Document:

EXECUTION

    
 

    AMENDMENT
      NO. 1

     

    to

     

    TRUST
      AGREEMENT

     

    by
      and
      among

     

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

    AURORA
      LOAN SERVICES LLC, as Master Servicer,

     

    and

     

    LASALLE
      BANK NATIONAL ASSOCIATION, as Trustee

     

    

     

    LEHMAN
      XS
      TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES
      2007-3

    

     

    Dated
      and
      effective as of April 1, 2007

     

    

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    This
      Amendment No. 1 to Trust Agreement, dated and effective as of April 1, 2007,
      by
      and among Structured Asset Securities Corporation, as Depositor, Aurora Loan
      Services LLC, as Master Servicer, and LaSalle Bank National Association, as
      Trustee, recites and provides as follows: 

     

    RECITALS

     

    WHEREAS,
      in connection with the issuance of the Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-3 (the “Certificates”), Structured Asset Securities
      Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer, and
      LaSalle Bank National Association, as Trustee, have entered into a Trust
      Agreement, dated as of February 1, 2007 (the “Trust Agreement”), for the purpose
      of creating a trust fund (the “Trust Fund”), the assets of which consist
      primarily of a two pools of Mortgage Loans; 

     

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

     

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

     

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

     

    WHEREAS,
      the Trustee has received the consent of the Holders of 100% of the Percentage
      Interest of the Class 1-X, Class 2-X and Class 3-X Certificates, each such
      Class
      of Certificates being a Class affected by this Amendment annexed as Exhibit
      B
      hereto.

     

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

     

    ARTICLE
      I. 

    AMENDMENTS
      TO THE TRUST AGREEMENT

     

    Section
      1.01 Amendments
      to Section 1.01.

     

    (a) The
      definition of Basis
      Risk Shortfall
      is
      hereby deleted in its entirety and replaced with the following: 

     

    “With
      respect to any Distribution Date and any Class of Offered Certificates (other
      than the Group 4 Certificates), the amount by which the amount of interest
      calculated at the Certificate Interest Rate applicable to such Class for such
      date (determined without regard to the applicable Net Funds Cap for such date)
      exceeds the amount of interest calculated at the applicable Net Funds
      Cap.”

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (b) The
      definition of Maximum
      Interest Rate
      is
      hereby deleted in its entirety.

     

    (c) The
      definition of Unpaid
      Basis Risk Shortfall
      is
      hereby deleted in its entirety and replaced with the following: 

     

    “With
      respect to any Distribution Date and any Class of Offered Certificates (other
      than the Group 4 Certificates), the aggregate of all Basis Risk Shortfalls
      with
      respect to such Class remaining unpaid from previous Distribution Dates, plus
      interest accrued thereon at the applicable Certificate Interest Rate computed
      without regard to the applicable Net Funds Cap.”

     

    ARTICLE
      II. 

    MISCELLANEOUS
      PROVISIONS

     

    Section
      2.01 Capitalized
      Terms.

     

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

     

    Section
      2.02 Continuing
      Effect.

     

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

     

    Section
      2.03 References
      to Trust Agreement.

     

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

     

    Section
      2.04 Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Amendment
      No. 1 shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Amendment No. 1 and shall
      in
      no way affect the validity or enforceability of the other provisions of this
      Amendment No. 1 or of the Certificates or the rights of the Holders
      thereof.

     

    Section
      2.05 Counterparts.

     

    This
      Amendment No. 1 may be executed in one or more counterparts, each of which
      shall
      be deemed to be an original, and all of which together shall constitute one
      and
      the same instrument.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Section
      2.06 Binding
      Nature of Amendment No. 1.

     

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

     

    Section
      2.07 Headings
      Not To Affect Interpretation.

     

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

     

    Section
      2.08 Effectiveness.

     

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

     

    Section
      2.09 Governing
      Law.

     

    THIS
      AMENDMENT NO. 1 SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
      OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS
      (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS,
      RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
      WITH SUCH LAWS.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

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

     

    STRUCTURED
      ASSET SECURITIES CORPORATION,

        as
      Depositor

    

    

    By: /s/
      Nicholas Stimola               

    Name:
      Nicholas Stimola

    Title:
      Vice President

    

    

    AURORA
      LOAN SERVICES LLC,

    as
      Master
      Servicer

    

    By: /s/
      Linda A. Sherman              

    Name:
      Linda A. Sherman

    Title:
      Senior Vice President

    

    

    LASALLE
      BANK NATIONAL ASSOCIATION,

        as
      Trustee

    

    

    By: /s/
      Andy Streepey               

    Name:
      Andy Streepey

    Title:
      Assistant Vice President

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
      A

     

    FORM
      OF OPINION OF COUNSEL

    DELIVERED
      PURSUANT TO SECTION 11.03 

    OF
      THE TRUST AGREEMENT

    

    

