Document:

EXHIBIT
        10(xxii)

       

      DEBT
        EXCHANGE AGREEMENT

       

      DEBT
        EXCHANGE AGREEMENT
        (this
        "Agreement"),
        dated
        as of December 7, 2005, by and between NEW
        GENERATION HOLDINGS, INC.,
        a
        Delaware corporation (“NGH”),
        NEW
        GENERATION PLASTIC, INC.,
        a
        Delaware corporation wholly owned by NGH ("NGP")
        and
JACQUES
        MOT,
        the
        Chief Executive Officer of NGH ("JM").

       

      W I T N E S S E T
         H:

       

      WHEREAS,
        NGH is
        indebted to JM in the amount of $753,304.27 representing fees owed to JM
        under
        his Consulting Agreement with the Company (the "JM
        Agreement")
        through December 31, 2004 (the “NGH
        Debt”);
        

       

      WHEREAS,
        NGP is
        indebted to NGH in the amount of $3,978,682.18 (the “NGP
        Debt”);
        

       

      WHEREAS,
        NGH
        had
        been dormant with no business activities for more than two (2) years;

       

      WHEREAS,
        through
        the efforts of JM, the Company has survived and raised additional funds in
        an
        effort to revive its dormant plastic business through NGP;

       

      WHEREAS,
        in
        order to recognize the significant efforts of JM in attempting to revive
        the
        Company's business and continue to retain his services, the parties desire
        to
        reward JM with an increased equity stake in the Company by exchanging the
        NGH
        Debt owed to JM for a Convertible Promissory Note in the original principal
        amount of the NGH Debt which note shall be convertible into shares of NGH
        or NGP
        Preferred Stock, upon the terms and subject to the conditions set forth in
        this
        Agreement.

       

      NOW,
        THEREFORE,
        in
        consideration of the premises and the mutual covenants and agreements contained
        herein and for other good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged, the parties hereto, intending
        to
        be legally bound, hereby agree as follows:

       

      1.    EXCHANGE
        OF DEBT.
         The
        parties agree that, upon the execution and delivery of this Agreement, NGH
        will
        issue JM a Convertible Promissory Note substantially in the form of Exhibit
        A
        attached hereto in the amount of NGH Debt (the "Convertible
        Note").
        The
        Convertible Note shall be convertible, at the option of JM, into shares of
        Series A Preferred Stock of either: (i) NGH at a conversion price of $1.507
        per
        share; or (ii) NGP at a conversion price of $1.507 per share subject to the
        conditions set forth in Section 2 below. In the event that JM elects to convert
        the Convertible Note into shares of NGH Preferred Stock the NGH Debt owed
        to JM
        shall be deemed satisfied in full with no further obligation from NGH to
        JM. In
        the event that JM elects to convert the Convertible Note into shares of NGP
        Preferred Stock the NGP Debt owed to NGH and the NGH Debt owed to JM shall
        each
        be deemed satisfied in full with no further obligation from NGH to JM and
        no
        further obligation from NGP to NGH. Upon execution of this Agreement and
        issuance of the Convertible Note, JM shall return the JM Note (or an affidavit
        of loss in lieu thereof) to NGH for cancellation. Nothing contained herein
        shall
        affect JM's right to receive additional fees under the JM Agreement that
        become
        due following the date of this Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2.    CONDITIONS. 
        

       

      JM's
        option to convert principal and interest under the Convertible Note into
        shares
        of NGP Preferred Stock pursuant to Section 1 shall be subject to the
        satisfaction of the following conditions:

       

            (i)    The
        stockholders of NGH shall have approved the "spinoff" of NGP to the shareholders
        of NGH on or before June 30, 2006; and

       

      (ii)    NGP
        shall
        have become a reporting company under the Securities Exchange Act of 1934,
        as
        amended (the “Exchange
        Act”).

       

      3.    REPRESENTATIONS
        AND WARRANTIES OF THE PARTIES; COVENANTS. 

       

      (a)    NGP
        represents and warrants that the NGP Debt owed to NGH is a valid debt, not
        subject to offset or counterclaim of any nature. NGH represents and warrants
        that the NGH Debt owed to JM is a valid debt not subject to offset or
        counterclaim of any nature. NGH represents and warrants that this Agreement
        has
        been duly authorized by its Board of Directors, including its Independent
        Director, and that this Agreement is binding and enforceable against it in
        accordance with its terms. Following execution of this Agreement, NGH shall
        seek
        stockholder approval of the “spinoff” of NGP once NGH is current in its Exchange
        Act filings. NGP represents and warrants that this Agreement has been duly
        authorized by its Board of Directors, including its Independent Director,
        and by
        its stockholders. In addition, NGP represents and warrants that the shares
        of
        NGP Preferred Stock issuable to JM upon the conversion of the Convertible
        Promissory Note will be fully paid, validly issued and non-assessable. JM
        represents that this Agreement is binding and enforceable against him in
        accordance with its terms.

       

      (b)    NGH
        and
        NGP each covenant and agree that promptly following a request by JM, such
        company shall file documents or instruments necessary or appropriate to adopt
        Preferred Stock terms substantially in the form of Exhibit B attached hereto.
        NGH covenants and agrees to submit this Agreement to its stockholders for
        ratification at its next stockholders meeting. In the event that either NGH
        or
        NGP proposes to register any of its securities under the Securities Act of
        1933,
        as amended, whether for its own account or for the account of holders of
        its
        securities (except with respect to registration statements on Forms S-4,
        S-8 or
        any successor or similar form or “Rule 145” transactions), the Company shall
        provide JM with prior written notice and JM shall have the right to include
        any
        shares of Common Stock underlying Preferred Stock issued pursuant to this
        Agreement and/or the Convertible Note in such registration; provided, however,
        if any particular registration to be effected by NGH or NGP shall be, in
        whole
        or in part, an underwritten public offering of Common Stock for the account
        of
        NGH or NGP, as applicable, the number of shares of JM's Common Stock to be
        included in such an underwriting may be reduced pro rata among JM, the Company
        and/or the other holders of NGH or NGP Common Stock requesting inclusion
        in such
        registration and if, and to the extent that the managing underwriter shall
        be of
        the opinion that the inclusion of all of the shares requested to be included
        in
        such underwriting by JM would materially and adversely affect the marketing
        of
        the Common Stock to be sold by the Company under such registration
        statement.

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

       

      4.    LAW
        APPLICABLE. This
        Agreement shall be governed by and construed pursuant to the laws of Delaware
        without giving effect to any choice of law or conflict of law provision or
        rule
        (whether of the State of Delaware or any other jurisdiction) that would cause
        the application of the laws of any jurisdiction other than the State of
        Delaware. 

       

      5.    SEVERABILITY.
        If any
        provision of this Agreement shall be held to be invalid or unenforceable,
        and is
        not reformed by a court of competent jurisdiction, such invalidity or
        unenforceability shall attach only to such provision and shall not in any
        way
        affect or render invalid or unenforceable any other provision of this Agreement,
        and this Agreement shall be carried out as if such invalid or unenforceable
        provision were not contained herein. 

       

      6.    NO
        WAIVER.
        A
        waiver of any breach or violation of any term, provision or covenant contained
        herein shall not be deemed a continuing waiver or a waiver of any future
        or past
        breach or violation. No oral waiver shall be binding.

       

      7.    ENTIRE
        AGREEMENT; AMENDMENT.
        This
        Agreement constitutes the entire agreement between the parties and supersedes
        all prior understandings or agreements, whether written or oral, with respect
        to
        the subject matter hereof. No amendment or modification of this Agreement
        shall
        be valid unless it is in writing and signed by each party.

       

      8.    COUNTERPARTS.
        This
        Agreement may be executed in counterparts, each of which shall be an original,
        but all of which together shall constitute one and the same instrument and
        it
        shall not be necessary in making proof of this agreement to account for all
        such
        counterparts.

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

      [Signature
        page to Debt Exchange Agreement]

       

      IN
        WITNESS WHEREOF,
        the
        undersigned have hereunto set their hands to this Agreement as of the day
        and
        year first above written.

       

       

      NEW
        GENERATION HOLDINGS, INC.

       

       

      By: 
        /s/ Jacques Mot

      
        
          

        

      

      Name:
        Jacques Mot

      Title:  
        President and CEO

       

       

      
        NEW
          GENERATION PLASTICS, INC.

         

         

        By: 
          /s/ Jacques Mot

        
          
            

          

        

        Name:
          Jacques Mot

        Title:  
          President and CEO

         

         

        
          
            

          

        

        JACQUES
          MOT

      

       

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

      Exhibit
        A

      Form
        of
        Convertible Promissory Note

       

       

      See
        Attached

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

      Exhibit
        B

      Form
        of
        Preferred Stock Terms

       

      Section
        II. Preferred
        Stock.  
        The designation of the series of Preferred Stock created hereby is Series
        A
        Preferred Stock and the number of shares constituting such series is One
        Million
        (1,000,000) (the "Series
        A Preferred Stock"
        or the
        "Preferred
        Stock").
        The
        powers, privileges, preferences, rights, restrictions of, and other matters
        relating to the Series A Preferred Stock, are as follows:

       

      1.    Dividends.

       

      When
        and
        as declared by the Corporation’s Board of Directors and to the extent permitted
        under the General Corporation Law of Delaware, the Corporation shall be
        obligated to pay preferential dividends to the holders of the Series A Preferred
        Stock prior and in preference to Common Stock as provided in this Section
        II.1.
        Dividends on each share of the Series A Preferred Stock (a “Series
        A Share”)
        shall
        accrue at the rate of 8% per annum, compounded quarterly, on the sum of the
        Series A Liquidation Preference thereof plus all accumulated and unpaid
        dividends thereon from and including the Date of Issuance of such Series
        A Share
        to and including the first to occur of (i) the date on which the Series A
        Liquidation Preference of such Series A Share, plus all accrued and unpaid
        dividends thereon, is paid to the holder thereof in connection with the
        liquidation of the Corporation, (ii) the date on which such Series A Share
        is
        converted into shares of Common Stock hereunder or (iii) the date on which
        such
        Series A Share is otherwise acquired by the Corporation. Such dividends shall
        accrue whether or not they have been declared and whether or not there are
        profits, surplus or other funds of the Corporation legally available for
        the
        payment of dividends, and such dividends shall be cumulative such that all
        accrued and unpaid dividends shall be fully paid or declared with funds
        irrevocably set apart for payment before any dividends, distributions,
        redemptions or other payments may be made with respect to any Common
        Stock.

       

      To
        the
        extent not paid on March 31, June 30, September 30, and December 31 of each
        year, with respect to each Series A Share (the “Dividend
        Reference Dates”),
        all
        dividends which have accrued on each Series A Share outstanding during the
        three-month period (or other period in the case of the initial Dividend
        Reference Date) ending upon each such Dividend Reference Date shall be
        accumulated and shall remain accumulated dividends with respect to such Share
        until paid to the holder thereof.

       

      Except
        as
        otherwise provided herein, if at any time the Corporation pays less than
        the
        total amount of dividends then accrued with respect to the Series A Preferred,
        such payment shall be distributed, pro rata among the holders of Series A
        Preferred based upon the preferences set forth in Section II.1(a) above and
        based upon the aggregate accrued but unpaid dividends on the Shares held
        by each
        such holder.

       

      In
        the
        event that the Corporation declares or pays any dividends upon the Common
        Stock
        (whether payable in cash, securities or other property) other than dividends
        payable solely in shares of Common Stock, the Corporation shall also declare
        and
        pay to the holders of the Series A Preferred Stock at the same time that
        it
        declares and pays such dividends to the holders of the Common Stock, the
        dividends which would have been declared and paid with respect to the Common
        Stock issuable upon conversion of the Series A Preferred Stock had all of
        the
        outstanding Series A Preferred Stock been converted immediately prior to
        the
        record date for such dividend, or if no record date is fixed, the date as
        of
        which the record holders of Common Stock entitled to such dividends are to
        be
        determined.

       

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

       

      2.    Liquidation
        Preference.

       

      (a)    In
        the
        event of any liquidation, dissolution, Deemed Liquidation (as hereinafter
        defined) or winding up of the Corporation, whether voluntary or involuntary
        (a
“Liquidation
        Event”),
        the
        holders of the Series A Preferred Stock, shall be entitled to receive, prior
        and
        in preference to any distribution of any of the assets, capital or surplus
        funds
        of the Corporation to the holders of the Company's Common Stock, an amount
        per
        share equal to $1.507 per share of Series A Preferred Stock (as adjusted
        for any
        stock dividends, combinations, splits or the like with respect to such share)
        (the “Series
        A Liquidation Preference”)
        If
        upon the occurrence of a Liquidation Event, (i) the assets, capital and funds
        thus distributed among the holders of the Series A Preferred Stock shall
        be
        insufficient to permit the payment to such holders of the full Series A
        Liquidation Preference, then the entire assets and funds of the Corporation
        legally available for distribution shall be distributed ratably among the
        holders of the Series A Preferred Stock in proportion to the aggregate Series
        A
        Liquidation Preference each such holder is otherwise entitled to receive
        or (ii)
        after payment to the holders of the Series A Preferred Stock their full Series
        A
        Liquidation Preference there shall remain assets, capital or funds of the
        Corporation legally available for distribution to the holders of the
        Corporation’s Common Stock, then unless the assets of the Corporation are not
        being liquidated in connection with such Liquidation Event, the holders of
        the
        Series A Preferred Stock shall be entitled to receive a distribution of such
        remaining assets, capital or funds ratably with the holders of the Common
        Stock
        as if such Series A Preferred Stock had been converted into Common
        Stock.

       

      (b)    A
        “Deemed
        Liquidation”
        shall
        mean (A) the acquisition of the Corporation by another entity or the acquisition
        of another entity by the Corporation by means of any transaction or series
        of
        related transactions (including, without limitation, any reorganization,
        merger,
        or consolidation other than any merger effected exclusively for the purpose
        of
        changing the domicile of the Corporation) or a sale of all or substantially
        all
        of the assets of the Corporation unless, in the case of any such transaction,
        series of transactions or sale, the Corporation’s stockholders of record as
        constituted immediately prior to such transaction, series of transactions
        or
        sale shall, immediately after such transaction, series of transactions or
        sale
        (by virtue of securities issued as consideration for the Corporation’s
        securities or otherwise) hold more than 50% of the voting power and economic
        interest of the surviving or (in the case of a sale of all or substantially
        all
        of the assets of the Corporation) acquiring entity in the same proportions
        among
        such stockholders as held by them, and with the same relative powers,
        privileges, preferences, rights and restrictions as among themselves and
        as
        against the Corporation as, immediately prior to such transaction, series
        of
        transactions or sale, or (B) a transaction or series of transactions in which
        a
        person or group of persons (as defined in Rule 13d-5(b)(1) of the Securities
        Exchange Act of 1934, as amended (the “Exchange
        Act”))
        acquires or following which has acquired beneficial ownership (as determined
        in
        accordance with Rule 13d-3 of the Exchange Act) of 50% or more of the voting
        power or economic interest of the Corporation.

       

      
        
          
          

        

        
          -7-

          
            

          

        

        
          
          

        

      

       

      (c)    In
        the
        event of any Deemed Liquidation, if the consideration received is other than
        cash, its value shall be deemed to be its Current Market Price (as such term
        is
        defined herein). The consideration to be received by the holders of Series
        A
        Preferred Stock in any such transaction shall be of the same type (cash,
        securities or other property) and in the same proportion, as is payable to
        holders of Common Stock as a result of the transaction unless the holders
        of a
        majority of the outstanding shares of Series A Preferred Stock consent
        otherwise.

       

      (d)    The
        Corporation shall give each holder of record of Series A Preferred Stock
        written
        notice of an impending Liquidation Event not later than thirty (30) days
        prior
        to the stockholders’ meeting called to approve such transaction, or thirty (30)
        days prior to the consummation of such transaction, whichever is earlier,
        and
        shall also notify such holders in writing of the final approval of such
        Liquidation Event. The initial notice shall describe the material terms and
        conditions of the impending Liquidation Event and the provisions of this
        Section
        II.2, and the Corporation shall thereafter give such holders prompt notice
        of
        any material changes. The Liquidation Event shall not be consummated sooner
        than
        the later of thirty (30) days after the Corporation has given the first notice
        provided for herein or ten (10) days after the Corporation has given notice
        of
        any material changes to such impending transaction; provided,
        however,
        that
        such periods may be shortened upon the written consent of the holders of
        at
        least 67% of the Series A Preferred Stock.

       

      (e)    Notwithstanding
        the foregoing, in the event of any Liquidation Event, each holder of Series
        A
        Preferred Stock shall be entitled to receive the amount such holder would
        have
        received under Section II.2(a).

       

      (f)    Except
        as
        provided in Section II.2(c) with respect to a Deemed Liquidation, any amounts
        payable to the holders of the Series A Preferred Stock this Section II.2
        shall
        be payable in cash.

       

      (g)    For
        purposes hereof, the “Current
        Market Price”
        of any
        asset other than cash means:

       

      (i)    in
        the
        case of a publicly traded security, the average of the daily closing prices
        for
        such security for the 20 consecutive business days commencing 20 business
        days
        before the date of determination, in which case the closing price for each
        day
        shall be (x) the last reported sales price regular way or, in case no such
        reported sale takes place on such day, the average of the reported closing
        bid
        and asked prices regular way, in either case on the principal national
        securities exchange on which such security is listed or admitted to trading,
        or
        (y) if not listed or admitted to trading on any national securities exchange,
        the average of the highest reported bid and lowest reported asked prices
        as
        furnished by the National Association of Securities Dealers, Inc.’s Automated
        Quotation System, or the nearest comparable system; provided
        that in
        the event that the security for which the Current Market Price is to be
        determined is subject to any restriction on free marketability, then the
        method
        of valuation of such security shall be to take an appropriate discount from
        the
        Current Market Price as determined above to reflect the approximate fair
        market
        value thereof and if the holders of a majority of the Series A Preferred
        Stock
        shall object to the amount of such discount, such objection shall be resolved
        by
        an independent appraiser as provided in (ii) below and such appraiser’s
        determination of value shall be final, conclusive and binding on the Company
        and
        the holders of Series A Preferred Stock; and

       

      
        
          
          

        

        
          -8-

          
            

          

        

        
          
          

        

      

       

      (ii)    in
        the
        case of any other asset, as determined in good faith by the Board of Directors;
        provided
        that if
        the holders of a majority of the outstanding Series A Preferred Stock object
        to
        such determination by the Board of Directors, the Board of Directors shall
        retain an independent appraiser reasonably satisfactory to such holders and
        such
        appraiser’s determination of value shall be final, conclusive and binding on the
        Company and the holders of Series A Preferred Stock. 

       

      3.    Redemption.

       

      The
        Series A Preferred Stock shall not have any redemption or similar
        rights.

       

      4.    Voting
        Rights.

       

      Each
        holder of shares of Series A Preferred Stock shall be entitled to the number
        of
        votes equal to the number of shares of Common Stock into which such shares
        of
        Series A Preferred Stock may then be converted and shall have voting rights
        and
        powers equal to the voting rights and powers of the Common Stock (except
        as
        otherwise expressly provided herein or as required by law, voting together
        with
        the Common Stock as a single class) and shall be entitled to notice of any
        stockholders’ meeting in accordance with the By-Laws of the Corporation.
        Fractional votes shall not, however, be permitted and any fractional voting
        rights shall be rounded upward to the nearest whole number. For avoidance
        of
        doubt, each reference herein to a percentage or other amount of shares of
        Series
        A Preferred Stock, the holders of which are entitled to consent rights, approval
        rights or other rights, shall be deemed to refer to such percentage or other
        amount of the voting power of such shares determined as provided
        above.

       

      5.    Conversion.

       

      The
        holders of the Series A Preferred Stock shall have conversion rights as
        follows:

       

      (a)    Each
        share of Series A Preferred Stock along with the aggregate accrued and unpaid
        dividends thereon shall be convertible, at the option of the holder thereof,
        at
        any time and from time to time into the number of fully paid and non-assessable
        shares of Common Stock of the Corporation as is determined by dividing $1.507
        aggregate accrued and unpaid dividends thereon by the Conversion Price in
        effect
        at the time of conversion; provided, that in no event shall the Series A
        Preferred Stock convert to an amount of Common Stock which when added to
        the
        existing outstanding Common Stock will exceed the amount of Common Stock
        authorized by the Company's Certificate of Incorporation. The Conversion
        Price
        at which shares of Common Stock shall be deliverable upon conversion of the
        Series A Preferred Stock shall initially be $.0206 per share (as adjusted
        for
        any stock dividends, combinations, splits or the like with respect to the
        Series
        A Preferred Stock). A holder of the Series A Preferred Stock may convert
        any or
        all of its shares at any time in accordance with this Section II.5.

