on such Distribution Date (a) the Aggregate
Subordinate Percentage for such Distribution Date is less than 200% of the
Aggregate Subordinate Percentage as of the first Distribution Date or (b) the
average outstanding principal balance of the Mortgage Loans in Pool 4 (if the
aggregate Certificate Principal Amount of the Senior Certificates of Group 5 has
been reduced to zero) or Pool 5 (if the aggregate Certificate Principal Amount
of the Senior Certificates of Group 4 has been reduced to zero), that are
delinquent 60 days or more for the last six months as a percentage of the
related Group Subordinate Amount is greater than or equal to 50%.

                                       94
<PAGE>
                  (ii) On any Distribution Date on which any Certificate Group
         (other than the Group 1, Group 2 and Group 3 Certificates) constitutes
         an Undercollateralized Group, all amounts otherwise distributable as
         principal on the Group II Subordinate Certificates (other than the
         Group 1, Group 2 and Group 3 Certificates), in reverse order of
         priority (other than amounts necessary to pay unpaid Interest
         Shortfalls) (or, following the Credit Support Depletion Date, such
         other amounts described in the immediately following sentence), will be
         distributed as principal to the Senior Certificates of such
         Undercollateralized Group in accordance with the priorities set forth
         in Section 5.02(a)(iv), until the aggregate Certificate Principal
         Amount of such Senior Certificates equals the Pool Balance of the
         related Mortgage Pool (such distribution, an "Undercollateralization
         Distribution"). In the event that Group 4 or Group 5 Certificates
         constitute an Undercollateralized Group on any Distribution Date
         following the Credit Support Depletion Date, Undercollateralization
         Distributions will be made from the excess of the Available
         Distribution Amount for the other such Mortgage Pools (other than Pool
         1, Pool 2 and Pool 3) not related to an Undercollateralized Group
         remaining after all required amounts have been distributed to the
         Senior Certificates of the other Certificate Group. In addition, the
         amount of any unpaid Interest Shortfalls with respect to an
         Undercollateralized Group on any Distribution Date (including any
         Interest Shortfalls for such Distribution Date) will be distributed to
         the Senior Certificates of such Undercollateralized Group prior to the
         payment of any Undercollateralization Distributions from amounts
         otherwise distributable as principal on the Group II Subordinate
         Certificates, in reverse order of priority (or, following the Credit
         Support Depletion Date, as provided in the preceding sentence).

         (h) On each Distribution Date on or prior to December 2010, amounts
otherwise payable to the Component 1-AX or Component 1-PAX pursuant to Section
5.02(a)(ii), if any, will be distributed to the Class 1-A1, Class 1-A2, Class
B1-I, Class B2-I, Class B3-I, Class B4-I, Class B5-I, Class B6-I and Class B7-I
Certificates in respect of any Basis Risk Shortfalls for such Distribution Date
or Unpaid Basis Risk Shortfalls for any prior Distribution Date with respect to
Pool 1. Such amounts will be distributed first, pro rata to the Class 1-A1 and
Class1-A2 Certificates and then sequentially to the related Group I Subordinate
Certificates entitled to such amounts in order of priority. The Component 1-AX
and Component 1-PAX will contribute amounts hereunder pro rata based on the
amount of interest each such Component would otherwise be entitled to receive on
such Distribution Date. The amounts distributed hereunder to the Class 1-A1 and
Class 1-A2 Certificates and the Group I Subordinate Certificates with respect to
any Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls with respect to Pool 1
shall be deemed for federal income tax purposes as having been distributed to
the Component 1-AX and Component 1-PAX, as applicable. The Component 1-AX and
Component 1-PAX shall have no right to reimbursement for such amounts
distributed pursuant to this section. On each Distribution Date on or prior to
December 2010, amounts otherwise payable to the Component 2-AX or Component
2-PAX pursuant to Section 5.02(a)(ii), if any, will be distributed to the Class
2-A1, Class 2-A2, Class B1-I, Class B2-I, Class B3-I, Class B4-I, Class B5-I,

                                       95
<PAGE>
Class B6-I and Class B7-I Certificates in respect of any Basis Risk Shortfalls
for such Distribution Date or Unpaid Basis Risk Shortfalls for any prior
Distribution Date with respect to Pool 2. Such amounts will be distributed
first, pro rata to the Class 2-A1 and Class 2-A2 Certificates and then
sequentially to the related Group I Subordinate Certificates entitled to such
amounts in order of priority. The Component 2-AX and Component 2-PAX will
contribute amounts hereunder pro rata based on the amount of interest each such
Component would otherwise be entitled to receive on such Distribution Date. The
amounts distributed hereunder to the Class 2-A1 and Class 2-A2 Certificates and
the Group I Subordinate Certificates with respect to any Basis Risk Shortfalls
or Unpaid Basis Risk Shortfalls with respect to Pool 2 shall be deemed for
federal income tax purposes as having been distributed to the Component 2-AX and
Component 2-PAX, as applicable. The Component 2-AX and Component 2-PAX shall
have no right to reimbursement for such amounts distributed pursuant to this
section.

         Section 5.03. Allocation of Realized Losses.

         (a) (i) On any Distribution Date, the principal portion of each
Realized Loss (other than any Excess Loss) in respect of a Mortgage Loan in
Pools 1 through 3 shall be allocated in the following order of priority:

                           first, to the Class B7-I Certificates, until the
                  Class Principal Amount thereof has been reduced to zero;

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

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

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

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

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

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

                                       96
<PAGE>
                           eighth, to the Classes of Senior Certificates of the
                  related Certificate Group, pro rata, in accordance with their
                  Class Principal Amounts; provided, that any such loss
                  allocated to any Class of Accrual Certificates shall be
                  allocated (subject to Section 5.03(c)) on the basis of the
                  lesser of (x) the Class Principal Amount thereof immediately
                  prior to the applicable Distribution Date and (y) the Class
                  Principal Amount thereof on the Closing Date (as reduced by
                  any Realized Losses previously allocated thereto); provided,
                  however, that any Realized Losses otherwise allocable to the
                  Class 1-A1 Certificates pursuant to this Section 5.03 shall be
                  allocated to the Class 1-A2 Certificates until the Class
                  Principal Amount of such Class has been reduced to zero, any
                  Realized Losses otherwise allocable to the Class 2-A1
                  Certificates pursuant to this Section 5.03 shall be allocated
                  to the Class 2-A2 Certificates until the Class Principal
                  Amount of such Class has been reduced to zero and any Realized
                  Losses otherwise allocable to the Class 3-A1 Certificates
                  pursuant to this Section 5.03 shall be allocated to the Class
                  3-A2 Certificates until the Class Principal Amount of such
                  Class has been reduced to zero.

Notwithstanding the foregoing, the first $0.82 of principal portion of Realized
Losses in Mortgage Group I shall not be allocated to any Class of Certificates.

                  (ii) On any Distribution Date, the principal portion of each
         Realized Loss (other than any Excess Loss) in respect of a Mortgage
         Loans in Pools 3 and 4 shall be allocated in the following order of
         priority:

                           first, to the Class B7-II Certificates, until the
                  Class Principal Amount thereof has been reduced to zero;

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

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

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

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

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

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

                                       97
<PAGE>
                           eighth, to the Classes of Senior Certificates of the
                  related Certificate Group, pro rata, in accordance with their
                  Class Principal Amounts; provided, that any such loss
                  allocated to any Class of Accrual Certificates shall be
                  allocated (subject to Section 5.03(c)) on the basis of the
                  lesser of (x) the Class Principal Amount thereof immediately
                  prior to the applicable Distribution Date and (y) the Class
                  Principal Amount thereof on the Closing Date (as reduced by
                  any Realized Losses previously allocated thereto); provided,
                  however, that any Realized Losses otherwise allocable to the
                  Class 4-A1 Certificates pursuant to this Section 5.03 shall be
                  allocated to the Class 4-A2 Certificates until the Class
                  Principal Amount of such Class has been reduced to zero and
                  any Realized Losses otherwise allocable to the Class 5-A1
                  Certificates pursuant to this Section 5.03 shall be allocated
                  to the Class 5-A2 Certificates until the Class Principal
                  Amount of such Class has been reduced to zero.

                  Notwithstanding the foregoing, the first $0.19 of principal
                  portion of Realized Losses in Mortgage Group II shall not be
                  allocated to any Class of Certificates.

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

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

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

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

                                       98
<PAGE>
         Section 5.04. Advances by the Master Servicer and the Securities
                       Administrator.

         (a) Advances shall be made in respect of each Deposit Date as provided
herein. If, on any Determination Date, the Master Servicer determines that any
Scheduled Payments due during the related Due Period (other than Balloon
Payments) have not been received, the Master Servicer shall, or shall cause the
applicable Servicer to, advance such amount on the Deposit Date immediately
following such Determination Date, less an amount, if any, to be set forth in an
Officer's Certificate to be delivered to the Securities Administrator on such
Determination Date, which if advanced the Master Servicer or such Servicer has
determined would not be recoverable from amounts received with respect to such
Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds
or otherwise. The Securities Administrator shall be able to rely conclusively on
any non-recoverability determination made by the Master Servicer. If the Master
Servicer determines that an Advance is required, it shall on the Deposit Date
immediately following such Determination Date either (i) remit to the 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 Deposit Date to the extent that funds in the Certificate Account on such
Deposit Date shall be less than payments to Certificateholders required to be
made on the related Distribution Date. The 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.

         (b) In the event that the Master Servicer fails for any reason to make
an Advance required to be made pursuant to Section 5.04(a) on or before the
Deposit Date, the 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 or any
Servicer that would have been deposited in such Certificate Account over (b) the
amount of any Advance made by the Master Servicer or such Servicer with respect
to such Distribution Date; provided, however, that the 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.

                                       99
<PAGE>
         Section 5.05. Compensating Interest Payments.

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

         Section 5.06. Funding Account.

         (a) No later than the Closing Date, the Securities Administrator shall
establish and maintain a segregated trust account that is an Eligible Account,
which shall be titled "Funding Account, Wells Fargo Bank, N.A., as securities
administrator, in trust for the registered holders of Structured Adjustable Rate
Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2006-2" (the
"Funding Account"). The Securities Administrator shall, promptly upon receipt,
deposit in the Funding Account and retain therein the Funding Amount remitted on
the Closing Date to the Securities Administrator by the Depositor. Funds
deposited in the Funding Account shall be held in trust by the Securities
Administrator on behalf of the Certificateholders for the uses and purposes set
forth herein. On the Distribution Date in March 2006, the Securities
Administrator will withdraw from the Funding Account an amount equal to the
Funding Amount. The Securities Administrator shall pay the Funding Amount with
respect to Pool 1 and Pool 3 to the Certificateholders in accordance with the
priorities set forth in Section 5.02 as if such amounts were included in the
Available Distribution Amounts of Pool 1 and Pool 3; provided, however, that the
Securities Administrator shall not be entitled to any payment pursuant to
Section 5.02(a)(i) with respect to the Funding Amount.

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

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

         (d) For purposes of computations throughout this Agreement (other than
for purposes of computing any fee or the Net WAC of any Pool or portion
thereof), (i) Pool 1 shall be deemed to include a certain Pool 1 AX Mortgage
Loan with a Scheduled Principal Balance as of the Cut-off Date of $618,254.76
that is prepaid in full on the Closing Date such that its Scheduled Principal
Balance for all Distribution Dates is $0 and (ii) Pool 3 shall be deemed to
include certain Mortgage Loans with a Scheduled Principal Balance as of the
Cut-off Date of $2,164,271.53 that are prepaid in full on the Closing Date such
that their Scheduled Principal Balance for all Distribution Dates is $0.

                                      100
<PAGE>
                                   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
(of which a Responsible Officer of the Trustee shall have actual knowledge), and
the Securities Administrator undertakes 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 (of which a Responsible Officer of the Trustee or the
Securities Administrator shall have actual knowledge) 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 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, to the
Trustee or the Securities Administrator, as applicable, pursuant to this
Agreement, and neither the Trustee nor the Securities Administrator shall be
required to recalculate or verify any numerical information furnished to the
Trustee or the Securities Administrator pursuant to this Agreement.

         (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, except as may be otherwise expressly set forth
herein. 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 personally liable with respect to any action taken, suffered or
         omitted to be taken by it in good faith in accordance with the consent
         or direction of Holders of Certificates as provided in Section 6.18
         hereof;

                                      101
<PAGE>
                  (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 Corporate Trust Office, 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
         remit funds or to furnish information to the Securities Administrator
         when required to do so) unless a Responsible Officer of the Securities
         Administrator has actual knowledge thereof or unless written notice of
         any event which is in fact such a default is received by the Securities
         Administrator at the address provided in Section 11.07, and such notice
         references the Holders of the Certificates and this Agreement; and

                  (iv) With respect to amounts that would be treated as
         "unanticipated expenses" within the meaning of Treasury Regulations
         Section 1.860G-1(b)(3)(ii) if paid or reimbursed by the REMICs
         hereunder, no provision of this Agreement shall require the Trustee 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 except, with respect to the Securities
         Administrator, 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.

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

         (e) Neither the Trustee or 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 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, as applicable, or exercising any trust or power
conferred upon the Trustee or the Securities Administrator, as applicable, under
this Agreement.

                                      102
<PAGE>
         (f) Neither the Trustee nor the Securities Administrator shall be held
liable by reason of any insufficiency in any account (including without
limitation the Certificate Account) held by or on behalf of the Trustee or the
Securities Administrator resulting from any investment loss on any Eligible
Investment included therein (except to the extent that the Trustee is the
obligor and has defaulted thereon).

         (g) Except as otherwise provided herein, neither the Trustee nor the
Securities Administrator shall have any duty (A) to see to any recording,
filing, or depositing of this Agreement or any agreement referred to herein or
any financing statement or continuation statement evidencing a security
interest, or to see to the maintenance of any such recording or filing or
depositing or to any re-recording, re-filing or re-depositing of any thereof,
(B) to see to any insurance, (C) to see to the payment or discharge of any tax,
assessment, or other governmental charge or any lien or encumbrance of any kind
owing with respect to, assessed or levied against, any part of the Trust Fund
other than from funds available in the Collection Account or the Certificate
Account, or (D) to confirm or verify the contents of any reports or certificates
of the Master Servicer delivered to the Trustee 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.

         (h) 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.

         (i) Notwithstanding anything in this Agreement to the contrary, neither
the Securities Administrator nor 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 Trustee or the Securities
Administrator, 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(i) shall not apply in connection with any failure by the
Securities Administrator to comply with the provisions of Subsections 6.01(k)
and (l) hereof and Subsections 9.25(a) and (b) hereof.

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

         (k) 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.

                                      103
<PAGE>
         (l) The Trustee and the Securities Administrator shall each notify the
Sponsor, the Master Servicer and the Depositor within five (5) calendar days of
knowledge thereof (i) of any legal proceedings pending against the Trustee or
the Securities Administrator, as applicable, of the type described in Item 1117
(ss. 229.1117) of Regulation AB, and (ii) of any merger, consolidation or sale
of substantially all of the assets of the Trustee or the Securities
Administrator, as applicable, and (iii) if the Trustee or the Securities
Administrator, as applicable, shall become (but only to the extent not
previously disclosed) at any time an affiliate of any of the parties listed on
Exhibit R hereto. On or before March 1st of each year, the Depositor shall
distribute the information on Exhibit R to the Trustee and the Securities
Administrator.

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

         Except as otherwise provided in Section 6.01:

                  (i) 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, Opinion of Counsel or any other certificate, statement,
         instrument, opinion, report, notice, request, consent, order, approval,
         bond or other paper or document believed by it to be genuine and to
         have been signed or presented by the proper party or parties;

                  (ii) 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;

                  (iii) 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;

                  (iv) 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 Holders of at least a majority in
         Class Principal Amount (or Class Notional Amount) of each Class of
         Certificates; provided, however, that, if the payment within a
         reasonable time to the Trustee 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, not reasonably assured to the Trustee 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 as a
         condition to proceeding. The reasonable expense thereof shall be paid
         by the Holders requesting such investigation and if not reimbursed by
         the requesting party shall be reimbursed to the Securities
         Administrator or Trustee, as applicable, by the Trust Fund;

                                      104
<PAGE>
                  (v) 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, respectively, 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;

                  (vi) 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;

                  (vii) 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

                  (viii) 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 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 or any Custodial Agreement, of
the Certificates (other than the certificate of authentication on the
Certificates), or of any Mortgage Loan or Servicing Agreement, or related
document save that the Trustee and the Securities Administrator each 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. Neither the Trustee nor the Securities Administrator shall be
accountable for the use or application by the Depositor of funds paid to the
Depositor in consideration of the assignment of the Mortgage Loans to the Trust
Fund by the Depositor or for the use or application of any funds deposited into
the Collection Account, the Certificate Account, any Escrow Account or any other
fund or account maintained with respect to the Certificates. Neither the Trustee
nor the Securities Administrator shall be responsible for the legality or
validity of this Agreement, the Custodial Agreements or the Servicing Agreements
or the validity, priority, perfection or sufficiency of the security for the
Certificates issued or intended to be issued hereunder. Except as otherwise
provided herein, neither the Trustee nor the Securities Administrator shall have
any responsibility for filing any financing or continuation statement in any
public office at any time or to otherwise perfect or maintain the perfection of
any security interest or lien granted to it hereunder or to record this
Agreement.

                                      105
<PAGE>
         Section 6.04. Trustee and Securities Administrator May Own
                       Certificates.

         The Trustee, the Securities Administrator and any Affiliate or agent of
the Trustee or Securities Administrator in its individual or any other capacity
may become the owner or pledgee of Certificates and may transact banking and
trust with the other parties hereto 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.

         Each of the Trustee and the Securities Administrator hereunder shall at
all times be (i) an institution insured by the FDIC and (ii) a corporation or
national banking association, organized and doing business under the laws of any
State or the United States of America, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of not less than
$50,000,000 and a rating of not less than "A-" by S&P, and subject to
supervision or examination by federal or state authority. If such corporation or
national banking association publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then, for the purposes of this Section, the combined capital and
surplus of such corporation or national banking association shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time either 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 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 and the Master Servicer. Upon receiving such notice of
resignation, the Depositor will promptly appoint a successor trustee or
successor Securities Administrator, as applicable, by written instrument, one
copy of which instrument shall be delivered to the resigning Trustee or
resigning Securities Administrator, as applicable, one copy to the successor
trustee or to the successor securities administrator, as applicable, one copy to
the Master Servicer. If no successor trustee or successor securities
administrator, as applicable 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.

                                      106
<PAGE>
         (b) If at any time (i) either the Trustee or the Securities
Administrator 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 or of either of their 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) a
tax is imposed or threatened with respect to the Trust Fund by any state in
which the Trustee or the Trust Fund held by the Trustee is located, (iv) the
Trustee shall fail to provide the information required pursuant to Subsection
6.01 (l) or (v) the continued use of the Trustee or the Securities Administrator
would result in a downgrading of the rating by the Rating Agencies of any Class
of Certificates with a rating, then the Depositor shall remove the Trustee or
the Securities Administrator, as applicable, and appoint a successor trustee or
successor securities administrator, as applicable, by written instrument, one
copy of which instrument shall be delivered to the Trustee or the Securities
Administrator, as applicable, so removed, one copy to the successor trustee or
the successor securities administrator, as applicable, and one copy to the
Master Servicer.

         (c) The Holders of more than 50% of the Class Principal Amount (or
Class Notional Amount) of each Class of Certificates may at any time upon 30
days' written notice to the Trustee, the Securities Administrator and the
Depositor remove the Trustee or the Securities Administrator 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 or Securities Administrator, as applicable, so removed and one copy
to the Master Servicer; the Depositor shall thereupon use its best efforts to
appoint a mutually acceptable successor trustee or successor securities
administrator, as applicable, in accordance with this Section.

         (d) Any resignation or removal of the Trustee or Securities
Administrator 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 successor
securities administrator, as applicable, as provided in Section 6.07.

         Section 6.07. Successor Trustee and Successor Securities Administrator.

         (a) Any successor trustee or successor securities administrator
appointed as provided in Section 6.06 shall execute, acknowledge and deliver to
the Depositor, the Master Servicer 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. The predecessor trustee or
predecessor securities administrator, as applicable shall deliver to the
successor trustee (or assign to the successor trustee its interest under each
Custodial Agreement, to the extent permitted thereunder) or predecessor
securities administrator, as applicable, all Mortgage Files and documents and
statements related to each Mortgage Files 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

                                      107
<PAGE>
other documents properly executed necessary to effect such transfer and such of
the record or copies thereof maintained by the predecessor trustee in the
administration hereof as may be requested by the successor trustee and shall
thereupon be discharged from all duties and responsibilities under this
Agreement. In addition, the Master Servicer and the predecessor trustee 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 securities
administrator, as applicable all such rights, powers, duties and obligations.