    
      	 
	 	
               

               

              April
                20, 2007

            
	
              LaSalle
                Bank National Association

              135
                South LaSalle Street, Suite 1511, 

              Chicago,
                Illinois, 60603

              Attention:
                Global Securities and Trust Services - LXS 2007-3

            	 
	 	 

    

     

    
      	 	
              Re:Amendment
                No. 1 to Trust Agreement

            	 

    

     

    Ladies
      and Gentlemen:

     

    You
      have
      requested our opinion in connection with the execution of Amendment No. 1,
      dated
      as of April 1, 2007 (“Amendment No. 1”), to the Trust Agreement (the “Original
      Agreement”) dated as of February 1, 2007, among Structured Asset Securities
      Corporation, in its capacity as Depositor, Aurora Loan Services LLC, as Master
      Servicer, and LaSalle Bank National Association, as Trustee.

     

    Section
      11.03(b) of the Original Agreement provides that the Agreement may be amended
      from time to time by the parties thereto 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” and provided
      that such amendment does not adversely affect the status of any REMIC created
      pursuant to the Original Agreement. Section 11.03(b) provides further that,
      prior to entering into any such amendment, the Trustee may require an Opinion
      of
      Counsel to the effect that such amendment is permitted under such
      Section.

     

    As
      special counsel for the Depositor, we have examined and relied upon originals
      or
      copies, certified or otherwise identified to our satisfaction, of such
      instruments, certificates, records and other documents, and have made such
      examination of law, as we have deemed necessary or appropriate for the purpose
      of this opinion. In our examination, we have assumed the legal capacity of
      all
      natural persons, the genuineness of all signatures, the authenticity of all
      documents submitted to us as originals, the conformity to original documents
      of
      all documents submitted to us as certified or photostatic copies or by facsimile
      or other means of electronic transmission, and the authenticity of the originals
      of such latter documents. With your express consent and approval, we have made
      all assumptions in connection with this opinion without further investigation
      or
      inquiry, unless and to the extent otherwise specified. As to facts relevant
      to
      the opinions expressed herein and the other statements made herein, we have
      relied without independent investigation upon certificates and oral or written
      statements and representations of officers and other representatives of the
      Depositor and others. We have assumed that there is not and will not be at
      any
      time any agreement among the parties to Amendment No. 1 that modifies or
      otherwise supplements the agreements of those parties as expressed in the
      Original Agreement and Amendment No. 1.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Capitalized
      terms used and not defined herein have the meanings assigned to them in the
      Original Agreement.

     

    _____________________________________

     

    The
      advice below was not written to be used, is not intended to be used and cannot
      be used by any taxpayer for purposes of avoiding United States federal income
      tax penalties that may be imposed. The advice is written to support the
      promotion or marketing of the transaction addressed in this opinion. Each
      taxpayer should seek advice based on the taxpayer’s particular circumstances
      from an independent tax advisor. 

     

    We
      are
      providing the foregoing disclaimer to satisfy obligations we have under Circular
      230, governing standards of practice before the Internal Revenue
      Service.

     

    _______________________________________

     

     

    Based
      upon the foregoing, we are of the opinion that:

     

    (i) The
      execution of Amendment No. 1 by the Trustee is permitted under Section 11.03(b)
      of the Original Agreement; and

     

    (ii) For
      federal income tax purposes, the amendment of the Original Agreement by
      Amendment No. 1 will not result in an Adverse REMIC Event under the Original
      Agreement. 

     

    The
      foregoing opinions deal only with the specific legal issues that each opinion
      explicitly addresses. Accordingly, the express opinions set forth above
      concerning a particular legal issue do not address any other
      matters.

     

    The
      foregoing opinions and other statements are subject to the following
      qualifications, exceptions, assumptions and limitations:

     

    
      	 	
              A.

            	
              Members
                of our firm are admitted to the bar of the State of New York and
                the
                foregoing opinions are limited to matters arising under the federal
                laws
                of the United States of America and the laws of the State of New
                York. We
                express no opinion as to the laws, rules or regulations of any other
                jurisdiction, or as to the municipal laws or the laws, rules or
                regulations of any local agencies or governmental authorities of
                or within
                the State of New York, or in each case as to any matters arising
                thereunder or relating thereto. The opinions set forth in this letter
                express our professional judgment as to how the highest court of
                the
                applicable jurisdiction would appropriately resolve the issues in
                question.

            

    

     

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

    
      	 	
              B.

            	
              With
                respect to the Original Agreement, Amendment No. 1 and any other
                instrument or agreement (each, an “Agreement”) executed or to be executed
                by any party (each, a “Party”), we have assumed, to the extent relevant to
                the opinions set forth herein, that (i) such Party (if not a natural
                person) has been duly organized and is validly existing and in good
                standing under the laws of the jurisdiction of its organization and
                has
                full right, power and authority to execute, deliver and perform its
                obligations under each Agreement to which it is a party and (ii)
                each
                Agreement has been duly authorized (if applicable), executed and
                delivered
                by, and is a valid, binding and enforceable agreement or obligation,
                as
                the case may be, of such Party.