       

      
        
          
          

        

        
          -9-

          
            

          

        

        
          
          

        

      

       

      (i)    Each
        share of Series A Preferred Stock shall automatically be converted into shares
        of Common Stock at the then effective Conversion Price upon written notice
        to
        the Corporation by the holder of such share of Series A Preferred Stock.
        In the
        case of any conversion pursuant to this Section II.5(a)(i) the person or
        persons
        entitled to receive the shares of Common Stock issuable upon such conversion
        shall be treated for all purposes as the record holder or holders of such
        shares
        of Common Stock as of the date of such notice, regardless of whether the
        shares
        of Series A Preferred Stock have been surrendered as of such date.

       

      (b)    A
        holder
        of Series A Preferred Stock who elects to convert such shares into shares
        of
        Common Stock, shall surrender the certificate or certificates representing
        such
        shares of Series A Preferred Stock at the principal United States office
        of the
        Corporation, together with written notice that such holder elects to convert
        all
        or any number of the shares of the Series A Preferred Stock represented by
        such
        certificate or certificates. Such notice shall state such holder’s name or the
        names of the nominees in which such holder wishes the certificate or
        certificates for shares of Common Stock to be issued. If required by the
        Corporation, certificates surrendered for conversion shall be endorsed or
        accompanied by a written instrument or instruments of transfer, in form
        satisfactory to the Corporation, duly executed by the registered holder or
        its
        attorney duly authorized in writing. The date of receipt of such certificates
        and notice by the transfer agent is referred to herein as the “Conversion
        Date”.
        The
        Corporation shall, as soon as practicable after the Conversion Date, issue
        and
        deliver to such holder, or to its nominee, at such holder’s address as shown in
        the records of the Corporation, a certificate or certificates for the number
        of
        whole shares of Common Stock issuable upon such conversion in accordance
        with
        the provisions hereof, together with cash in lieu of any fractional shares,
        after aggregating all fractional shares as to which a holder shall have elected
        conversion. If less than all of the shares of Series A Preferred Stock
        represented by a stock certificate are converted into shares of Common Stock,
        the Corporation shall issue a new stock certificate in the amount of the
        shares
        not so converted. 

       

      (c)    No
        fractional shares of Common Stock shall be issued upon conversion of shares
        of
        Series A Preferred Stock and, after aggregating all fractional shares as
        to
        which a holder shall have elected conversion, any remaining fractional share
        to
        which the holder would otherwise be entitled shall be rounded up to the nearest
        whole number.

       

      (d)    The
        Corporation shall at all times when any shares of the Series A Preferred
        Stock
        shall be outstanding, reserve and keep available out of its authorized but
        unissued stock, for the purpose of effecting the conversion of the Series
        A
        Preferred Stock such number of its duly authorized shares of Common Stock
        as
        shall from time to time be sufficient to effect the conversion of all
        outstanding shares of Series A Preferred Stock.

       

      (e)    All
        shares of Series A Preferred Stock which shall have been surrendered for
        conversion as herein provided shall no longer be deemed to be outstanding,
        and
        all rights with respect to such shares shall immediately cease and terminate
        on
        the applicable Conversion Date, except only the right of the holders thereof
        to
        receive shares of Common Stock in exchange therefor and the payment of any
        declared and unpaid dividends thereon. On the Conversion Date, the shares
        of
        Common Stock issuable upon such conversion shall be deemed to be outstanding,
        and the holder thereof shall be entitled to exercise and enjoy all rights
        with
        respect to such shares of Common Stock. All shares of Series A Preferred
        Stock,
        tendered for conversion shall, from and after the applicable Conversion Date,
        be
        deemed to have been retired and cancelled and shall not be reissued as Preferred
        Stock, and the Corporation may thereafter take such appropriate action as
        may be
        necessary to reduce accordingly the authorized number of shares of Preferred
        Stock.

       

      
        
          
          

        

        
          -10-

          
            

          

        

        
          
          

        

      

       

      (f)    The
        term
“Conversion
        Price”
        shall
        mean, as of any time, the Conversion Price of the Series A Preferred Stock
        as
        applicable at that time, as specified in paragraph (a) of this Section II.5
        in
        case no adjustment shall have been required, or such Conversion Price as
        adjusted and further adjusted pursuant to this paragraph (f) of this Section
        II.5, as the case may be.

       

      (1)    If
        at any
        time the Corporation shall issue any shares of Common Stock or any Convertible
        Securities, Rights or Related Rights (each as herein defined) (such Convertible
        Securities, Rights or Related Rights being hereinafter referred to collectively
        as “Securities”)
        (other
        than a dividend or other distribution payable solely in Common Stock or such
        Securities) for a consideration per share of Common Stock (the consideration
        in
        each case to be determined in the manner provided in subparagraph (2) below)
        less than the Conversion Price in effect immediately prior to the issuance
        of
        such Common Stock or Securities, then the Conversion Price in effect immediately
        prior to each such issuance shall forthwith be reduced to a new Conversion
        Price
        equal to the lowest amount of consideration per share of Common Stock (to
        be
        determined in the manner provided in subparagraph (2) below) paid for such
        Common Stock or Securities.

       

      (2)    For
        the
        purpose of any adjustment of the Conversion Price pursuant to this paragraph
        (f)
        of this Section II.5, the following provisions shall be applicable:

       

      (a)    If
        the
        Corporation shall effect a subdivision of the outstanding Common Stock, the
        Conversion Price then in effect immediately before such subdivision shall
        be
        proportionately decreased. If the Corporation shall combine the outstanding
        shares of Common Stock, the Conversion Price then in effect immediately before
        the combination shall be proportionately increased. If the Corporation shall
        make or issue a dividend or other distribution payable in securities, then
        and
        in each such event provision shall be made so that the holders of shares
        of the
        Series A Preferred Stock shall receive upon conversion thereof in addition
        to
        the number of shares of Common Stock receivable thereupon, the amount of
        securities that they would have received had their Series A Preferred Stock
        been
        converted into Common Stock on the date of such event and had they thereafter
        during the period from the date of such event to and including the Conversion
        Date, retained such securities receivable by them as aforesaid during such
        period giving effect to all adjustments called for during such period under
        this
        paragraph with respect to the rights of the holders of the Series A Preferred
        Stock. If the Corporation shall reclassify its Common Stock (including any
        reclassification in connection with a consolidation or merger in which the
        Corporation is the surviving corporation), then and in each such event provision
        shall be made so that the holders of Series A Preferred Stock shall receive
        upon
        conversion thereof, the amount of such reclassified Common Stock that they
        would
        have received had their Series A Preferred Stock been converted into Common
        Stock immediately prior to such reclassification and had they thereafter
        during
        the period from the date of such event to and including the Conversion Date,
        retained such reclassified Common Stock giving effect to all adjustments
        called
        for during such period under this paragraph with respect to the rights of
        these
        holders of the Series A Preferred Stock.

       

      (b)    Whenever
        the Conversion Price shall be adjusted as provided in this Section II.5,
        the
        Corporation shall forthwith provide notice of such adjustment to each holder
        of
        shares of the Series A Preferred Stock, a statement, certified by the chief
        financial officer of the Corporation, showing in detail the facts requiring
        such
        adjustment and the Conversion Price that shall be in effect after such
        adjustment. The Corporation shall send such notice and statement by first
        class
        mail, postage prepaid, to each holder of record of Series A Preferred Stock
        at
        such holder’s address as shown in the records of the Corporation.

       

      (c)    If
        a
        state of facts shall occur which, without being specifically controlled by
        the
        provisions of this Section II.5, would not fairly protect the conversion
        rights
        of the holders of the Series A Preferred Stock in accordance with the essential
        intent and principles of such provisions, then the Board of Directors of
        the
        Corporation shall make an adjustment in the application of such provisions,
        in
        accordance with such essential intent and principles, so as to protect such
        conversion rights.

       

      
        
          
          

        

        -11-STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

     

    AURORA
      LOAN SERVICES LLC, as
      Master
      Servicer,

     

     

    OFFICETIGER
      GLOBAL REAL ESTATE SERVICES INC., as Credit Risk Manager,

     

     

    and
      

     

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, as Trustee

     

     

    ___________________________

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of August 1, 2006

    ___________________________

     

     

    FIRST
      FRANKLIN MORTGAGE LOAN TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      2006-FF12

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

    Page

    

    
      	
              ARTICLE
                I DEFINITIONS

            
	 	 	 
	
              Section
                1.01

            	
              Definitions.

            	
              14

            
	
              Section
                1.02

            	
              Calculations
                Respecting Mortgage Loans.

            	
              57

            
	
              Section
                1.03

            	
              Calculations
                Respecting Accrued Interest.

            	
              57

            
	 	 	 
	
              ARTICLE
                II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

            
	 	 	 
	
              Section
                2.01

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

            	
              57

            
	
              Section
                2.02

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

            	
              62

            
	
              Section
                2.03

            	
              Representations
                and Warranties of the Depositor.

            	
              63

            
	
              Section
                2.04

            	
              Discovery
                of Breach.

            	
              65

            
	
              Section
                2.05

            	
              Repurchase,
                Purchase or Substitution of Mortgage Loans.

            	
              66

            
	
              Section
                2.06

            	
              Grant
                Clause.

            	
              67

            
	 	 	 
	
              ARTICLE
                III THE CERTIFICATES

            
	 	 	 
	
              Section
                3.01

            	
              The
                Certificates.

            	
              68

            
	
              Section
                3.02

            	
              Registration.

            	
              69

            
	
              Section
                3.03

            	
              Transfer
                and Exchange of Certificates.

            	
              70

            
	
              Section
                3.04

            	
              Cancellation
                of Certificates.

            	
              76

            
	
              Section
                3.05

            	
              Replacement
                of Certificates.

            	
              76

            
	
              Section
                3.06

            	
              Persons
                Deemed Owners.

            	
              77

            
	
              Section
                3.07

            	
              Temporary
                Certificates.

            	
              77

            
	
              Section
                3.08

            	
              Appointment
                of Paying Agent.

            	
              77

            
	
              Section
                3.09

            	
              Book-Entry
                Certificates.

            	
              78

            
	 	 	 
	
              ARTICLE
                IV ADMINISTRATION OF THE TRUST FUND

            
	 	 	 
	
              Section
                4.01

            	
              Collection
                Account.

            	
              80

            
	
              Section
                4.02

            	
              Application
                of Funds in the Collection Account.

            	
              82

            
	
              Section
                4.03

            	
              Reports
                to Certificateholders.

            	
              84

            
	
              Section
                4.04

            	
              Certificate
                Account.

            	
              88

            
	
              Section
                4.05

            	
              [Reserved]

            	
              89

            
	 	 	 
	
              ARTICLE
                V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

            
	 	 	 
	
              Section
                5.01

            	
              Distributions
                Generally.

            	
              89

            
	
              Section
                5.02

            	
              Distributions
                from the Certificate Account.

            	
              90

            
	
              Section
                5.03

            	
              Allocation
                of Losses.

            	
              103

            
	
              Section
                5.04

            	
              Advances
                by Master Servicer, Servicer and Trustee.

            	
              103

            
	
              Section
                5.05

            	
              Compensating
                Interest Payments.

            	
              104

            
	
              Section
                5.06

            	
              Basis
                Risk Reserve Fund.

            	
              105

            
	
              Section
                5.07

            	
              Supplemental
                Interest Trust.

            	
              105

            
	
              Section
                5.08

            	
              Rights
                of Swap Counterparty.

            	
              107

            
	
              Section
                5.09

            	
              Termination
                Receipts.

            	
              107

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                VI

               

              CONCERNING
                THE TRUSTEE; EVENTS OF DEFAULT

            
	 	 	 
	
              Section
                6.01

            	
              Duties
                of Trustee.

            	
              108

            
	
              Section
                6.02

            	
              Certain
                Matters Affecting the Trustee .

            	
              111

            
	
              Section
                6.03

            	
              Trustee
                Not Liable for Certificates.

            	
              112

            
	
              Section
                6.04

            	
              Trustee
                May Own Certificates.

            	
              113

            
	
              Section
                6.05

            	
              Eligibility
                Requirements for Trustee.

            	
              113

            
	
              Section
                6.06

            	
              Resignation
                and Removal of Trustee.

            	
              113

            
	
              Section
                6.07

            	
              Successor
                Trustee.

            	
              114

            
	
              Section
                6.08

            	
              Merger
                or Consolidation of Trustee.

            	
              115

            
	
              Section
                6.09

            	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian.

            	
              116

            
	
              Section
                6.10

            	
              Authenticating
                Agents.

            	
              118

            
	
              Section
                6.11

            	
              Indemnification
                of Trustee.

            	
              118

            
	
              Section
                6.12

            	
              Fees
                and Expenses of Trustee and Custodian.

            	
              119

            
	
              Section
                6.13

            	
              Collection
                of Monies.

            	
              120

            
	
              Section
                6.14

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

            	
              120

            
	
              Section
                6.15

            	
              Additional
                Remedies of Trustee Upon Event of Default.

            	
              124

            
	
              Section
                6.16

            	
              Waiver
                of Defaults.

            	
              125

            
	
              Section
                6.17

            	
              Notification
                to Holders.

            	
              125

            
	
              Section
                6.18

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

            	
              125

            
	
              Section
                6.19

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

            	
              126

            
	
              Section
                6.20

            	
              Preparation
                of Tax Returns and Other Reports.

            	
              126

            
	
              Section
                6.21

            	
              Reporting
                Requirements of the Commission.

            	
              133

            
	
              Section
                6.22

            	
              No
                Merger.

            	
              133

            
	
              Section
                6.23

            	
              Indemnification
                by the Trustee.

            	
              133

            
	 	 	 
	
              ARTICLE
                VII PURCHASE OF MORTGAGE LOANS AND TERMINATION OF THE TRUST
                FUND

            
	 	 	 
	
              Section
                7.01

            	
              Purchase
                of Mortgage Loans; Termination of Trust Fund Upon Purchase or Liquidation
                of All Mortgage Loans; Purchase of Lower Tier REMIC 1 Uncertificated
                Regular Interests.

            	
              134

            
	
              Section
                7.02

            	
              Procedure
                Upon Termination of Trust Fund or Purchase of Lower Tier REMIC 1
                Uncertificated Regular Interests.

            	
              136

            
	
              Section
                7.03

            	
              Additional
                Trust Fund Termination Event or Purchase of the Lower Tier REMIC
                1
                Uncertificated Regular Interests.

            	
              137

            
	
              Section
                7.04

            	
              Optional
                Repurchase Right.

            	
              138

            
	 	 	 
	
              ARTICLE
                VIII RIGHTS OF CERTIFICATEHOLDERS

            
	 	 	 
	
              Section
                8.01

            	
              Limitation
                on Rights of Holders.

            	
              139

            
	
              Section
                8.02

            	
              Access
                to List of Holders.

            	
              139

            
	
              Section
                8.03

            	
              Acts
                of Holders of Certificates.

            	
              140

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER;
                CREDIT RISK MANAGER

            
	 	 	 
	
              Section
                9.01

            	
              Duties
                of the Master Servicer.

            	
              141

            
	
              Section
                9.02

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

            	
              141

            
	
              Section
                9.03

            	
              Master
                Servicer’s Financial Statements and Related Information.

            	
              142

            
	
              Section
                9.04

            	
              Power
                to Act; Procedures.

            	
              142

            
	
              Section
                9.05

            	
              Enforcement
                of Servicer’s and Master Servicer’s Obligations.

            	
              144

            
	
              Section
                9.06

            	
              Collection
                of Taxes, Assessments and Similar Items.

            	
              145

            
	
              Section
                9.07

            	
              Termination
                of Servicing Agreement; Successor Servicer.

            	
              146

            
	
              Section
                9.08

            	
              Master
                Servicer Liable for Enforcement.

            	
              147

            
	
              Section
                9.09

            	
              No
                Contractual Relationship Between the Servicer and Trustee or
                Depositor.

            	
              147

            
	
              Section
                9.10

            	
              Assumption
                of Servicing Agreement by Trustee.

            	
              147

            
	
              Section
                9.11

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	
              148

            
	
              Section
                9.12

            	
              Release
                of Mortgage Files.

            	
              148

            
	
              Section
                9.13

            	
              Documents,
                Records and Funds in Possession of Master Servicer to be Held for
                Trustee.

            	
              149

            
	
              Section
                9.14

            	
              Representations
                and Warranties of the Master Servicer.

            	
              150

            
	
              Section
                9.15

            	
              Opinion.

            	
              152

            
	
              Section
                9.16

            	
              Standard
                Hazard and Flood Insurance Policies.

            	
              153

            
	
              Section
                9.17

            	
              Presentment
                of Claims and Collection of Proceeds.

            	
              153

            
	
              Section
                9.18

            	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            	
              153

            
	
              Section
                9.19

            	
              Trustee
                To Retain Possession of Certain Insurance Policies and
                Documents.

            	
              154

            
	
              Section
                9.20

            	
              [Reserved]

            	
              154

            
	
              Section
                9.21

            	
              Compensation
                to the Master Servicer.

            	
              154

            
	
              Section
                9.22

            	
              REO
                Property.

            	
              155

            
	
              Section
                9.23

            	
              Notice
                to the Sponsor, the Depositor and the Trustee.

            	
              155

            
	
              Section
                9.24

            	
              Reports
                to the Trustee.

            	
              156

            
	
              Section
                9.25

            	
              Assessment
                of Compliance and Attestation Reports.

            	
              156

            
	
              Section
                9.26

            	
              Annual
                Statement of Compliance with Applicable Servicing
                Criteria.

            	
              158

            
	
              Section
                9.27

            	
              Merger
                or Consolidation.

            	
              158

            
	
              Section
                9.28

            	
              Resignation
                of Master Servicer.

            	
              159

            
	
              Section
                9.29

            	
              Assignment
                or Delegation of Duties by the Master Servicer.

            	
              159

            
	
              Section
                9.30

            	
              Limitation
                on Liability of the Master Servicer and Others.

            	
              160

            
	
              Section
                9.31

            	
              Indemnification;
                Third-Party Claims.

            	
              161

            
	
              Section
                9.32

            	
              Special
                Servicing of Delinquent Mortgage Loans.

            	
              161

            
	
              Section
                9.33

            	
              Alternative
                Index.

            	
              161

            
	
              Section
                9.34

            	
              Duties
                of the Credit Risk Manager.

            	
              162

            
	
              Section
                9.35

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            	
              163

            
	
              Section
                9.36

            	
              Indemnification
                by the Credit Risk Manager.

            	
              164

            
	
              Section
                9.37

            	
              Removal
                of Credit Risk Manager.

            	
              164

            
	 	 	 
	
              ARTICLE
                X REMIC ADMINISTRATION

            
	 	 	 
	
              Section
                10.01

            	
              REMIC
                Administration.

            	
              164

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                10.02

            	
              Prohibited
                Transactions and Activities.

            	
              167

            
	
              Section
                10.03

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

            	
              168

            
	
              Section
                10.04

            	
              REO
                Property.

            	
              168

            
	 	 	 
	
              ARTICLE
                XI MISCELLANEOUS PROVISIONS

            
	 	 	 
	
              Section
                11.01

            	
              Binding
                Nature of Agreement; Assignment.

            	
              169

            
	
              Section
                11.02

            	
              Entire
                Agreement.

            	
              169

            
	
              Section
                11.03

            	
              Amendment.

            	
              169

            
	
              Section
                11.04

            	
              Voting
                Rights.

            	
              171

            
	
              Section
                11.05

            	
              Provision
                of Information.

            	
              171

            
	
              Section
                11.06

            	
              Governing
                Law.

            	
              172

            
	
              Section
                11.07

            	
              Notices.

            	
              172

            
	
              Section
                11.08

            	
              Severability
                of Provisions.

            	
              172

            
	
              Section
                11.09

            	
              Indulgences;
                No Waivers.

            	
              173

            
	
              Section
                11.10

            	
              Headings
                Not To Affect Interpretation.

            	
              173

            
	
              Section
                11.11

            	
              Benefits
                of Agreement.

            	
              173

            
	
              Section
                11.12

            	
              Special
                Notices to the Rating Agencies and any NIMS Insurer.

            	
              173

            
	
              Section
                11.13

            	
              Conflicts.

            	
              174

            
	
              Section
                11.14

            	
              Counterparts.

            	
              174

            
	
              Section
                11.15

            	
              Transfer
                of Servicing.