         (b) No successor trustee or securities administrator, as applicable,
shall accept appointment as provided in this Section unless at the time of such
appointment such successor trustee or securities administrator, as applicable,
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 Master
Servicer shall mail notice of the succession of such trustee or securities
administrator, as applicable and to all Holders of Certificates at their
addresses as shown in the Certificate Register and to the Rating Agencies. The
expenses of such mailing shall be borne by the predecessor trustee.

         Section 6.08. Merger or Consolidation of Trustee or 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 business of the
Trustee or the Securities Administrator, shall be the successor to the Trustee
or the 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 such Person shall be
eligible under the provisions of Section 6.05. As a condition to the succession
to the Trustee or the Securities Administrator under this Agreement by any
Person (i) into which the Trustee or the Securities Administrator, as
applicable, may be merged or consolidated, or (ii) which may be appointed as a
successor to the Trustee or the Securities Administrator, as applicable, the
Trustee or the Securities Administrator, as applicable, shall notify the
Depositor, at least 15 calendar days prior to the effective date of such
succession or appointment, of such succession or appointment and shall furnish
to the Depositor in writing and in form and substance reasonably satisfactory to
the Depositor, all information reasonably necessary for the Trustee or the
Securities Administrator, as applicable, 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).

                                      108
<PAGE>
         Section 6.09. Appointment of Co-Trustee, Separate Trustee or Custodian.

         (a) Notwithstanding any other provisions hereof, at any time, the
Trustee, the Depositor or the Certificateholders evidencing more than 50% of the
Class Principal Amount (or Class Notional Amount) of each Class of Certificates
shall each have the power from time to time to appoint one or more Persons 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, provided, however, that prior to the appointment hereunder of any
such co-trustee, separate trustee, or custodian, such Person shall enter into an
agreement, in form and substance satisfactory to the Depositor, the Master
Servicer and the Trustee, relating to the satisfaction of such Person of its
reporting obligations under Regulation AB with respect to any Servicing
performed by it in connection with the Trust Fund.

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

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

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

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

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

                                      109
<PAGE>
         (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.

         (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. The Trustee shall not
be responsible for any action or inaction of any separate trustee, co-trustee or
custodian. If any separate trustee, co-trustee or custodian shall die, become
incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Trustee, to
the extent permitted by law, without the appointment of a new or successor
trustee.

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

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

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

         Section 6.10. Authenticating Agents.

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

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

                                      110
<PAGE>
         (c) Any Authenticating Agent may at any time resign by giving at least
30 days' advance written notice of resignation to the Trustee and the Depositor.
The Trustee may at any time terminate the agency of any Authenticating Agent by
giving written notice of termination to such Authenticating Agent and the
Depositor. Upon receiving a notice of resignation or upon such a termination, or
in case at any time any Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 6.10, the Trustee may appoint a
successor Authenticating Agent, shall give written notice of such appointment to
the Depositor and shall mail notice of such appointment to all Holders of
Certificates. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers, duties
and responsibilities of its predecessor hereunder, with like effect as if
originally named as Authenticating Agent. No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section 6.10. No
Authenticating Agent shall have responsibility or liability for any action taken
by it as such at the direction of the Trustee. Any Authenticating Agent shall be
entitled to reasonable compensation for its services and, if paid by the
Trustee, it shall be a reimbursable expense to the extent provided in Section
6.12.

         Section 6.11. Indemnification of Trustee 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 Certificates, the Mortgage
Loan Sale Agreement, any Custodial Agreement or any Servicing Agreement,
including any applicable fees and expenses payable pursuant to Section 6.12 and
the costs and expenses of defending themselves against any claim in connection
with the exercise or performance of any of their powers or duties hereunder,
provided that:

                  (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 failure to so notify shall not relieve the Trust Fund of the
         obligation to indemnify the Trustee or the Securities Administrator;

                  (ii) while maintaining control over its own defense, the
         Trustee or the Securities Administrator, as applicable, shall cooperate
         and consult fully with the Depositor 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, which consent
         shall not be unreasonably withheld; and

                                      111
<PAGE>
                  (iv) any such loss, liability or expense indemnified by the
         Trust Fund must constitute an "unanticipated expense" within the
         meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii).

         The provisions of this Section 6.11 shall survive any termination of
this Agreement and the resignation or removal of the Trustee 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 Securities Administrator shall be entitled to (a) the Securities
Administrator Fee, and is authorized to pay itself the amount of income or gain
earned from investment of funds in the Certificate Account and (b) reimbursement
of all reasonable expenses, disbursements and advancements incurred or made by
the Securities Administrator in accordance with this Agreement (including fees
and expenses of its counsel and all persons not regularly in its employment),
except any such expenses, disbursements and advancements that either (i) arise
from its negligence, bad faith or willful misconduct or (ii) do not constitute
"unanticipated expenses" within the meaning of Treasury Regulations Section
1.860G-1(b)(3)(ii). The Trustee shall be paid the Trustee Fee by the Securities
Administrator from its own funds, as separately agreed with the Securities
Administrator. The Custodian shall be compensated as separately agreed with the
Depositor.

         Section 6.13. Collection of Monies.

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

         Section 6.14. Events of Default; Securities Administrator 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 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 (or Class Notional Amount) of
         each Class of Certificates affected thereby; or

                                      112
<PAGE>
                  (ii) Any failure on the part of the Master Servicer duly to
         observe or perform in any material respect any other of the covenants
         or agreements on the part of such Master Servicer contained in this
         Agreement which continues unremedied for a period of 30 days (or 15
         days, in the case of a failure to maintain any Insurance Policy
         required to be maintained pursuant to this Agreement, or 10 days, in
         the case of a failure to comply with the requirements of Sections 9.03)
         after the date on which written notice of such failure, requiring the
         same to be remedied, shall have been given to such Master Servicer by
         the Trustee or 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 (or Class Notional Amount) of
         each Class of Certificates affected thereby; or

                  (iii) 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

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

                  (v) 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

                  (vi) 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

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

                                      113
<PAGE>
                  (viii) A sale or pledge of the any of the rights of the Master
         Servicer hereunder or an assignment of this Agreement by the Master
         Servicer or a delegation of the rights or duties of the Master Servicer
         hereunder shall have occurred in any manner not otherwise permitted
         hereunder and without the prior written consent of the Trustee and
         Certificateholders holding more than 50% of the Class Principal Amount
         (or Class Notional Amount) of each Class of Certificates; or

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

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

         If an Event of Default described in clauses (i) through (ix) of this
Section 6.14 shall occur, then, in each and every case, subject to applicable
law, so long as any such Event of Default shall not have been remedied within
any period of time prescribed by this Section 6.14, the Trustee, by notice in
writing to the Master Servicer may, and shall, if so directed by
Certificateholders evidencing more than 50% of the Class Principal Amount (or
Class Notional Amount) of each Class of Certificates, terminate all of the
rights and obligations of the Master Servicer hereunder and in and to the
Mortgage Loans and the proceeds thereof. If an Event of Default described in
clause (x) of Section 6.14(a) shall occur, then, in each and every case, subject
to applicable law, so long as such Event of Default shall not have been remedied
within the time period prescribed by clause (x) of Section 6.14(a), the Trustee,
by notice in writing to the Master Servicer, shall promptly terminate all of the
rights and obligations of the Master Servicer hereunder and in and to the
Mortgage Loans and the proceeds thereof. On or after the receipt by the Master
Servicer of such written notice, all authority and power of the Master Servicer,
and only in its capacity as Master Servicer under this Agreement, whether with
respect to the Mortgage Loans or otherwise, shall pass to and be vested in the
Securities Administrator and upon receipt of written notice by the Securities
Administrator from the Trustee pursuant to and under the terms of this
Agreement; and 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

                                      114
<PAGE>
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 in
the Collection Account maintained by such defaulting Master Servicer and any
other account or fund maintained with respect to the Certificates or thereafter
received with respect to the Mortgage Loans. The Master Servicer being
terminated shall bear all costs of a master servicing transfer, including but
not limited to those of the Trustee and 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. The Securities Administrator shall be entitled to be
reimbursed from the Master Servicer (or by the Trust Fund, if the Master
Servicer is unable to fulfill its obligations hereunder) for all costs
associated with the transfer of servicing from the predecessor Master Servicer,
including, without limitation, any costs or expenses associated with the
complete transfer of all servicing data and the completion, correction or
manipulation of such servicing data as may be required by the Securities
Administrator to correct any errors or insufficiencies in the 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 Fund and the
Securities Administrator shall be entitled to withdraw such reimbursement from
amounts on deposit in the Certificate Account pursuant to Section 4.04; provided
that the terminated Master Servicer shall reimburse the Trust Fund for any such
expense incurred by the Trust Fund; and provided, further, that the Trustee
shall decide whether and to what extent it is in the best interest of the
Certificateholders to pursue any remedy against any party obligated to make such
reimbursement.

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

         If any Event of Default shall occur of which a Responsible Officer of
the Trustee or Securities Administrator has actual knowledge, the Trustee or
Securities Administrator, as applicable, upon becoming aware of the occurrence
thereof through the proper execution of its duties under this Agreement, shall
promptly notify the Securities Administrator or Trustee and the Rating Agencies
of the nature and extent of such Event of Default. The Trustee or the Securities
Administrator shall immediately give written notice to the Master Servicer upon
such Master Servicer's failure to remit funds on the Deposit Date.

         (b) On and after the time the Master Servicer receives a notice of
termination from the Trustee or Securities Administrator 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 hereunder. In addition, the Securities Administrator shall have no
responsibility for any act or omission of the Master Servicer prior to the

                                      115
<PAGE>
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 therefore, the Securities Administrator shall
be entitled to receive all compensation payable to the Master Servicer under
this Agreement, including the Master Servicing Fee and the compensation
described in Section 9.21. The Securities Administrator shall be entitled to be
reimbursed from the Master Servicer (or by the Trust Fund if the Master Servicer
is unable to fulfill its obligations hereunder) for all costs associated with
the transfer of master servicing from the predecessor master servicer,
including, without limitation, any costs or expenses associated with the
complete transfer of all master servicing data and the completion, correction or
manipulation of such master servicing data as may be required by the 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.

         (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 a master servicer, like the
Master Servicer. 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 Securities Administrator and successor master servicer, as

                                      116
<PAGE>
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 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.

         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.

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

         Section 6.17. Notification to Holders.

         Upon termination of the Master Servicer or appointment of a successor
to the Master Servicer, in each case as provided herein, the Securities
Administrator shall promptly mail notice thereof by first class mail to the
Trustee and the Certificateholders at their respective addresses appearing on
the Certificate Register. 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 the 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.

                                      117
<PAGE>
         Section 6.18. Directions by Certificateholders and Duties of Trustee
                       During Event of Default.

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

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

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

         Section 6.20. Preparation of Tax Returns and Other Reports.

         (a) [Reserved].

         (b) [Reserved].

         (c) The Depositor shall prepare or cause to be prepared the initial
current report on Form 8-K. Thereafter, the 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.

                                      118
<PAGE>
         (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
         attached thereto. Any disclosure in addition to the Distribution Date
         Statement that is required to be included on Form 10-D ("Additional
         Form 10-D Disclosure") shall be determined and prepared by and at the
         direction of the Depositor pursuant to the following paragraph and the
         Securities Administrator will have no duty or liability for any failure
         hereunder to determine or prepare any Additional Form 10-D Disclosure,
         except as set forth in the next paragraph.

                  (ii) As set forth on Exhibit P-1 hereto, within five calendar
         days after the related Distribution Date, (A) certain parties to the
         Structured Adjustable Rate Mortgage Loan Trust 2006-2 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, an Additional
         Disclosure Notification in the form attached hereto as Exhibit P-4, and
         (B) the Depositor will approve, as to form and substance, or
         disapprove, as the case may be, the inclusion of the Additional Form
         10-D Disclosure on Form 10-D. The Sponsor will be responsible for any
         reasonable fees and expenses assessed or incurred by the Securities
         Administrator in connection with including any Additional Form 10-D
         Disclosure on Form 10-D pursuant to this paragraph.

                  (iii) After preparing the Form 10-D, the Securities
         Administrator shall forward electronically a draft copy of the Form
         10-D to the Exchange Act Signing Party for review and approval. If the
         Master Servicer is the Exchange Act Signing Party and the Form 10-D
         includes Additional Form 10-D Disclosure, then the Form 10-D shall also
         be electronically distributed to the Depositor for review and approval.
         No later than two Business Days prior to the 15th calendar day after
         the related Distribution Date, a senior officer of the Exchange Act
         Signing Party shall sign the Form 10-D and return an electronic or fax
         copy of such signed Form 10-D (with an original executed hard copy to
         follow by overnight mail) to the 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. 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.

                                      119
<PAGE>
         (e) Reports Filed on Form 10-K.

                  (i) On or prior to March 31 after the end of each fiscal year
         of the Trust Fund or such earlier date as may be required by the
         Exchange Act (the "10-K Filing Deadline") (it being understood that the
         fiscal year for the Trust Fund ends on December 31st of each year),
         commencing in March 2007, the Securities Administrator shall prepare
         and file on behalf of the Trust Fund a Form 10-K, in form and substance
         as required by the Exchange Act. Each such Form 10-K shall include the
         following items, in each case to the extent they have been delivered to
         the Securities Administrator within the applicable time frames set
         forth in this Agreement and in the related Servicing Agreements and
         Custodial Agreements, (A) an annual compliance statement for each
         Servicer, each Additional Servicer and the Master Servicer, as
         described under Section 9.26 hereof and in each Servicing Agreement,
         (B)(I) the annual reports on assessment of compliance with servicing
         criteria for each Servicer, each Custodian, each Additional Servicer,
         the Master Servicer, each Subservicer, each Subcontractor, any
         Servicing Function Participant 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.

                                      120
<PAGE>
                  (ii) As set forth on Exhibit P-2 hereto, no later than March
         15 of each year that the Trust Fund is subject to the Exchange Act
         reporting requirements, commencing in 2007, (A) certain parties to the
         Structured Adjustable Rate Mortgage Loan Trust 2006-2 transaction shall
         be required to provide to the Securities Administrator and the
         Depositor, to the extent known by a responsible officer thereof, in
         EDGAR-compatible form (which may be Word or Excel documents easily
         convertible to EDGAR format), or in such other form as otherwise agreed
         upon by the Securities Administrator and such party, the form and
         substance of any Additional Form 10-K Disclosure, if applicable and
         include with such Additional Form 10-K Disclosure, an Additional
         Disclosure Notification in the form attached hereto as Exhibit P-4, and
         (B) the Depositor will approve, as to form and substance, or
         disapprove, as the case may be, the inclusion of the Additional Form
         10-K Disclosure on Form 10-K. The Securities Administrator has no duty
         under this Agreement to monitor or enforce the performance by the
         parties listed on Exhibit P-2 of their duties under this paragraph or
         proactively solicit or procure from such parties any Form 10-K
         Disclosure Information. The Sponsor will be responsible for any
         reasonable fees and expenses assessed or incurred by the Securities
         Administrator in connection with including any Additional Form 10-K
         Disclosure on Form 10-K pursuant to this paragraph.

                  (iii) After preparing the Form 10-K, the Securities
         Administrator shall forward electronically a draft copy of the Form
         10-K to the Exchange Act Signing Party for review and approval. If the
         Master Servicer is the Exchange Act Signing Party and the Form 10-K
         includes Additional Form 10-K Disclosure, then the Form 10-K shall also
         be electronically distributed to the Depositor for review and approval.
         No later than the close of business New York City time on the 4th
         Business Day prior to the 10-K Filing Deadline, a senior officer of the
         Exchange Act Signing Party shall sign the Form 10-K and return an
         electronic or fax copy of such signed Form 10-K (with an original
         executed hard copy to follow by overnight mail) to the 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. 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.

                                      121
<PAGE>
                  (iv) Each Form 10-K shall include the Sarbanes-Oxley
         Certification. The Securities Administrator and, if the Depositor is
         the Exchange Act Signing Party, the Master Servicer, shall, and the
         Securities Administrator and the Master Servicer (if applicable) shall
         cause any Servicing Function Participant engaged by it to, provide to
         the Person who signs the Sarbanes-Oxley Certification (the "Certifying
         Person"), by March 15 of each year in which the Trust Fund is subject
         to the reporting requirements of the Exchange Act, a certification
         (each, a "Back-Up Certification"), in the form attached hereto as
         Exhibit Q, 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 or any Servicing Function Participant engaged
         by such parties is terminated or resigns pursuant to the terms of this
         Agreement, such party or Servicing Function Participant shall provide a
         Back-Up Certification to the Certifying Person pursuant to this Section
         6.20(e)(iv) with respect to the period of time it was subject to this
         Agreement.

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

         (f) Reports Filed on Form 8-K.

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

                  (ii) As set forth on Exhibit P-3 hereto, for so long as the
         Trust Fund is subject to the Exchange Act reporting requirements, no
         later than Noon New York City time on the 2nd Business Day after the
         occurrence of a Reportable Event (A) certain parties to the Structured
         Adjustable Rate Mortgage Loan Trust 2006-1 transaction shall be
         required to provide to the Securities Administrator and the Depositor,
         to the extent known by a responsible officer thereof, in
         EDGAR-compatible form (which may be Word or Excel documents easily
         convertible to EDGAR format), or in such other form as otherwise agreed
         upon by the Securities Administrator and such party, the form and
         substance of any Form 8-K Disclosure Information, if applicable, and
         include with such Form 8-K Disclosure Information, an Additional
         Disclosure Notification in the form attached hereto as Exhibit P-4, and
         (B) the Depositor will approve, as to form and substance, or
         disapprove, as the case may be, the inclusion of the Form 8-K
         Disclosure Information. The Securities Administrator has no duty under
         this Agreement to monitor or enforce the performance by the parties
         listed on Exhibit P-3 of their duties under this paragraph or
         proactively solicit or procure from such parties any Form 8-K
         Disclosure Information. The Sponsor will be responsible for any
         reasonable fees and expenses assessed or incurred by the Securities
         Administrator in connection with including any Form 8-K Disclosure
         Information on Form 8-K pursuant to this paragraph.

                                      122
<PAGE>
                  (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 draft
         copy of the Form 8-K to the Exchange Act Signing Party for review and
         approval. If the Master Servicer is the Exchange Act Signing Party,
         then the Form 8-K shall also be electronically distributed to the
         Depositor for review and approval. No later than Noon New York City
         time on the 4th Business Day after the Reportable Event, a 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) Delisting; Amendments; Late Filings.

                  (i) Prior to January 30 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.

                                      123
<PAGE>
                  (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, the Securities Administrator will notify
         the Depositor and each Servicer 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 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.

                                      124
<PAGE>
         Section 6.21. Reporting Requirements of the Commission.

         Each of the parties hereto acknowledges and agrees that the purpose of
Sections 6.01 and 6.20 of this Agreement is to facilitate compliance by the
Sponsor and the Depositor with the provisions of Regulation AB, as such may be
amended or clarified from time to time. Therefore, each of the parties agrees
that (a) the obligations of the parties hereunder shall be interpreted in such a
manner as to accomplish compliance with Regulation AB, (b) the parties'
obligations hereunder will be supplemented and modified as necessary to be
consistent with any such amendments, interpretive advice or guidance, convention
or consensus among active participants in the asset-backed securities markets,
advice of counsel, or otherwise in respect of the requirements of Regulation AB
and (c) the parties shall comply with reasonable requests made by the Sponsor,
the Securities Administrator or the Depositor for delivery of additional or
different information as the Sponsor, the Securities Administrator or the
Depositor may determine in good faith is necessary to comply with the provisions
of Regulation AB.

         Section 6.22. No Merger.

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

         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(k) 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 9.25(a) or (b). This
indemnification shall survive the termination of this Agreement or the
termination of the Securities Administrator hereunder.