            

    

     

    
      	 	
              C.

            	
              In
                rendering the opinion set forth in subparagraph (ii) above, we have
                relied
                on the Internal Revenue Code of 1986, as amended, U.S. Department
                of
                Treasury regulations issued pursuant thereto in temporary or final
                form,
                and various judicial and administrative precedents, any or all of
                which
                are subject to change, which change may be retroactively effective.
                We
                undertake no obligation to update this opinion in the event of any
                such
                changes.

            

    

     

    This
      letter is solely for your benefit in connection with the transaction described
      in the first paragraph above and may not be relied upon by any other person,
      nor
      may this letter be relied upon by you for any other purpose, without our prior
      written consent. We confirm, however, that we are placing no limitation on
      disclosure of the tax treatment or tax structure of the transaction that is
      the
      subject of this opinion.

    

     

    Very
      truly yours,

    

    /s/
      McKee
      Nelson LLP

    

    
      
         

      

      
        A-3

        
          

        

      

      
         

      

    

    Exhibit
      B

     

    

    LETTER
      OF CONSENT

    (CLASS
      1-X, CLASS 2-X AND CLASS 3-X CERTIFICATES)

    
      
         

      

      
        B-1

        
          

        

      

      
         

      

    

    

    April
      1,
      2007

    

     

    LaSalle
      Bank National Association

    135
      South
      LaSalle Street, Suite 1511, 

    Chicago,
      Illinois, 60603

    Attention:
      Global Securities and Trust Services - LXS 2007-3

    

    Re:    Lehman
      XS Mortgage Pass-Through Certificates, Series 2007-3

     

    Ladies
      and Gentlemen:

     

    Reference
      is made to the Trust Agreement dated as of February 1, 2007 (the “Trust
      Agreement”) among Structured Asset Securities Corporation, as depositor (the
“Depositor”), Aurora Loan Services LLC, as master servicer (the “Master
      Servicer”) and LaSalle Bank National Association, as trustee (the “Trustee”),
      and Amendment No. 1 to the Trust Agreement, (the “Amendment”) dated and
      effective as of April 1, 2007, by and among the Depositor, the Master Servicer
      and the Trustee. Unless otherwise defined herein, all capitalized terms used
      herein shall be defined as set forth in the Trust Agreement.

     

    The
      undersigned, as Holders of 100% of the Percentage Interest of the Class 1-X,
      Class 2-X and Class 3-X Certificates, each such Class of Certificates being
      a
      Class affected by the Amendment, hereby consent to the Amendment, a copy of
      which is attached hereto as Exhibit A.

     

     

    *
      * * *
      *

     

    
      
         

      

      
        B-2

        
          

        

      

      
         

      

    

    Very
      truly yours,

     

    LEHMAN
      PASS-THROUGH SECURITIES INC.

    

    

    

    By:
      _____/s/
      Michael Hitzmann_______________

    Name:
      Michael Hitzmann

    Title:
      Authorized Signatory

    

    
      
         

      

      
        B-3*
      *
      *

    

    FURTHER
      RESOLVED,
      that
      for and in consideration of his agreement to serve as a director of the Company,
      the Company shall issue to each of Aaron Stein and William Eric Seidel 50,000
      shares of common stock of the Company;

    

    FURTHER
      RESOLVED,
      that,
      for and in consideration of certain bona fide legal services provided by him
      to
      the Company during 2006 (which legal services were not in connection with the
      offer or sale of securities by the Company in a capital raising transaction
      and
      which legal services did not directly or indirectly promote or maintain a market
      for the Company’s securities), having an agreed value of $120,000, the Company
      shall issue to Gary D. Lipson 100,000 shares of common stock of the
      Company;

    

    FURTHER
      RESOLVED,
      that,
      for and in consideration of certain bona fide accounting services provided
      by
      him to the Company during 2006 (which accounting services were not in connection
      with the offer or sale of securities by the Company in a capital raising
      transaction and which accounting services did not directly or indirectly promote
      or maintain a market for the Company’s securities), having an agreed value of
      $30,000, the Company shall issue to Darren Cioffi 25,000 shares of common stock
      of the Company;

    

    FURTHER
      RESOLVED,
      that,
      for and in consideration of certain bona fide accounting services provided
      by
      her to the Company during 2006 (which accounting services were not in connection
      with the offer or sale of securities by the Company in a capital raising
      transaction and which accounting services did not directly or indirectly promote
      or maintain a market for the Company’s securities), having an agreed value of
      $30,000, the Company shall issue to Michele Wuestman 25,000 shares of common
      stock of the Company;

    

    *
      *
      *

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