            	
              175

            

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    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

            	
              List
                of Servicing Agreements

            

    

    
      	
              Exhibit
                F

            	
              Form
                of Rule 144A Transfer Certificate

            

    

    
      	
              Exhibit
                G

            	
              Form
                of Purchaser’s Letter for Institutional Accredited Investors
                

            

    

    
      	
              Exhibit
                H

            	
              Form
                of ERISA Transfer Affidavit

            

    

    
      	
              Exhibit
                I

            	
              Monthly
                Remittance Advice

            

    

    
      	
              Exhibit
                J

            	
              Monthly
                Electronic Data Transmission

            

    

    
      	
              Exhibit
                K

            	
              List
                of Custodial Agreements

            

    

    
      	
              Exhibit
                L

            	
              List
                of Credit Risk Management Agreements

            

    

    
      	
              Exhibit
                M-1

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

            

    

    
      	
              Exhibit
                M-2

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

            

    

    
      	
              Exhibit
                N

            	
              Interest
                Rate Cap Agreement

            

    

    
      	
              Exhibit
                O

            	
              Swap
                Agreement

            

    

    
      	
              Exhibit
                P-1

            	
              Additional
                Form 10-D Disclosure

            

    

    
      	
              Exhibit
                P-2

            	
              Additional
                Form 10-K Disclosure 

            

    

    
      	
              Exhibit
                P-3

            	
              Additional
                Form 8-K Disclosure

            

    

    
      	
              Exhibit
                P-4

            	
              Additional
                Disclosure Notification

            

    

    
      	
              Exhibit
                Q-1

            	
              Form
                of Back-Up Sarbanes-Oxley
                Certification

            

    

    
      	
              Exhibit
                Q-2

            	
              Form
                of Back-Up Sarbanes-Oxley Certification to be Provided by the
                Trustee

            

    

    
      	
              Exhibit
                R

            	
              Form
                of Credit Risk Management Report

            

    

    
      	
              Exhibit
                S

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

            

    

    
      	
              Exhibit
                T

            	
              [Reserved]

            

    

    
      	
              Exhibit
                U

            	
              Form
                of Certification to be Provided by the Credit Risk
                Manager

            

    

    
      	
              Exhibit
                V

            	
              Transaction
                Parties

            

    

    
      	
              Schedule
                A

            	
              Mortgage
                Loan Schedule (by Mortgage Pool)

            

    

    
      	
              Schedule
                B

            	
              First
                Payment Default Mortgage Loans

            

    

     

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    
       

      

        This
          TRUST AGREEMENT, dated as of August 1, 2006 (the “Agreement”), is by and among
          STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
          (the “Depositor”), U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”),
          AURORA LOAN SERVICES LLC, as master servicer (the “Master Servicer”), and
          OFFICETIGER GLOBAL REAL ESTATE SERVICES INC., a Delaware corporation, as
          credit
          risk manager (the “Credit Risk Manager”).

         

        PRELIMINARY
          STATEMENT

         

        The
          Depositor has acquired the Mortgage Loans from the Seller, and at the Closing
          Date is the owner of the Mortgage Loans and the other property being conveyed
          by
          it to the Trustee hereunder for inclusion in the Trust Fund. On the Closing
          Date, the Depositor will acquire the Certificates from the Trust Fund,
          as
          consideration for its transfer to the Trust Fund of the Mortgage Loans
          and the
          other property constituting the Trust Fund. The Depositor has duly authorized
          the execution and delivery of this Agreement to provide for the conveyance
          to
          the Trustee of the Mortgage Loans and the other property constituting the
          Trust
          Fund. All covenants and agreements made by the Seller in the Mortgage Loan
          Sale
          Agreement and by the Depositor, the Master Servicer and the Trustee herein
          with
          respect to the Mortgage Loans and the other property constituting the Trust
          Fund
          are for the benefit of the Holders from time to time of the Certificates
          and, to
          the extent provided herein, any NIMS Insurer, the Swap Counterparty and
          the Cap
          Counterparty. The Depositor, the Trustee, the Master Servicer and the Credit
          Risk Manager 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, an election shall be made that the Trust Fund (exclusive
            of (i)
            the Swap Agreement, (ii) the Swap Account, (iii) the right to receive
            and the
            obligation to pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls,
            (iv)
            the Basis Risk Reserve Fund, (v) the Supplemental Interest Trust, (vi)
            the
            Interest Rate Cap Agreement, (vii) the Interest Rate Cap Account, (viii)
            any
            PPTL Premium and (ix) the obligation to pay Class I Shortfalls (collectively,
            the “Excluded Trust Assets”)) be treated for federal income tax purposes as
            comprising four real estate mortgage investment conduits under Section
            860D of
            the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2,” “REMIC 3,”
and “REMIC 4” (REMIC 4 also being referred to as the “Upper Tier REMIC”)). Any
            inconsistencies or ambiguities in this Agreement or in the administration
            of
            this Agreement shall be resolved in a manner that preserves the validity
            of such
            REMIC elections.

           

          Each
            Certificate, other than the Class R and Class LT-R Certificates, represents
            ownership of a regular interest in the Upper Tier REMIC for purposes
            of the
            REMIC Provisions. In addition, each Certificate, other than the Class
            R, Class
            LT-R, Class X and Class P Certificates, represents (i) the right to receive
            payments with respect to any Basis Risk Shortfalls and Unpaid Basis Risk
            Shortfalls and (ii) the obligation to pay Class I Shortfalls. The Class
            LT-R
            Certificate represents ownership of the sole Class of residual interest
            in REMIC
            1. The Class R Certificate represents ownership of the sole Class of
            residual
            interest in each of REMIC 2, REMIC 3, and the Upper Tier REMIC for purposes
            of
            the REMIC Provisions.

          

            The
              Upper
              Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests
              in
              REMIC 3, other than the Class LT3-R interest, and each such Lower Tier
              Interest
              is hereby designated as a regular interest in REMIC 3 for purposes
              of the REMIC
              Provisions. REMIC 3 shall hold as its assets the uncertificated Lower
              Tier
              Interests in REMIC 2, other than the Class LT2-R interest, and each
              such Lower
              Tier Interest is hereby designated as a regular interest in REMIC 2.
              REMIC 2
              shall hold as its assets the uncertificated Lower Tier Interests in
              REMIC 1, and
              each such Lower Tier Interest is hereby designated as a regular interest
              in
              REMIC 1. REMIC 1 shall hold as its assets the property of the Trust
              Fund other
              than the Lower Tier Interests in REMIC 1, REMIC 2, and REMIC 3 and
              the Excluded
              Trust Assets.

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

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

             

            REMIC
              1:  

             

            REMIC
              1
              shall issue one uncertificated interest in respect of each Mortgage
              Loan held by
              the Trust Fund on the Closing Date, each of which is hereby designated
              as a
              regular interest in REMIC 1 (the “REMIC 1 Regular Interests”). REMIC 1 shall
              also issue the Class LT-R Certificate, which shall represent the sole
              class of
              residual interest in REMIC 1. Each REMIC 1 Regular Interest shall have
              an
              initial principal balance equal to the Scheduled Principal Balance
              of the
              Mortgage Loan to which it relates and shall bear interest at a per
              annum rate
              equal to the Net Mortgage Rate of such Mortgage Loan. In the event
              a Qualified
              Substitute Mortgage Loan is substituted for such Mortgage Loan (the
“Original
              Mortgage Loan”), no amount of interest payable on such Qualified Substitute
              Mortgage Loan shall be distributed on such REMIC 1 Regular Interest
              at a rate in
              excess of the Net Mortgage Rate of the Original Mortgage Loan.

             

            On
              each
              Distribution Date, the Trustee shall first pay or charge as an expense
              of REMIC
              1 all expenses of the Trust Fund for such Distribution Date, other
              than any
              expenses in respect of the Swap Agreement.

            On
              each
              Distribution Date the Trustee shall distribute the aggregate Interest
              Remittance
              Amount (net of expenses described in the preceding paragraph) with
              respect to
              each of the Lower Tier Interests in REMIC 1 based on the above-described
              interest rates.

             

            On
              each
              Distribution Date, the Trustee shall distribute the aggregate Principal
              Remittance Amount among the Lower Tier Interests in REMIC 1 in accordance
              with
              the amount of the Principal Remittance Amount attributable to the Mortgage
              Loan
              corresponding to each such Lower Tier Interest in REMIC 1. All losses
              on the
              Mortgage Loans shall be allocated among the Lower Tier Interests in
              REMIC 1 in
              the same manner that principal distributions are allocated.

             

            On
              each
              Distribution Date, the Trustee shall distribute the Prepayment Premiums
              collected during the preceding Prepayment Period, in the case of Principal
              Prepayments in full, or during the related Collection Period, in the
              case of
              Principal Prepayments in part, to the Lower Tier Interest in REMIC
              1
              corresponding to the Mortgage Loan with respect to which such amounts
              were
              received.

            
              
                
                

              

              
                2

                
                  

                

              

              
                
                

              

            

             

            REMIC
              2:   

             

            The
              following table sets forth the designations, principal balances and
              interest
              rates for each interest in REMIC 2, each of which (other than the Class
              LT2-R
              Lower Tier Interest) is hereby designated as a regular interest in
              REMIC 2 (the
“REMIC 2 Regular Interests”):

            
               

            

          

        

        
          
            	
                    Class
                      Designation

                  	 	
                    Initial Principal 

                    Balance

                  	 	
                     

                    Interest
                      Rate

                  
	
                    LT2-A

                  	 	
                    $     43,129,741.85

                  	 	
                    (1)

                  
	
                    LT2-F1

                  	 	
                    $     15,069,000.00

                  	 	
                    (2)

                  
	
                    LT2-V1

                  	 	
                    $     15,069,000.00

                  	 	
                    (3)

                  
	
                    LT2-F2

                  	 	
                    $     14,624,500.00

                  	 	
                    (2)

                  
	
                    LT2-V2

                  	 	
                    $     14,624,500.00

                  	 	
                    (3)

                  
	
                    LT2-F3

                  	 	
                    $     14,192,000.00

                  	 	
                    (2)

                  
	
                    LT2-V3

                  	 	
                    $     14,192,000.00

                  	 	
                    (3)

                  
	
                    LT2-F4

                  	 	
                    $     13,774,000.00

                  	 	
                    (2)

                  
	
                    LT2-V4

                  	 	
                    $     13,774,000.00

                  	 	
                    (3)

                  
	
                    LT2-F5

                  	 	
                    $     13,584,500.00

                  	 	
                    (2)

                  
	
                    LT2-V5

                  	 	
                    $     13,584,500.00

                  	 	
                    (3)

                  
	
                    LT2-F6

                  	 	
                    $     12,754,500.00

                  	 	
                    (2)

                  
	
                    LT2-V6

                  	 	
                    $     12,754,500.00

                  	 	
                    (3)

                  
	
                    LT2-F7

                  	 	
                    $     12,589,500.00

                  	 	
                    (2)

                  
	
                    LT2-V7

                  	 	
                    $     12,589,500.00

                  	 	
                    (3)

                  
	
                    LT2-F8

                  	 	
                    $     12,217,000.00

                  	 	
                    (2)

                  
	
                    LT2-V8

                  	 	
                    $     12,217,000.00

                  	 	
                    (3)

                  
	
                    LT2-F9

                  	 	
                    $     11,856,500.00

                  	 	
                    (2)

                  
	
                    LT2-V9

                  	 	
                    $     11,856,500.00

                  	 	
                    (3)

                  
	
                    LT2-F10

                  	 	
                    $     12,112,500.00

                  	 	
                    (2)

                  
	
                    LT2-V10

                  	 	
                    $     12,112,500.00

                  	 	
                    (3)

                  
	
                    LT2-F11

                  	 	
                    $     13,605,000.00

                  	 	
                    (2)

                  
	
                    LT2-V11

                  	 	
                    $     13,605,000.00

                  	 	
                    (3)

                  
	
                    LT2-F12

                  	 	
                    $     13,911,500.00

                  	 	
                    (2)

                  
	
                    LT2-V12

                  	 	
                    $     13,911,500.00

                  	 	
                    (3)

                  
	
                    LT2-F13

                  	 	
                    $     13,799,500.00

                  	 	
                    (2)

                  
	
                    LT2-V13

                  	 	
                    $     13,799,500.00

                  	 	
                    (3)

                  
	
                    LT2-F14

                  	 	
                    $     13,661,500.00

                  	 	
                    (2)

                  
	
                    LT2-V14

                  	 	
                    $     13,661,500.00

                  	 	
                    (3)

                  
	
                    LT2-F15

                  	 	
                    $     13,499,500.00

                  	 	
                    (2)

                  
	
                    LT2-V15

                  	 	
                    $     13,499,500.00

                  	 	
                    (3)

                  
	
                    LT2-F16

                  	 	
                    $     13,314,500.00

                  	 	
                    (2)

                  
	
                    LT2-V16

                  	 	
                    $     13,314,500.00

                  	 	
                    (3)

                  
	
                    LT2-F17

                  	 	
                    $     13,106,500.00

                  	 	
                    (2)

                  
	
                    LT2-V17

                  	 	
                    $     13,106,500.00

                  	 	
                    (3)

                  
	
                    LT2-F18

                  	 	
                    $     12,877,500.00

                  	 	
                    (2)

                  
	
                    LT2-V18

                  	 	
                    $     12,877,500.00

                  	 	
                    (3)

                  
	
                    LT2-F19

                  	 	
                    $     12,629,500.00

                  	 	
                    (2)

                  
	
                    LT2-V19

                  	 	
                    $     12,629,500.00

                  	 	
                    (3)

                  

          

           

          
            
              
              

            

            
              3

              
                

              

            

            
              
              

            

          

           

          
            	
                    Class
                      Designation

                  	 	
                    Initial
                      Principal 

                    Balance

                  	 	
                     

                    Interest
                      Rate

                  
	
                    LT2-F20

                  	 	
                    $     12,363,500.00

                  	 	
                    (2)

                  
	
                    LT2-V20

                  	 	
                    $     12,363,500.00

                  	 	
                    (3)

                  
	
                    LT2-F21

                  	 	
                    $     12,080,000.00

                  	 	
                    (2)

                  
	
                    LT2-V21

                  	 	
                    $     12,080,000.00

                  	 	
                    (3)

                  
	
                    LT2-F22

                  	 	
                    $     11,782,000.00

                  	 	
                    (2)

                  
	
                    LT2-V22

                  	 	
                    $     11,782,000.00

                  	 	
                    (3)

                  
	
                    LT2-F23

                  	 	
                    $     40,600,000.00

                  	 	
                    (2)

                  
	
                    LT2-V23

                  	 	
                    $     40,600,000.00

                  	 	
                    (3)

                  
	
                    LT2-F24

                  	 	
                    $     21,820,000.00

                  	 	
                    (2)

                  
	
                    LT2-V24

                  	 	
                    $     21,820,000.00

                  	 	
                    (3)

                  
	
                    LT2-F25

                  	 	
                    $     19,072,500.00

                  	 	
                    (2)

                  
	
                    LT2-V25

                  	 	
                    $     19,072,500.00

                  	 	
                    (3)

                  
	
                    LT2-F26

                  	 	
                    $     14,499,500.00

                  	 	
                    (2)

                  
	
                    LT2-V26

                  	 	
                    $     14,499,500.00

                  	 	
                    (3)

                  
	
                    LT2-F27

                  	 	
                    $     11,304,500.00

                  	 	
                    (2)

                  
	
                    LT2-V27

                  	 	
                    $     11,304,500.00

                  	 	
                    (3)

                  
	
                    LT2-F28

                  	 	
                    $       8,975,500.00

                  	 	
                    (2)

                  
	
                    LT2-V28

                  	 	
                    $       8,975,500.00

                  	 	
                    (3)

                  
	
                    LT2-F29

                  	 	
                    $       7,220,000.00

                  	 	
                    (2)

                  
	
                    LT2-V29

                  	 	
                    $       7,220,000.00

                  	 	
                    (3)

                  
	
                    LT2-F30

                  	 	
                    $       5,860,500.00

                  	 	
                    (2)

                  
	
                    LT2-V30

                  	 	
                    $       5,860,500.00

                  	 	
                    (3)

                  
	
                    LT2-F31

                  	 	
                    $       4,784,000.00

                  	 	
                    (2)

                  
	
                    LT2-V31

                  	 	
                    $       4,784,000.00

                  	 	
                    (3)

                  
	
                    LT2-F32

                  	 	
                    $       3,913,500.00

                  	 	
                    (2)

                  
	
                    LT2-V32

                  	 	
                    $       3,913,500.00

                  	 	
                    (3)

                  
	
                    LT2-F33

                  	 	
                    $       3,721,000.00

                  	 	
                    (2)

                  
	
                    LT2-V33

                  	 	
                    $       3,721,000.00

                  	 	
                    (3)

                  
	
                    LT2-F34

                  	 	
                    $       3,538,000.00

                  	 	
                    (2)

                  
	
                    LT2-V34

                  	 	
                    $       3,538,000.00

                  	 	
                    (3)

                  
	
                    LT2-F35

                  	 	
                    $       3,364,000.00

                  	 	
                    (2)

                  
	
                    LT2-V35

                  	 	
                    $       3,364,000.00

                  	 	
                    (3)

                  
	
                    LT2-F36

                  	 	
                    $       3,199,500.00

                  	 	
                    (2)

                  
	
                    LT2-V36

                  	 	
                    $       3,199,500.00

                  	 	
                    (3)

                  
	
                    LT2-F37

                  	 	
                    $       3,042,500.00

                  	 	
                    (2)

                  
	
                    LT2-V37

                  	 	
                    $       3,042,500.00

                  	 	
                    (3)

                  
	
                    LT2-F38

                  	 	
                    $       2,893,500.00

                  	 	
                    (2)

                  
	
                    LT2-V38

                  	 	
                    $       2,893,500.00

                  	 	
                    (3)

                  
	
                    LT2-F39

                  	 	
                    $       2,751,500.00

                  	 	
                    (2)

                  
	
                    LT2-V39

                  	 	
                    $       2,751,500.00

                  	 	
                    (3)

                  
	
                    LT2-F40

                  	 	
                    $       2,617,000.00

                  	 	
                    (2)

                  
	
                    LT2-V40

                  	 	
                    $       2,617,000.00

                  	 	
                    (3)

                  
	
                    LT2-F41

                  	 	
                    $       2,488,000.00

                  	 	
                    (2)

                  
	
                    LT2-V41

                  	 	
                    $       2,488,000.00

                  	 	
                    (3)

                  

          

           

          
            
              
              

            

            
              4

              
                

              

            

            
              
              

            

          

           

          
            	
                    Class
                      Designation

                  	 	
                    Initial
                      Principal 

                    Balance

                  	 	
                     

                    Interest
                      Rate

                  
	
                    LT2-F42

                  	 	
                    $       2,367,000.00

                  	 	
                    (2)

                  
	
                    LT2-V42

                  	 	
                    $       2,367,000.00

                  	 	
                    (3)

                  
	
                    LT2-F43

                  	 	
                    $       2,250,000.00

                  	 	
                    (2)

                  
	
                    LT2-V43

                  	 	
                    $       2,250,000.00

                  	 	
                    (3)

                  
	
                    LT2-F44

                  	 	
                    $       2,140,000.00

                  	 	
                    (2)

                  
	
                    LT2-V44

                  	 	
                    $       2,140,000.00

                  	 	
                    (3)

                  
	
                    LT2-F45

                  	 	
                    $       2,035,000.00

                  	 	
                    (2)

                  
	
                    LT2-V45

                  	 	
                    $       2,035,000.00

                  	 	
                    (3)

                  
	
                    LT2-F46

                  	 	
                    $       1,935,500.00

                  	 	
                    (2)

                  
	
                    LT2-V46

                  	 	
                    $       1,935,500.00

                  	 	
                    (3)

                  
	
                    LT2-F47

                  	 	
                    $       1,840,000.00

                  	 	
                    (2)

                  
	
                    LT2-V47

                  	 	
                    $       1,840,000.00

                  	 	
                    (3)

                  
	
                    LT2-F48

                  	 	
                    $       1,751,000.00

                  	 	
                    (2)

                  
	
                    LT2-V48

                  	 	
                    $       1,751,000.00

                  	 	
                    (3)

                  
	
                    LT2-F49

                  	 	
                    $       1,664,000.00

                  	 	
                    (2)

                  
	
                    LT2-V49

                  	 	
                    $       1,664,000.00

                  	 	
                    (3)

                  
	
                    LT2-F50

                  	 	
                    $       1,582,500.00

                  	 	
                    (2)

                  
	
                    LT2-V50

                  	 	
                    $       1,582,500.00

                  	 	
                    (3)

                  
	
                    LT2-F51

                  	 	
                    $       1,505,500.00

                  	 	
                    (2)

                  
	
                    LT2-V51

                  	 	
                    $       1,505,500.00

                  	 	
                    (3)

                  
	
                    LT2-F52

                  	 	
                    $       1,431,000.00

                  	 	
                    (2)

                  
	
                    LT2-V52

                  	 	
                    $       1,431,000.00

                  	 	
                    (3)

                  
	
                    LT2-F53

                  	 	
                    $       1,360,500.00

                  	 	
                    (2)

                  
	
                    LT2-V53

                  	 	
                    $       1,360,500.00

                  	 	
                    (3)

                  
	
                    LT2-F54

                  	 	
                    $       1,294,500.00

                  	 	
                    (2)

                  
	
                    LT2-V54

                  	 	
                    $       1,294,500.00

                  	 	
                    (3)

                  
	
                    LT2-F55

                  	 	
                    $       1,230,500.00

                  	 	
                    (2)

                  
	
                    LT2-V55

                  	 	
                    $       1,230,500.00

                  	 	
                    (3)

                  
	
                    LT2-F56

                  	 	
                    $       1,171,000.00

                  	 	
                    (2)

                  
	
                    LT2-V56

                  	 	
                    $       1,171,000.00

                  	 	
                    (3)

                  
	
                    LT2-F57

                  	 	
                    $       1,113,500.00

                  	 	
                    (2)

                  
	
                    LT2-V57

                  	 	
                    $       1,113,500.00

                  	 	
                    (3)

                  
	
                    LT2-F58

                  	 	
                    $       1,063,000.00

                  	 	
                    (2)

                  
	
                    LT2-V58

                  	 	
                    $       1,063,000.00

                  	 	
                    (3)

                  
	
                    LT2-F59

                  	 	
                    $     20,456,000.00

                  	 	
                    (2)

                  
	
                    LT2-V59

                  	 	
                    $     20,456,000.00

                  	 	
                    (3)

                  
	
                    LT2-R

                  	 	
                    (4)

                  	 	
                    (4)

                  

          

        

      

    

     

    
      
        	 	
                (1)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for the Class LT2-A Interest shall be the Net WAC Rate.
                  