                                  ARTICLE VII

                            PURCHASE AND TERMINATION
                                OF THE TRUST FUND

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

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

                                      125
<PAGE>
         (b) On any Distribution Date occurring after the date on which (x) the
total Scheduled Principal Balance of the Mortgage Loans in Pools 1 through 3 is
less than 10% of the Scheduled Principal Balance of the Mortgage Loans in Pool
1, Pool 2 and Pool 3 (in the aggregate) as of the Cut-off Date or (y) the total
Scheduled Principal Balance of the Mortgage Loans in Pools 4 and 5 is less than
10% of the Scheduled Principal Balance of the Mortgage Loans in Pool 4 and Pool
5 (in the aggregate) as of the Cut-off Date, the Master Servicer, with the
consent of the Seller (which consent will not be unreasonably withheld), may,
upon written direction to the Trustee, cause the Trustee to sell (or arrange for
the sale of) the assets of (x) Pool 1, Pool 2 and Pool 3 (in the aggregate) or
(y) Pool 4 and Pool 5 (in the aggregate), respectively, and thereby effect the
retirement of the related Certificates. Upon the repurchase of such Mortgage
Loans, the Master Servicer shall, upon written direction to the Trustee, cause
each of REMIC I-1, REMIC I-2, REMIC I-3 and REMIC I-4 (in the case of a sale of
the assets described in clause (x) above) or each of REMIC II-1, REMIC II-2 and
REMIC II-3 (in the case of a sale of the assets described in clause (y) above)
to adopt a plan of complete liquidation pursuant to Section 7.03 hereof to sell
all of its property. The property of the applicable Pool or Pools shall be sold
at a price (the "Repurchase Price") equal to: (i) 100% of the unpaid principal
balance of each Mortgage Loan in such Pool or Pools on the day of such purchase
plus interest accrued thereon at the applicable Mortgage Rate with respect to
any such Mortgage Loan to the Due Date in the Due Period immediately preceding
such Distribution Date, (ii) the fair market value of any applicable REO
Property and any other applicable property (reduced, in the case of REO
Property, by (x) reasonably anticipated disposition costs and (y) any amount by
which the fair market value as so reduced exceeds the outstanding principal
balance of the related Mortgage Loan), such fair market value to be determined
by an appraiser or appraisers appointed by the Master Servicer with the consent
of the Trustee and (iii) any unreimbursed Servicing Advances with respect to
each applicable Mortgage Loan. The Master Servicer and each Servicer (or the
Trustee, if applicable) shall be reimbursed from the Repurchase Price for any
Mortgage Loan or related REO Property for any Advances or Servicing Advances
made with respect to the Mortgage Loans that are reimbursable to the Master
Servicer under this Agreement or to each Servicer under the related Servicing
Agreement (or to the Trustee hereunder), together with any accrued and unpaid
compensation and any other amounts due to the Master Servicer and the Trustee
hereunder or the Custodians or the Servicers under their respective Custodial or
Servicing Agreements, provided that any such compensation or other amount to be
paid to the Custodians and any such other amounts to be paid to the Servicers
are "unanticipated expenses" within the meaning of Treasury Regulation Section
1.860G-1(b)(3)(ii). The Securities Administrator shall distribute the assets of
the applicable Pool or Pools on the Distribution Date on which the repurchase
occurred. Upon the repurchase of all of the Mortgage Loans, the Trust Fund shall
terminate in accordance with the terms of this Agreement.

                                      126
<PAGE>
         Section 7.02. Procedure Upon Termination of Trust Fund.

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

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

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

                                      127
<PAGE>
         Section 7.03. Additional Requirements under the REMIC Provisions.

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

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

                        (A) The Trustee shall sell all of the assets of Mortgage
                  Group I for cash and, within 90 days of such sale, shall
                  distribute the proceeds of such sale to the Group I
                  Certificateholders in complete liquidation of REMIC I-1, REMIC
                  I-2, REMIC I-3 and REMIC I-4; and

                        (B) The Securities Administrator shall attach a
                  statement to the final Federal income tax return for each of
                  REMIC I-1, REMIC I-2, REMIC I-3 and REMIC I-4 stating that
                  pursuant to Treasury Regulation ss. 1.860F-1, the first day of
                  the 90-day liquidation period for each such REMIC was the date
                  on which the Trustee sold such assets; and

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

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

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

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

                                  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.

                                      128
<PAGE>

         (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
affected thereby shall have made written request upon the Trustee to institute
such action, suit or proceeding in its own name as Trustee hereunder and shall
have offered to the Trustee such reasonable indemnity as it may require against
the cost, expenses and liabilities to be incurred therein or thereby, and the
Trustee, for sixty days after its receipt of such notice, request and offer of
indemnity, shall have neglected or refused to institute any such action, suit or
proceeding and no direction inconsistent with such written request has been
given such Trustee during such sixty-day period by such Certificateholders; it
being understood and intended, and being expressly covenanted by each
Certificateholder with every other Certificateholder and the Trustee, that no
one or more Holders of Certificates shall have any right in any manner whatever
by virtue or by availing of any provision of this Agreement to affect, disturb
or prejudice the rights of the Holders of any other of such Certificates, or to
obtain or seek to obtain priority over or preference to any other such Holder,
or to enforce any right under this Agreement, except in the manner herein
provided and for the benefit of all Certificateholders. For the protection and
enforcement of the provisions of this Section, each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law
or in equity.

         Section 8.02. Access to List of Holders.

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

         (b) If three or more Holders or Certificate Owners (hereinafter
referred to as "Applicants") apply in writing to the 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.

                                      129
<PAGE>
         (c) Every Holder or Certificate Owner, if the Holder is a Clearing
Agency, by receiving and holding a Certificate, agrees with the Depositor, the
Securities Administrator, the Master Servicer, the Certificate Registrar and the
Trustee that neither the Depositor, the Securities Administrator, the Master
Servicer, the Certificate Registrar nor the Trustee shall be held accountable by
reason of the disclosure of any such information as to the names and addresses
of the Certificateholders hereunder, regardless of the source from which such
information was derived.

         Section 8.03. Acts of Holders of Certificates.

         (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by
Holders or Certificate Owner, if the Holder is a Clearing Agency, may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee, the
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 Master Servicer, if made in the manner provided in
this Section. Each of the Trustee, the Securities Administrator and 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 Trustee
deems sufficient.

         (c) The ownership of Certificates (whether or not such Certificates
shall be overdue and notwithstanding any notation of ownership or other writing
thereon made by anyone other than the Trustee) shall be proved by the
Certificate Register, and none of the Trustee, the Securities Administrator, the
Master Servicer and the Depositor shall be affected by any notice to the
contrary.

                                      130
<PAGE>
         (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Certificate shall bind every future
Holder of the same Certificate and the Holder of every Certificate issued upon
the registration of transfer thereof or in exchange therefore or in lieu
thereof, in respect of anything done, omitted or suffered to be done by the
Trustee, the Securities Administrator or the Master Servicer in reliance
thereon, whether or not notation of such action is made upon such Certificate.

                                   ARTICLE IX

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
                             BY THE MASTER SERVICER

         Section 9.01. Duties of the Master Servicer.

         The Certificateholders, by their purchase and acceptance of the
Certificates, appoint Aurora Loan Services LLC, as Master Servicer. For and on
behalf of the Depositor, the Trustee and the Certificateholders, the Master
Servicer shall master service the Mortgage Loans in accordance with the
provisions of this Agreement and the provisions of the applicable Servicing
Agreement.

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

         (a) The Master Servicer, at its expense, shall maintain in effect a
Fidelity Bond and an Errors and Omissions Insurance Policy, affording coverage
with respect to all directors, officers, employees and other Persons acting on
such Master Servicer's behalf, and covering errors and omissions in the
performance of the Master Servicer's obligations hereunder. The Errors and
Omissions Insurance Policy and the Fidelity Bond shall be in such form and
amount that would meet the requirements of FNMA or FHLMC if it were the
purchaser of the Mortgage Loans. The Master Servicer shall (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 Securities Administrator for deposit into the Certificate
Account. Any amounts relating to the Mortgage Loans collected by any Servicer
under any such bond or policy shall be remitted to the Master Servicer to the
extent provided in the applicable Servicing Agreement.

                                      131
<PAGE>
         Section 9.03. Master Servicer's Financial Statements and Related
                       Information.

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

         Section 9.04. Power to Act; Procedures.

         (a) The Master Servicer shall master service the Mortgage Loans and
shall have full power and authority, subject to the REMIC Provisions and the
provisions of Article X hereof, and each Servicer shall have full power and
authority (to the extent provided in the applicable Servicing Agreement) to do
any and all things that it may deem necessary or desirable in connection with
the servicing and administration of the Mortgage Loans, including but not
limited to the power and authority (i) to execute and deliver, on behalf of the
Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents, (ii) to consent to transfers of any Mortgaged
Property and assumptions of the Mortgage Notes and related Mortgages, (iii) to
collect any Insurance Proceeds and Liquidation Proceeds, and (iv) to effectuate
foreclosure or other conversion of the ownership of the Mortgaged Property
securing any Mortgage Loan, in each case, in accordance with the provisions of
this Agreement and the applicable Servicing Agreement, as applicable; provided
that the Master Servicer shall not take, or knowingly permit any Servicer to
take, any action that is inconsistent with or prejudices the interests of the
Trust Fund or the Certificateholders in any Mortgage Loan or the rights and
interests of the Depositor, the Trustee 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 a Servicer, as the case
may be, believes it is appropriate in its best judgment to register any Mortgage
Loan with MERS, or cause the removal from the registration of any Mortgage Loan
on the MERS system, to execute and deliver, on behalf of the Trustee and the
Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re-recording of
a Mortgage in the name of MERS, solely as nominee for the Trustee and its
successors and assigns. The Master Servicer shall represent and protect the
interests of the Trust Fund in the same manner as it protects its own interests
in mortgage loans in its own portfolio in any claim, proceeding or litigation
regarding a Mortgage Loan and shall not make or knowingly permit any Servicer to
make any modification, waiver or amendment of any term of any Mortgage Loan that
would cause any REMIC included in the Trust Fund to fail to qualify as a REMIC
or result in the imposition of any tax under Section 860F(a) or Section 860G(d)
of the Code. Without limiting the generality of the foregoing, the Master
Servicer in its own name or in the name of a Servicer, and each Servicer, to the
extent such authority is delegated to such Servicer by the Master Servicer under

                                      132
<PAGE>
the applicable Servicing Agreement, is hereby authorized and empowered by the
Trustee when the Master Servicer or a Servicer, as the case may be, believes it
appropriate in its best judgment and in accordance with Accepted Servicing
Practices and the applicable Servicing Agreement, to execute and deliver, on
behalf of itself and the Certificateholders, the Trustee or any of them, any and
all instruments of satisfaction or cancellation, or of partial or full release
or discharge and all other comparable instruments, with respect to the Mortgage
Loans and with respect to the Mortgaged Properties. The Trustee shall furnish
the Master Servicer or a Servicer, upon request, with any powers of attorney
prepared by the Master Servicer or such Servicer empowering the Master Servicer
or such Servicer to execute and deliver instruments of satisfaction or
cancellation, or of partial or full release or discharge, and to foreclose upon
or otherwise liquidate Mortgaged Property, and to appeal, prosecute or defend in
any court action relating to the Mortgage Loans or the Mortgaged Property, in
accordance with the applicable Servicing Agreement and this Agreement, and the
Trustee shall execute and deliver such other documents, as the Master Servicer
may request, necessary or appropriate to enable the Master Servicer to master
service the Mortgage Loans and carry out its duties hereunder and to allow each
Servicer to service the Mortgage Loans, in each case in accordance with Accepted
Servicing Practices (and the Trustee shall have no liability for misuse of any
such powers of attorney by the Master Servicer or the applicable Servicer). If
the Master Servicer or the Trustee has been advised that it is likely that the
laws of the state in which action is to be taken prohibit such action if taken
in the name of the Trustee or that the Trustee would be adversely affected under
the "doing business" or tax laws of such state if such action is taken in its
name, then upon request of the Trustee, the Master Servicer shall join with the
Trustee in the appointment of a co-trustee pursuant to Section 6.09 hereof. In
the performance of its duties hereunder, the Master Servicer shall be an
independent contractor and shall not, except in those instances where it is
taking action in the name of the Trustee, be deemed to be the agent of the
Trustee.

         (b) In master servicing and administering the Mortgage Loans, the
Master Servicer shall employ procedures and exercise the same care that it
customarily employs and exercises in master servicing and administering loans
for its own account, giving due consideration to Accepted Servicing Practices
where such practices do not conflict with this Agreement. Consistent with the
foregoing, the Master Servicer may, and may permit any Servicer to, in its
discretion (i) waive any late payment charge (but not any Prepayment Penalty
Amount, except as set forth below) and (ii) extend the due dates for payments
due on a Mortgage Note for a period not greater than 120 days; provided,
however, that the maturity of any Mortgage Loan shall not be extended past the
date on which the final payment is due on the latest maturing Mortgage Loan as
of the Cut-off Date. In the event of any extension described in clause (ii)
above, the Master Servicer shall make or cause to be made Advances on the
related Mortgage Loan in accordance with the provisions of Section 5.04 on the
basis of the amortization schedule of such Mortgage Loan without modification
thereof by reason of such extension. Notwithstanding anything to the contrary in
this Agreement, the Master Servicer shall not make or knowingly permit any
modification, waiver or amendment of any material term of any Mortgage Loan
unless: (1) such Mortgage Loan is in default or default by the related Mortgagor
is, in the reasonable judgment of the Master Servicer or the applicable
Servicer, reasonably foreseeable, (2) in the case of a waiver of a Prepayment
Penalty Amount if (a) such Mortgage Loan is in default or default by the related
Mortgagor is reasonably foreseeable, and such waiver would maximize recovery of
total proceeds taking into account the value of such Prepayment Penalty Amount
and the related Mortgage Loan or (b) the prepayment is not the result of a
refinance by the Servicer or any of its affiliates and (i) such Mortgage Loan is
in default or default by the related Mortgagor is, in the reasonable judgment of
the Master Servicer or the applicable Servicer, reasonably foreseeable, and such
waiver would maximize recovery of total proceeds taking into account the value
of such Prepayment Penalty Amount and the related Mortgage Loan or (ii) the
collection of the Prepayment Penalty Amount would be in violation of applicable

                                      133
<PAGE>
laws or (iii) the collection of such Prepayment Penalty Amount would be
considered "predatory" pursuant to written guidance published or issued by any
applicable federal, state or local regulatory authority acting in its official
capacity and having jurisdiction over such matters, and (3) the Master Servicer
shall have provided or caused to be provided to the Trustee an Opinion of
Counsel (which opinion shall, if provided by the Master Servicer, be an expense
reimbursed, to the extent it is an unanticipated expense within the meaning of
Treasury Regulation Section 1.860G-1(b)(3)(ii) from the Collection Account
pursuant to Section 4.02(v)) in writing to the effect that such modification,
waiver or amendment would not cause an Adverse REMIC Event; provided, in no
event shall an Opinion of Counsel be required for the waiver of a Prepayment
Penalty Amount under clause (2) above.

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

         (a) Each Servicing Agreement requires the applicable Servicer to
service the Mortgage Loans in accordance with the provisions thereof. References
in this Agreement to actions taken or to be taken by the Master Servicer include
such actions taken or to be taken by a Servicer pursuant to a Servicing
Agreement. Any fees, costs and expenses and other amounts payable to such
Servicers shall be deducted from amounts remitted to the Master Servicer by the
applicable Servicer (to the extent permitted by the applicable Servicing
Agreement) and shall not be an obligation of the Trust, the Trustee or the
Master Servicer.

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

         (c) The Master Servicer, for the benefit of the Trustee and the
Certificateholders, shall enforce the obligations of each Servicer under the
related Servicing Agreement, and shall use its reasonable best efforts to
enforce the obligations of each Servicer under the related Servicing Agreement
and shall, upon its obtaining actual knowledge of the failure of a Servicer to
perform its obligations in accordance with the related Servicing Agreement, to
the extent that the non-performance of any such obligations would have a
material adverse effect on a Mortgage Loan, the Trust Fund or
Certificateholders, terminate the rights and obligations of such Servicer
thereunder to the extent and in the manner permitted by the related Servicing
Agreement and either act as servicer of the related Mortgage Loans or enter into
a Servicing Agreement with a successor Servicer. Such enforcement, including,
without limitation, the legal prosecution of claims, termination of Servicing
Agreements and the pursuit of other appropriate remedies, shall be in such form
and carried out to such an extent and at such time as the Master Servicer, in
its good faith business judgment, would require were it the owner of the related
Mortgage Loans. The Master Servicer shall pay the costs of such enforcement at
its own expense, and shall be reimbursed therefore initially only (i) from a
general recovery resulting from such enforcement only to the extent, if any,
that such recovery exceeds all amounts due in respect of the related Mortgage
Loans, (ii) from a specific recovery of costs, expenses or attorneys' fees
against the party against whom such enforcement is directed, and then, to the
extent that such amounts are insufficient to reimburse the Master Servicer for
the costs of such enforcement or (iii) from the Collection Account.

                                      134
<PAGE>
         (d) The Master Servicer shall be entitled to conclusively rely on any
certifications or other information provided by the Servicers under the terms of
the applicable Servicing Agreement, in its preparation of any certifications,
filings or reports, in accordance with the terms hereof or as may be required by
applicable law or regulation.

         Section 9.06. Collection of Taxes, Assessments and Similar Items.

         (a) To the extent provided in the applicable Servicing Agreement, the
Master Servicer shall cause each Servicer to establish and maintain one or more
custodial accounts at a depository institution (which may be a depository
institution with which the Master Servicer or any Servicer establishes accounts
in the ordinary course of its servicing activities), the accounts of which are
insured to the maximum extent permitted by the FDIC (each, an "Escrow Account")
and shall deposit therein any collections of amounts received with respect to
amounts due for taxes, assessments, water rates, Standard Hazard Insurance
Policy premiums or any comparable items for the account of the Mortgagors.
Withdrawals from any Escrow Account may be made (to the extent amounts have been
escrowed for such purpose) only in accordance with the applicable Servicing
Agreement. Each Servicer shall be entitled to all investment income not required
to be paid to Mortgagors on any Escrow Account maintained by such Servicer. The
Master Servicer shall make (or cause to be made) to the extent provided in the
applicable Servicing Agreement advances to the extent necessary in order to
effect timely payment of taxes, water rates, assessments, Standard Hazard
Insurance Policy premiums or comparable items in connection with the related
Mortgage Loan (to the extent that the Mortgagor is required, but fails, to pay
such items), provided that it has determined that the funds so advanced are
recoverable from escrow payments, reimbursement pursuant to Section 4.02(v) or
otherwise.

         (b) Costs incurred by the Master Servicer or by Servicers in effecting
the timely payment of taxes and assessments on the properties subject to the
Mortgage Loans may be added to the amount owing under the related Mortgage Note
where the terms of the Mortgage Note so permit; provided, however, that the
addition of any such cost shall not be taken into account for purposes of
calculating the distributions to be made to Certificateholders. Such costs, to
the extent that they are unanticipated expenses within the meaning of Treasury
Regulations Section 1.860G-1(b)(3)(ii) shall be recoverable by the Master
Servicer pursuant to Section 4.02(v).

                                      135
<PAGE>
         Section 9.07. Termination of Servicing Agreements; Successor Servicers.

         (a) The Master Servicer shall be entitled to terminate the rights and
obligations of any Servicer under the applicable Servicing Agreement in
accordance with the terms and conditions of such Servicing Agreement and without
any limitation by virtue of this Agreement; provided, however, that in the event
of termination of any Servicing Agreement by the Master Servicer or the related
Servicer, the Master Servicer shall either act as Servicer of the related
Mortgage Loans, or enter into a Servicing Agreement with a successor Servicer.

         The parties acknowledge that notwithstanding the preceding sentence,
there may be a transition period, not to exceed 90 days, in order to effect the
transfer of servicing to a successor Servicer. The Master Servicer shall be
entitled to be reimbursed from each Servicer (or by the Trust Fund, if such
Servicer is unable to fulfill its obligations hereunder) for all costs
associated with the transfer of servicing from the predecessor servicer,
including without limitation, any costs or expenses associated with the complete
transfer of all servicing data and the completion, correction or manipulation of
such servicing data, as may be required by the Master Servicer to correct any
errors or insufficiencies in the servicing data or otherwise to enable the
Master Servicer to service the Mortgage Loans properly and effectively.

         (b) If the Master Servicer acts as Servicer, it will not assume
liability for the representations and warranties of the Servicer, if any, that
it replaces. The Master Servicer shall use reasonable efforts to have the
successor Servicer assume liability for the representations and warranties made
by the terminated Servicer in respect of the related Mortgage Loans, and in the
event of any such assumption by the successor Servicer, the Trustee or the
Master Servicer, as applicable, may, in the exercise of its business judgment,
release the terminated Servicer from liability for such representations and
warranties.

         Section 9.08. Master Servicer Liable for Enforcement.

         Notwithstanding any Servicing Agreement, the Master Servicer shall
remain obligated and liable to the Trustee and the Certificateholders in
accordance with the provisions of this Agreement, to the extent of its
obligations hereunder, without diminution of such obligation or liability by
virtue of such Servicing Agreements or arrangements. The Master Servicer shall
use commercially reasonable efforts to ensure that the Mortgage Loans are
serviced in accordance with the provisions of this Agreement and shall use
commercially reasonable efforts to enforce the provisions of each Servicing
Agreement for the benefit of the Certificateholders. The Master Servicer shall
be entitled to enter into any agreement with the Servicers for indemnification
of the Master Servicer and nothing contained in this Agreement shall be deemed
to limit or modify such indemnification. Except as expressly set forth herein,
the Master Servicer shall have no liability for the acts or omissions of any
Servicer in the performance by such Servicer of its obligations under the
related Servicing Agreement.

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

         Any Servicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Servicer in
its capacity as such and not as an originator shall be deemed to be between such
Servicer, the Seller and the Master Servicer, and the Trustee, the Securities
Administrator 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.

                                      136
<PAGE>
         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 Securities
Administrator receives written notice from the Trustee pursuant to Section 6.14
or Section 9.28, as applicable, the Securities Administrator shall thereupon
assume all of the rights and obligations of such Master Servicer hereunder and
enforce the rights under each 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 or the Trustee shall
be deemed to have assumed all of the Master Servicer's interest herein and
therein to the same extent as if such Servicing Agreement had been assigned to
the assuming party, except that the Master Servicer shall not thereby be
relieved of any liability or obligations of the Master Servicer under such
Servicing Agreement accruing prior to its replacement as Master Servicer, and
shall be liable to the 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, 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.

                                      137
<PAGE>
         (b) The Master Servicer or the related Servicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for the granting of an
easement thereon in favor of another Person or any alteration or demolition of
the related Mortgaged Property if it has determined, exercising its good faith
business judgment in the same manner as it would if it were the owner of the
related Mortgage Loan, that the security for, and the timely and full
collectability of, such Mortgage Loan would not be materially adversely affected
thereby. Any fee collected by the Master Servicer or the related Servicer for
processing such a request will be retained by the Master Servicer or such
Servicer as additional servicing compensation.

         Section 9.12. Release of Mortgage Files.

         (a) Upon (i) becoming aware of the payment in full of any Mortgage
Loan, (ii) the receipt by the Master Servicer of a notification that payment in
full has been or will be escrowed in a manner customary for such purposes, or
(iii) in the case of a Mortgage Loan as to which the related Mortgaged Property
is located in California, receipt by the Master Servicer of notification from
the applicable Servicer that the Servicer reasonably expects that payment in
full will be received promptly, the Master Servicer will, or will cause the
applicable Servicer to, promptly notify the Trustee (or the applicable
Custodian) by a certification (which certification shall include a statement to
the effect that all amounts received or to be received in connection with such
payment that are required to be deposited in the Collection Account maintained
by the Master Servicer pursuant to Section 4.01 have been or will be so
deposited) of a Servicing Officer and shall request the Trustee or the
applicable Custodian, to deliver to the applicable Servicer the related Mortgage
File. In lieu of sending a hard copy certification of a Servicing Officer, the
Master Servicer may, or may cause the Servicer to, deliver the request for
release in a mutually agreeable electronic format. To the extent that such a
request, on its face, originates from a Servicing Officer, no signature shall be
required. Upon receipt of such certification and request, the Trustee or the
applicable Custodian, shall promptly release the related Mortgage File to the
applicable Servicer and neither the Trustee nor the Custodian shall have any
further responsibility with regard to such Mortgage File. The Master Servicer is
authorized, and each Servicer, to the extent such authority is delegated to such
Servicer by the Master Servicer under the applicable Servicing Agreement, is
authorized, to give, as agent for the Trustee, as the mortgagee under the
Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
assignment of mortgage without recourse) regarding the Mortgaged Property
subject to the Mortgage, which instrument of satisfaction or assignment, as the
case may be, shall be delivered to the Person or Persons entitled thereto
against receipt therefore 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 Custodian, shall, upon request of the Master Servicer, or of a Servicer, and
delivery to the Trustee or the applicable Custodian, of a trust receipt signed
by a Servicing Officer substantially in the form annexed hereto as Exhibit C or
in the form annexed to the applicable Custodial Agreement as Exhibit C, release
the related Mortgage File held in its possession or control to the Master
Servicer (or the applicable Servicer). Such trust receipt shall obligate the
Master Servicer or applicable Servicer to return the Mortgage File to the
Trustee or Custodian, as applicable, when the need therefore by the Master
Servicer or applicable Servicer no longer exists unless (i) the Mortgage Loan

                                      138
<PAGE>
shall be liquidated, in which case, upon receipt of a certificate of a Servicing
Officer similar to that herein above specified, the trust receipt shall be
released by the Trustee or the Custodian, as applicable, to the Master Servicer
(or the applicable Servicer) or (ii) the Mortgage File has been delivered
directly or through a Servicer to an attorney, or to a public trustee or other
public official as required by law, for purposes of initiating or pursuing legal
action or other proceedings for the foreclosure of the Mortgaged Property either
judicially or non-judicially, and the Master Servicer has delivered directly or
through a Servicer to the Trustee a certificate of a Servicing Officer
certifying as to the name and address of the Person to which such Mortgage File
or such document was delivered and the purpose or purposes of such delivery.

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

         (a) The Master Servicer shall transmit, or cause the applicable
Servicer to transmit, to the Trustee such documents and instruments coming into
the possession of the Master Servicer or such Servicer from time to time as are
required by the terms hereof to be delivered to the Trustee. Any funds received
by the Master Servicer or by a Servicer in respect of any Mortgage Loan or which
otherwise are collected by the Master Servicer or by a Servicer as a Subsequent
Recovery, Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage
Loan shall be held for the benefit of the Trustee and the Certificateholders
subject to the Master Servicer's right to retain or withdraw from the Collection
Account the Master Servicing Fee and other amounts provided in this Agreement,
and to the right of each Servicer to retain its Servicing Fee and other amounts
as provided in the applicable Servicing Agreement. The Master Servicer shall,
and shall (to the extent provided in the applicable Servicing Agreement) cause
each Servicer to, provide access to information and documentation regarding the
Mortgage Loans to the Trustee, its agents and accountants at any time upon
reasonable request and during normal business hours, and to Certificateholders
that are savings and loan associations, banks or insurance companies, the Office
of Thrift Supervision, the FDIC and the supervisory agents and examiners of such
Office and Corporation or examiners of any other federal or state banking or
insurance regulatory authority if so required by applicable regulations of the
Office of Thrift Supervision or other regulatory authority, such access to be
afforded without charge but only upon reasonable request in writing and during
normal business hours at the offices of the Master Servicer designated by it. In
fulfilling such a request the Master Servicer shall not be responsible for
determining the sufficiency of such information.

         (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.

                                      139
<PAGE>
         (c) The Master Servicer hereby acknowledges that concurrently with the
execution of this Agreement, the Trustee shall own or, to the extent that a
court of competent jurisdiction shall deem the conveyance of the Mortgage Loans
from the Seller to the Depositor not to constitute a sale, the Trustee shall
have a security interest in the Mortgage Loans and in all Mortgage Files
representing such Mortgage Loans and in all funds and investment property now or
hereafter held by, or under the control of, a Servicer or the Master Servicer
that are collected by such Servicer or the Master Servicer in connection with
the Mortgage Loans, whether as scheduled installments of principal and interest
or as full or partial prepayments of principal or interest or as a Subsequent
Recovery, Liquidation Proceeds or Insurance Proceeds or otherwise, and in all
proceeds of the foregoing and proceeds of proceeds (but excluding any fee or
other amounts to which such Servicer is entitled under the applicable Servicing
Agreement, or the Master Servicer or the Depositor is entitled to hereunder);
and the Master Servicer agrees that so long as the Mortgage Loans are assigned
to and held by the Trustee or any Custodian, all documents or instruments
constituting part of the Mortgage Files, and such funds relating to the Mortgage
Loans which come into the possession or custody of, or which are subject to the
control of, the Master Servicer or any Servicer shall be held by the Master
Servicer or such Servicer for and on behalf of the Trustee as the Trustee's
agent and bailee for purposes of perfecting the Trustee's security interest
therein as provided by the applicable Uniform Commercial Code or other laws.

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

         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;

                                      140
<PAGE>
                  (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.

                                      141
<PAGE>
         (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, the Securities Administrator and the
Trustee as provided in this Section constitutes the sole remedy (other than as
set forth in Section 6.14) of the Depositor, the Securities Administrator and
the Trustee, respecting a breach of the foregoing representations and
warranties. Such indemnification shall survive any termination of the Master
Servicer as Master Servicer hereunder, and any termination of this Agreement.

         Any cause of action against the Master Servicer relating to or arising
out of the breach of any representations and warranties made in this Section
shall accrue upon discovery of such breach by any of the Depositor, the Master
Servicer, the Securities Administrator or the Trustee or notice thereof by any
one of such parties to the other parties.

         (c) It is understood and agreed that the representations and warranties
of the Depositor set forth in Sections 2.03(a)(i) through (vi) shall survive the
execution and delivery of this Agreement. The Depositor shall indemnify the
Master Servicer and hold it harmless against any loss, damages, penalties,
fines, forfeitures, legal fees and related costs, judgments, and other costs and
expenses resulting from any claim, demand, defense or assertion based on or
grounded upon, or resulting from, a breach of the Depositor's representations
and warranties contained in Sections 2.03(a)(i) through (vi). It is understood
and agreed that the enforcement of the obligation of the Depositor set forth in
this Section to indemnify the Master Servicer as provided in this Section
constitutes the sole remedy of the Master Servicer respecting a breach by the
Depositor of the representations and warranties in Sections 2.03(a)(i) through
(vi).

         Any cause of action against the Depositor relating to or arising out of
the breach of the representations and warranties made in Sections 2.03(a)(i)
through (vi) shall accrue upon discovery of such breach by either the Depositor
or the Master Servicer or notice thereof by any one of such parties to the other
parties.

         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.

                                      142
<PAGE>
         Section 9.16. Standard Hazard and Flood Insurance Policies.

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

         Pursuant to Section 4.01, any amounts collected by the Master Servicer,
or by any Servicer, under any insurance policies maintained pursuant to this
Section 9.16 (other than amounts to be applied to the restoration or repair of
the property subject to the related Mortgage or released to the Mortgagor in
accordance with the Master Servicer's or the Servicer's normal servicing
procedures and Accepted Servicing Practices) shall be deposited into the
Collection Account, subject to withdrawal pursuant to Section 4.02. Any cost
incurred by the Master Servicer or any Servicer in maintaining any such
insurance if the Mortgagor defaults in its obligation to do so shall be added to
the amount owing under the Mortgage Loan where the terms of the Mortgage Loan so
permit; provided, however, that the addition of any such cost shall not be taken
into account for purposes of calculating the distributions to be made to
Certificateholders and shall be recoverable by the Master Servicer or such
Servicer pursuant to Section 4.02(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 a Servicer and remitted to the
Master Servicer) in respect of such policies or bonds shall be promptly
deposited in the Collection Account upon receipt, except that any amounts
realized that are to be applied to the repair or restoration of the related
Mortgaged Property or release to the Mortgagor in accordance with the Master
Servicer's or the Servicer's normal servicing procedures need not be so
deposited (or remitted).

         Section 9.18. Maintenance of the Primary Mortgage Insurance Policies.

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

                                      143
<PAGE>
         (b) The Master Servicer agrees to present, or to cause each Servicer to
present, on behalf of the Trustee and the Certificateholders, claims to the
insurer under any Primary Mortgage Insurance Policies and, in this regard, to
take such reasonable action as shall be necessary to permit recovery under any
Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans.
Pursuant to Section 4.01, any amounts collected by the Master Servicer or any
Servicer under any Primary Mortgage Insurance Policies shall be deposited in the
Collection Account, subject to withdrawal pursuant to Section 4.02.

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

         The Trustee (or the applicable Custodian, as directed by the Trustee),
shall retain possession and custody of the originals of the Primary Mortgage
Insurance Policies or certificate of insurance if applicable and any
certificates of renewal as to the foregoing as may be issued from time to time
as contemplated by this Agreement. Until all amounts distributable in respect of
the Certificates have been distributed in full and the Master Servicer otherwise
has fulfilled its obligations under this Agreement, the Trustee (or the
applicable Custodian, as directed by the Trustee) shall also retain possession
and custody of each Mortgage File in accordance with and subject to the terms
and conditions of this Agreement. The Master Servicer shall promptly deliver or
cause to be delivered to the Trustee (or the applicable Custodian, 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 each Servicer to, foreclose upon, repossess or otherwise comparably
convert the ownership of Mortgaged Properties securing such of the Mortgage
Loans as come into and continue in default and as to which no satisfactory
arrangements can be made for collection of delinquent payments, all in
accordance with the applicable Servicing Agreement. Alternatively, the Master
Servicer may take, or authorize any Servicer to take, other actions in respect
of a defaulted Mortgage Loan, which may include (i) accepting a short sale (a
payoff of the Mortgage Loan for an amount less than the total amount
contractually owed in order to facilitate a sale of the Mortgaged Property by
the Mortgagor) or permitting a short refinancing (a payoff of the Mortgage Loan
for an amount less than the total amount contractually owed in order to
facilitate refinancing transactions by the Mortgagor not involving a sale of the
Mortgaged Property), (ii) arranging for a repayment plan or (iii) agreeing to a
modification in accordance with Section 9.04. In connection with such
foreclosure or other conversion or action, the Master Servicer shall, consistent
with Section 9.18, follow such practices and procedures as it shall reasonably
determine to be in the best interests of the Trust Fund and the
Certificateholders and which shall be consistent with its customary practices in
performing its general mortgage servicing activities; provided that the Master
Servicer shall not be liable in any respect hereunder if the Master Servicer is
acting in connection with any such foreclosure or other conversion or action in
a manner that is consistent with the provisions of this Agreement. Neither the
Master Servicer, nor any Servicer, shall be required to expend its own funds or
incur other reimbursable charges in connection with any foreclosure, or
attempted foreclosure which is not completed, or toward the correction of any
default on a related senior mortgage loan, or towards the restoration of any
property unless it shall determine (i) that such restoration and/or foreclosure
will increase the proceeds of liquidation of the Mortgage Loan to the
Certificateholders after reimbursement to itself for such expenses or charges
and (ii) that such expenses and charges will be recoverable to it through
Liquidation Proceeds or Insurance Proceeds (as provided in Section 4.02).

                                      144
<PAGE>
         Section 9.21. Compensation to the Master Servicer.

         The Master Servicer shall (i) be entitled, at its election, either (a)
to pay itself the Master Servicing Fee, in respect of the Mortgage Loans out of
any Mortgagor payment on account of interest prior to the deposit of such
payment in the Collection Account it maintains or (b) to withdraw from the
Collection Account the Master Servicing Fee to the extent permitted by Section
4.02(iv). The Master Servicer shall also be entitled, at its election, either
(a) to pay itself the Master Servicing Fee in respect of each delinquent
Mortgage Loan master serviced by it out of Liquidation Proceeds in respect of
such Mortgage Loan or other recoveries with respect thereto to the extent
permitted in Section 4.02 or (b) to withdraw from the Collection Account it
maintains the Master Servicing Fee in respect of each Liquidated Mortgage Loan
to the extent of such Liquidation Proceeds or other recoveries, to the extent
permitted by Section 4.02. Servicing compensation in the form of assumption
fees, if any, late payment charges, as collected, if any, or otherwise (but not
including any Prepayment Penalty Amount) shall be retained by the Master
Servicer (or the applicable Servicer) and shall not be deposited in the
Collection Account. If the Master Servicer does not retain or withdraw the
Master Servicing Fee from the Collection Account as provided herein, the Master
Servicer shall be entitled to direct the Trustee to pay the Master Servicing Fee
to such Master Servicer by withdrawal from the Certificate Account to the extent
that payments have been received with respect to the applicable Mortgage Loan.
The Master Servicer shall be required to pay all expenses incurred by it in
connection with its activities hereunder and shall not be entitled to
reimbursement therefore 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.

                                      145
<PAGE>
         (b) The Master Servicer shall deposit or cause to be deposited all
funds collected and received by it, or recovered from any Servicer, in
connection with the operation of any REO Property in the Collection Account.

         (c) The Master Servicer and the applicable Servicer, upon the final
disposition of any REO Property, shall be entitled to reimbursement for any
related unreimbursed Advances as well as any unpaid Master Servicing Fees or
Servicing Fees from Liquidation Proceeds received in connection with the final
disposition of such REO Property; provided, that (without limitation of any
other right of reimbursement that the Master Servicer or any Servicer shall have
hereunder) any such unreimbursed Advances as well as any unpaid Master Servicing
Fees or Servicing Fees may be reimbursed or paid, as the case may be, prior to
final disposition, out of any net rental income or other net amounts derived
from such REO Property.

         (d) The Liquidation Proceeds from the final disposition of the REO
Property, net of any payment to the Master Servicer and the applicable Servicer
as provided above, shall be deposited in the Collection Account on or prior to
the Determination Date in the month following receipt thereof (and the Master
Servicer shall provide written notice to the Securities Administrator upon such
deposit) and be remitted by wire transfer in immediately available funds to the
Trustee for deposit into the Certificate Account on the next succeeding Deposit
Date.

         Section 9.23. Notices to the Depositor and the 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 (ss.
229.1117) of Regulation AB and (ii) if the Master Servicer shall become (but
only to the extent not previously disclosed to the Master Servicer and the
Depositor) at any time an affiliate of any of the parties listed on Exhibit R to
this Agreement. On or before March 1st of each year, the Depositor shall
distribute the information in Exhibit R to the Master Servicer.

         (b) Not later than four Business Days prior to the Distribution Date of
each month, the Master Servicer shall provide to the 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.

                                      146
<PAGE>
         Section 9.24. Reports to the Trustee and the Securities Administrator.

         (a) Not later than 30 days after each Distribution Date, the Master
Servicer shall forward to the Trustee and 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, upon request, to the
Depositor, Attention: Contract Finance, and, upon request, any
Certificateholders (or by the Securities Administrator 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 Securities Administrator with
such statement or (ii) the Securities Administrator shall be unaware of the
Master Servicer's failure to provide such statement)).

         (b) Not later than two Business Days following each Distribution Date,
the Master Servicer shall deliver to the Person designated by the Depositor, in
a format consistent with other electronic loan level reporting supplied by the
Master Servicer in connection with similar transactions, "loan level"
information with respect to the Mortgage Loans as of the related Determination
Date, to the extent that such information has been provided to the Master
Servicer by the Servicers or by the Depositor.

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

         (d) The Master Servicer shall provide the Securities Administrator with
such information as the Securities Administrator may reasonably request in
connection with its responsibilities under Section 10.01 hereof provided that
such information is in the possession of the Master Servicer.

                                      147
<PAGE>
         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 and the Securities Administrator, each at its own
         expense, shall furnish, and each such party shall cause any Servicing
         Function Participant engaged by it to furnish, each at its own expense,
         to the Sponsor, the Depositor, the Master Servicer and the Securities
         Administrator, a report on an assessment of compliance with the
         Relevant Servicing Criteria that contains (A) a statement by such party
         of its responsibility for assessing compliance with the Relevant
         Servicing Criteria, (B) a statement that such party used the Servicing
         Criteria to assess compliance with the Relevant Servicing Criteria, (C)
         such party's assessment of compliance with the Relevant Servicing
         Criteria as of and for the fiscal year covered by the Form 10-K
         required to be filed pursuant to Section 6.20(e), including, if there
         has been any material instance of noncompliance with the Relevant
         Servicing Criteria, a discussion of each such failure and the nature
         and status thereof, and (D) a statement that a registered public
         accounting firm has issued an attestation report on such party's
         assessment of compliance with the Relevant Servicing Criteria as of and
         for such period. Each such assessment, pursuant to clause (C) above,
         shall cover, at a minimum, the matters indicated as obligations with
         respect to such Person on Exhibit O attached hereto.

                  (ii) When the Master Servicer 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.

                  (i) 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 O and on any similar exhibit set forth in each Servicing
         Agreement in respect of each Servicer, and each Custodial Agreement in
         respect of each Custodian, and shall notify the Depositor of any
         exceptions.

                  (iii) On or prior to the Closing Date, the Master Servicer
         shall deliver to the Sponsor, the Securities Administrator and the
         Depositor a certification in the form of Exhibit O attached hereto
         regarding the items it will address in its assessment of compliance
         with the servicing criteria under this Section 9.25(a).

         (b) Attestation Reports

                  (i) By March 15 of each year, commencing in March 2007, the
         Master Servicer 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 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, as applicable, to the
         effect that (A) it has obtained a representation regarding certain
         matters from the management of such party, which includes an assertion
         that such party has complied with the Relevant Servicing Criteria, and
         (B) on the basis of an examination conducted by such firm in accordance
         with standards for attestation engagements issued or adopted by the
         PCAOB, it is expressing an opinion as to whether such party's
         compliance with the Relevant Servicing Criteria was fairly stated in
         all material respects, or it cannot express an overall opinion
         regarding such party's assessment of compliance with the Relevant
         Servicing Criteria. 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.

                                      148
<PAGE>
                  (ii) Promptly after receipt of such report from the Master
         Servicer, 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.

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

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

         Section 9.27. Merger or Consolidation.