              

      

       

      
        	 	
                (2)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for each of these Lower Tier Interests shall be the lesser of (i)
                  the
                  REMIC Swap Rate for such Distribution Date, and (ii) the product
                  of (a)
                  the Net WAC Rate and (b) 2. 

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (3)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for each of these Lower Tier Interests shall be the excess, if
                  any, of (i)
                  the product of (a) the Net WAC Rate and (b) 2, over (ii) the REMIC
                  Swap
                  Rate for such Distribution Date.

              

      

       

      
        	 	
                (4)

              	
                The
                  Class LT2-R interest shall not have a principal amount and shall
                  not bear
                  interest. The Class LT2-R interest is hereby designated as the
                  sole class
                  of residual interest in REMIC 2.

              

      

      

        On
          each
          Distribution Date, the Trustee shall distribute the aggregate Interest
          Remittance Amount for the two Mortgage Pools (net of the expenses paid
          by REMIC
          1) with respect to each of the Lower Tier Interests in REMIC 2 based on
          the
          above-described interest rates.

         

        On
          each
          Distribution Date, the Trustee shall distribute the aggregate Principal
          Remittance Amount with respect to the two Mortgage Pools with respect to
          the
          Lower Tier Interests in REMIC 2, first to the Class LT2-A Interest until
          its
          principal balance is reduced to zero, and then sequentially, to the other
          Lower
          Tier Interests in REMIC 2 in ascending order of their numerical class
          designation, and, with respect to each pair of classes having the same
          numerical
          designation, in equal amounts to each such class, until the principal balance
          of
          each such class is reduced to zero. All losses on the Mortgage Loans shall
          be
          allocated among the Lower Tier Interests in REMIC 2 in the same manner
          that
          principal distributions are allocated.

         

        On
          each
          Distribution Date, the Trustee shall distribute the Prepayment Premiums
          collected during the preceding Prepayment Period to the Class LT2-F59 Lower
          Tier
          Interest.

         

        REMIC
          3:   

         

        The
          following table sets forth the designations, principal balances and interest
          rates for each interest in REMIC 3, each of which (other than the Class
          LT3-R
          interest) is hereby designated as a regular interest in REMIC 3 (the “REMIC 3
          Regular Interests”):

         

        
          	
                  REMIC
                    3

                  Lower
                    Tier 

                  Class
                    

                  Designation

                	 	
                  REMIC
                    3

                  Lower
                    Tier

                  Interest
                    Rate

                	 	
                  Initial
                    Class 

                  Principal
                    Amount

                	 	
                  Corresponding
                    Class of 

                  Certificate(s)

                
	
                  Class
                    LT3-A1

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  A1

                
	
                  Class
                    LT3-A2

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  A2

                
	
                  Class
                    LT3-A3

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  A3

                
	
                  Class
                    LT3-A4

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  A4

                
	
                  Class
                    LT3-A5

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  A5

                
	
                  Class
                    LT3-M1

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M1

                
	
                  Class
                    LT3-M2

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M2

                
	
                  Class
                    LT3-M3

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M3

                
	
                  Class
                    LT3-M4

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M4

                
	
                  Class
                    LT3-M5

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M5

                
	
                  Class
                    LT3-M6

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M6

                
	
                  Class
                    LT3-M7

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M7

                
	
                  Class
                    LT3-M8

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M8

                
	
                  Class
                    LT3-M9

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M9

                
	
                  Class
                    LT3-B

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  B

                
	
                  Class
                    LT3-Q

                	 	
                  (1)

                	 	
                  (4)

                	 	
                  N/A

                
	
                  Class
                    LT3-IO

                	 	
                  (2)

                	 	
                  (2)

                	 	
                  N/A

                
	
                  Class
                    LT3-R

                	 	
                  (5)

                	 	
                  (5)

                	 	
                  R

                

        

      

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    __________________________

    
      	 	
              (1)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower Tier Interests in REMIC 3 is a per annum
                rate
                equal to the weighted average of the interest rates on the Lower
                Tier
                Interests in REMIC 2 for such Distribution Date, provided,
                however, that
                for any Distribution Date on which the Class LT3-IO Interest is entitled
                to a portion of the interest accruals on a Lower Tier Interest in
                REMIC 2
                having an “F” in its class designation, as described in footnote two
                below, such weighted average shall be computed by first subjecting
                the
                rate on such Lower Tier Interest in REMIC 2 to a cap equal to Swap
                LIBOR
                for such Distribution Date.

            

    

     

    
      	 	
              (2)

            	
              The
                Class LT3-IO is an interest only class that does not have a principal
                balance. For only those Distribution Dates listed in the first column
                in
                the table below, the Class LT3-IO shall be entitled to interest accrued
                on
                the Lower Tier Interest in REMIC 2 listed in the second column in
                the
                table below at a per annum rate equal to the excess, if any, of (i)
                the
                interest rate for such Lower Tier Interest in REMIC 2 for such
                Distribution Date over (ii) Swap LIBOR for such Distribution
                Date.

            

    

     

    
      	
              Distribution
                Dates

            	
              REMIC
                2
                Class Designation

            
	
              2

            	
              Class
                LT2-F1

            
	
              2-3

            	
              Class
                LT2-F2

            
	
              2-4

            	
              Class
                LT2-F3

            
	
              2-5

            	
              Class
                LT2-F4

            
	
              2-6

            	
              Class
                LT2-F5

            
	
              2-7

            	
              Class
                LT2-F6

            
	
              2-8

            	
              Class
                LT2-F7

            
	
              2-9

            	
              Class
                LT2-F8

            
	
              2-10

            	
              Class
                LT2-F9

            
	
              2-11

            	
              Class
                LT2-F10

            
	
              2-12

            	
              Class
                LT2-F11

            
	
              2-13

            	
              Class
                LT2-F12

            
	
              2-14

            	
              Class
                LT2-F13

            
	
              2-15

            	
              Class
                LT2-F14

            
	
              2-16

            	
              Class
                LT2-F15

            
	
              2-17

            	
              Class
                LT2-F16

            
	
              2-18

            	
              Class
                LT2-F17

            
	
              2-19

            	
              Class
                LT2-F18

            
	
              2-20

            	
              Class
                LT2-F19

            
	
              2-21

            	
              Class
                LT2-F20

            
	
              2-22

            	
              Class
                LT2-F21

            
	
              2-23

            	
              Class
                LT2-F22

            
	
              2-24

            	
              Class
                LT2-F23

            
	
              2-25

            	
              Class
                LT2-F24

            
	
              2-26

            	
              Class
                LT2-F25

            
	
              2-27

            	
              Class
                LT2-F26

            
	
              2-28

            	
              Class
                LT2-F27

            
	
              2-29

            	
              Class
                LT2-F28

            
	
              2-30

            	
              Class
                LT2-F29

            
	
              2-31

            	
              Class
                LT2-F30

            
	
              2-32

            	
              Class
                LT2-F31

            
	
              2-33

            	
              Class
                LT2-F32

            
	
              2-34

            	
              Class
                LT2-F33

            
	
              2-35

            	
              Class
                LT2-F34

            
	
              2-36

            	
              Class
                LT2-F35

            
	
              2-37

            	
              Class
                LT2-F36

            
	
              2-38

            	
              Class
                LT2-F37

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              2-39

            	
              Class
                LT2-F38

            
	
              2-40

            	
              Class
                LT2-F39

            
	
              2-41

            	
              Class
                LT2-F40

            
	
              2-42

            	
              Class
                LT2-F41

            
	
              2-43

            	
              Class
                LT2-F42

            
	
              2-44

            	
              Class
                LT2-F43

            
	
              2-45

            	
              Class
                LT2-F44

            
	
              2-46

            	
              Class
                LT2-F45

            
	
              2-47

            	
              Class
                LT2-F46

            
	
              2-48

            	
              Class
                LT2-F47

            
	
              2-49

            	
              Class
                LT2-F48

            
	
              2-50

            	
              Class
                LT2-F49

            
	
              2-51

            	
              Class
                LT2-F50

            
	
              2-52

            	
              Class
                LT2-F51

            
	
              2-53

            	
              Class
                LT2-F52

            
	
              2-54

            	
              Class
                LT2-F53

            
	
              2-55

            	
              Class
                LT2-F54

            
	
              2-56

            	
              Class
                LT2-F55

            
	
              2-57

            	
              Class
                LT2-F56

            
	
              2-58

            	
              Class
                LT2-F57

            
	
              2-59

            	
              Class
                LT2-F58

            
	
              2-60

            	
              Class
                LT2-F59

            

    

    
      	 	
              (3)

            	
              This
                interest shall have an initial class principal amount equal to one-half
                of
                the initial Class Principal Amount of its Corresponding Class of
                Certificates.

            

    

     

    
      	 	
              (4)

            	
              This
                interest shall have an initial class principal amount equal to the
                excess
                of (i) the Aggregate Pool Balance as of the Cut-off Date, over (ii)
                the
                aggregate initial class principal amount of each other regular interest
                in
                REMIC 3.

            

    

     

    
      	 	
              (5)

            	
              The
                Class LT3-R interest is the sole class of residual interests in REMIC
                3.
                It does not have an interest rate or a principal
                balance.

            

    

     

    On
      each
      Distribution Date, interest shall be distributed on the Lower Tier Interests
      in
      REMIC 3 based on the above-described interest rates,
      provided,
      however,
      that
      interest that accrues on the Class LT3-Q Interest shall be deferred in an amount
      equal to one-half of the increase, if any, in the Overcollateralization Amount
      for such Distribution Date. Any interest so deferred shall itself bear interest
      at the interest rate for the Class LT3-Q Interest. An amount equal to the
      interest so deferred shall be distributed as additional principal on the other
      Lower Tier Interests in REMIC 3 having a principal balance in the manner
      described under priority (a) below.

     

    On
      each
      Distribution Date principal shall be distributed, and Realized Losses shall
      be
      allocated, among the Lower Tier Interests in REMIC 3 in the following order
      of
      priority:

    (a)
      First, to the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class LT3-A4, Class
      LT3-A5, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4, Class
      LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9 and Class LT3-B
      Interests until the principal balance of each such Lower Tier Interest equals
      one-half of the Class Principal Amount of the Corresponding Class of
      Certificates immediately after such Distribution Date; and

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (b)
      Second, to the Class LT3-Q Interest, any remaining amounts.

     

    On
      each
      Distribution Date, the Trustee shall be deemed to have distributed the
      Prepayment Premiums passed through with respect to the Class LT2-F59 Lower
      Tier
      Interest in REMIC 2 on such Distribution Date to the Class LT3-Q
      Interest

    

    The
      Certificates:

     

    The
      following table sets forth (or describes) the Class designation, Certificate
      Interest Rate, initial Class Principal Amount and minimum denomination for
      each
      Class of Certificates comprising interests in the Trust Fund created hereunder.
      

    
      

        
          	
                  Class

                  Designation

                	 	
                  Certificate

                  Interest
                    Rate

                	 	
                  Initial

                  Class
                    Principal

                  Amount

                	 	
                  Minimum

                  Denomination

                
	
                  Class A1

                	 	
                  (1)

                	 	
                  $132,184,000

                	 	
                  $  25,000

                
	
                  Class A2

                	 	
                  (2)

                	 	
                  $416,516,000

                	 	
                  $  25,000

                
	
                  Class A3

                	 	
                  (3)

                	 	
                  $  71,299,000

                	 	
                  $  25,000

                
	
                  Class A4

                	 	
                  (4)

                	 	
                  $176,096,000

                	 	
                  $  25,000

                
	
                  Class A5

                	 	
                  (5)

                	 	
                  $  74,063,000

                	 	
                  $  25,000

                
	
                  Class M1

                	 	
                  (6)

                	 	
                  $  35,688,000

                	 	
                  $100,000

                
	
                  Class M2

                	 	
                  (7)

                	 	
                  $  29,391,000

                	 	
                  $100,000

                
	
                  Class M3

                	 	
                  (8)

                	 	
                  $  17,844,000

                	 	
                  $100,000

                
	
                  Class M4

                	 	
                  (9)

                	 	
                  $  15,745,000

                	 	
                  $100,000

                
	
                  Class M5

                	 	
                  (10)

                	 	
                  $  15,745,000

                	 	
                  $100,000

                
	
                  Class M6

                	 	
                  (11)

                	 	
                  $  14,170,000

                	 	
                  $100,000

                
	
                  Class M7

                	 	
                  (12)

                	 	
                  $  13,120,000

                	 	
                  $100,000

                
	
                  Class M8

                	 	
                  (13)

                	 	
                  $    8,397,000

                	 	
                  $100,000

                
	
                  Class M9

                	 	
                  (14)

                	 	
                  $    6,823,000

                	 	
                  $100,000

                
	
                  Class B

                	 	
                  (15)

                	 	
                  $  10,497,000

                	 	
                  $100,000

                
	
                  Class X

                	 	
                  (16)

                	 	
                  (16)

                	 	
                  10%

                
	
                  Class R

                	 	
                  (17)

                	 	
                  (17)

                	 	
                  100%

                
	
                  Class P

                	 	
                  (18)

                	 	
                  $100 (19)

                	 	
                  10%

                
	
                  Class LT-R

                	 	
                  (20)

                	 	
                  (20)

                	 	
                  100%

                

        

      

    

    __________

    
       

      
        	
                (1)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A1 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.105% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amounts of the
                  Group 2
                  Senior Certificates are outstanding, the Pool 1 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amounts of the Group 2 Senior Certificates have been
                  reduced to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A1 Certificates
                  will be LIBOR plus 0.210%. For purposes of the REMIC Provisions,
                  the
                  reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A1 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A1 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A1 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A1 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      
        	
                (2)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A2 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.040% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Class A1
                  Certificates is outstanding, the Pool 2 Net Funds Cap for such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amount of the Class A1 Certificates has been reduced
                  to zero,
                  the Subordinate Net Funds Cap for such Distribution Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A2 Certificates
                  will be LIBOR plus 0.080%. For purposes of the REMIC Provisions,
                  the
                  reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A2 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A2 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A2 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A2 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (3)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A3 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.110% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Class A1
                  Certificates is outstanding, the Pool 2 Net Funds Cap for such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amount of the Class A1 Certificates has been reduced
                  to zero,
                  the Subordinate Net Funds Cap for such Distribution Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A3 Certificates
                  will be LIBOR plus 0.220%. For purposes of the REMIC Provisions,
                  the
                  reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A3 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A3 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A3 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A3 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (4)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A4 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.140% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Class A1
                  Certificates is outstanding, the Pool 2 Net Funds Cap for such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amount of the Class A1 Certificates has been reduced
                  to zero,
                  the Subordinate Net Funds Cap for such Distribution Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A4 Certificates
                  will be LIBOR plus 0.280%. For purposes of the REMIC Provisions,
                  the
                  reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A4 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A4 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A4 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A4 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      
        	
                (5)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A5 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.310% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Class A1
                  Certificates is outstanding, the Pool 2 Net Funds Cap for such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amount of the Class A1 Certificates has been reduced
                  to zero,
                  the Subordinate Net Funds Cap for such Distribution Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A5 Certificates
                  will be LIBOR plus 0.620%. For purposes of the REMIC Provisions,
                  the
                  reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A5 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A5 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A5 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A5 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (6)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M1 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.280% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M1 Certificates
                  will be LIBOR plus 0.420%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M1 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M1 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M1
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M1 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        	
                (7)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M2 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.300% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M2 Certificates
                  will be LIBOR plus 0.450%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M2 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M2 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M2
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M2 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (8)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M3 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.320% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M3 Certificates
                  will be LIBOR plus 0.480%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M3 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M3 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M3
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M3 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      
        	
                (9)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M4 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.370% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M4 Certificates
                  will be LIBOR plus 0.555%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M4 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M4 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M4
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M4 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        	
                (10)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M5 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.380% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M5 Certificates
                  will be LIBOR plus 0.570%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M5 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M5 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M5
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M5 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        	
                (11)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M6 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.450% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M6 Certificates
                  will be LIBOR plus 0.675%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M6 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M6 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M6
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M6 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      
        	
                (12)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M7 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.800% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M7 Certificates
                  will be LIBOR plus 1.200%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M7 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M7 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M7
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M7 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        	
                (13)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M8 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.950% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M8 Certificates
                  will be LIBOR plus 1.425%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M8 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M8 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M8
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M8 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (14)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M9 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 1.900% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M9 Certificates
                  will be LIBOR plus 2.850%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M9 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M9 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M9
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M9 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (15)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class B Certificates is the per
                  annum rate
                  equal to the lesser of (i) LIBOR plus 2.500% and (ii) the Subordinate
                  Net
                  Funds Cap for such Distribution Date; provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class B Certificates
                  will
                  be LIBOR plus 3.750%. For purposes of the REMIC Provisions, the
                  reference
                  to “Subordinate Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class B Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  B Certificates is based on the Subordinate Net Funds Cap, the amount
                  of
                  interest that would have accrued on the Class B Certificates if
                  the REMIC
                  3 Net Funds Cap were substituted for the Subordinate Net Funds
                  Cap shall
                  be treated as having been paid by the Class B Certificateholders
                  to the
                  Supplemental Interest Trust, all pursuant to and as further provided
                  in
                  Section 10.01(n) hereof.

              

      

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      
        	
                (16)

              	
                For
                  purposes of the REMIC Provisions, Class X shall have an initial
                  principal
                  balance of $12,071,741.85, and the right to receive distributions
                  of such
                  amount represents a regular interest in the Upper Tier REMIC. The
                  Class X
                  Certificate shall also comprise two notional components, each of
                  which
                  represents a regular interest in the Upper Tier REMIC. The first
                  such
                  component has a notional balance that will at all times equal the
                  aggregate of the Class Principal Amounts of the Lower Tier Interests
                  in
                  REMIC 3, and, for each Distribution Date (and the related Accrual
                  Period)
                  this notional component shall bear interest at a per annum rate
                  equal to
                  the excess, if any, of (i) (a) the weighted average of the interest
                  rates
                  on the Lower Tier Interests in REMIC 3 (other than any interest-only
                  regular interest) minus (b) the Credit Risk Manager’s Fee Rate, over (ii)
                  the Adjusted Lower Tier WAC. The second notional component represents
                  the
                  right to receive all distributions in respect of the Class LT3-IO
                  Interest
                  in REMIC 3 (the “Class LT4-I” interest). In addition, for purposes of the
                  REMIC Provisions, the Class X Certificate shall represent beneficial
                  ownership of (i) the Basis Risk Reserve Fund; (ii) the Supplemental
                  Interest Trust, including the Swap Agreement, the Swap Account,
                  the
                  Interest Rate Cap Agreement and the Interest Rate Cap Account,
                  (iii) any
                  PPTL Premiums and (iv) an interest in the notional principal contracts
                  described in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (17)

              	
                The
                  Class R Certificate will be issued without a Class Principal Amount
                  and
                  will not bear interest at a stated rate. The Class R Certificate
                  represents ownership of the residual interest in the Upper Tier
                  REMIC, as
                  well as ownership of the Class LT2-R Interest and Class LT3-R Interest.
                  The Class R Certificate will be issued as a single Certificate
                  evidencing
                  the entire Percentage Interest in such
                  Class.