         Any Person into which the Master Servicer may be merged or
consolidated, or any Person resulting from any merger, conversion, other change
in form or consolidation to which the Master Servicer shall be a party, or any
Person succeeding to the business of the Master Servicer, shall be the successor
to the Master Servicer hereunder, without the execution or filing of any paper
or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding; provided, however, that the successor or resulting
Person to the Master Servicer shall be a Person that shall be qualified and
approved to service mortgage loans for FNMA or FHLMC and shall have a net worth
of not less than $15,000,000. Notwithstanding the foregoing, as a condition to
the succession to the Master Servicer under this Agreement by any Person (i)
into which the Master Servicer may be merged or consolidated, or (ii) which may
be appointed as a successor to the Master Servicer, the Master Servicer shall
notify the Depositor, at least 15 calendar days prior to the effective date of
such succession or appointment, of such succession or appointment and shall
furnish to the Depositor in writing and in form and substance reasonably
satisfactory to the Depositor, all information reasonably necessary for the
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).

                                      149
<PAGE>
         Section 9.28. Resignation of Master Servicer.

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

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

         (a) Except as expressly provided herein, the Master Servicer shall not
assign or transfer any of its rights, benefits or privileges hereunder to any
other Person, or delegate to or subcontract with, or authorize or appoint any
other Person to perform any of the duties, covenants or obligations to be
performed by the Master Servicer hereunder; provided, however, that the Master
Servicer shall have the right without the prior written consent of the Trustee,
the Securities Administrator, 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, the Securities Administrator and the Trustee. If,
pursuant to any provision hereof, the duties of the Master Servicer are
transferred to a successor master servicer, the entire amount of the Master
Servicing Fees and other compensation payable to the Master Servicer pursuant
hereto, including amounts payable to or permitted to be retained or withdrawn by
the Master Servicer pursuant to Section 9.21 hereof, shall thereafter be payable
to such successor master servicer.

         (b) Notwithstanding the foregoing, for so long as reports are required
to be filed with the Commission under the Exchange Act with respect to the
Trust, the Master Servicer shall not utilize any Subcontractor for the
performance of its duties hereunder if such Subcontractor would be
"participating in the servicing function" within the meaning of Item 1122 of
Regulation AB without (a) giving notice to the Trustee, the Securities
Administrator and the Depositor and (b) requiring any such Subcontractor to
provide to the Master Servicer an attestation report as provided for in Section
9.25 and an assessment report as provided in Section 9.26, which reports the
Master Servicer shall include in its attestation and assessment reports.

                                      150
<PAGE>
         Section 9.30. Limitation on Liability of the Master Servicer and
                       Others.

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

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

         (c) Neither the Master Servicer nor any of the directors, officers,
employees or agents of the Master Servicer shall be under any liability to the
Trustee 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 or any such person against any liability that would otherwise be
imposed by reason of willful misfeasance, bad faith or negligence in its
performance of its duties or by reason of reckless disregard for its obligations
and duties under this Agreement. The Master Servicer and any director, officer,
employee or agent of the Master Servicer shall be entitled to indemnification by
the Trust Fund and will be held harmless against any loss, liability or expense
incurred in connection with any legal action relating to this Agreement or the
Certificates other than any loss, liability or expense incurred by reason of
willful misfeasance, bad faith or negligence in the performance of his or its
duties hereunder or by reason of reckless disregard of his or its obligations
and duties hereunder. The Master Servicer and any director, officer, employee or
agent of the Master Servicer may rely in good faith on any document of any kind
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Master Servicer shall be under no obligation to appear
in, prosecute or defend any legal action that is not incidental to its duties to
master service the Mortgage Loans in accordance with this Agreement and that in
its opinion may involve it in any expenses or liability; provided, however, that
the Master Servicer may in its sole discretion undertake any such action that it
may deem necessary or desirable in respect to this Agreement and the rights and
duties of the parties hereto and the interests of the Certificateholders
hereunder. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities of the
Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
out of the Collection Account it maintains as provided by Section 4.02.
Notwithstanding anything herein to the contrary, neither the Master Servicer nor
the Trustee shall have any liability for the servicing of the Additional
Collateral, including, without limitation, the perfection, continuation, partial
release, release, termination, realization upon, substitution, foreclosure,
sale, or any other matter with respect to the Additional Collateral, or the
enforcement of the Additional Collateral Servicing Agreement.

                                      151
<PAGE>
         Section 9.31. Indemnification; Third-Party Claims.

         The Master Servicer agrees to indemnify the Depositor, the Sponsor, the
Trustee and the Securities Administrator, and their respective officers,
directors, agents and affiliates, hold each of them harmless against any and all
claims, losses, penalties, fines, forfeitures, reasonable legal fees and related
costs, judgments, and any other costs, liability, fees and expenses that the
Depositor, the Sponsor, the Trustee or the Securities Administrator may sustain
as a result of (a) any breach by the Master Servicer of any of its obligations
hereunder, including particularly its obligations to provide any report under
Section 9.25(a), Section 9.25(b) or Section 9.26 or any information, data or
materials required to be included in any Exchange Act report, (b) any
misstatement or omission on any information, data, or materials provided by the
Master Servicer, or (c) the negligence, bad faith or willful misconduct of the
Master Servicer in connection with its performance hereunder. The Depositor, the
Sponsor, the Trustee and the Securities Administrator shall immediately notify
the Master Servicer if a claim is made by a third party with respect to this
Agreement or the Mortgage Loans entitling the Depositor, the Sponsor, the
Trustee or the Securities Administrator 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.

                                   ARTICLE X

                              REMIC ADMINISTRATION

         Section 10.01. REMIC and Grantor Trust Administration.

         (a) As set forth in the Preliminary Statement hereto, REMIC status
shall be elected in accordance with the REMIC Provisions with respect to each of
REMIC I-1, REMIC I-2, REMIC I-3, REMIC I-4, REMIC II-1, REMIC II-2 and REMIC
II-3. The Trustee 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 purposes of such
elections, (i) each of the REMIC I-1 Interests, other than the Class LTI1-R
Interest, is hereby designated as a regular interest in REMIC I-1; (ii) each of
the REMIC I-2 Interests, other than the Class LTI2-R Interest, is hereby
designated as a regular interest in REMIC I-2; (iii) each of the REMIC I-3
Interests, other than the Class LTI3-R Interest, is hereby designated as a
regular interest in REMIC I-3; (iv) each of the REMIC I-4 Interests, other than
the Class LTI4-R Interest, is hereby designated as a regular interest in REMIC
I-4; (v) each of the REMIC II-1 Interests, other than the Class LTII1-R
Interest, is hereby designated as a regular interest in REMIC II-1; (vi) each of
the REMIC II-2 Interests, other than the Class LTII2-R Interest, is hereby
designated as a regular interest in REMIC II-2; and (vii) each of the REMIC
II-3 Interests, other than the Class LTII3-R Interest, is hereby designated as a
regular interest in REMIC II-3. The Class LTI1-R Interest is hereby designated
as the sole residual interest in REMIC I-1. The Class LTI2-R Interest is hereby
designated as the sole residual interest in REMIC I-2. The Class LTI3-R Interest
is hereby designated as the sole residual interest in REMIC I-3. The Class
LTI4-R Interest is hereby designated as the sole residual interest in REMIC I-4.

                                      152
<PAGE>
The Class LTII1-R Interest is hereby designated as the sole residual interest in
REMIC II-1. The Class LTII2-R Interest is hereby designated as the sole residual
interest in REMIC II-2. The Class LTII3-R Interest is hereby designated as the
sole residual interest in REMIC II-3. The Class R Certificate evidences
ownership of the Class LTI1-R Interest, the Class the Class LTI2-R Interest, the
Class LTI3-R Interest, the Class LTI4-R Interest, the Class LTII1-R Interest,
the Class LTII2-R Interest and the Class LTII3-R Interest. The Class P-I, Class
P-II, Class P-III and Class P-IV Certificates shall be neither regular interests
nor residual interests in any REMIC created hereunder. It is the intention of
the parties hereto that the segregated pool of assets consisting of any
collections of Prepayment Penalty Amounts related to the Mortgage Loans in Pool
1, related to the Mortgage Loans in Pool 2, related to the Mortgage Loans in
Pool 3, and related to the Mortgage Loans in Pool 4 and Pool 5 each constitute a
grantor trust for federal income tax purposes. The Trustee, by its execution and
delivery hereof, acknowledges the assignment to it of the Grantor Trust Assets
and declares that it holds and will hold such assets in trust for the exclusive
use and benefit of all present and future Holders of the Class P-I (in the case
of collections of Prepayment Penalty Amounts related to Pool 1), Class P-II (in
the case of collections of Prepayment Penalty Amounts related to Pool 2), Class
P-III (in the case of collections of Prepayment Penalty Amounts related to Pool
3) and Class P-IV (in the case of collections of Prepayment Penalty Amounts
related to Pool 4 and Pool 5) Certificates. The rights of Holders of the Class
P-I, Class P-II, Class P-III and Class P-IV Certificates to receive
distributions from the proceeds of the Grantor Trust Assets, and all ownership
interests of such Holders in and to such distributions, shall be as set forth in
this Agreement.

         (b) The Closing Date is hereby designated as the "Startup Day" of each
REMIC within the meaning of section 860G(a)(9) of the Code. The latest possible
maturity date for purposes of Treasury Regulation Section 1.860G-1(a)(4) is the
"Latest Possible Maturity Date".

         (c) The Securities Administrator shall pay any and all tax related
expenses (not including taxes) of each REMIC and each Grantor Trust, including
but not limited to any professional fees or expenses related to audits or any
administrative or judicial proceedings with respect to such REMIC or such
Grantor Trust that involve the Internal Revenue Service or state tax
authorities, but only to the extent that (i) such expenses are ordinary or
routine expenses, including expenses of a routine audit but not expenses of
litigation (except as described in (ii)); or (ii) such expenses or liabilities
(including taxes and penalties) are attributable to the negligence or willful
misconduct of the Securities Administrator in fulfilling its duties hereunder
(including its duties as tax return preparer). The Securities Administrator
shall be entitled to reimbursement from the Certificate Account of the expenses
to the extent (x) provided in clause (i) above and (y) in the case of expenses
relating to a REMIC provided for hereunder, such expenses are "unanticipated
expenses" within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii).

                                      153
<PAGE>
         (d) The Securities Administrator shall prepare and file, and the
Trustee shall sign, all of each REMIC's federal and state tax and information
returns as such REMIC's direct representative. The Securities Administrator
shall prepare and file, and the Trustee shall sign, all of the tax returns in
respect of each Grantor Trust. The Securities Administrator shall comply with
such requirement by filing Form 1041. 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 and the Securities
Administrator will be reimbursed by the Trust for all expenses incurred
therewith solely from amounts received for the provision of such information
from persons specified in Sections 860E(e)(3) and (6) of the Code.

         (e) The Securities Administrator or its designee shall perform on
behalf of each REMIC and each Grantor Trust all reporting and other tax
compliance duties that are the responsibility of such REMIC or Grantor Trust
under the Code, the REMIC Provisions, or other compliance guidance issued by the
Internal Revenue Service or any state or local taxing authority. Among its other
duties, if required by the Code, the REMIC Provisions, or other such guidance,
the 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 Certificateholders such information or
reports as are required by the Code or REMIC Provisions.

         (f) The Trustee, the Securities Administrator, the Master Servicer and
the Holders of Certificates shall take any action or cause any REMIC hereunder
to take any action necessary to create or maintain the status of such REMIC as a
REMIC under the REMIC Provisions and shall assist each other as necessary to
create or maintain such status. Neither the Trustee, the Securities
Administrator, the Master Servicer nor the Holder of any Residual Certificate
shall take any action, cause any REMIC to take any action or fail to take (or
fail to cause to be taken) any action that, under the REMIC Provisions, if taken
or not taken, as the case may be, could (i) endanger the status of any such
REMIC as a REMIC or (ii) result in the imposition of a tax upon any such REMIC
(including but not limited to the tax on prohibited transactions as defined in
Code Section 860F(a)(2) and the tax on prohibited contributions set forth on
Section 860G(d) of the Code) (either such event, an "Adverse REMIC Event")
unless the Trustee, the 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 such REMIC or the assets therein, or causing any such
REMIC to take any action, which is not expressly permitted under the terms of
this Agreement, any Holder of a Residual Certificate will consult with the
Trustee, the 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 such REMIC, and no such
Person shall take any such action or cause such REMIC to take any such action as
to which the Trustee, the Securities Administrator or the Master Servicer has
advised it in writing that an Adverse REMIC Event could occur.

                                      154
<PAGE>
         (g) 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, the Trustee
shall sign and the Securities Administrator shall file, federal tax returns and
appropriate state income tax returns and such other returns as may be required
by applicable law relating to the Trust Fund, and shall file any other documents
to the extent required by applicable state tax law (to the extent such documents
are in the Securities Administrator's possession). The Securities Administrator
shall forward copies to the Depositor of all such returns and Form 1099
supplemental tax information and such other information within the control of
the Securities Administrator as the Depositor may reasonably request in writing,
and shall forward to the Trustee for distribution to each Certificateholder such
forms and furnish such information within the control of the Securities
Administrator as are required by the Code and the REMIC Provisions to be
furnished to them, and will prepare and furnish to the Trustee for distribution
to Certificateholders Form 1099 (supplemental tax information) (or otherwise
furnish information within the control of the Securities Administrator) to the
extent required by applicable law. The Master Servicer will indemnify the
Securities Administrator and the Trustee for any liability of or assessment
against the Securities Administrator or 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.

         (h) The Securities Administrator shall prepare and file with the
Internal Revenue Service ("IRS"), on behalf of each REMIC, an application on IRS
Form SS-4. The Securities Administrator, upon receipt from the IRS of the Notice
of Taxpayer Identification Number Assigned for each REMIC, shall promptly
forward copies of such notices to the Trustee, the Master Servicer and the
Depositor. The Securities Administrator will file an IRS Form 8811 for the
REMICs created hereunder. The Trustee shall sign such forms referred to in this
Section 10.01(h) as may be required under applicable law.

         (i) Each Holder of a Residual Certificate shall pay when due any and
all taxes imposed on the related REMIC by federal or state governmental
authorities. To the extent that such Trust taxes are not paid by a Residual
Certificateholder, the 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 Collection Account, and shall reduce amounts
otherwise payable to holders of regular interests in such REMIC, as the case may
be.

         (j) 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.

         (k) No additional contributions of assets shall be made to any REMIC,
except as expressly provided in this Agreement with respect to Qualified
Substitute Mortgage Loans and any contributions from the Funding Account as
provided for in Section 5.06 hereof.

         (l) Neither the Securities Administrator nor the Master Servicer shall
enter into any arrangement by which any REMIC will receive a fee or other
compensation for services.

         (m) Upon the request of any Rating Agency, the Securities Administrator
shall deliver to such Rating Agency an Officer's Certificate stating the
Securities Administrator's compliance with the provisions of this Section 10.01.

                                      155
<PAGE>
         (n) The Trustee shall provide the Securities Administrator such
information as the Securities Administrator may reasonably request in connection
with its responsibilities under this Section 10.01.

         (o) It is intended that the rights of the Class 1-A1, Class 1-A2, Class
2-A1 and Class 2-A2 Certificates, and the Group I Subordinate Certificates
(collectively, the "Basis Risk Shortfall Protected Certificates") to receive
payments in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
related to Pool 1 and Pool 2 shall be treated as rights in respect of interest
rate cap contracts written by the Class AX and Class PAX Certificateholders in
favor of the holders of the Basis Risk Shortfall Protected Certificates and
shall be accounted for as property separate and apart from the REMIC I-4 Regular
Interests represented by the Basis Risk Shortfall Protected Certificates. This
provision is intended to comply with the requirements of Treasury Regulations
Section 1.860G-2(i) for the treatment of property rights coupled with regular
interests to be separately respected and shall be interpreted consistently with
such regulation. The Holders of the Basis Risk Shortfall Protected Certificates
agree, by their acceptance of such Certificates, that they will take tax
reporting positions that allocate no more than a nominal value to the right to
receive payments in respect of Basis Risk Shortfalls and Unpaid Basis Risk
Shortfalls related to Pool 1 and Pool 2. For information reporting purposes, it
will be assumed that such rights have no value. The Holders of the Class AX and
Class PAX Certificates agree, by their acceptance of such Certificates, to take
tax reporting positions consistent with allocations by the Holders of the Basis
Risk Shortfall Protected Certificates of no more than a nominal value to the
right to receive payments in respect of Basis Risk Shortfalls and Unpaid Basis
Risk Shortfalls related to Pool 1 and Pool 2. For information reporting
purposes, it will be assumed that such rights have no value. Each payment made
to the Basis Risk Shortfall Protected Certificates in respect of Basis Risk
Shortfalls and Unpaid Basis Risk Shortfalls related to Pool 1 shall be treated
for federal income tax purposes as having been distributed to the Component 1-AX
and Component 1-PAX, and each payment made to the Basis Risk Shortfall Protected
Certificates in respect of Basis Risk Shortfalls and Unpaid Basis Risk
Shortfalls related to Pool 2 shall be treated for federal income tax purposes as
having been distributed to the Component 2-AX and Component 2-PAX, as the case
may be, and then paid by the holders of the Class AX or Class PAX Certificates,
as the case may be, to the holders of the relevant Basis Risk Shortfall
Protected Certificates. Each holder or beneficial owner of a Basis Risk
Shortfall Protected Certificate, by virtue of its acquisition of such
Certificate or a beneficial interest in such Certificate, agrees to adopt tax
reporting positions consistent with the characterization of payments made to the
Basis Risk Shortfall Protected Certificates in respect of Basis Risk Shortfalls
and Unpaid Basis Risk Shortfalls related to Pool 1 and Pool 2 as payments in
respect of interest rate cap agreements written by the holders of the Class AX
and Class PAX Certificates. The parties hereto intend that the REMIC I-4 Regular
Interests represented by the Class AX Certificates, together with the related
obligations to make payments to the Basis Risk Shortfall Protected Certificates
shall be treated as a grantor trust under the Code and the provisions hereof
shall be interpreted consistently with this intention. The parties hereto intend
that the REMIC I-4 Regular Interests represented by the Class PAX Certificates,
together with the related obligations to make payments to the Basis Risk
Shortfall Protected Certificates shall be treated as a grantor trust under the
Code and the provisions hereof shall be interpreted consistently with this
intention. In furtherance of such intention, the Securities Administrator shall
(i) furnish to the holders of the Class AX and Class PAX Certificates
information regarding items of income, gain, loss and deduction of such grantor
trusts and (ii) file or cause to be filed with the Internal Revenue Service Form
1041 (together with any necessary attachments) or such other form as may be
applicable and (iii) comply with such information reporting obligations with
respect to payments from such grantor trusts as may be applicable under the Code
or other applicable tax laws.

                                      156
<PAGE>
         Section 10.02. Prohibited Transactions and Activities.

         Neither the Depositor, the Master Servicer nor the Trustee shall sell,
dispose of, or substitute for any of the Mortgage Loans, except in a disposition
pursuant to (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the
Trust Fund, (iii) the termination of the REMIC holding such Mortgage Loan
pursuant to Article VII of this Agreement, (iv) a substitution pursuant to
Article II of this Agreement, or (v) a repurchase of Mortgage Loans pursuant to
Article II of this Agreement, nor acquire any assets for any REMIC, nor sell or
dispose of any investments in the Certificate Account for gain, nor accept any
contributions to any REMIC after the Closing Date (other than any contributions
from the Funding Account as provided in Section 5.06 hereof), unless it has
received an Opinion of Counsel (at the expense of the party causing such sale,
disposition, or substitution) that such disposition, acquisition, substitution,
or acceptance will not (a) affect adversely the status of such REMIC as a REMIC
or of the Certificates other than the Residual Certificates as the regular
interests therein, (b) affect the distribution of interest or principal on the
Certificates, (c) result in the encumbrance of the assets transferred or
assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
or (d) cause such REMIC to be subject to a tax on prohibited transactions or
prohibited contributions pursuant to the REMIC Provisions.

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

         In the event that a REMIC fails to qualify as a REMIC, loses its status
as a REMIC, or incurs federal, state or local taxes as a result of a prohibited
transaction or prohibited contribution under the REMIC Provisions due to the
negligent performance by the Trustee or the Securities Administrator, as
applicable, of its duties and obligations set forth herein, the Trustee or the
Securities Administrator, as applicable, 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
neither the Trustee nor the Securities Administrator shall be liable for any
such Losses attributable to the action or inaction of the Master Servicer, the
Depositor, or the Holder of such Residual Certificate, as applicable, nor for
any such Losses resulting from misinformation provided by the Holder of such
Residual Certificate on which the Trustee or the Securities Administrator, as
applicable, has relied. The foregoing shall not be deemed to limit or restrict
the rights and remedies of the Holder of such Residual Certificate now or
hereafter existing at law or in equity. Notwithstanding the foregoing, however,
in no event shall the Trustee or the Securities Administrator have any liability
(1) for any action or omission that is taken in accordance with and in
compliance with the express terms of, or which is expressly permitted by the
terms of, this Agreement, (2) for any Losses other than arising out of a
negligent performance by the Trustee or the Securities Administrator,
respectively, of its duties and obligations set forth herein, and (3) for any
special or consequential damages to Certificateholders (in addition to payment
of principal and interest on the Certificates); provided, however, that this
sentence shall not apply in connection with any failure by the Trustee to comply
with the provisions of Section 6.01(l) hereof, or any failure by the Securities
Administrator to comply with the provisions of Sections 6.01 (k) and (l) and
Sections 9.25 (a) and (b) hereof.