              

      

       

      
        	
                (18)

              	
                The
                  Class P Certificates shall not bear interest at a stated rate.
                  Prepayment
                  Premiums paid with respect to the Mortgage Loans shall be paid
                  to the
                  Holders of the Class P Certificates as provided in Section 5.02(i).
                  For
                  purposes of the REMIC Provisions, Class P shall represent a regular
                  interest in the Upper Tier REMIC.

              

      

       

      
        	
                (19)

              	
                The
                  Class P Certificates will have an initial Class P Principal Amount
                  of
                  $100.

              

      

       

      
        	
                (20)

              	
                The
                  Class LT-R Certificate will be issued without a Class Principal
                  Amount and
                  will not bear interest at a stated rate. The Class LT-R Certificate
                  represents ownership of the residual interest in REMIC 1. The Class
                  LT-R
                  Certificate will be issued as a single Certificate evidencing the
                  entire
                  Percentage Interest in such
                  Class.

              

      

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $1,049,649,741.85.

     

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

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01. Definitions. The
      following words and phrases, unless the context otherwise requires, shall have
      the following meanings:

    

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

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

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

       

      Accrual
        Period:
        With
        respect to each Class of LIBOR Certificates and any Distribution Date, the
        period beginning on the Distribution Date in the calendar month immediately
        preceding the month in which the related Distribution Date occurs (or, in
        the
        case of the first Distribution Date, beginning on August 25, 2006) and ending
        on
        the day immediately preceding the related Distribution Date, as calculated
        in
        accordance with Section 1.03.

       

      Act:
        As
        defined in Section 3.03(c).

       

      Additional
        Collateral:
        None.

       

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

       

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

       

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

       

      Additional
        Termination Event:
        As
        defined in the Swap Agreement.

       

      Adjustable
        Rate Mortgage Loan:
        Any
        Mortgage Loan as to which the related Mortgage Note provides for the adjustment
        of the Mortgage Rate applicable thereto.

       

      Adjusted
        Lower Tier WAC:
        For any
        Distribution Date (and the related Accrual Period), an amount equal to (i)
        two,
        multiplied by (ii) the weighted average of the interest rates for such
        Distribution Date for the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class
        LT3-A4, Class LT3-A5, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4,
        Class LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9, Class
        LT3-B and Class LT3-Q Interests, weighted in proportion to their Class Principal
        Amounts as of the beginning of the related Accrual Period and computed by
        subjecting the rate on the Class LT3-Q Interest to a cap of 0.00%, and by
        subjecting the rate on each of the Class LT3-A1, Class LT3-A2, Class LT3-A3,
        Class LT3-A4, Class LT3-A5, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class
        LT3-M4, Class LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9
        and
        Class LT3-B Interests to a cap that corresponds to the Certificate Interest
        Rate
        (determined by substituting the REMIC 3 Net Funds Cap for the applicable
        Net
        Funds Cap) for the Corresponding Class of Certificates; provided,
        however,
        that
        for each Class of LIBOR Certificates, the Certificate Interest Rate shall
        be
        multiplied by an amount equal to (a) the actual number of days in the Accrual
        Period, divided by (b) 30.

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      Advance:
        With
        respect to a Mortgage Loan other than a Simple Interest Mortgage Loan, an
        advance of the aggregate of payments (other than Balloon Payments) of principal
        and interest (net of the Servicing Fee) on one or more Mortgage Loans that
        were
        due on a Due Date in the related Collection 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 Servicer (or by the Trustee as
        successor to the Master Servicer) pursuant to Section 5.04, but only to the
        extent that such amount is expected, in the reasonable judgment of the Master
        Servicer or Servicer (or by the Trustee as successor to the Master Servicer),
        to
        be recoverable from collections or recoveries in respect of such Mortgage
        Loans.
        With respect to a Simple Interest Mortgage Loan, an advance of an amount
        equal
        to the interest accrual on such Simple Interest Mortgage Loan through the
        related Due Date but not received as of the close of business on the related
        Distribution Date (net of the Servicing Fee) required to be made by or on
        behalf
        of the Master Servicer or the Servicer (or by the Trustee as successor to
        the
        Master Servicer) pursuant to Section 5.04, but only to the extent that such
        amount is expected, in the reasonable judgment of the Master Servicer or
        Servicer (or by the Trustee as successor to the Master Servicer), to be
        recoverable from collections or recoveries in respect of such Simple Interest
        Mortgage Loans.

       

      Adverse
        REMIC Event:
        Either
        (i) the 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) the 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. 

       

      Affected
        Party:
        As
        defined in the Swap Agreement.

       

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

       

      Aggregate
        Overcollateralization Release Amount:
        With
        respect to any Distribution Date, the lesser of (x) the aggregate of the
        Principal Remittance Amounts for each Mortgage Pool for such Distribution
        Date
        and (y) the amount, if any, by which (i) the Overcollateralization Amount
        for
        such date, calculated for this purpose on the basis of the assumption that
        100%
        of the aggregate of the Principal Remittance Amounts for such Distribution
        Date
        is applied on such date in reduction of the aggregate Certificate Principal
        Amount of the Certificates, exceeds (ii) the Targeted Overcollateralization
        Amount for such Distribution Date.

       

      Aggregate
        Pool Balance:
        As of
        any date of determination, the aggregate of the Pool Balances of Pool 1 and
        Pool
        2 on such date.

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      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.

       

      Anniversary
        Year:
        The
        one-year period beginning on the Closing Date and ending on the first
        anniversary thereof, and each subsequent one-year period beginning on the
        day
        after the end of the preceding Anniversary Year and ending on the next
        succeeding anniversary of the Closing Date.

       

      Applied
        Loss Amount:
        With
        respect to any Distribution Date, the amount, if any, by which (x) the aggregate
        Certificate Principal Amount of the LIBOR Certificates after giving effect
        to
        distributions of principal on such Distribution Date, but before giving effect
        to any application of the Applied Loss Amount with respect to such date,
        exceeds
        (y) the Aggregate Pool Balance for such Distribution Date.

       

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

       

      Assignment
        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
        neither the Custodian nor the Trustee shall be responsible for determining
        whether any such assignment is in recordable form.

       

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

       

      Authorized
        Officer:
        Any
        Person who may execute an Officer’s Certificate on behalf of the
        Depositor.

       

      B
        Principal Distribution Amount:
        With
        respect to any Distribution Date on or after the Stepdown Date and as long
        as a
        Trigger Event is not in effect with respect to such Distribution Date, the
        amount, if any, by which (x) the sum of (i) the aggregate Class Principal
        Amount
        of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4,
        Class
        M5, Class M6, Class M7, Class M8 and Class M9 Certificates, in each case
        after
        giving effect to distributions on such Distribution Date and (ii) the Class
        Principal Amount of the Class B Certificates immediately prior to such
        Distribution Date exceeds (y) the B Target Amount.

       

      B
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 97.70% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (ii)
        the Overcollateralization Floor.

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      

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

        

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

        

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

         

        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
          Bankruptcy Code or any other similar state laws.

         

        Bankruptcy
          Code:
          The
          United States Bankruptcy Code of 1986, as amended.

         

        Basis
          Risk Payment:
          With
          respect to any Distribution Date, the sum of (i) any Basis Risk Shortfall
          for
          such Distribution Date, (ii) any Unpaid Basis Risk Shortfall from previous
          Distribution Dates and (iii) any Required Reserve Fund Deposit for such
          Distribution Date. The amount of the Basis Risk Payment for any Distribution
          Date cannot exceed the amount of Monthly Excess Cashflow otherwise available
          for
          distribution pursuant to Section 5.02(f)(iv) of this Agreement. 

         

        Basis
          Risk Reserve Fund:
          A fund
          created as part of the Trust Fund pursuant to Section 5.06 of this Agreement
          but
          which is not an asset of any of the REMICs.

         

        Basis
          Risk Shortfall:
          With
          respect to any Distribution Date and any Class of LIBOR 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
          Pool 1
          Net Funds Cap, Pool 2 Net Funds Cap or Subordinate Net Funds Cap, as applicable,
          for such date but subject to a cap equal to the applicable Maximum Interest
          Rate, exceeds the amount of interest calculated at the Pool 1 Net Funds
          Cap,
          Pool 2 Net Funds Cap or Subordinate Net Funds Cap, as applicable.

         

        Benefit
          Plan Opinion:
          An
          Opinion of Counsel satisfactory to the Depositor and the Trustee to the
          effect
          that any proposed transfer of Certificates will not (i) cause the assets
          of the
          Trust Fund to be regarded as plan assets for purposes of the Plan Asset
          Regulations or (ii) give rise to any fiduciary duty on the part of the
          Depositor
          or the Trustee, respectively.

         

        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, each Class of LIBOR Certificates
          constitutes Book-Entry Certificates. 

        
          
            
            

          

          
            18

            
              

            

          

          
            
            

          

        

         

        Bulk
          PMI Policy:
          Not
          applicable.

         

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

         

        Cap
          Counterparty:
          The
          counterparty to the Supplemental Interest Trust under the Interest Rate
          Cap
          Agreement, and any successor in interest or assigns. Initially, the Cap
          Counterparty shall be Wachovia Bank, National Association.

         

        Cap
          Replacement Receipts:
          As
          defined in Section 5.09(b).

         

        Cap
          Replacement Receipts Account:
          As
          defined in Section 5.09(b).

         

        Cap
          Termination Payment:
          Upon
          the designation of an “Early Termination Date” as defined in the Interest Rate
          Cap Agreement, the payment required to be made by the Cap Counterparty
          to the
          Supplemental Interest Trust pursuant to the terms of the Interest Rate
          Cap
          Agreement, and any unpaid amounts due on previous Interest Rate Cap Payment
          Dates and accrued interest thereon as provided in the Interest Rate Cap
          Agreement, as calculated by the Cap Counterparty and furnished to the
          Trustee.

         

        Cap
          Termination Receipts:
          As
          defined in Section 5.09(b).

         

        Cap
          Termination Receipts Account:
          As
          defined in Section 5.09(b).

         

        Carryforward
          Interest:
          With
          respect to any Class of LIBOR Certificates and any Distribution Date, the
          sum of
          (i) the amount, if any, by which (x) the sum of (A) Current Interest for
          such
          Class for the immediately preceding Distribution Date and (B) any unpaid
          Carryforward Interest for such Class from previous Distribution Dates exceeds
          (y) the amount distributed in respect of interest on such Class on such
          immediately preceding Distribution Date, and (ii) interest on such amount
          for
          the related Accrual Period at the applicable Certificate Interest
          Rate.

         

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

         

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

         

        Certificate
          Interest Rate:
          With
          respect to each Class of Certificates and any Distribution Date, the applicable
          per annum rate set forth or described under the heading “The Certificates” in
          the Preliminary Statement hereto.

        
          
            
            

          

          
            19

            
              

            

          

          
            
            

          

        

         

        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 LIBOR Certificate, the initial Certificate Principal Amount
          thereof on the Closing Date, less the amount of all principal distributions
          previously distributed with respect to such Certificate and, in the case
          of the
          Subordinate Certificates, any Applied Loss Amount previously allocated
          to such
          Certificate; provided,
          however,
          that on
          each Distribution Date on which a Subsequent Recovery is distributed, the
          Certificate Principal Amount of any Class of Subordinate Certificates whose
          Certificate Principal Amount has previously been reduced by application
          of
          Applied Loss Amounts will be increased, sequentially, in order of seniority,
          by
          an amount (to be applied pro
          rata
          to all
          Certificates of such Class) equal to the lesser of (1) any Deferred Amount
          for
          each such Class immediately prior to such Distribution Date and (2) the
          total
          amount of any Subsequent Recovery distributed on such Distribution Date
          to
          Certificateholders, after application for this purpose to any more senior
          Classes of Certificates. The Class X, Class R and Class LT-R Certificates
          are
          issued without Certificate Principal Amounts. The Class P Certificates
          are
          issued with an initial Class P Principal Amount of $100.

        

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

         

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

         

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

         

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

         

        Civil
          Relief Act:
          The
          Servicemembers Civil Relief Act, as amended, or any similar state or local
          statute.

         

        Class:
          All
          Certificates, in the case of REMIC 4, all interests bearing the same class
          designation, and, in the case of REMIC 1, REMIC 2 and REMIC 3, all Lower
          Tier
          Interests, bearing the same class designation.

         

        Class
          I Shortfalls:
          As
          defined in Section 10.01(n) hereof. For purposes of clarity, the Class
          I
          Shortfall for any Distribution Date shall equal the amount payable to the
          Swap
          Counterparty on such Distribution Date in excess of the amount payable
          on the
          Class LT4-I interest in the Upper Tier REMIC on such Distribution Date,
          all as
          further provided in Section 10.01(n) hereof.

         

        Class
          LT-R Certificate:
          Each
          Class LT-R Certificate executed by the Trustee and authenticated and delivered
          by the Certificate Registrar, substantially in the form annexed hereto
          as
          Exhibit A and evidencing the ownership of the residual interest in REMIC
          1.

         

        Class
          M Certificates:
          Collectively, the Class M1, Class M2, Class M3, Class M4, Class M5, Class
          M6,
          Class M7, Class M8 and Class M9 Certificates.

        
          
            
            

          

          
            20

            
              

            

          

          
            
            

          

        

        

          Class
            M1 Enhancement Percentage:
            With
            respect to any Distribution Date, the fraction, expressed as a percentage,
            the
            numerator of which is the sum of the aggregate Class Principal Amount
            of the
            Offered Subordinate Certificates (other than the Class M1 Certificates)
            and the
            Class B Certificates and the Overcollateralization Amount for such Distribution
            Date (which, for purposes of this definition only, will not be less than
            zero)
            and the denominator of which is the Aggregate Pool Balance for such Distribution
            Date, in each case after giving effect to distributions on such Distribution
            Date.

           

          Class
            Notional Amount:
            Not
            applicable. 

           

          Class
            P Principal Amount:
            As of
            the Closing Date, $100.

           

          Class
            Principal Amount:
            With
            respect to any Class of LIBOR Certificates and any date of determination,
            the
            aggregate of the Certificate Principal Amounts of all Certificates of
            such Class
            on such date. With respect to the Class X, Class P, Class LT-R and Class
            R
            Certificates, zero. With respect to any Lower Tier Interest, the initial
            Class
            Principal Amount as shown or described in the table set forth in the
            Preliminary
            Statement to this Agreement for the issuing REMIC, as reduced by principal
            distributed with respect to such Lower Tier Interest and Realized Losses
            allocated to such Lower Tier Interest. 

           

          Class
            R Certificate:
            Each
            Class R Certificate executed by the Trustee, and authenticated and delivered
            by
            the Certificate Registrar, substantially in the form annexed hereto as
            Exhibit A
            and evidencing the ownership of the Class LT2-R Interest, Class LT3-R
            Interest
            and the residual interest in the Upper Tier REMIC.

           

          Class
            X Distributable Amount:
            With
            respect to any Distribution Date, the amount of interest that has accrued
            on the
            Class X Notional Balance, as described in the Preliminary Statement,
            but that
            has not been distributed prior to such date. In addition, such amount
            shall
            include the initial Overcollateralization Amount of $12,071,641.85
            ($12,071,741.85 less $100 of such amount allocated to the Class P Certificates)
            to the extent such amount has not been distributed on an earlier Distribution
            Date as part of the Aggregate Overcollateralization Release Amount.

           

          Class
            X Notional Balance:
            With
            respect to any Distribution Date (and the related Accrual Period) the
            aggregate
            principal balance of the regular interests in REMIC 3 as specified in
            the
            Preliminary Statement hereto.

           

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

           

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

           

          Clearstream:
            Clearstream Banking Luxembourg, and any successor thereto.

           

          Closing
            Date:
            August
            30, 2006.

          
            
              
              

            

            
              21

              
                

              

            

            
              
              

            

          

           

          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.

           

          Collection
            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.

           

          Commission:
            The
            United States 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 Servicer with
            respect
            to such Distribution Date. The Master Servicer shall not be responsible
            for
            making any Compensating Interest Payment.

           

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

           

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

           

          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.

            
              
                
                

              

              
                22

                
                  

                

              

              
                
                

              

            

             

            Cooperative
              Shares:
              Shares
              issued by a Cooperative Corporation.

             

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

             

            Corporate
              Trust Office:
              The
              principal corporate trust office of the Trustee at which, at any particular
              time, its corporate trust business shall be administered, which office
              at the
              date hereof is located at One Federal Street, 3rd Floor, Boston, MA
              02110,
              Attention: Structured Finance—FFMLT 2006-FF12.

             

            Corresponding
              Class:
              The
              Class of Certificates that corresponds to a Class of interests in REMIC
              3 or
              REMIC 4, as provided in the Preliminary Statement.

             

            Credit
              Risk Manager:
              OfficeTiger Global Real Estate Services Inc., a Delaware corporation,
              and its
              successors and assigns. 

             

            Credit
              Risk Manager’s Fee:
              With
              respect to any Distribution Date and each Mortgage Loan, an amount
              equal to the
              product of (a) one twelfth, (b) the Credit Risk Manager’s Fee Rate and (c) the
              Scheduled Principal Balance of such Mortgage Loan as of the first day
              of the
              related Collection Period; provided, however, that such amount shall
              not be less
              than $1,500.00 on each Distribution Date.

             

            Credit
              Risk Manager’s Fee Rate:
              0.010%
              per annum.

             

            Cumulative
              Loss Trigger Event:
              A
              Cumulative Loss Trigger Event shall have occurred with respect to any
              Distribution Date if the fraction, expressed as a percentage, obtained
              by
              dividing (x) the aggregate amount of cumulative Realized Losses incurred
              on the
              Mortgage Loans from the Cut-off Date through the last day of the related
              Collection Period by (y) the Cut-off Date Balance exceeds the applicable
              percentages described below with respect to such Distribution Date:

             

            
              	
                      Distribution
                        Date

                    	
                      Loss
                        Percentage

                    
	
                      September
                        2008 to August 2009

                    	
                      1.25%
                        for the first month, plus
                        an
                        additional 1/12th
                        of
                        1.55% for each month thereafter

                    
	
                      September
                        2009 to August 2010

                    	
                      2.80%
                        for the first month, plus
                        an
                        additional 1/12th
                        of
                        1.55% for each month thereafter

                    
	
                      September
                        2010 to August 2011

                    	
                      4.35%
                        for the first month, plus
                        an
                        additional 1/12th
                        of
                        1.30% for each month thereafter

                    
	
                      September
                        2011 to August 2012

                    	
                      5.65%
                        for the first month, plus
                        an
                        additional 1/12th
                        of
                        0.65% for each month thereafter

                    
	
                      September
                        2012 and thereafter

                    	
                      6.30%

                    

            

             

            Current
              Interest:
              With
              respect to any Class of LIBOR Certificates and any Distribution Date,
              the
              aggregate amount of interest accrued at the applicable Certificate
              Interest Rate
              during the related Accrual Period on the Class Principal Amount of
              such Class
              immediately prior to such Distribution Date.

            
              
                
                

              

              
                23

                
                  

                

              

              
                
                

              

            

            

              Custodial
                Account:
                Any
                custodial account (other than an Escrow Account) established and
                maintained by
                the Servicer pursuant to the Servicing Agreement.

               

              Custodial
                Agreement:
                The
                custodial agreement identified on Exhibit K hereto, and any custodial
                agreement
                subsequently executed by the Trustee and acknowledged by the Master
                Servicer
                substantially in the form thereof.

               

              Custodian:
                The
                Custodian appointed by the Trustee pursuant to the Custodial Agreement,
                and any
                successor thereto. The initial Custodian is U.S. Bank National
                Association.

               

              Cut-off
                Date:
                August
                1, 2006.

               

              Cut-off
                Date Balance:
                The
                Aggregate Pool Balance as of the Cut-off Date.

               

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

               

              Defaulting
                Party:
                As
                defined in the Swap Agreement.

               

              Deferred
                Amount:
                With
                respect to any Distribution Date and each Class of the Subordinate
                Certificates,
                the amount by which (x) the aggregate of Applied Loss Amounts previously
                applied
                in reduction of the Class Principal Amount thereof exceeds (y) the
                sum of (1)
                the aggregate of amounts previously reimbursed in respect thereof
                and (2) the
                amount by which the Class Principal Amount of such Class has been
                increased due
                to any Subsequent Recovery.

               

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

               

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

               

              Delinquency
                Event:
                A
                Delinquency Event will have occurred if with respect to any Distribution
                Date
                prior to the Distribution Date on which the aggregate Class Principal
                Amount of
                the Senior Certificates has been reduced to zero, the Rolling Three
                Month
                Delinquency Rate as of the last day of the immediately preceding
                calendar month
                equals or exceeds (1) 41.65% of the Senior Enhancement Percentage
                for such
                Distribution Date or (2) with respect to any Distribution Date on
                which the
                aggregate Class Principal Amount of the Senior Certificates has been
                reduced to
                zero, 58.00% of the Class M1 Enhancement Percentage.

               

              Delinquency
                Rate:
                With
                respect to any calendar month, the fraction, expressed as a percentage,
                the
                numerator of which is the aggregate outstanding principal balance
                of all
                Mortgage Loans 60 days Delinquent or more (including all foreclosures,
                bankruptcies and REO Properties) as of the close of business on the
                last day of
                such month, and the denominator of which is the Aggregate Pool Balance
                as of the
                close of business on the last day of such month.

              
                
                  
                  

                

                
                  24

                  
                    

                  

                

                
                  
                  

                

              

               

              Delinquent:
                For
                reporting purposes, a Mortgage Loan is “delinquent” when any payment
                contractually due thereon has not been made by the close of business
                on the Due
                Date therefor. Such Mortgage Loan is “30 days Delinquent” if such payment has
                not been received by the close of business on the corresponding day
                of the month
                immediately succeeding the month in which such payment was first
                due, or, if
                there is no such corresponding day (e.g.,
                as when
                a 30-day month follows a 31-day month in which a payment was due
                on the 31st day
                of such month), then on the last day of such immediately succeeding
                month.
                Similarly for “60 days Delinquent” and the second immediately succeeding month
                and “90 days Delinquent” and the third immediately succeeding
                month.

               

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

               

              Determination
                Date:
                With
                respect to each Distribution Date, the 18th day of the month in which
                such
                Distribution Date occurs, or, if such 18th day is not a Business
                Day, the next
                succeeding Business Day.

               

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

               

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

               

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

               

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

               

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

               

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

              
                
                  
                  

                

                
                  25

                  
                    

                  

                

                
                  
                  

                

              

               

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

               

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

               

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

               

              (iii)
                repurchase agreements collateralized by Direct Obligations or securities
                guaranteed by GNMA, FNMA or FHLMC with any registered broker/dealer
                subject to
                Securities Investor 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 (a)
                one of the two highest short-term credit rating categories of each
                Rating Agency
                and (b) the highest short-term rating category of Fitch; 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 Pool 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 any Rating Agency;

               

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

              
                
                  
                  

                

                
                  26

                  
                    

                  

                

                
                  
                  

                

              

               

              (vi)
                a
                Qualified GIC;

               

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

               

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

               

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

               

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

               

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

               

              ERISA-Restricted
                Certificate:
                Any
                Class B, Class P, Class X, Class R or Class LT-R Certificate, and
                any Offered
                Certificate which does not have a rating of BBB- or above or Baa3
                or above.

               

              ERISA-Restricted
                Trust Certificate:
                Any
                Senior Certificate or Class M Certificate.

              
                
                  
                  

                

                
                  27

                  
                    

                  

                

                
                  
                  

                

              

               

              Errors
                and Omission Insurance Policy:
                The
                errors or omission insurance policy required to be obtained by the
                Servicer
                satisfying the requirements of the Servicing Agreement.

               

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

               

              Euroclear:
                Euroclear Bank, 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).

               

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

               

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

               

              Excluded
                Trust Assets:
                As
                described in the Preliminary Statement. 

               

              Fannie
                Mae or FNMA:
                Fannie
                Mae, f/k/a/ 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.

               

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

               

              Fidelity
                Bond:
                The
                fidelity bond required to be obtained by the Servicer satisfying
                the
                requirements of the Servicing Agreement.

               

              Final
                Scheduled Distribution Date:
                With
                respect to each Class of Certificates, the Distribution Date occurring
                in
                September 2036.

               

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

               

              First
                Payment Default Loan:
                Any
                Mortgage Loans which do not make first payments due to the Seller
                within the
                time frame required under the PPTLS.

               

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

               

              Fixed
                Rate Mortgage Loan:
                Any
                Mortgage Loan as to which the related Mortgage Note provides for
                a fixed rate of
                interest throughout the term of such Note.

               

              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.

              
                
                  
                  

                

                
                  28

                  
                    

                  

                

                
                  
                  

                

              

               

              Freddie
                Mac or FHLMC:
                Freddie
                Mac, f/k/a 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.

               

              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.

               

              Group:
                The
                Group 1 Senior Certificates or the Group 2 Senior Certificates, as
                the context
                requires.

               

              Group
                1 Senior Certificates:
                The
                Class A1 Certificates.

               

              Group
                2 Senior Certificates:
                Collectively, the Class A2, Class A3, Class A4 and Class A5
                Certificates.

               

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

               

              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 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, (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 and (d)
                is not a member
                of the immediate family of a Person defined in clause (b) or (c)
                above.

              
                
                  
                  

                

                
                  29

                  
                    

                  

                

                
                  
                  

                

              

              

                Index:
                  The
                  index specified in the related Mortgage Note for calculation of
                  the Mortgage
                  Rate thereof.

                 

                Initial
                  LIBOR Rate:
                  5.32438%.

                 

                Initial
                  Optional Termination Date:
                  The
                  first Distribution Date following the date on which the Aggregate
                  Pool Balance
                  is less than 5.00% of the Cut-off Date Balance.

                 

                Insurance
                  Fee Rate:
                  Not
                  applicable.

                 

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

                 

                Insurance
                  Proceeds:
                  Amounts
                  paid by the insurer under any Insurance Policy, other than amounts
                  (i) to cover
                  expenses incurred by or on behalf of the Servicer or Master 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 the law or the related Mortgage Note.

                 

                Interest
                  Rate Cap Account:
                  The
                  account created pursuant to Section 5.07(b).

                 

                Interest
                  Rate Cap Agreement:
                  The
                  interest rate cap agreement dated August 30, 2006 entered into
                  by the
                  Supplemental Interest Trust, which agreement provides for the monthly
                  payment
                  specified therein to the Trustee (for the benefit of the Certificateholders)
                  commencing with the Distribution Date in August 2007 and ending
                  on the
                  Distribution Date in August 2011, by the Cap Counterparty, but
                  subject to the
                  conditions set forth therein together with any schedules, confirmations
                  or other
                  agreements relating thereto, attached hereto as Exhibit N. 

                 

                Interest
                  Rate Cap Amount:
                  With
                  respect to each Distribution Date, the amount of any Interest Rate
                  Cap Payment
                  deposited into the Interest Rate Cap Account.

                 

                Interest
                  Rate Cap Payment:
                  With
                  respect to each Distribution Date, any payment required to be made
                  by the Cap
                  Counterparty to the Supplemental Interest Trust pursuant to the
                  terms of the
                  Interest Rate Cap Agreement.

                 

                Interest
                  Rate Cap Payment Date:
                  For so
                  long as the Interest Rate Cap Agreement is in effect or any amounts
                  remain
                  unpaid thereunder, the Business Day immediately preceding each
                  Distribution
                  Date.

                
                  
                    
                    

                  

                  
                    30

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                Interest
                  Remittance Amount:
                  With
                  respect to each Mortgage Pool and any Distribution Date, an amount
                  equal to (a)
                  the sum of (1) all interest collected (other than Payaheads and
                  Prepayment
                  Premiums) or advanced in respect of Scheduled Payments on the Mortgage
                  Loans in
                  such Mortgage Pool during the related Collection Period by the
                  Servicer, the
                  Master Servicer or the Trustee (solely in its capacity as successor
                  master
                  servicer), minus
                  (x) the
                  Servicing Fee with respect to such Mortgage Loans in such Mortgage
                  Pool and (y)
                  previously unreimbursed Advances due to the Servicer, the Master
                  Servicer or the
                  Trustee (solely in its capacity as successor master servicer) to
                  the extent
                  allocable to interest and the allocable portion of previously unreimbursed
                  Servicing Advances with respect to such Mortgage Loans to the extent
                  allocable
                  to interest, (2) any amounts actually paid by the Servicer with
                  respect to
                  Prepayment Interest Shortfalls and any Compensating Interest Payments
                  with
                  respect to such Mortgage Loans and the related Prepayment Period,
                  (3) the
                  portion of any Purchase Price (or PPTL Purchase Price (excluding
                  PPTL Premium)
                  payable with respect to a First Payment Default Loan) or Substitution
                  Amount
                  paid with respect to such Mortgage Loans during the related Prepayment
                  Period
                  allocable to interest and (4) all Net Liquidation Proceeds, Subsequent
                  Recoveries, Insurance Proceeds and any other recoveries collected
                  with respect
                  to such Mortgage Loans during the related Prepayment Period, to
                  the extent
                  allocable to interest, for each Mortgage Pool, as
                  reduced by (b)
                  the
                  product of (i) the applicable Pool Percentage for such Distribution
                  Date and
                  (ii) any other costs, expenses or liabilities reimbursable to the Trustee,
                  the Master Servicer, the Custodian and the Servicer to the extent
                  provided in
                  this Agreement, the Servicing Agreement and the Custodial Agreement;
                  provided,
                  however,
                  that in
                  the case of the Trustee, such reimbursable amounts to the Trustee
                  payable from
                  the Interest Remittance Amount and Principal Remittance Amount
                  may not exceed
                  $200,000 during any Anniversary Year. In the event that the Trustee
                  incurs
                  reimbursable amounts in excess of $200,000, it may seek reimbursement
                  for such
                  amounts in subsequent Anniversary Years, but in no event shall
                  more than
                  $200,000 be reimbursed to the Trustee per Anniversary Year. Notwithstanding
                  the
                  foregoing, costs and expenses incurred by the Trustee pursuant
                  to Section
                  6.14(a) in connection with any transfer of servicing shall be excluded
                  from the
                  $200,000 per Anniversary Year limit on reimbursable amounts. For
                  the avoidance
                  of doubt, (i) the Interest Remittance Amount available on each
                  Swap Payment Date
                  for distributions to the Swap Account shall be equal to the Interest
                  Remittance
                  Amount on the related Distribution Date and (ii) the Interest Remittance
                  Amount
                  for each Distribution Date shall be calculated without regard to
                  any
                  distributions to the Swap Account on the related Swap Payment Date.

                 

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

                 

                Latest
                  Possible Maturity Date:
                  The
                  Distribution Date occurring in September 2041.

                 

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

                 

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

                 

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

                
                  
                    
                    

                  

                  
                    31

                    
                      

                    

                  

                  
                    
                    

                  

                

                

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

                   

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

                   

                  LIBOR
                    Certificate:
                    Any
                    Class A1, Class A2, Class A3, Class A4, Class A5, Class M1, Class
                    M2, Class M3,
                    Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 or
                    Class B
                    Certificate.

                   

                  LIBOR
                    Determination Date:
                    The
                    second LIBOR Business Day immediately preceding the commencement
                    of each Accrual
                    Period for any LIBOR Certificate.

                   

                  Liquidated
                    Mortgage Loan:
                    Any
                    defaulted Mortgage Loan as to which the Master Servicer or the
                    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 a Servicer
                    in connection
                    with the liquidation of any defaulted Mortgage Loan, including,
                    without
                    limitation, foreclosure and rehabilitation expenses, legal expenses
                    and
                    unreimbursed amounts, if any, 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, payment in full, discounted payoff or otherwise,
                    or the sale
                    of the related Mortgaged Property if the Mortgaged Property is
                    acquired in
                    satisfaction of the Mortgage Loan, including any amounts remaining
                    in the
                    related Escrow Account.

                   

                  Loan
                    Performance Advisor Agreement:
                    The
                    agreement dated as of June 30, 2005, entered into by the Credit
                    Risk Manager and
                    LBH.

                   

                  Loan
                    Performance Monitoring Agreement:
                    The
                    agreement dated as of August 30, 2006 entered into by the Credit
                    Risk Manager
                    and the Servicer.

                   

                  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 of the related Mortgaged Property.

                   

                  Lower
                    Tier Interest:
                    As
                    described in the Preliminary Statement.

                  
                    
                      
                      

                    

                    
                      32

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  Lower
                    Tier REMIC 1 Uncertificated Regular Interests:
                    Lower
                    Tier Interests of REMIC 1 constituting regular interests held
                    in uncertificated
                    form pursuant to a Section 7.01(c) Purchase Event.

                   

                  LPMI
                    Policy:
                    Not
                    applicable.

                   

                  LTURI-holder:
                    The
                    holder of Lower Tier REMIC 1 Uncertificated Regular Interests,
                    which upon the
                    occurrence of a Section 7.01(c) Purchase Event shall be the Master
                    Servicer or
                    its designee, and including any trustee in its capacity as trustee
                    of any
                    privately placed securitization.

                   

                  M1
                    Principal Distribution Amount:
                    With
                    respect to any Distribution Date on or after the Stepdown Date
                    and as long as a
                    Trigger Event is not in effect with respect to such Distribution
                    Date, the
                    amount, if any, by which (x) the sum of (i) the aggregate Class
                    Principal Amount
                    of the Senior Certificates after giving effect to distributions
                    on such
                    Distribution Date and (ii) the Class Principal Amount of the
                    Class M1
                    Certificates immediately prior to such Distribution Date exceeds
                    (y) the M1
                    Target Amount.

                   

                  M1
                    Target Amount:
                    With
                    respect to any Distribution Date, an amount equal to the lesser
                    of (a) the
                    product of (i) 72.60% and (ii) the Aggregate Pool Balance for
                    such Distribution
                    Date determined as of the last day of the related Collection
                    Period and (b) the
                    amount, if any, by which (i) the Aggregate Pool Balance for such
                    Distribution
                    Date determined as of the last day of the related Collection
                    Period exceeds (ii)
                    the Overcollateralization Floor.

                   

                  M2
                    Principal Distribution Amount:
                    With
                    respect to any Distribution Date on or after the Stepdown Date
                    and as long as a
                    Trigger Event is not in effect with respect to such Distribution
                    Date, the
                    amount, if any, by which (x) the sum of (i) the aggregate Class
                    Principal Amount
                    of the Senior Certificates and the Class M1 Certificates, in
                    each case after
                    giving effect to distributions on such Distribution Date and
                    (ii) the Class
                    Principal Amount of the Class M2 Certificates immediately prior
                    to such
                    Distribution Date exceeds (y) the M2 Target Amount.

                   

                  M2
                    Target Amount:
                    With
                    respect to any Distribution Date, an amount equal to the lesser
                    of (a) the
                    product of (i) 78.20% and (ii) the Aggregate Pool Balance for
                    such Distribution
                    Date determined as of the last day of the related Collection
                    Period and (b) the
                    amount, if any, by which (i) the Aggregate Pool Balance for such
                    Distribution
                    Date determined as of the last day of the related Collection
                    Period exceeds (ii)
                    the Overcollateralization Floor.

                   

                  M3
                    Principal Distribution Amount:
                    With
                    respect to any Distribution Date on or after the Stepdown Date
                    and as long as a
                    Trigger Event is not in effect with respect to such Distribution
                    Date, the
                    amount, if any, by which (x) the sum of (i) the aggregate Class
                    Principal Amount
                    of the Senior Certificates and the Class M1 and Class M2 Certificates,
                    in each
                    case after giving effect to distributions on such Distribution
                    Date and (ii) the
                    Class Principal Amount of the Class M3 Certificates immediately
                    prior to such
                    Distribution Date exceeds (y) the M3 Target Amount.

                   

                  M3
                    Target Amount:
                    With
                    respect to any Distribution Date, an amount equal to the lesser
                    of (a) the
                    product of (i) 81.60% and (ii) the Aggregate Pool Balance for
                    such Distribution
                    Date determined as of the last day of the related Collection
                    Period and (b) the
                    amount, if any, by which (i) the Aggregate Pool Balance for such
                    Distribution
                    Date determined as of the last day of the related Collection
                    Period exceeds (ii)
                    the Overcollateralization Floor.

                  
                    
                      
                      

                    

                    
                      33

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  

                    M4
                      Principal Distribution Amount:
                      With
                      respect to any Distribution Date on or after the Stepdown Date
                      and as long as a
                      Trigger Event is not in effect with respect to such Distribution
                      Date, the
                      amount, if any, by which (x) the sum of (i) the aggregate Class
                      Principal Amount
                      of the Senior Certificates and the Class M1, Class M2 and Class
                      M3 Certificates,
                      in each case after giving effect to distributions on such Distribution
                      Date and
                      (ii) the Class Principal Amount of the Class M4 Certificates
                      immediately prior
                      to such Distribution Date exceeds (y) the M4 Target Amount.

                     

                    M4
                      Target Amount:
                      With
                      respect to any Distribution Date, an amount equal to the lesser
                      of (a) the
                      product of (i) 84.60% and (ii) the Aggregate Pool Balance for
                      such Distribution
                      Date determined as of the last day of the related Collection
                      Period and (b) the
                      amount, if any, by which (i) the Aggregate Pool Balance for
                      such Distribution
                      Date determined as of the last day of the related Collection
                      Period exceeds (ii)
                      the Overcollateralization Floor.

                     

                    M5
                      Principal Distribution Amount:
                      With
                      respect to any Distribution Date on or after the Stepdown Date
                      and as long as a
                      Trigger Event is not in effect with respect to such Distribution
                      Date, the
                      amount, if any, by which (x) the sum of (i) the aggregate Class
                      Principal Amount
                      of the Senior Certificates and the Class M1, Class M2, Class
                      M3 and Class M4
                      Certificates, in each case after giving effect to distributions
                      on such
                      Distribution Date and (ii) the Class Principal Amount of the
                      Class M5
                      Certificates immediately prior to such Distribution Date exceeds
                      (y) the M5
                      Target Amount.

                     

                    M5
                      Target Amount:
                      With
                      respect to any Distribution Date, an amount equal to the lesser
                      of (a) the
                      product of (i) 87.60% and (ii) the Aggregate Pool Balance for
                      such Distribution
                      Date determined as of the last day of the related Collection
                      Period and (b) the
                      amount, if any, by which (i) the Aggregate Pool Balance for
                      such Distribution
                      Date determined as of the last day of the related Collection
                      Period exceeds (ii)
                      the Overcollateralization Floor.

                     

                    M6
                      Principal Distribution Amount:
                      With
                      respect to any Distribution Date on or after the Stepdown Date
                      and as long as a
                      Trigger Event is not in effect with respect to such Distribution
                      Date, the
                      amount, if any, by which (x) the sum of (i) the aggregate Class
                      Principal Amount
                      of the Senior Certificates and the Class M1, Class M2, Class
                      M3, Class M4 and
                      Class M5 Certificates, in each case after giving effect to
                      distributions on such
                      Distribution Date and (ii) the Class Principal Amount of the
                      Class M6
                      Certificates immediately prior to such Distribution Date exceeds
                      (y) the M6
                      Target Amount.

                     

                    M6
                      Target Amount:
                      With
                      respect to any Distribution Date, an amount equal to the lesser
                      of (a) the
                      product of (i) 90.30% and (ii) the Aggregate Pool Balance for
                      such Distribution
                      Date determined as of the last day of the related Collection
                      Period and (b) the
                      amount, if any, by which (i) the Aggregate Pool Balance for
                      such Distribution
                      Date determined as of the last day of the related Collection
                      Period exceeds (ii)
                      the Overcollateralization Floor.

                     

                    M7
                      Principal Distribution Amount:
                      With
                      respect to any Distribution Date on or after the Stepdown Date
                      and as long as a
                      Trigger Event is not in effect with respect to such Distribution
                      Date, the
                      amount, if any, by which (x) the sum of (i) the aggregate Class
                      Principal Amount
                      of the Senior Certificates and the Class M1, Class M2, Class
                      M3, Class M4, Class
                      M5 and Class M6 Certificates, in each case after giving effect
                      to distributions
                      on such Distribution Date and (ii) the Class Principal Amount
                      of the Class M7
                      Certificates immediately prior to such Distribution Date exceeds
                      (y) the M7
                      Target Amount.

                    
                      
                        
                        

                      

                      
                        34

                        
                          

                        

                      

                      
                        
                        

                      

                    

                     

                    M7
                      Target Amount:
                      With
                      respect to any Distribution Date, an amount equal to the lesser
                      of (a) the
                      product of (i) 92.80% and (ii) the Aggregate Pool Balance for
                      such Distribution
                      Date determined as of the last day of the related Collection
                      Period and (b) the
                      amount, if any, by which (i) the Aggregate Pool Balance for
                      such Distribution
                      Date determined as of the last day of the related Collection
                      Period exceeds (ii)
                      the Overcollateralization Floor.