                                      157
<PAGE>
         Section 10.04. REO Property.

         (a) Notwithstanding any other provision of this Agreement, the Master
Servicer, acting on behalf of the Trustee hereunder, shall not (except to the
extent provided in the applicable Servicing Agreement), permit any Servicer to,
rent, lease, or otherwise earn income or otherwise take or fail to take any
action on behalf of any REMIC with respect to any REO Property which might cause
such REO Property to fail to qualify as "foreclosure" property within the
meaning of section 860G(a)(8) of the Code or result in the receipt by any REMIC
of any "income from non-permitted assets" within the meaning of section
860F(a)(2) of the Code or any "net income from foreclosure property" which is
subject to tax under the REMIC Provisions unless the Master Servicer has
advised, or has caused the applicable Servicer to advise, the Trustee and 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 such REMIC by the REO Property would not
result in the imposition of a tax upon such REMIC.

         (b) The Master Servicer shall make, or shall cause the applicable
Servicer to make, reasonable efforts to sell any REO Property for its fair
market value. In any event, however, the Master Servicer shall, or shall cause
the applicable Servicer to, dispose of any REO Property within three years from
the end of the calendar year of its acquisition by the Trust Fund unless the
Master Servicer has received a grant of extension from the Internal Revenue
Service to the effect that, under the REMIC Provisions and any relevant proposed
legislation and under applicable state law, the applicable REMIC may hold REO
Property for a longer period without adversely affecting the REMIC status of
such REMIC or causing the imposition of a Federal or state tax upon such REMIC.
If such an extension has been received, then (a) the Master Servicer shall
provide a copy of such extension to the Trustee and Securities Administrator and
(b) the Master Servicer, acting on behalf of the Trustee and Securities
Administrator hereunder, shall, or shall cause the applicable Servicer to,
continue to attempt to sell the REO Property for its fair market value for such
period longer than three years as such extension permits (the "Extended
Period"). If the Master Servicer has not received such an extension, or the
Master Servicer is acting on behalf of the Trustee and Securities Administrator
hereunder, or the applicable Servicer is unable to sell the REO Property within
33 months after its acquisition by the Trust Fund or if the Trustee has received
such an extension, and the Trustee, or the Master Servicer acting on behalf of
the Trustee hereunder, is unable to sell the REO Property within the period
ending three months before the close of the Extended Period, the Master Servicer
shall, or shall cause the applicable Servicer to, before the end of the three
year period or the Extended Period, as applicable, (i) purchase such REO
Property at a price equal to the REO Property's fair market value or (ii)
auction the REO Property to the highest bidder (which may be the Master
Servicer) in an auction reasonably designed to produce a fair price prior to the
expiration of the three-year period or the Extended Period, as the case may be.

                                      158
<PAGE>
                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

         Section 11.01. Binding Nature of Agreement; Assignment.

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

         Section 11.02. Entire Agreement.

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

         Section 11.03. Amendment.

         (a) This Agreement may be amended from time to time by the Depositor,
the Master Servicer, 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 or
with the provisions of any Servicing Agreement, (iii) to make any other
provisions with respect to matters or questions arising under this Agreement or
(iv) to add, delete, or amend any provisions to the extent necessary or
desirable to comply with any requirements imposed by the Code and the REMIC
Provisions as evidenced by an Opinion of Counsel. No such amendment effected
pursuant to the preceding sentence shall, as evidenced by an Opinion of Counsel,
result in an Adverse REMIC Event, nor shall such amendment effected pursuant to
clause (iii) of such sentence adversely affect in any material respect the
interests of any Holder. Prior to entering into any amendment without the
consent of Holders pursuant to this paragraph, the Trustee may require an
Opinion of Counsel (at the expense of the party requesting such amendment) to
the effect that such amendment is permitted under this Section. Any such
amendment shall be deemed not to adversely affect in any material respect any
Holder, if the Trustee receives written confirmation from each Rating Agency
that such amendment will not cause such Rating Agency to reduce, qualify or
withdraw the then current rating assigned to the Certificates (and any Opinion
of Counsel requested by the Trustee in connection with any such amendment may
rely expressly on such confirmation as the basis therefor).

         (b) This Agreement may also be amended from time to time by the
Depositor, the Master Servicer, the Securities Administrator and the Trustee
with the consent of the Holders of not less than 66 2/3% of the Class Principal
Amount (or Percentage Interest) of each Class of Certificates affected thereby
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Holders; provided, however, that no such amendment
shall be made unless the Trustee receives an Opinion of Counsel addressed to the
Trustee, at the expense of the party requesting the change, that such change
will not cause an Adverse REMIC Event; and provided further, that no such
amendment may (i) reduce in any manner the amount of, or delay the timing of,
payments received on Mortgage Loans which are required to be distributed on any
Certificate, without the consent of the Holder of such Certificate or (ii)
reduce the aforesaid percentages of Class Principal Amount (or Percentage
Interest) of Certificates of each Class, the Holders of which are required to
consent to any such amendment without the consent of the Holders of 100% of the
Class Principal Amount (or Class Notional Amount) 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.

                                      159
<PAGE>
         (c) Promptly after the execution of any such amendment, the Securities
Administrator on behalf of the Trustee shall furnish written notification of the
substance of such amendment to each Holder, the Depositor and to the Rating
Agencies.

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

         (e) Notwithstanding anything to the contrary in any Servicing
Agreement, the Trustee shall not consent to any amendment of any Servicing
Agreement unless (i) such amendment is effected pursuant to the standards
provided in this Section with respect to amendment of this Agreement and (ii)
except for a Permitted Servicing Amendment, any such amendment pursuant to
Section 11.03(a)(iii) shall not be materially inconsistent with the provisions
of such Servicing Agreement.

         (f) Notwithstanding anything to the contrary in this Section 11.03,
this Agreement may be amended from time to time by the Depositor, the Master
Servicer, the Securities Administrator and the Trustee to the extent necessary,
in the judgment of the Depositor and its counsel, to comply with the Securities
Exchange Act of 1934, Regulation AB and any related rules and regulations.

         Section 11.04. Voting Rights.

         Except to the extent that the consent of all affected
Certificateholders is required pursuant to this Agreement, with respect to any
provision of this Agreement requiring the consent of Certificateholders
representing specified percentages of aggregate outstanding Certificate
Principal Amount (or Notional Amount), Certificates owned by the Depositor, the
Securities Administrator, the Master Servicer, the Trustee or any Servicer or
Affiliates thereof are not to be counted so long as such Certificates are owned
by the Depositor, the Securities Administrator, the Master Servicer, the Trustee
or any Servicer or Affiliates thereof.

         Section 11.05. Provision of Information.

         (a) For so long as any of the Certificates of any Series or Class are
"restricted securities" within the meaning of Rule 144(a)(3) under the Act, each
of the Depositor, the Master Servicer, the Securities Administrator and the
Trustee agree to cooperate with each other to provide to any Certificateholders
and to any prospective purchaser of Certificates designated by such
Certificateholder, upon the request of such Certificateholder or prospective
purchaser, any information required to be provided to such holder or prospective
purchaser to satisfy the condition set forth in Rule 144A(d)(4) under the Act.
Any reasonable, out-of-pocket expenses incurred by the Trustee or the Securities
Administrator in providing such information shall be reimbursed by the
Depositor.

                                      160
<PAGE>
         (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, Form 10-D or Form 10-K filed with the Securities and Exchange
Commission pursuant to Section 6.20(c) and (ii) a copy of any other document
incorporated by reference in the Prospectus to the extent 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.

         Section 11.06. Governing Law.

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

         Section 11.07. Notices.

         All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given when delivered to such party at the
relevant address, facsimile number or electronic mail address set forth below
(or at such other address, facsimile number or electronic mail address as such
party may designate from time to time by written notice in accordance with this
Section 11.07): received by (a) in the case of the Depositor, Structured Asset
Securities Corporation, 745 Seventh Avenue, 7th Floor, New York, New York 10019,
Attention: Mark Zusy, (b) in the case of the Securities Administrator, Wells
Fargo Bank, National Association, P.O. Box 98, Columbia, Maryland 21046 (or, for
overnight deliveries, 9062 Old Annapolis Road, Columbia, Maryland 21045) (SARM
2006-2) or for purposes of presentment of Certificates for transfer, exchange
and/or payment, the Securities Administrator's Corporate Trust Office, (c) in
the case of the Certificate Registrar, its Corporate Trust Office, (d) in the
case of the Trustee, Corporate Trust Services, One Federal Street, Third Floor,
Boston, Massachusetts 02110, Attention: SARM 2006-2 and (e) in the case of the
Master Servicer, Aurora Loan Services LLC, 327 Inverness Drive South, Englewood,
Colorado, 80112, Mail Stop Code 3195; Attention: Master Servicing or as to each
party such other address as may hereafter be furnished by such party to the
other parties in writing. Any notice required or permitted to be mailed to a
Holder shall be given by first class mail, postage prepaid, at the address of
such Holder as shown in the Certificate Register. Any notice so mailed within
the time prescribed in this Agreement shall be conclusively presumed to have
been duly given, whether or not the Holder receives such notice.

                                      161
<PAGE>
         Section 11.08. Severability of Provisions.

         If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

         Section 11.09. Indulgences; No Waivers.

         Neither the failure nor any delay on the part of a party to exercise
any right, remedy, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege preclude any other or further exercise of the same or of any
other right, remedy, power or privilege, nor shall any waiver of any right,
remedy, power or privilege with respect to any occurrence be construed as a
waiver of such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed
by the party asserted to have granted such waiver.

         Section 11.10. Headings Not To Affect Interpretation.

         The headings contained in this Agreement are for convenience of
reference only, and they shall not be used in the interpretation hereof.

         Section 11.11. Benefits of Agreement.

         Nothing in this Agreement or in the Certificates, express or implied,
shall give to any Person, other than the parties to this Agreement and their
successors hereunder and the Holders of the Certificates, any benefit or any
legal or equitable right, power, remedy or claim under this Agreement, except to
the extent specified in Section 11.14.

         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

                                      162
<PAGE>
                  (vi) the making of a final payment pursuant to Section 7.02.

         (b) All notices to the Rating Agencies provided for this Section shall
be in writing and sent by first class mail, telecopy or overnight courier, as
follows:

             If to Fitch, to:

             Fitch, Inc.
             1 State Street Plaza
             New York, New York  10041

             If to S&P, to:

             Standard & Poor's
             55 Water Street
             New York, New York  10041

         (c) The 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 such
Servicing Agreement; provided that the Seller shall not be required to provide
prior notice of any transfer of servicing that occurs within three months
following the Closing Date to an entity that is a Servicer on the Closing Date.
In addition, the ability of the Seller to transfer or assign its rights and
delegate its duties under a Servicing Agreement or to transfer the servicing
thereunder to a successor servicer shall be subject to the following conditions:

                  (i) Satisfaction of the conditions to such transfer as set
         forth in the Servicing Agreement including, without limitation, receipt
         of written consent of the Master Servicer to such transfer;

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

                                      163
<PAGE>
                  (iii) Such successor servicer must satisfy the seller/servicer
         eligibility standards in the applicable Servicing Agreement, exclusive
         of any experience in mortgage loan origination, and must be reasonably
         acceptable to the Master Servicer, whose approval shall not be
         unreasonably withheld;

                  (iv) Such successor servicer must execute and deliver to the
         Trustee, the Securities Administrator and the Master Servicer an
         agreement, in form and substance reasonably satisfactory to the
         Trustee, the Securities Administrator and the Master Servicer, that
         contains an assumption by such successor servicer of the due and
         punctual performance and observance of each covenant and condition to
         be performed and observed by the applicable Servicer under the
         applicable Servicing Agreement or, in the case of a transfer of
         servicing to a party that is already a Servicer pursuant to this
         Agreement, an agreement to add the related Mortgage Loans to the
         Servicing Agreement already in effect with such Servicer;

                  (v) If the successor servicer is not a Servicer of Mortgage
         Loans at the time of such transfer, there must be delivered to the
         Trustee and the Securities Administrator a letter from each Rating
         Agency to the effect that such transfer of servicing will not result in
         a qualification, withdrawal or downgrade of the then-current rating of
         any of the Certificates;

                  (vi) The Seller shall, at its cost and expense, take such
         steps, or cause the terminated Servicer to take such steps, as may be
         necessary or appropriate to effectuate and evidence the transfer of the
         servicing of the Mortgage Loans to such successor servicer, including,
         but not limited to, the following: (A) to the extent required by the
         terms of the Mortgage Loans and by applicable federal and state laws
         and regulations, the Seller shall cause the prior Servicer to timely
         mail to each obligor under a Mortgage Loan any required notices or
         disclosures describing the transfer of servicing of the Mortgage Loans
         to the successor servicer; (B) prior to the effective date of such
         transfer of servicing, the Seller shall cause the prior Servicer to
         transmit to any related insurer notification of such transfer of
         servicing; (C) on or prior to the effective date of such transfer of
         servicing, the Seller shall cause the prior Servicer to deliver to the
         successor servicer all Mortgage Loan Documents and any related records
         or materials; (D) on or prior to the effective date of such transfer of
         servicing, the Seller shall cause the prior Servicer to transfer to the
         successor servicer, or, if such transfer occurs after a Remittance Date
         but before the next succeeding Deposit Date, to the Master Servicer,
         all funds held by the applicable Servicer in respect of the Mortgage
         Loans; (E) on or prior to the effective date of such transfer of
         servicing, the Seller shall cause the prior Servicer to, after the
         effective date of the transfer of servicing to the successor servicer,
         continue to forward to such successor servicer, within one Business Day
         of receipt, the amount of any payments or other recoveries received by
         the prior Servicer, and to notify the successor servicer of the source
         and proper application of each such payment or recovery; and (F) the
         Seller shall cause the prior Servicer to, after the effective date of
         transfer of servicing to the successor servicer, continue to cooperate
         with the successor servicer to facilitate such transfer in such manner
         and to such extent as the successor servicer may reasonably request.

                                      164
<PAGE>
         Section 11.15. Conflicts.

         To the extent that the terms of this Agreement conflict with the terms
of any Servicing Agreement, the related Servicing Agreement shall govern, unless
such provisions shall adversely affect the Trustee or the Trust Fund or the
status of any REMIC created hereunder as a REMIC, provided that nothing in this
Section 11.15 shall be construed to limit the rights or obligations of the
Master Servicer under Section 9.05 of this Agreement.

         Section 11.16. Compliance with Regulation AB.

         Each of the parties hereto acknowledges and agrees that the purpose of
Sections 6.02, 6.20, 9.25 and 9.26 of this Agreement is to facilitate compliance
by the Depositor and the Securities Administrator with the provisions of
Regulation AB, as such regulation 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, or convention or consensus among active participants in the
asset-backed securities markets in respect of the requirements of Regulation AB
and (c) the parties shall comply, to the extent practicable from a timing and
information systems perspective, with reasonable requests made by the Depositor
or its designee for delivery of additional or different information as is
necessary to comply with the provisions of Regulation AB.

                      [SIGNATURE PAGE IMMEDIATELY FOLLOWS]

                                      165
<PAGE>

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

                           STRUCTURED ASSET SECURITIES
                             CORPORATION, as Depositor

                           By:
                               --------------------------------------------
                               Name: Michael C. Hitzmann
                               Title: Vice President

                           U.S. BANK NATIONAL ASSOCIATION, not in
                             its individual capacity, but solely as Trustee

                           By:
                               --------------------------------------------
                               Name: Diana J. Kenneally
                               Title: Assistant Vice President

                           WELLS FARGO BANK, NATIONAL ASSOCIATION,
                             as Securities Administrator

                           By:
                               --------------------------------------------
                               Name: Sandra L. Whalen
                               Title:

                           AURORA LOAN SERVICES LLC,
                             as Master Servicer

                           By:
                               --------------------------------------------
                               Name: Jerald W. Dreyer
                               Title: Vice President

Solely for purposes of Section 11.14,
accepted and agreed to by:

LEHMAN BROTHERS HOLDINGS INC.

By:
    --------------------------------
    Name: Ellen Kiernan
    Title: Authorized Signatory

                                      A-1
<PAGE>
                                    EXHIBIT A

                              FORMS OF CERTIFICATES

                             [INTENTIONALLY OMITTED]

                                      A-2
<PAGE>
                                   EXHIBIT B-1

                          FORM OF INITIAL CERTIFICATION

                                                              --------------
                                                                   Date
U.S. Bank National Association
1 Federal Street
Boston, M.A. 02110

Structured Asset Securities Corporation
745 Seventh Avenue, 7th Floor
New York, New York 10019

Aurora Loan Services LLC
327 Inverness Drive South
Englewood, Colorado 80112

         Re:  Trust Agreement (the "Trust Agreement"), dated as of February 1,
              2006 among Structured Asset Securities Corporation, as Depositor,
              Aurora Loan Services LLC, as Master Servicer, Wells Fargo Bank,
              National Association, as Securities Administrator and U.S. Bank
              National Association, as Trustee, with respect to Structured
              Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
              Certificates, Series 2006-2

Ladies and Gentlemen:

         In accordance with Section 2.02(a) of the Trust Agreement, subject to
review of the contents thereof, the undersigned, as Custodian on behalf of the
Trustee, hereby certifies that it (or its custodian) has received the documents
listed in Section 2.01(b) of the Trust Agreement for each Mortgage File
pertaining to each Mortgage Loan listed on Schedule A, to the Trust Agreement,
subject to any exceptions noted on Schedule I hereto.

         Capitalized words and phrases used herein and not otherwise defined
herein shall have the respective meanings assigned to them in the Trust
Agreement. This Certificate is subject in all respects to the terms of Section
2.02 of the Trust Agreement and the Trust Agreement sections cross-referenced
therein.

                                           [Custodian], on behalf of
                                           U.S. Bank National Association,
                                           as Trustee

                                           By:_________________________________
                                              Name:
                                              Title:

                                     B-1-1
<PAGE>
                                   EXHIBIT B-2

                          FORM OF INTERIM CERTIFICATION

                                                              --------------
                                                                   Date
U.S. Bank National Association
1 Federal Street
Boston, M.A. 02110

Structured Asset Securities Corporation
745 Seventh Avenue, 7th Floor
New York, New York 10019

Aurora Loan Services LLC
327 Inverness Drive South
Englewood, Colorado 80112

         Re:  Trust Agreement (the "Trust Agreement"), dated as of February 1,
              2006 among Structured Asset Securities Corporation, as Depositor,
              Aurora Loan Services LLC, as Master Servicer, Wells Fargo Bank,
              National Association, as Securities Administrator and U.S. Bank
              National Association, as Trustee, with respect to Structured
              Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
              Certificates, Series 2006-2

Ladies and Gentlemen:

         In accordance with Section 2.02(b) of the Trust Agreement, the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
Loan paid in full or listed on Schedule I hereto) it (or its custodian) has
received the applicable documents listed in Section 2.01(b) of the Trust
Agreement.

         The undersigned hereby certifies that as to each Mortgage Loan
identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed on
Schedule I hereto, it has reviewed the documents identified above and has
determined that each such document appears regular on its face and appears to
relate to the Mortgage Loan identified in such document.

                                     B-2-1

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

                                           [Custodian], on behalf of
                                           U.S. Bank National Association,
                                           as Trustee

                                           By:_________________________________
                                              Name:
                                              Title:

                                     B-2-2
<PAGE>
                                   EXHIBIT B-3

                           FORM OF FINAL CERTIFICATION

                                                              --------------
                                                                   Date
U.S. Bank National Association
1 Federal Street
Boston, M.A. 02110

Structured Asset Securities Corporation
745 Seventh Avenue, 7th Floor
New York, New York 10019

Aurora Loan Services LLC
327 Inverness Drive South
Englewood, Colorado 80112

         Re:  Trust Agreement (the "Trust Agreement"), dated as of February 1,
              2006 among Structured Asset Securities Corporation, as Depositor,
              Aurora Loan Services LLC, as Master Servicer, Wells Fargo Bank,
              National Association, as Securities Administrator and U.S. Bank
              National Association, as Trustee, with respect to Structured
              Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
              Certificates, Series 2006-2

Ladies and Gentlemen:

         In accordance with Section 2.02(d) of the Trust Agreement, the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
Loan paid in full or listed on Schedule I hereto) it (or its custodian) has
received the applicable documents listed in Section 2.01(b) of the Trust
Agreement.