                     

                    M8
                      Principal Distribution Amount:
                      With
                      respect to any Distribution Date on or after the Stepdown Date
                      and as long as a
                      Trigger Event is not in effect with respect to such Distribution
                      Date, the
                      amount, if any, by which (x) the sum of (i) the aggregate Class
                      Principal Amount
                      of the Senior Certificates and the Class M1, Class M2, Class
                      M3, Class M4, Class
                      M5, Class M6 and Class M7 Certificates, in each case after
                      giving effect to
                      distributions on such Distribution Date and (ii) the Class
                      Principal Amount of
                      the Class M8 Certificates immediately prior to such Distribution
                      Date exceeds
                      (y) the M8 Target Amount.

                     

                    M8
                      Target Amount:
                      With
                      respect to any Distribution Date, an amount equal to the lesser
                      of (a) the
                      product of (i) 94.40% and (ii) the Aggregate Pool Balance for
                      such Distribution
                      Date determined as of the last day of the related Collection
                      Period and (b) the
                      amount, if any, by which (i) the Aggregate Pool Balance for
                      such Distribution
                      Date determined as of the last day of the related Collection
                      Period exceeds (ii)
                      the Overcollateralization Floor.

                     

                    M9
                      Principal Distribution Amount:
                      With
                      respect to any Distribution Date on or after the Stepdown Date
                      and as long as a
                      Trigger Event is not in effect with respect to such Distribution
                      Date, the
                      amount, if any, by which (x) the sum of (i) the aggregate Class
                      Principal Amount
                      of the Senior Certificates and the Class M1, Class M2, Class
                      M3, Class M4, Class
                      M5, Class M6, Class M7 and Class M8 Certificates, in each case
                      after giving
                      effect to distributions on such Distribution Date and (ii)
                      the Class Principal
                      Amount of the Class M9 Certificates immediately prior to such
                      Distribution Date
                      exceeds (y) the M9 Target Amount.

                     

                    M9
                      Target Amount:
                      With
                      respect to any Distribution Date, an amount equal to the lesser
                      of (a) the
                      product of (i) 95.70% and (ii) the Aggregate Pool Balance for
                      such Distribution
                      Date determined as of the last day of the related Collection
                      Period and (b) the
                      amount, if any, by which (i) the Aggregate Pool Balance for
                      such Distribution
                      Date determined as of the last day of the related Collection
                      Period exceeds (ii)
                      the Overcollateralization Floor.

                     

                    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
                      Servicer Remittance Date:
                      With
                      respect to each Distribution Date, two Business Days immediately
                      preceding such
                      Distribution Date. 

                    
                      
                        
                        

                      

                      
                        35

                        
                          

                        

                      

                      
                        
                        

                      

                    

                     

                    Master
                      Servicing Fee:
                      As to
                      any Distribution Date, an amount equal to 1/12th
                      the
                      product of (a) the Master Servicing Fee Rate and (b) the outstanding
                      principal
                      balance of each Mortgage Loan.

                     

                    Master
                      Servicing Fee Rate:
                      0.00%
                      per annum.

                     

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

                     

                    Maximum
                      Interest Rate:
                      The
                      Pool 1 Maximum Interest Rate, the Pool 2 Maximum Interest Rate
                      or the
                      Subordinate Maximum Interest Rate, as applicable.

                     

                    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 nominee
                      for the holder from
                      time to time of the Mortgage Note.

                     

                    Monthly
                      Excess Cashflow:
                      For
                      each Distribution Date, the aggregate of any remaining Interest
                      Remittance
                      Amount pursuant to Section 5.02(d)(v) for
                      such
                      date, any Principal Distribution Amount remaining after distribution
                      pursuant to
                      Section 5.02(e)(ii)(C) or 5.02 (e)(iii)(O) for such date, and
                      any Aggregate
                      Overcollateralization Release Amount for such date.

                     

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

                     

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

                     

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

                     

                    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.

                     

                    Mortgage
                      Loan Sale Agreement:
                      The
                      mortgage loan sale and assignment agreement dated as of August
                      1, 2006, for the
                      sale of the Mortgage Loans by the Seller to the Depositor.

                     

                    Mortgage
                      Loan Schedule:
                      The
                      schedule attached hereto as Schedule A, which shall identify
                      each Mortgage Loan,
                      as such schedule may be amended from time to time to reflect
                      the addition of
                      Mortgage Loans to, or the deletion of Mortgage Loans from,
                      the Trust Fund. Such
                      schedule shall set forth, among other things, the following
                      information with
                      respect to each Mortgage Loan: (i) the Mortgage Loan identifying
                      number; (ii)
                      the city, state and zip code of the Mortgaged Property; (iii)
                      the original
                      principal amount of the Mortgage Loan; (iv) the Mortgage Rate
                      at origination;
                      (v) the monthly payment of principal and interest at origination;
                      (vi) the
                      Mortgage Pool in which such Mortgage Loan is included; (vii)
                      whether such
                      Mortgage Loan is subject to a Prepayment Premium for voluntary
                      prepayments by
                      the Mortgagor, the term during which such Prepayment Premiums
                      are imposed and
                      the methods of calculation of the Prepayment Premium; and (viii)
                      whether such
                      Mortgage Loan is a Simple Interest Mortgage Loan. The Depositor
                      shall be
                      responsible for providing the Trustee and the Master Servicer
                      with all
                      amendments to the Mortgage Loan Schedule.

                    
                      
                        
                        

                      

                      
                        36

                        
                          

                        

                      

                      
                        
                        

                      

                    

                     

                    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 or Pool 2.

                    

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

                       

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

                       

                      Mortgagor:
                        The
                        obligor on a Mortgage Note.

                       

                      Net
                        Excess Spread:
                        With
                        respect to any Distribution Date, (A) the fraction, expressed
                        as a percentage,
                        the numerator of which is equal to the product of (i) the
                        amount, if any, by
                        which (a) the aggregate of the Interest Remittance Amounts
                        for each Mortgage
                        Pool such Distribution Date (as reduced by the aggregate
                        Credit Risk Manager’s
                        Fee) exceeds (b) the Current Interest payable with respect
                        to the Certificates
                        for such date and (ii) twelve, and the denominator of which
                        is the Aggregate
                        Pool Balance for such Distribution Date, multiplied
                        by (B) a
                        fraction, the numerator of which is thirty and the denominator
                        of which is the
                        greater of thirty and the actual number of days in the immediately
                        preceding
                        calendar month minus
                        (C)
                        the
                        product, expressed as a percentage, of (i) the amount of
                        any Net Swap Payment
                        owed to the Swap Counterparty for such Distribution Date
                        divided by the
                        Aggregate Pool Balance as of the beginning of the related
                        Collection Period and
                        (ii) a fraction, the numerator of which is 360 and the denominator
                        of which is
                        the actual number of days in the Accrual Period related to
                        such Distribution
                        Date, plus
                        (D)
                        the
                        product, expressed as a percentage, of (i) the sum of (a)
                        the amount of any Net
                        Swap Payment and (b) any Interest Rate Cap Payment received
                        by the Supplemental
                        Interest Trust for such Distribution Date divided by the
                        Aggregate Pool Balance
                        as of the beginning of the related Collection Period and
                        (ii) a fraction, the
                        numerator of which is 360 and the denominator of which is
                        the actual number of
                        days in the Accrual Period related to such Distribution Date.

                       

                      Net
                        Funds Cap:
                        The
                        Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap or the Subordinate
                        Net Funds Cap,
                        as the context requires.

                       

                      Net
                        Liquidation Proceeds:
                        With
                        respect to any Liquidated Mortgage Loan, the related Liquidation
                        Proceeds net of
                        (i) unreimbursed expenses and (ii) any unreimbursed Advances,
                        if any, received
                        and retained in connection with the liquidation of such Mortgage
                        Loan.

                      
                        
                          
                          

                        

                        
                          37

                          
                            

                          

                        

                        
                          
                          

                        

                      

                       

                      Net
                        Mortgage Rate:
                        With
                        respect to any Mortgage Loan, the Mortgage Rate thereof reduced
                        by the Servicing
                        Fee Rate for such Mortgage Loan.

                       

                      Net
                        Prepayment Interest Shortfall:
                        With
                        respect to any Master Servicer Remittance Date, the excess,
                        if any, of any
                        Prepayment Interest Shortfalls with respect to the Mortgage
                        Loans for such date
                        over any amounts paid with respect to such shortfalls by
                        the Servicer pursuant
                        to the Servicing Agreement.

                       

                      Net
                        Simple Interest Excess:
                        With
                        respect to any Distribution Date, the excess, if any, of
                        (a) the amount of the
                        payments received by the Servicer and the Master Servicer
                        in the related
                        Collection Period allocable to interest in respect of Simple
                        Interest Mortgage
                        Loans, calculated in accordance with the Simple Interest
                        Method, net of the
                        Servicing Fees, over (b) 30 days’ interest at the weighted average (by principal
                        balance) of the Net Mortgage Rates of the Simple Interest
                        Mortgage Loans as of
                        the first day of the related Collection Period, as determined
                        by the Servicer,
                        on the aggregate principal balance of such Simple Interest
                        Mortgage Loans for
                        such Distribution Date, carried to six decimal places, rounded
                        down, and
                        calculated on the basis of a 360-day year consisting of twelve
                        30-day months.
                        For this purpose, the amount of interest received in respect
                        of the Simple
                        Interest Mortgage Loans in any month shall be deemed (i)
                        to include any Advances
                        of interest made by the Servicer, the Master Servicer or
                        the Trustee (solely in
                        its capacity as successor servicer) in such month in respect
                        of such Simple
                        Interest Mortgage Loans and (ii) to be reduced by any amounts
                        paid to the
                        Servicer, the Master Servicer or the Trustee (solely in its
                        capacity as
                        successor servicer) in such month in reimbursement of Advances
                        previously made
                        by the Servicer, the Master Servicer or the Trustee (solely
                        in its capacity as
                        successor servicer) in respect of such Simple Interest Mortgage
                        Loans.

                       

                      Net
                        Simple Interest Shortfall:
                        With
                        respect to any Distribution Date, the excess, if any, of
                        (a) 30 days’ interest
                        at the weighted average (by principal balance) of the Net
                        Mortgage Rates of the
                        Simple Interest Mortgage Loans as of the first day of the
                        related Collection
                        Period, as determined by the Servicer, on the aggregate principal
                        balance of
                        such Simple Interest Mortgage Loans for such Distribution
                        Date, carried to six
                        decimal places, rounded down, and calculated on the basis
                        of a 360-day year
                        consisting of twelve 30-day months, over (b) the amount of
                        the payments received
                        by the Servicer or the Master Servicer in the related Collection
                        Period
                        allocable to interest in respect of such Simple Interest
                        Mortgage Loans,
                        calculated in accordance with the Simple Interest Method,
                        net of the Servicing
                        Fees.

                       

                      Net
                        Swap Payment:
                        With
                        respect to each Swap Payment Date, the sum of (i) the net
                        payment required to be
                        made pursuant to the terms of the Swap Agreement, which net
                        payment shall not
                        take into account any Swap Termination Payment, and (ii)
                        any unpaid amounts due
                        on previous Swap Payment Dates and accrued interest thereon
                        as provided in the
                        Swap Agreement, as calculated by the Swap Counterparty and
                        furnished to the
                        Trustee.

                       

                      Net
                        WAC Rate:
                        With
                        respect to any Distribution Date (and the related Accrual
                        Period), a per annum
                        rate equal to the weighted average of the Net Mortgage Rates
                        of the Mortgage
                        Loans as of the first day of the related Collection Period
                        (not including for
                        this purpose Mortgage Loans for which prepayments in full
                        have been received and
                        distributed in the month prior to that Distribution Date).

                      
                        
                          
                          

                        

                        
                          38

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      

                        NIM
                          Redemption Amount:
                          As
                          defined in Section 7.01(b).

                         

                        NIM
                          Securities:
                          Any net
                          interest margin securities issued by a trust or other special
                          purpose entity,
                          the principal assets of such trust including the Class
                          P and Class X
                          Certificates and the payments received thereon, which principal
                          assets back such
                          securities.

                         

                        NIMS
                          Agreement:
                          Any
                          agreement pursuant to which the NIM Securities are issued.

                         

                        NIMS
                          Insurer:
                          One or
                          more insurers issuing financial guaranty insurance policies
                          in connection with
                          the issuance of NIM Securities.

                         

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

                         

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

                         

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

                         

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

                         

                        Notional
                          Amount:
                          Not
                          applicable. 

                         

                        Notional
                          Certificate:
                          Not
                          applicable.

                         

                        Offered
                          Certificates:
                          The
                          Class A1, Class A2, Class A3, Class A4, Class A5, Class
                          M1, Class M2, Class M3,
                          Class M4, Class M5, Class M6, Class M7, Class M8 and Class
                          M9
                          Certificates.

                         

                        Offering
                          Document:
                          Each of
                          the Prospectus and the Private Placement Memorandum.

                         

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

                         

                        Opinion
                          of Counsel:
                          A
                          written opinion of counsel, reasonably acceptable in form
                          and substance to the
                          Trustee, and which may be in-house or outside counsel to
                          the Depositor, the
                          Master Servicer or the Trustee 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 the Employee
                          Retirement Income Security Act of 1974, as amended (“ERISA”), or the taxation,
                          or the federal income tax status, of each REMIC.

                         

                        Original
                          Mortgage Loan:
                          As
                          described in the Preliminary Statement. 

                         

                        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.

                        
                          
                            
                            

                          

                          
                            39

                            
                              

                            

                          

                          
                            
                            

                          

                        

                         

                        Overcollateralization
                          Amount:
                          With
                          respect to any Distribution Date, the amount, if any, by
                          which (x) the Aggregate
                          Pool Balance for such Distribution Date exceeds (y) the
                          aggregate Class
                          Principal Amount of the LIBOR Certificates after giving
                          effect to distributions
                          on such Distribution Date.

                         

                        Overcollateralization
                          Deficiency:
                          With
                          respect to any Distribution Date, the amount, if any, by
                          which (x) the Targeted
                          Overcollateralization Amount for such Distribution Date
                          exceeds (y) the
                          Overcollateralization Amount for such Distribution Date,
                          calculated for this
                          purpose after giving effect to the reduction on such Distribution
                          Date of the
                          Certificate Principal Amounts of the LIBOR Certificates
                          resulting from the
                          distribution of the Principal Distribution Amount on such
                          Distribution Date, but
                          prior to allocation of any Applied Loss Amount on such
                          Distribution
                          Date.

                         

                        Overcollateralization
                          Floor:
                          The
                          amount equal to $5,248, 248 or 0.50% of the Cut-off Date
                          Balance.

                         

                        Payahead:
                          With
                          respect to any Mortgage Loan and any Due Date therefor,
                          any Scheduled Payment
                          received by the Servicer during any Collection Period in
                          addition to the
                          Scheduled Payment due on such Due Date, intended by the
                          related Mortgagor to be
                          applied on a subsequent Due Date or Due Dates.

                         

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

                         

                        PCAOB:
                          The
                          Public Company Accounting Oversight Board.

                         

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

                         

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

                         

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

                         

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

                         

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

                        
                          
                            
                            

                          

                          
                            40

                            
                              

                            

                          

                          
                            
                            

                          

                        

                        

                          PMI
                            Insurance Premium:
                            Not
                            applicable.

                           

                          PMI
                            Insurer:
                            Not
                            applicable.

                           

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

                           

                          Pool
                            1
                            Maximum Interest Rate:
                            For the
                            Group 1 Senior Certificates, for each Distribution Date
                            on or before the
                            Distribution Date on which the aggregate Class Principal
                            Amount of the Group 2
                            Senior Certificates has been reduced to zero, an annual
                            rate equal to (a) the
                            product, expressed as a percentage, of (1) the amount,
                            if any, by which the
                            weighted average of the excess of the maximum “lifetime” Mortgage Rates, as
                            specified in the related Mortgage Notes for the Pool
                            1 Mortgage Loans exceeds
                            the Servicing Fee Rate and (2) a fraction, the numerator
                            of which is 30 and the
                            denominator of which is the actual number of days in
                            the Accrual Period related
                            to such Distribution Date; plus
                            (b) the
                            product, expressed as a percentage, of (1) the sum of
                            (x) the amount of any Net
                            Swap Payment owed by the Swap Counterparty on
                            the
                            related Swap Payment Date
                            allocable to Pool 1 (based on the applicable Pool Percentage)
                            and (y) any
                            Interest Rate Cap Amount owed by the Cap Counterparty
                            on the related Interest
                            Rate Cap Payment Date allocable to Pool 1 (based on the
                            applicable Pool
                            Percentage) divided by the Pool Balance for Pool 1 as
                            of the beginning of the
                            related Collection Period and (2) a fraction, the numerator
                            of which is 360 and
                            the denominator of which is the actual number of days
                            in the Accrual Period
                            related to such Distribution Date; minus
                            (c) the
                            product, expressed as a percentage, of (1) a fraction,
                            expressed as a
                            percentage, the numerator of which is the amount of any
                            Net Swap Payment owed to
                            the Swap Counterparty on the related Swap Payment Date
                            allocable to Pool 1
                            (based on the applicable Pool Percentage) and the denominator
                            of which is the
                            Pool Balance for Pool 1 as of the beginning of the related
                            Collection Period and
                            (2) a fraction, the numerator of which is 360 and the
                            denominator of which is
                            the actual number of days in the Accrual Period related
                            to such Distribution
                            Date.

                           

                          Pool
                            1
                            Net Funds Cap:
                            With
                            respect to any Distribution Date and the Group 1 Senior
                            Certificates, a per
                            annum rate equal to (a) a fraction, expressed as a percentage,
                            the numerator of
                            which is the product of (1) the excess, if any, of (i)
                            the Pool 1 Optimal
                            Interest Remittance Amount for such date over (ii) any
                            Net Swap Payment or Swap
                            Termination Payment (not due to a Swap Counterparty Trigger
                            Event) owed to the
                            Swap Counterparty on the related Swap Payment Date allocable
                            to Pool 1 (based on
                            the applicable Pool Percentage) and (2) 12, and the denominator
                            of which is the
                            Pool Balance for Pool 1 as of the first day of the related
                            Collection Period
                            (excluding for this purpose any Mortgage Loans in Pool
                            1 for which any Principal
                            Prepayments in full have been deposited into the Collection
                            Account and
                            distributed therefrom in accordance with Section 5.02
                            during the month prior to
                            such Distribution Date), multiplied by (b) a fraction,
                            the numerator of which is
                            30 and the denominator of which is the actual number
                            of days in the Accrual
                            Period related to such Distribution Date.

                           

                          Pool
                            1
                            Optimal Interest Remittance Amount:
                            With
                            respect to each Distribution Date, an amount equal to
                            the product of (a) the
                            quotient of (i) the weighted average of the Net Mortgage
                            Rates of the Mortgage
                            Loans in Pool 1 as of the first day of the related Collection
                            Period, and (ii)
                            12 and (b) the Pool Balance for Pool 1 as of the first
                            day of the related
                            Collection Period (excluding for purposes of clauses
                            (a)(i) and (b) any Mortgage
                            Loans in Pool 1 for which any Principal Prepayments in
                            full have been deposited
                            into the Collection Account and distributed therefrom
                            in accordance with Section
                            5.02 during the month prior to such Distribution Date).

                          
                            
                              
                              

                            

                            
                              41

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

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

                           

                          Pool
                            2
                            Maximum Interest Rate:
                            For the
                            Group 2 Senior Certificates, and for each Distribution
                            Date on or before the
                            Distribution Date on which the aggregate Class Principal
                            Amounts of the Group 1
                            Senior Certificates has been reduced to zero, an annual
                            rate equal to (a) the
                            product, expressed as a percentage, of (1) the amount,
                            if any, by which the
                            weighted average of the excess of the maximum “lifetime” Mortgage Rates, as
                            specified in the related Mortgage Notes for the Pool
                            2 Mortgage Loans exceeds
                            the Servicing Fee Rate and (2) a fraction, the numerator
                            of which is 30 and the
                            denominator of which is the actual number of days in
                            the Accrual Period related
                            to such Distribution Date; plus
                            (b) the
                            product, expressed as a percentage, of (1) the sum of
                            (x) the amount of any Net
                            Swap Payment owed by the Swap Counterparty on the related
                            Swap Payment Date
                            allocable to Pool 2 (based on the applicable Pool Percentage)
                            and (y) any
                            Interest Rate Cap Amount owed by the Cap Counterparty
                            on the related Interest
                            Rate Cap Payment Date allocable to Pool 2 (based on the
                            applicable Pool
                            Percentage) divided by the Pool Balance for Pool 2 as
                            of the beginning of the
                            related Collection Period and (2) a fraction, the numerator
                            of which is 360 and
                            the denominator of which is the actual number of days
                            in the Accrual Period
                            related to such Distribution Date; minus
                            (c) the
                            product, expressed as a percentage, of (1) a fraction,
                            expressed as a
                            percentage, the numerator of which is the amount of any
                            Net Swap Payment owed to
                            the Swap Counterparty on the related Swap Payment Date
                            allocable to Pool 2
                            (based on the applicable Pool Percentage) and the denominator
                            of which is the
                            Pool Balance for Pool 2 as of the beginning of the related
                            Collection Period and
                            (2) a fraction, the numerator of which is 360 and the
                            denominator of which is
                            the actual number of days in the Accrual Period related
                            to such Distribution
                            Date.