         The undersigned hereby certifies that as to each Mortgage Loan
identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed on
Schedule I hereto, it has reviewed the documents listed above and has determined
that each such document appears to be complete and, based on an examination of
such documents, the information set forth in the Mortgage Loan Schedule is
correct.

                                     B-3-1
<PAGE>

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

                                           [Custodian], on behalf of
                                           U.S. Bank National Association,
                                           as Trustee

                                           By:_________________________________
                                              Name:
                                              Title:

                                     B-3-2
<PAGE>
                                   EXHIBIT B-4

                               FORM OF ENDORSEMENT

         Pay to the order of U.S. Bank National Association, as trustee (the
"Trustee") under the Trust Agreement dated as of February 1, 2006, among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services LLC,
as Master Servicer, Wells Fargo Bank, National Association, as Securities
Administrator and the Trustee relating to Structured Adjustable Rate Mortgage
Loan Trust Mortgage Pass-Through Certificates, Series 2006-2, without recourse.

                                      --------------------------------------
                                           [current signatory on note]

                                      By:___________________________________
                                         Name:
                                         Title:

                                     B-4-1
<PAGE>
                                    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 February 1, 2006 among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services LLC,
as Master Servicer, Wells Fargo Bank, National Association, 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 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)

                                      C-1
<PAGE>

         The undersigned acknowledges that the above Mortgage File will be held
by the undersigned in accordance with the provisions of the Trust Agreement and
will be returned to you within ten (10) days of our receipt of the Mortgage
File, except if the Mortgage Loan has been paid in full, or repurchased or
substituted for a Qualifying Substitute Mortgage Loan (in which case the
Mortgage File will be retained by us permanently) and except if the Mortgage
Loan is being foreclosed (in which case the Mortgage File will be returned when
no longer required by us for such purpose).

         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
<PAGE>
                                   EXHIBIT D-1

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

STATE OF          )
                  )  ss.:
COUNTY OF         )

         [NAME OF OFFICER], _________________ being first duly sworn, deposes
and says:

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

1.       That the Purchaser's Taxpayer Identification Number is ______________.

2.       That the Purchaser is not a "disqualified organization" within the
         meaning of Section 860E(e)(5) of the Internal Revenue Code of 1986, as
         amended (the "Code") and will not be a "disqualified organization" as
         of __________________ [date of transfer], and that the Purchaser is not
         acquiring a Residual Certificate (as defined in the Agreement) for the
         account of, or as agent (including a broker, nominee, or other
         middleman) for, any person or entity from which it has not received an
         affidavit substantially in the form of this affidavit. For these
         purposes, a "disqualified organization" means the United States, any
         state or political subdivision thereof, any foreign government, any
         international organization, any agency or instrumentality of any of the
         foregoing (other than an instrumentality if all of its activities are
         subject to tax and a majority of its board of directors is not selected
         by such governmental entity), any cooperative organization furnishing
         electric energy or providing telephone service to persons in rural
         areas as described in Code Section 1381(a)(2)(C), any "electing large
         partnership" within the meaning of Section 775 of the Code, or any
         organization (other than a farmers' cooperative described in Code
         Section 521) that is exempt from federal income tax unless such
         organization is subject to the tax on unrelated business income imposed
         by Code Section 511.

3.       That the Purchaser is not, and on _______________ [date of transfer]
         will not be, an employee benefit plan or arrangement subject to Title I
         of the Employee Retirement Income Security Act of 1974, as amended
         ("ERISA"), a plan subject to Section 4975 of the Internal Revenue Code
         of 1986, as amended (the "Code") or a plan subject to any provisions
         under any federal, state, local, non-U.S. or other laws or regulations
         that are substantively similar to the foregoing provisions of ERISA or
         the Code (collectively, a "Plan"), and is not directly or indirectly
         acquiring the Residual Certificate for, on behalf of or with any assets
         of any such Plan.

                                     D-1-1
<PAGE>
4.       That the Purchaser hereby acknowledges that under the terms of the
         Trust Agreement (the "Agreement") among Structured Asset Securities
         Corporation, U.S. Bank National Association, as Trustee, Wells Fargo
         Bank, National Association, as Securities Administrator and Aurora Loan
         Services LLC, as Master Servicer, dated as of February 1, 2006, no
         transfer of a Residual Certificate shall be permitted to be made to any
         person unless the Depositor and the Trustee have received a certificate
         from such transferee containing the representations in paragraphs 2, 3
         and 4 hereof.

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

6.       That the Purchaser does not have the intention to impede the assessment
         or collection of any federal, state or local taxes legally required to
         be paid with respect to such Residual Certificate, and that the
         Purchaser has provided financial statements or other financial
         information requested by the transferor in connection with the transfer
         of the Residual Certificate in order to permit the transferor to assess
         the financial capability of the Purchaser to pay such taxes.

7.       That the Purchaser will not transfer a Residual Certificate to any
         person or entity (i) as to which the Purchaser has actual knowledge
         that the requirements set forth in paragraph 2, paragraph 5 or
         paragraph 9 hereof are not satisfied or that the Purchaser has reason
         to believe does not satisfy the requirements set forth in paragraph 6
         hereof, and (ii) without obtaining from the prospective Purchaser an
         affidavit substantially in this form and providing to the Trustee a
         written statement substantially in the form of Exhibit D-2 to the
         Agreement.

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

9.       That the Purchaser (i) is a U.S. Person or (ii) is a Non-U.S. Person
         that holds a Residual Certificate in connection with the conduct of a
         trade or business within the United States and has furnished the
         transferor and the Trustee with an effective Internal Revenue Service
         Form W-8 ECI (Certificate of Foreign Person's Claim for Exemption From
         Withholding on Income Effectively Connected with the Conduct of a Trade
         or Business in the United States) or successor form at the time and in
         the manner required by the Code. "Non-U.S. Person" means any person
         other than (i) a citizen or resident of the United States; (ii) a
         corporation (or entity treated as a corporation for tax purposes)
         created or organized in the United States or under the laws of the
         United States or of any state thereof, including, for this purpose, the
         District of Columbia; (iii) a partnership (or entity treated as a
         partnership for tax purposes) organized in the United States or under
         the laws of the United States or of any state thereof, including, for
         this purpose, the District of Columbia (unless provided otherwise by
         future Treasury regulations); (iv) an estate whose income is includible
         in gross income for United States income tax purposes regardless of its
         source; (v) a trust, if a court within the United States is able to
         exercise primary supervision over the administration of the trust and
         one or more U.S. Persons have authority to control all substantial
         decisions of the trust or; (vi) and, to the extent provided in Treasury
         regulations, certain trusts in existence prior to August 20, 1996 that
         are treated as United States persons prior to such date and elect to
         continue to be treated as United States persons.

                                       2
<PAGE>

10.      That the Purchaser agrees to such amendments of the Trust Agreement as
         may be required to further effectuate the restrictions on transfer of
         any Residual Certificate to such a "disqualified organization," an
         agent thereof, a Book-Entry Nominee, or a person that does not satisfy
         the requirements of paragraph 6 and paragraph 9 hereof.

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

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

                                       3
<PAGE>

         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__.

                                       4
<PAGE>
                                   EXHIBIT D-2

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

                                                        -------------------
                                                             Date

                  Re:   Structured Adjustable Rate Mortgage Loan Trust Mortgage
                        Pass-Through Certificates, Series 2006-2
                        ----------------------------------------

         _______________________ (the "Transferor") has reviewed the attached
affidavit of _____________________________ (the "Transferee"), and has no actual
knowledge that such affidavit is not true and has no reason to believe that the
information contained in paragraph 6 thereof is not true, and has no reason to
believe that the Transferee has the intention to impede the assessment or
collection of any federal, state or local taxes legally required to be paid with
respect to a Residual Certificate. In addition, the Transferor has conducted a
reasonable investigation at the time of the transfer and found that the
Transferee had historically paid its debts as they came due and found no
significant evidence to indicate that the Transferee will not continue to pay
its debts as they become due.

                                             Very truly yours,

                                             -------------------------------
                                             Name:
                                             Title:

                                     D-2-1
<PAGE>
                                    EXHIBIT E

                              SERVICING AGREEMENTS

                        (See Exhibits 99.2 through 99.6)

                                      E-1
<PAGE>
                                    EXHIBIT F

                     FORM OF RULE 144A TRANSFER CERTIFICATE

         Re:  Structured Adjustable Rate Mortgage Loan Trust Mortgage
              Pass-Through Certificates, Series 2006-2
              -------------------------------------------------------

         Reference is hereby made to the Trust Agreement (the "Trust
Agreement"), dated as of February 1, 2006 among Structured Asset Securities
Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer Wells
Fargo Bank, National Association, as Securities Administrator and U.S. Bank
National Association, as Trustee. Capitalized terms used but not defined herein
shall have the meanings given to them in the Trust Agreement.

         This letter relates to $_________ initial Certificate Principal Amount
of Class Certificates which are held in the form of Definitive Certificates
registered in the name of _________________________ (the "Transferor"). The
Transferor has requested a transfer of such Definitive Certificates for
Definitive Certificates of such Class registered in the name of [insert name of
transferee].

         In connection with such request, and in respect of such Certificates,
the Transferor hereby certifies that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Trust Agreement
and the Certificates and (ii) Rule 144A under the 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 the
benefit of the Trustee, the Securities Administrator, the Placement Agent and
the Depositor.

                                        ----------------------------------------
                                             [Name of Transferor]

                                        By:_____________________________________
                                           Name:
                                           Title:

Dated: __________________, ________

                                      F-1
<PAGE>
                                    EXHIBIT G

                         FORM OF PURCHASER'S LETTER FOR
                        INSTITUTIONAL ACCREDITED INVESTOR

                                                   ------------------
                                                         Date

Dear Sirs:

         In connection with our proposed purchase of $______________ principal
amount of Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
Certificates, Series 2006-2 (the "Privately Offered Certificates") of Structured
Asset Securities Corporation (the "Depositor") which are held in the form of
Definitive Certificates, we confirm that:

1.       We understand that the Privately Offered Certificates have not been,
         and will not be, registered under the Securities Act of 1933, as
         amended (the "Securities Act"), and may not be sold except as permitted
         in the following sentence. We agree, on our own behalf and on behalf of
         any accounts for which we are acting as hereinafter stated, that if we
         should sell any Privately Offered Certificates within two years of the
         later of the date of original issuance of the Privately Offered
         Certificates or the last day on which such Privately Offered
         Certificates are owned by the Depositor or any affiliate of the
         Depositor (which includes the Placement Agent) we will do so only (A)
         to the Depositor, (B) to "qualified institutional buyers" (within the
         meaning of Rule 144A under the Securities Act) in accordance with Rule
         144A under the Securities Act ("QIBs"), (C) pursuant to the exemption
         from registration provided by Rule 144 under the Securities Act, or (D)
         to an institutional "accredited investor" within the meaning of Rule
         501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act
         that is not a QIB (an "Institutional Accredited Investor") which, prior
         to such transfer, delivers to the Trustee under the Trust Agreement
         (the "Trust Agreement"), dated as of February 1, 2006 among Structured
         Asset Securities Corporation, as Depositor, Aurora Loan Services LLC,
         as Master Servicer, Wells Fargo Bank, National Association, as
         Securities Administrator and U.S. Bank National Association, as
         Trustee, a signed letter in the form of this letter; and we further
         agree, in the capacities stated above, to provide to any person
         purchasing any of the Privately Offered Certificates from us a notice
         advising such purchaser that resales of the Privately Offered
         Certificates are restricted as stated herein.

2.       We understand that, in connection with any proposed resale of any
         Privately Offered Certificates to an Institutional Accredited Investor,
         we will be required to furnish to the Trustee, the Certificate
         Registrar and the Depositor a certification from such transferee in the
         form hereof to confirm that the proposed sale is being made pursuant to
         an exemption from, or in a transaction not subject to, the registration
         requirements of the Securities Act. We further understand that the
         Privately Offered Certificates purchased by us will bear a legend to
         the foregoing effect.

                                      G-1
<PAGE>

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 an ERISA-Restricted Certificate, we are not a Plan
         and we are not acquiring the ERISA-Restricted Certificate for, on
         behalf of or with any assets of a Plan, except as may be permitted
         pursuant to Section 3.03(d) of the Trust Agreement.

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

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

                                         Very truly yours,

                                         ----------------------------------
                                              [Purchaser]

                                         By________________________________
                                           Name:
                                           Title:

                                      G-2
<PAGE>
                                    EXHIBIT H

                       [FORM OF ERISA TRANSFER AFFIDAVIT]

STATE OF NEW YORK   )
                    )  ss.:
COUNTY OF NEW YORK  )

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

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

2.       The Investor (A) is not, and on _______________ [date of transfer] will
         not be, an employee benefit plan or arrangement subject to Title I of
         the Employee Retirement Income Security Act of 1974, as amended
         ("ERISA"), a plan subject to Section 4975 of the Internal Revenue Code
         of 1986, as amended (the "Code") or a plan subject to any provisions
         under any federal, state, local, non-U.S. or other laws or regulations
         that are substantively similar to the foregoing provisions of ERISA or
         the Code ("Similar Law") (collectively, a "Plan"), and is not directly
         or indirectly acquiring the Certificate for, on behalf of or with any
         assets of any such Plan, (B) if the Certificate has been the subject of
         an ERISA-Qualifying Underwriting, is an insurance company that is
         acquiring the Certificate with assets of an "insurance company general
         account" as defined in Section V(E) of Prohibited Transaction Class
         Exemption ("PTCE") 95-60 and the acquisition and holding of the
         Certificate are covered and exempt under Sections I and III of PTCE
         95-60, or (C) solely in the case of a Definitive Certificate, shall
         herewith deliver an Opinion of Counsel satisfactory to the Certificate
         Registrar, the Trustee and the Depositor, and upon which the Trustee,
         the Certificate Registrar and the Depositor shall be entitled to rely,
         to the effect that the acquisition and holding of such Certificate by
         the Investor will not result in a nonexempt prohibited transaction
         under Title I of ERISA or Section 4975 of the Code, or a violation of
         Similar Law, and will not subject the Trustee, the Master Servicer, the
         Securities Administrator, the Certificate Registrar, any Servicer or
         the Depositor to any obligation in addition to those undertaken by such
         entities in the Trust Agreement, which Opinion of Counsel shall not be
         an expense of the Trustee, the Master Servicer, the Securities
         Administrator, the Certificate Registrar, any Servicer or the
         Depositor.

3.       The Investor hereby acknowledges that under the terms of the Trust
         Agreement (the "Agreement") among Structured Asset Securities
         Corporation, as Depositor, Aurora Loan Services LLC, as Master
         Servicer, Wells Fargo Bank, National Association and U.S. Bank National
         Association, as Trustee, dated as of February 1, 2006, no transfer of
         the ERISA-Restricted Certificates (other than the Class R Certificate)
         shall be permitted to be made to any person unless the Depositor, the
         Certificate Registrar and Trustee have received an affidavit from such
         transferee in the form hereof or an opinion of counsel as provided
         herein.

4.       Capitalized terms used but not defined herein shall have the meanings
         given to such terms in the Trust Agreement.

                                      H-1
<PAGE>

         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
<PAGE>
                                    EXHIBIT I

                            MONTHLY REMITTANCE ADVICE

                             [INTENTIONALLY OMITTED]

                                      I-1
<PAGE>
                                    EXHIBIT J

                      MONTHLY ELECTRONIC DATA TRANSMISSION

                             [INTENTIONALLY OMITTED]

                                      J-1
<PAGE>
                                    EXHIBIT K

                              CUSTODIAL AGREEMENTS

                             [INTENTIONALLY OMITTED]

                                      K-1

<PAGE>
                                   EXHIBIT L-1

                          FORM OF TRANSFER CERTIFICATE
                  FOR TRANSFER FROM RESTRICTED GLOBAL SECURITY
                         TO REGULATION S GLOBAL SECURITY
                      (Transfers pursuant to ss. 3.03(h)(B)
                                of the Agreement)

                  Re:   Structured Adjustable Rate Mortgage Loan Trust Mortgage
                        Loan Trust Mortgage Pass-Through Certificates, Series
                        2006-2

         Reference is hereby made to the Trust Agreement (the "Agreement") among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services LLC,
as Master Servicer, Wells Fargo Bank, National Association and U.S. Bank
National Association, as Trustee, dated as of February 1, 2006. Capitalized
terms used but not defined herein shall have the meanings given to them in the
Agreement.

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

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

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

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

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

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

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

         The Depositor, the Securities Administrator and the Trustee are
entitled to rely upon this letter and are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby.
Terms used in this certificate have the meanings set forth in Regulation S.

                                                     [Name of Transferor]

                                                      By:
                                                          Name:
                                                          Title:

Date: ______________ , ____

                                     L-1-1

<PAGE>
                    FORM OF TRANSFER CERTIFICATE FOR TRANSFER
                        FROM REGULATION S GLOBAL SECURITY
                          TO RESTRICTED GLOBAL SECURITY
                      (Transfers pursuant to ss. 3.03(h)(C)
                                of the Agreement)

              Re: Structured Adjustable Rate Mortgage Loan Trust Mortgage
                  Pass-Through Certificates, Series 2006-2

         Reference is hereby made to the Trust Agreement (the "Agreement") among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services LLC,
as Master Servicer, Wells Fargo Bank, National Association and U.S. Bank
National Association, as Trustee, dated as of February 1, 2006. Capitalized
terms used but not defined herein shall have the meanings given to them in the
Agreement.

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

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

                                                     [Name of Transferor]

                                                     By:
                                                        Name:
                                                        Title:

Date: ______________ , ___

                                     L-2-1

<PAGE>
                                    EXHIBIT M

                     FORM OF CERTIFICATION TO BE PROVIDED TO
             THE DEPOSITOR AND THE MASTER SERVICER BY THE SECURITIES
                                 ADMINISTRATOR

Structured Asset Securities Corporation
745 7th Avenue, 7th Floor
New York, New York 10019

Aurora Loan Services LLC
327 Inverness Drive South
Englewood, Colorado 80112

Re:   Structured Adjustable Rate Mortgage Loan Trust,
      Mortgage Pass-Through Certificates, Series 2006-2

   Reference is made to the Trust Agreement dated as of February 1, 2006 (the
"Trust Agreement"), by and among Wells Fargo Bank, National Association, as
Securities Administrator (the "Securities Administrator"), U.S. Bank National
Association (the "Trustee"), Aurora Loan Services LLC, as master servicer (the
"Master Servicer"), and Structured Asset Securities Corporation, as depositor
(the "Depositor"). Capitalized terms used herein but not defined have the
meanings assigned to them in the Trustee Agreement.

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

         (i)      The Securities Administrator has reviewed the annual report on
                  Form 10-K for the fiscal year [ ] (the "Annual Report"), and
                  all reports on Form 8-K (if any) and on Form 10-D required to
                  be filed in respect of the period covered by such Annual
                  Report (collectively with the Annual Report, the "Reports"),
                  relating to the above-referenced trust;

         (ii)     To the best of the Securities Administrator's knowledge, and
                  assuming the accuracy of the statements required to be made or
                  data required to be delivered by the Servicers, any
                  Subservicers, any Subcontractors, the Master Servicer, the
                  Custodians, the Trustee and the Depositor (to the extent that
                  such statements or data were received by the Securities
                  Administrator and are relevant to the statements made by the
                  Securities Administrator in this Officer's Certificate), the
                  information in the Reports does not contain any untrue
                  statement of a material fact or omit to state a material fact
                  necessary to make the statements made, in light of the
                  circumstances under which such statements were made, not
                  misleading with respect to the period covered by the Annual
                  Report;

                                      M-1
<PAGE>

         (iii)    To the best of the Securities Administrator's knowledge, and
                  assuming the accuracy of the statements required to be made or
                  data required to be delivered by the Servicers, any
                  Subservicers, any Subcontractors, the Master Servicer, the
                  Custodians and the Depositor (to the extent that such
                  statements or data were received by the Securities
                  Administrator and are relevant to the statements made by the
                  Securities Administrator in this Officer's Certificate), the
                  distribution or servicing or other information required to be
                  provided to the Securities Administrator by the Depositor, the
                  Trustee, the Master Servicer, each Servicer each Subservicer,
                  each Subcontractor and each Custodian under the Trust
                  Agreement for inclusion in the Reports is included in the
                  Reports;

         (iv)     A review of the Securities Administrator's activities during
                  the preceding calendar year or portion thereof and of such
                  Securities Administrator's performance under the Agreement has
                  been made under my supervision under Item 1123 of Regulation
                  AB. To the best of my knowledge, based on such review, the
                  Securities Administrator has fulfilled all its obligations
                  under the Agreement, in all material respects throughout the
                  year or portion thereof, or, if there has been a failure to
                  fulfill any such obligation in any material respect, the
                  Securities Administrator has specified each such failure known
                  to such officer and the nature and status thereof; and

         (v)      The report on assessment of compliance with servicing criteria
                  for asset-backed securities of the Securities Administrator
                  and its related attestation report on assessment of compliance
                  with servicing criteria 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.

Date:

                                  Wells Fargo Bank, National Association, as
                                  Securities Administrator

                                  By:      ____________________________
                                  Name:    ____________________________
                                  Title:   ____________________________

                                      M-2
<PAGE>
                                    EXHIBIT N

                        FORM OF ASSESSMENT OF COMPLIANCE

                                     [DATE]

Structured Asset Securities Corporation
745 Seventh Avenue, 7th Floor
New York, New York 10019
Attention: Mortgage Finance, SARM 2006-2

Aurora Loan Services LLC
327 Inverness Drive South
Englewood, Colorado 80112

Fitch, Inc.
1 State Street Plaza
New York, New York  10041

Standard & Poor's, a division of
   The McGraw-Hill Companies, Inc.
25 Broadway, 12th Floor
New York, New York  10004

         Re:   Trust Agreement dated as of February 1, 2006 (the "Trust
               Agreement"), by and among U.S. Bank National Association (the
               "Trustee"), Wells Fargo Bank, National Association (the
               "Securities Administrator"), Aurora Loan Services LLC, as
               master servicer (the "Master Servicer"), and Structured Asset
               Securities Corporation, as depositor (the "Depositor").

         For the calendar year ending December 31, [2006] or portion thereof,
[Aurora Loan Services LLC, as Master Servicer][Wells Fargo Bank, National
Association, as Securities Administrator] under the Trust Agreement has complied
in all material respects with the relevant Servicing Criteria in Exhibit O of
the Trust Agreement.

         All capitalized terms used herein but not defined herein shall have the
meanings assigned to them in the Trust Agreement.

Date:    ________________________________

                                               By: ____________________________

                                               Name: __________________________

                                               Title: _________________________

                                      M-3

<PAGE>
                                    EXHIBIT O

                       SERVICING CRITERIA TO BE ADDRESSED
                           IN ASSESSMENT OF COMPLIANCE

KEY:  X - obligation

WHERE THERE ARE MULTIPLE CHECKS FOR CRITERIA THE ATTESTING PARTY WILL IDENTIFY
IN THEIR MANAGEMENT ASSERTION THAT THEY ARE ATTESTING ONLY TO THE PORTION OF THE
DISTRIBUTION CHAIN THEY ARE RESPONSIBLE FOR IN THE RELATED TRANSACTION
AGREEMENTS. CAPITALIZED TERMS USED HEREIN BUT NOT DEFINED HEREIN SHALL HAVE THE
MEANINGS ASSIGNED TO THEM IN THE TRUST AGREEMENT DATED AS OF FEBRUARY 1, 2006
(THE "TRUST AGREEMENT"), BY AND AMONG U.S. BANK NATIONAL ASSOCIATION, (THE
"TRUSTEE"), WELLS FARGO BANK, NATIONAL ASSOCIATION, AS SECURITIES ADMINISTRATOR
(THE "SECURITIES ADMINISTRATOR"), AURORA LOAN SERVICES LLC, AS MASTER SERVICER
(THE "MASTER SERVICER"), AND STRUCTURED ASSET SECURITIES CORPORATION, AS
DEPOSITOR (THE "DEPOSITOR").
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
REG AB REFERENCE    SERVICING CRITERIA                     SECURITIES ADMINISTRATOR         MASTER SERVICER
------------------- ------------------------------------ ----------------------------- ---------------------------
                    GENERAL SERVICING  CONSIDERATIONS
------------------- ------------------------------------ ----------------------------- ---------------------------
<S>                 <C>
1122(d)(1)(i)       Policies and procedures are                       X                            X
                    instituted to monitor any
                    performance or other triggers and
                    events of default in accordance
                    with the transaction agreements.
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(1)(ii)      If any material servicing                         X                            X
                    activities are outsourced to third
                    parties, policies and procedures
                    are instituted to monitor the
                    third party's performance and
                    compliance with such servicing
                    activities.
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(1)(iii)     Any requirements in the                                                        X
                    transaction agreements to maintain
                    a back-up servicer for the pool
                    assets are maintained.
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(1)(iv)      A fidelity bond and errors and                                                 X
                    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.
------------------- ------------------------------------ ----------------------------- ---------------------------
                    CASH COLLECTION AND ADMINISTRATION
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(2)(i)       Payments on pool assets are                       X                            X
                    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.
------------------------------------------------------------------------------------------------------------------
</TABLE>
                                      O-1
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
REG AB REFERENCE    SERVICING CRITERIA                     SECURITIES ADMINISTRATOR         MASTER SERVICER
------------------- ------------------------------------ ----------------------------- ---------------------------
<S>                <C>
1122(d)(2)(ii)      Disbursements made via wire                       X                            X
                    transfer on behalf of an obligor
                    or to an investor are made only by
                    authorized personnel.
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(2)(iii)     Advances of funds or guarantees                                                X
                    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.
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(2)(iv)      The related accounts for the                      X                            X
                    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.
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(2)(v)       Each custodial account is                         X                            X
                    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.
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(2)(vi)      Unissued checks are safeguarded so                X                            X
                    as to prevent unauthorized access.
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(2)(vii)     Reconciliations are prepared on a                 X                            X
                    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.
------------------- ------------------------------------ ----------------------------- ---------------------------
                    INVESTOR REMITTANCES AND REPORTING
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(3)(i)       Reports to investors, including                   X                            X
                    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.
------------------------------------------------------------------------------------------------------------------
</TABLE>
                                       2
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
REG AB REFERENCE    SERVICING CRITERIA                     SECURITIES ADMINISTRATOR         MASTER SERVICER
------------------- ------------------------------------ ----------------------------- ---------------------------
<S>                <C>
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(3)(ii)      Amounts due to investors are                      X                            X
                    allocated and remitted in
                    accordance with timeframes,
                    distribution priority and other
                    terms set forth in the transaction
                    agreements.
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(3)(iii)     Disbursements made to an investor                 X
                    are posted within two business
                    days to the Servicer's investor
                    records, or such other number of
                    days specified in the transaction
                    agreements.
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(3)(iv)      Amounts remitted to investors per                 X                            X
                    the investor reports agree with
                    cancelled checks, or other form of
                    payment, or custodial bank
                    statements.
------------------- ------------------------------------ ----------------------------- ---------------------------
                    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                                              X
                    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.
------------------------------------------------------------------------------------------------------------------
</TABLE>
                                      3
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
REG AB REFERENCE    SERVICING CRITERIA                     SECURITIES ADMINISTRATOR         MASTER SERVICER
------------------- ------------------------------------ ----------------------------- ---------------------------
<S>                <C>
1122(d)(4)(vii)     Loss mitigation or recovery                                                    X
                    actions (e.g., forbearance plans,
                    modifications and deeds in lieu of
                    foreclosure, foreclosures and
                    repossessions, as applicable) are
                    initiated, conducted and concluded
                    in accordance with the timeframes
                    or other requirements established
                    by the transaction agreements.
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(4)(viii)    Records documenting collection
                    efforts are maintained during the
                    period a 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                                                  X
                    obligor (such as tax or insurance
                    payments) are made on or before
                    the related penalty or expiration
                    dates, as indicated on the
                    appropriate bills or notices for
                    such payments, provided that such
                    support has been received by the
                    servicer at least 30 calendar days
                    prior to these dates, or such
                    other number of days specified in
                    the transaction agreements.
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(4)(xii)     Any late payment penalties in                                                  X
                    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.
------------------------------------------------------------------------------------------------------------------
</TABLE>
                                      4
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
REG AB REFERENCE    SERVICING CRITERIA                     SECURITIES ADMINISTRATOR         MASTER SERVICER
------------------- ------------------------------------ ----------------------------- ---------------------------
<S>                <C>
------------------- ------------------------------------ ----------------------------- ---------------------------
1122(d)(4)(xiii)    Disbursements made on behalf of an                                             X
                    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                                                 X
                    uncollectible accounts are
                    recognized and recorded in
                    accordance with the transaction
                    agreements.
------------------- ------------------------------------ ----------------------------- ---------------------------
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.
------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       5
<PAGE>
                                    EXHIBIT P

                                   EXHIBIT P-1

                         ADDITIONAL FORM 10-D DISCLOSURE
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                    ITEM ON FORM 10-D                                         PARTY RESPONSIBLE
---------------------------------------------------------- --------------------------------------------------------
<S>                                                        <C>
Item 1: Distribution and Pool Performance Information      Master Servicer (as to any Servicer, to the extent
                                                           provided by the Servicer)
Any information required by 1121 which is NOT included     Securities Administrator
on the Distribution Date Statement
---------------------------------------------------------- --------------------------------------------------------
Item 2: Legal Proceedings                                  (i) All parties to the Trust Agreement (as to
                                                           themselves), (ii) the Securities Administrator as to
per Item 1117 of Reg AB                                    the issuing entity, (iii) the Depositor as to the
                                                           sponsor, any 1106(b) originator, any 1100(d)(1) party
                                                           and (iv) the Master Servicer, as to any Servicer, to
                                                           the extent provided by the Servicer

---------------------------------------------------------- --------------------------------------------------------
Item 3:  Sale of Securities and Use of Proceeds            Depositor
---------------------------------------------------------- --------------------------------------------------------
Item 4:  Defaults Upon Senior Securities                   Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
Item 5:  Submission of Matters to a Vote of Security       Securities Administrator
Holders
---------------------------------------------------------- --------------------------------------------------------
Item 6:  Significant Obligors of Pool Assets               Depositor
---------------------------------------------------------- --------------------------------------------------------
Item 7:  Significant Enhancement Provider Information      Depositor
---------------------------------------------------------- --------------------------------------------------------
Item 8:  Other Information                                 Any party responsible for disclosure items on Form 8-K
---------------------------------------------------------- --------------------------------------------------------
Item 9:  Exhibits                                          Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     P-1-1
<PAGE>
                                   EXHIBIT P-2

                         ADDITIONAL FORM 10-K DISCLOSURE
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                    ITEM ON FORM 10-K                                         PARTY RESPONSIBLE
---------------------------------------------------------- --------------------------------------------------------
<S>                                                         <C>
Item 1B: Unresolved Staff Comments                         Depositor

---------------------------------------------------------- --------------------------------------------------------
Item 9B: Other Information                                 (i) Any party responsible for disclosure items on Form
                                                           8-K (as to themselves) and (ii) the Master Servicer,
                                                           as to any Servicer, to the extent provided by such
                                                           Servicer
---------------------------------------------------------- --------------------------------------------------------
Item 15:  Exhibits, Financial Statement Schedules          Securities Administrator
                                                           Depositor
---------------------------------------------------------- --------------------------------------------------------
Additional Item:                                           (i) All parties to the Trust Agreement (as to
                                                           themselves), (ii) the Securities Administrator as to
Disclosure per Item 1117 of Reg AB                         the issuing entity, (iii) the Depositor as to the
                                                           sponsor, any 1106(b) originator, any 1100(d)(1) party
                                                           and (iv) the Master Servicer, as to any Servicer, to
                                                           the extent provided by the Servicer
---------------------------------------------------------- --------------------------------------------------------
Additional Item:                                           (i) All parties to the Trust Agreement as to
Disclosure per Item 1119 of Reg AB                         themselves, (ii) the Depositor as to he sponsor,
                                                           originator, significant obligor, enhancement or
                                                           support provider  and (iii) the  Master Servicer, as
                                                           to any Servicer, to the extent provided by the Servicer
---------------------------------------------------------- --------------------------------------------------------
Additional Item:                                           Depositor
Disclosure per Item 1112(b) of Reg AB
---------------------------------------------------------- --------------------------------------------------------
Additional Item:                                           Depositor
Disclosure per Items 1114(b) and 1115(b) of Reg AB
---------------------------------------------------------- --------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
</TABLE>

                                        P-2-1
<PAGE>
                                   EXHIBIT P-3

                         ADDITIONAL FORM 8-K DISCLOSURE
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                    ITEM ON FORM 8-K                                          PARTY RESPONSIBLE
---------------------------------------------------------- --------------------------------------------------------
<S>                                                        <C>
Item 1.01- Entry into a Material Definitive Agreement      All parties (provided that the Trustee shall only be a
                                                           responsible party if it is also the Paying Agent of
                                                           the Trust Fund)
---------------------------------------------------------- --------------------------------------------------------
Item 1.02- Termination of a Material                       All parties (provided that the Trustee shall only be a
Definitive Agreement                                       responsible party if it is also the Paying Agent of
                                                           the Trust Fund)
---------------------------------------------------------- --------------------------------------------------------
Item 1.03- Bankruptcy or Receivership                      Depositor
---------------------------------------------------------- --------------------------------------------------------
Item 2.04- Triggering Events that Accelerate or Increase   Depositor
a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement
---------------------------------------------------------- --------------------------------------------------------
Item 3.03- Material Modification to Rights of Security     Securities Administrator
Holders
---------------------------------------------------------- --------------------------------------------------------
Item 5.03- Amendments of Articles of Incorporation or      Depositor
Bylaws; Change of Fiscal Year
---------------------------------------------------------- --------------------------------------------------------
Item 6.01- ABS Informational and Computational Material    Depositor
-------------------------------------------------------------------------------------------------------------------
</TABLE>

                                        P-3-1
<PAGE>
<TABLE>
<CAPTION>
<S>                                                       <C>
-------------------------------------------------------------------------------------------------------------------
Item 6.02- Change of Servicer or Securities                Master Servicer (as to itself and as to any
Administrator                                              Servicer, to the extent provided by such
                                                           Servicer), Securities Administrator, Seller
---------------------------------------------------------- --------------------------------------------------------
Item 6.03- Change in Credit Enhancement or External        Depositor
Support
---------------------------------------------------------- --------------------------------------------------------
Item 6.04- Failure to Make a Required Distribution         Securities Administrator
---------------------------------------------------------- --------------------------------------------------------
Item 6.05- Securities Act Updating Disclosure              Depositor
---------------------------------------------------------- --------------------------------------------------------
Item 7.01- Reg FD Disclosure                               Depositor
---------------------------------------------------------- --------------------------------------------------------
Item 8.01                                                  Depositor
---------------------------------------------------------- --------------------------------------------------------
Item 9.01                                                  Depositor
---------------------------------------------------------- --------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
</TABLE>

                                        P-3-2
<PAGE>
                                   EXHIBIT P-4

                       ADDITIONAL DISCLOSURE NOTIFICATION

Wells Fargo Bank, N.A., as Securities Administrator
Old Annapolis Road
Columbia, Maryland 21045
Attn:  Corporate Trust Services - SARM 2006-2 - 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
February 1, 2006, by and among Structured Asset Securities Corporation, as
Depositor, Aurora Loan Services LLC, as Master Servicer, U.S. Bank 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:

                                     P-4-1
<PAGE>
                                    EXHIBIT Q

                  FORM OF BACK-UP SARBANES-OXLEY CERTIFICATION

[         ]
[         ]
[         ]

         Re:      SARM  2006-2

         [_______], the [_______] of [_______] (the "Company") hereby certifies
to the Depositor, the Master Servicer and the Securities Administrator, and each
of their officers, directors and affiliates that:

                  (1) I have reviewed [the servicer compliance statement of the
         Company provided in accordance with Item 1123 of Regulation AB (the
         "Compliance Statement"),] the report on assessment of the Company's
         compliance with the Servicing Criteria set forth in Item 1122(d) of
         Regulation AB (the "Servicing Criteria"), provided in accordance with
         Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as
         amended (the "Exchange Act") and Item 1122 of Regulation AB (the
         "Servicing Assessment"), the registered public accounting firm's
         attestation report provided in accordance with Rules 13a-18 and 15d-18
         under the Exchange Act and Section 1122(b) of Regulation AB (the
         "Attestation Report"), and all servicing reports, officer's
         certificates and other information relating to the servicing of the
         Mortgage Loans by the Company during 200[ ] that were delivered by the
         Company to any of the Depositor, the Master Servicer and the Securities
         Administrator pursuant to the Agreement (collectively, the "Company
         Servicing Information");

                  (2) Based on my knowledge, the Company Servicing Information,
         taken as a whole, does not contain any untrue statement of a material
         fact or omit to state a material fact necessary to make the statements
         made, in the light of the circumstances under which such statements
         were made, not misleading with respect to the period of time covered by
         the Company Servicing Information;

                  (3) Based on my knowledge, all of the Company Servicing
         Information required to be provided by the Company under the Agreement
         has been provided to the Depositor, the Master Servicer and the
         Securities Administrator;

                  (4) I am responsible for reviewing the activities performed by
         [_______] as [_______] under the [_______] (the "Agreement"), and based
         on my knowledge[and the compliance review conducted in preparing the
         Compliance Statement] and except as disclosed in [the Compliance
         Statement,] the Servicing Assessment or the Attestation Report, the
         Company has fulfilled its obligations under the Agreement in all
         material respects; and

                                      P-1
<PAGE>

                  (5) [The Compliance Statement required to be delivered by the
         Company pursuant to the Agreement, and] [The] [the] Servicing
         Assessment and Attestation Report required to be provided by the
         Company and [by any Subservicer or Subcontractor] pursuant to the
         Agreement, have been provided to the Depositor, the Master Servicer and
         the Securities Administrator. Any material instances of noncompliance
         described in such reports have been disclosed to the Depositor, the
         Master Servicer and the Securities Administrator. Any material instance
         of noncompliance with the Servicing Criteria has been disclosed in such
         reports.

         Capitalized terms used but not defined herein have the meanings
ascribed to them in the Trust Agreement, dated as of February 1, 2006 (the
"Trust Agreement") by and among Structured Asset Securities Corporation, as
Depositor, U.S. Bank National Association, as Trustee, Aurora Loan Services LLC,
as Master Servicer, and Wells Fargo Bank, N.A., as Securities Administrator.
Capitalized terms used but not defined herein shall have the meanings given to
them in the Trust Agreement.

                                                     [________]
                                                         as [_______]
                                                   By:
                                            Name:
                                            Title:
                                            Date:

                                       2
<PAGE>

                                    EXHIBIT R

                               TRANSACTION PARTIES

Sponsor and Seller: Lehman Brothers Holdings Inc.

Depositor: Structured Asset Securities Corporation

Trustee: U.S. Bank National Association

Securities Administrator: Wells Fargo Bank, N.A.

Master Servicer: Aurora Loan Services LLC

Servicer(s): Aurora Loan Services LLC, Countrywide Home Loans Servicing LP, HSBC
Mortgage Corporation (USA), SunTrust Mortgage Company and Wells Fargo Bank,
N.A..

Originator(s): Lehman Brothers Bank FSB, Countrywide Home Loans Servicing LP,
HSBC Mortgage Corporation (USA), SunTrust Mortgage Company and Wells Fargo Bank,
N.A..

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

                                       3
<PAGE>

                                   SCHEDULE A

                             MORTGAGE LOAN SCHEDULE

On file at the offices of:
Dechert LLP
2929 Arch Street
Philadelphia, Pennsylvania 19104
Attn: Steven J. Molitor
Telephone: (215) 994-2777
Telecopier: (215) 994-2222

<PAGE>

                                   SCHEDULE B

                        POOL 1-AX MORTGAGE LOAN SCHEDULE

On file at the offices of:
Dechert LLP
2929 Arch Street
Philadelphia, Pennsylvania 19104
Attn: Steven J. Molitor
Telephone: (215) 994-2777
Telecopier: (215) 994-2222

                                    Sch. A-1
<PAGE>

                                   SCHEDULE C

                        POOL 1-PAX MORTGAGE LOAN SCHEDULE

On file at the offices of:
Dechert LLP
2929 Arch Street
Philadelphia, Pennsylvania 19104
Attn: Steven J. Molitor
Telephone: (215) 994-2777
Telecopier: (215) 994-2222

                                    Sch. A-1

<PAGE>

                                   SCHEDULE D

                        POOL 2-AX MORTGAGE LOAN SCHEDULE

On file at the offices of:
Dechert LLP
2929 Arch Street
Philadelphia, Pennsylvania 19104
Attn: Steven J. Molitor
Telephone: (215) 994-2777
Telecopier: (215) 994-2222

                                    Sch. A-1

<PAGE>

                                   SCHEDULE E

                        POOL 2-PAX MORTGAGE LOAN SCHEDULE

On file at the offices of:
Dechert LLP
2929 Arch Street
Philadelphia, Pennsylvania 19104
Attn: Steven J. Molitor
Telephone: (215) 994-2777
Telecopier: (215) 994-2222

                                    Sch. A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]