                           

                          Pool
                            2
                            Net Funds Cap:
                            With
                            respect to any Distribution Date and the Group 2 Senior
                            Certificates, a per
                            annum rate equal to (a) a fraction, expressed as a percentage,
                            the numerator of
                            which is the product of (1) the excess, if any, of (i)
                            the Pool 2 Optimal
                            Interest Remittance Amount for such date over (ii) any
                            Net Swap Payment or Swap
                            Termination Payment (not due to a Swap Counterparty Trigger
                            Event) owed to the
                            Swap Counterparty on the related Swap Payment Date allocable
                            to Pool 2 (based on
                            the applicable Pool Percentage) and (2) 12, and the denominator
                            of which is the
                            Pool Balance for Pool 2 as of the first day of the related
                            Collection Period
                            (excluding for this purpose any Mortgage Loans in Pool
                            2 for which any Principal
                            Prepayments in full have been deposited into the Collection
                            Account and
                            distributed therefrom in accordance with Section 5.02
                            during the month prior to
                            such Distribution Date), multiplied by (b) a fraction,
                            the numerator of which is
                            30 and the denominator of which is the actual number
                            of days in the Accrual
                            Period related to such Distribution Date.

                           

                          Pool
                            2
                            Optimal Interest Remittance Amount:
                            With
                            respect to each Distribution Date, an amount equal to
                            the product of (a) the
                            quotient of (i) the weighted average of the Net Mortgage
                            Rates of the Mortgage
                            Loans in Pool 2 as of the first day of the related Collection
                            Period, and (ii)
                            12 and (b) the Pool Balance for Pool 2 as of the first
                            day of the related
                            Collection Period (excluding for purposes of clauses
                            (a)(i) and (b) any Mortgage
                            Loans in Pool 2 for which any Principal Prepayments in
                            full have been deposited
                            into the Collection Account and distributed therefrom
                            in accordance with Section
                            5.02 during the month prior to such Distribution Date).

                          
                            
                              
                              

                            

                            
                              42

                              
                                

                              

                            

                            
                              
                              

                            

                          

                          

                            Pool
                              Balance:
                              With
                              respect to each Mortgage Pool, the aggregate of the
                              Scheduled Principal Balances
                              of all Mortgage Loans in such Mortgage Pool at the
                              date of
                              determination.

                             

                            Pool
                              Percentage:
                              With
                              respect to each Mortgage Pool and any Distribution
                              Date, the fraction, expressed
                              as a percentage, the numerator of which is the Pool
                              Balance for such Mortgage
                              Pool for such date and the denominator of which is
                              the Aggregate Pool Balance
                              for such date.

                             

                            Pool
                              Subordinate Amount:
                              As to
                              each Mortgage Pool and any Distribution Date, the excess
                              of the Pool Balance for
                              such Mortgage Pool as of the first day of the immediately
                              preceding Collection
                              Period over (i) the aggregate Class Principal Amounts
                              of the Group 1 Senior
                              Certificates (in the case of Pool 1) or (ii) the aggregate
                              Class Principal
                              Amounts of the Group 2 Senior Certificates (in the
                              case of Pool 2) immediately
                              prior to the related Distribution Date.

                             

                            PPTL
                              Premium:
                              With
                              respect to any First Payment Default Mortgage Loan,
                              the excess, if any, of the
                              PPTL Purchase Price over the Purchase Price.

                             

                            PPTL
                              Purchase Price:
                              The
                              purchase price paid for a First Payment Default Mortgage
                              Loan which is required
                              to be repurchased by a Transferor pursuant to the related
                              PPTLS.

                             

                            PPTLS:
                              As to
                              any First Payment Default Mortgage Loan, (i)
                              the
                              Purchase Price and Terms Letter between First Franklin
                              Financial Corporation and
                              Lehman Brothers Bank, FSB, dated as of March 3, 2006,
                              as revised on May 22, 2006
                              (FF 2006-2), and (ii) the Purchase Price and Terms
                              Letter between First Franklin
                              Financial Corporation and Lehman Brothers Bank, FSB,
                              dated as of February 3,
                              2006 (FF 2006-1).

                             

                            Prepayment
                              Interest Shortfall:
                              With
                              respect to any full or partial Principal Prepayment
                              of a Mortgage Loan, the
                              excess, if any, of (i) one full month’s interest at the applicable Mortgage Rate
                              (as reduced by the Servicing Fee, as applicable, in
                              the case of Principal
                              Prepayments in full) on the outstanding principal balance
                              of such Mortgage Loan
                              immediately prior to such prepayment over (ii) the
                              amount of interest actually
                              received with respect to such Mortgage Loan in connection
                              with such Principal
                              Prepayment.

                             

                            Prepayment
                              Period:
                              With
                              respect to any Distribution Date and any Principal
                              Prepayment, whether in part
                              or in full (including any Principal Prepayment due
                              to liquidation of a Mortgage
                              Loan), the calendar month immediately preceding the
                              month in which such
                              Distribution Date occurs.

                             

                            Prepayment
                              Premiums:
                              Any
                              prepayment fees and penalties to be paid by the Mortgagor
                              on a Mortgage
                              Loan.

                             

                            Primary
                              Mortgage Insurance Policy:
                              Not
                              applicable.

                            
                              
                                
                                

                              

                              
                                43

                                
                                  

                                

                              

                              
                                
                                

                              

                            

                             

                            Prime
                              Rate:
                              The
                              prime rate of the United States money center commercial
                              banks as published in
The
                              Wall Street Journal.

                             

                            Principal
                              Distribution Amount:
                              With
                              respect to each Mortgage Pool and any Distribution
                              Date, an amount equal to the
                              Principal Remittance Amount for such Mortgage Pool
                              for such date minus
                              the
                              Aggregate Overcollateralization Release Amount, if
                              any, allocable to such
                              Mortgage Pool, for such Distribution Date (based on
                              the applicable Pool
                              Percentage).

                             

                            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 related Servicing Agreement.

                             

                            Principal
                              Remittance Amount:
                              With
                              respect to each Mortgage Pool and any Distribution
                              Date, (a) the sum of (i) all
                              principal collected (other than Payaheads) or advanced
                              in respect of Scheduled
                              Payments on the Mortgage Loans in such Mortgage Pool
                              during the related
                              Collection Period whether by the Servicer, the Master
                              Servicer or the Trustee
                              (solely in its capacity as successor Master Servicer)
                              (less unreimbursed
                              Advances due to the Master Servicer, the Servicer or
                              the Trustee (solely in its
                              capacity as successor Master Servicer) with respect
                              to the related Mortgage
                              Loans, to the extent allocable to principal), (ii)
                              all Principal Prepayments in
                              full or in part received during the related Prepayment
                              Period on the Mortgage
                              Loans in such Mortgage Pool, (iii) the outstanding
                              principal balance of each
                              Mortgage Loan (excluding any PPTL Premium) in such
                              Mortgage Pool that was
                              purchased from the Trust Fund by the Seller or the
                              related Transferor during the
                              related Prepayment Period or the NIMS Insurer (in the
                              case of certain Mortgage
                              Loans 90 days or more delinquent) from such Mortgage
                              Pool, (iv) the portion of
                              any Substitution Amount paid with respect to any Deleted
                              Mortgage Loan in such
                              Mortgage Pool during the related Prepayment Period
                              allocable to principal and
                              (v) all Net Liquidation Proceeds, Insurance Proceeds,
                              any Subsequent Recovery
                              and other recoveries collected with respect to the
                              Mortgage Loans in such
                              Mortgage Pool during the related Prepayment Period,
                              to the extent allocable to
                              principal, as reduced by (b) to the extent not reimbursed
                              from amounts otherwise
                              allocable to interest, the related Pool Percentage
                              for such date of any other
                              costs, expenses or liabilities reimbursable to the
                              Trustee, the Master Servicer,
                              the Custodian and the Servicer to the extent provided
                              in this Agreement, the
                              Servicing Agreement and the Custodial Agreement and,
                              with respect to the
                              Trustee, to the extent the Interest Remittance Amount
                              is less than amounts
                              reimbursable to the Trustee pursuant to Section 4.04(b)(i),
                              the product of (x)
                              the applicable Pool Percentage for such Distribution
                              Date and (y) any amounts
                              reimbursable during the related Anniversary Year to
                              the Trustee therefrom and
                              not reimbursed from the Interest Remittance Amount,
                              or otherwise; provided,
                              however,
                              that
                              such reimbursable amounts from the Interest Remittance
                              Amount and Principal
                              Remittance Amount may not exceed $200,000 in the aggregate
                              during any
                              Anniversary Year. In the event that the Trustee incurs
                              reimbursable amounts in
                              excess of $200,000, it may seek reimbursement for such
                              amounts in subsequent
                              Anniversary Years, but in no event shall more than
                              $200,000 be reimbursed to the
                              Trustee per Anniversary Year. Notwithstanding the foregoing,
                              costs and expenses
                              incurred by the Trustee pursuant to Section 6.14(a)
                              in connection with any
                              transfer of servicing shall be excluded from the $200,000
                              per Anniversary Year
                              limit on reimbursable amounts. For the avoidance of
                              doubt, (i) the Principal
                              Remittance Amount available on each Swap Payment Date
                              for distributions to the
                              Swap Account shall be equal to the Principal Remittance
                              Amount on the related
                              Distribution Date and (ii) the Principal Remittance
                              Amount for each Distribution
                              Date shall be calculated without regard to any distributions
                              to the Swap Account
                              on the related Swap Payment Date.

                            
                              
                                
                                

                              

                              
                                44

                                
                                  

                                

                              

                              
                                
                                

                              

                            

                            

                              Private
                                Placement Memorandum:
                                The
                                private placement memorandum dated August 18, 2006,
                                relating to the Class B
                                Certificates.

                               

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

                               

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

                               

                              Prospectus:
                                The
                                prospectus supplement dated August 18, 2006, together
                                with the accompanying
                                prospectus dated August 11, 2006, relating to the
                                Offered
                                Certificates.

                               

                              Purchase
                                Price:
                                With
                                respect to the purchase of a Mortgage Loan or related
                                REO Property 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 applicable
                                Mortgage Rate, from the date as to which interest
                                was last paid to (but not
                                including) the Due Date in the Collection Period
                                immediately preceding the
                                related Distribution Date; (c) the amount of any
                                costs and damages incurred by
                                the Trust Fund as a result of any violation of any
                                applicable federal, state or
                                local predatory- or abusive-lending law arising from
                                or in connection with the
                                origination of such Mortgage Loan; and (d) any unreimbursed
                                Servicing Advances
                                with respect to such Mortgage Loan. The Master Servicer,
                                the Servicer, the
                                Custodian (or the Trustee, if applicable) shall be
                                reimbursed from the Purchase
                                Price for any Mortgage Loan or related REO Property
                                for any Advances made or
                                other amounts advanced with respect to such Mortgage
                                Loan that are reimbursable
                                to the Master Servicer or the Servicer under this
                                Agreement or the Servicing
                                Agreement (or to the Trustee, if applicable), together
                                with any accrued and
                                unpaid compensation due to the Master Servicer, the
                                Servicer, the Custodian or
                                the Trustee hereunder or thereunder.

                               

                              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:

                               

                              (i)
                                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;

                               

                              (ii)
                                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;

                              
                                
                                  
                                  

                                

                                
                                  45

                                  
                                    

                                  

                                

                                
                                  
                                  

                                

                              

                               

                              (iii)
                                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 or the NIM Securities, 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; 

                               

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

                               

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

                               

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

                               

                              Qualifying
                                Substitute Mortgage Loan:
                                In the
                                case of a Mortgage Loan substituted for a Deleted
                                Mortgage Loan pursuant to the
                                terms of this Agreement, a Mortgage Loan that, on
                                the date of such substitution,
                                (i) has an outstanding Scheduled Principal Balance
                                (or in the case of a
                                substitution of more than one mortgage loan for a
                                Deleted Mortgage Loan, an
                                aggregate Scheduled Principal Balance), after application
                                of all Scheduled
                                Payments due during or prior to the month of substitution,
                                not in excess of, and
                                not more than 5% less than, the outstanding Scheduled
                                Principal Balance of the
                                Deleted Mortgage Loan as of the Due Date in the calendar
                                month during which the
                                substitution occurs, (ii) has a Mortgage Rate not
                                less than the Mortgage Rate on
                                the Deleted Mortgage Loan, (iii) if applicable, has
                                a maximum Mortgage Rate not
                                less than the maximum Mortgage Rate on the Deleted
                                Mortgage Loan, (iv) if
                                applicable, has a minimum Mortgage Rate not less
                                than the minimum Mortgage Rate
                                of the Deleted Mortgage Loan, (v) if applicable,
                                has a gross margin equal to or
                                greater than the gross margin of the Deleted Mortgage
                                Loan, (vi) is not a
                                Cooperative Loan unless the related Deleted Mortgage
                                Loan was a Cooperative
                                Loan, (vii) if applicable, has a next adjustment
                                date not later than the next
                                adjustment date on the Deleted Mortgage Loan, (viii)
                                has the same Due Date as
                                the Deleted Mortgage Loan, (ix) has a remaining stated
                                term to maturity not
                                longer than 18 months and not more than 18 months
                                shorter than the remaining
                                stated term to maturity of the related Deleted Mortgage
                                Loan; provided,
                                that
                                in
                                no case should such substitute Mortgage Loan have
                                a maturity date later than the
                                Final Scheduled Distribution Date; (x) is current
                                as of the date of
                                substitution, (xi) has a Loan-to-Value Ratio as of
                                the date of substitution
                                equal to or lower than the Loan-to-Value Ratio of
                                the Deleted Mortgage Loan as
                                of such date, (xii) has been underwritten by the
                                Transferor in accordance with
                                the same underwriting criteria and guidelines as
                                the Deleted Mortgage Loan,
                                (xiii) has a risk grading determined by the Seller
                                at least equal to the risk
                                grading assigned on the Deleted Mortgage Loan, (xiv) is secured by the same
                                property type as the Deleted Mortgage Loan, (xv)
                                conforms to each representation
                                and warranty applicable to the Deleted Mortgage Loan
                                made in the Mortgage Loan
                                Sale Agreement, (xvi) has the same or higher lien
                                position as the Deleted
                                Mortgage Loan, (xvii) [Reserved], (xviii) contains
                                provisions covering the
                                payment of Prepayment Premium by the Mortgagor for
                                early prepayment of the
                                Mortgage Loan at least as favorable as the Deleted
                                Mortgage Loan and (xix) for
                                any Mortgage Loan to be substituted into Pool 1,
                                has an original Scheduled
                                Principal Balance within the maximum dollar amount
                                limitations prescribed by
                                Freddie Mac and Fannie Mae for conforming one-to-four
                                family first and second
                                lien residential mortgaged properties. In the event
                                that one or more mortgage
                                loans are substituted for one or more Deleted Mortgage
                                Loans, the amounts
                                described in clause (i) hereof shall be determined
                                on the basis of aggregate
                                Scheduled Principal Balances, the Mortgage Rates
                                described in clause (ii) hereof
                                shall be determined on the basis of weighted average
                                Mortgage Rates, the risk
                                gradings described in clause (xiii) hereof shall
                                be satisfied as to each such
                                mortgage loan, the terms described in clause (ix)
                                hereof shall be determined on
                                the basis of weighted average remaining term to maturity;
provided,
                                that
                                the
                                stated maturity date of any Qualifying Substitute
                                Mortgage Loan shall not be
                                later than the Final Scheduled Distribution Date,
                                the Loan-to-Value Ratios
                                described in clause (xi) hereof shall be satisfied
                                as to each such mortgage loan
                                and, except to the extent otherwise provided in this
                                sentence, the
                                representations and warranties described in clause
                                (xv) hereof must be satisfied
                                as to each Qualifying Substitute Mortgage Loan or
                                in the aggregate, as the case
                                may be.

                              
                                
                                  
                                  

                                

                                
                                  46

                                  
                                    

                                  

                                

                                
                                  
                                  

                                

                              

                              

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

                                 

                                Realized
                                  Loss:
                                  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,
minus
                                  (ii)
                                  Liquidation Proceeds received, to the extent allocable
                                  to principal, net of
                                  amounts that are reimbursable therefrom to the
                                  Master Servicer or the Servicer
                                  with respect to such Mortgage Loan (other than
                                  Advances of principal) including
                                  expenses of liquidation. In determining whether
                                  a Realized Loss is a Realized
                                  Loss of 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 Class of Book-Entry Certificates
                                  and any Distribution Date, the
                                  close of business on the Business Day immediately
                                  preceding such Distribution
                                  Date. With respect to any Class of Definitive Certificates
                                  and any Distribution
                                  Date, the last Business Day of the month immediately
                                  preceding the month in
                                  which the Distribution Date occurs (or, in the
                                  case of the first Distribution
                                  Date, the Closing Date).

                                 

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

                                
                                  
                                    
                                    

                                  

                                  
                                    47

                                    
                                      

                                    

                                  

                                  
                                    
                                    

                                  

                                

                                 

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

                                 

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

                                 

                                Related
                                  Senior Principal Distribution Amount:
                                  For
                                  each Mortgage Pool and any Distribution Date on
                                  or after the Stepdown Date and
                                  for as long as a Trigger Event is not in effect,
                                  an amount equal to the lesser
                                  of (x) the sum of the Class Principal Amounts of
                                  the Group 1 Senior Certificates
                                  (with respect to Pool 1) or the sum of the Class
                                  Principal Amounts of the Group
                                  2 Senior Certificates (with respect to Pool 2)
                                  immediately prior to such date
                                  and (y) the product of (a) the Senior Principal
                                  Distribution Amount and (b) the
                                  related Senior Proportionate Percentage, in each
                                  case for such
                                  date.

                                 

                                Related
                                  Senior Priority:
                                  With
                                  respect to each of Group 1 and Group 2 Senior Certificates,
                                  the priority of
                                  distribution on the Senior Certificates relating
                                  to such Groups as described in
                                  5.02(e)(i)(A)(3) and 5.02(e)(i)(B)(3), respectively.

                                 

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

                                 

                                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 Civil
                                  Relief Act or any similar state or local statute,
                                  any amount by which interest
                                  collectible on such Mortgage Loan for the Due Date
                                  in the related Collection
                                  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
                                  pool of assets in the Trust Fund designated as
                                  a REMIC pursuant to the
                                  Preliminary Statement.

                                 

                                REMIC
                                  1:
                                  As
                                  described in the Preliminary Statement.

                                 

                                REMIC
                                  2:
                                  As
                                  described in the Preliminary Statement.

                                 

                                REMIC
                                  3:
                                  As
                                  described in the Preliminary Statement.

                                 

                                REMIC
                                  3 Net Funds Cap:
                                  For any
                                  Distribution Date (and the related Accrual Period)
                                  and any Class of
                                  Certificates, an amount equal to (i) the weighted
                                  average of the interest rates
                                  on the Lower Tier Interests in REMIC 3 (other than
                                  an interest-only regular
                                  interest), weighted in proportion to their Class Principal
                                  Amounts as of the
                                  beginning of the related Accrual Period, multiplied
                                  by (ii) an amount equal to
                                  (a) 30, divided by (b) the actual number of days
                                  in the Accrual
                                  Period.

                                
                                  
                                    
                                    

                                  

                                  
                                    48

                                    
                                      

                                    

                                  

                                  
                                    
                                    

                                  

                                

                                

                                  REMIC
                                    4:
                                    As
                                    described in the Preliminary Statement.

                                   

                                  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.

                                   

                                  REMIC
                                    Swap Rate:
                                    For
                                    each Distribution Date (and the related Accrual
                                    Period), a per annum rate equal
                                    to the product of: (i) the “Rate of Payment (%)” under the Swap Agreement for
                                    such Distribution Date, as set forth in Annex
                                    C-1 to the Prospectus Supplement,
                                    (ii) 2, and (iii) the quotient of (a) the actual
                                    number of days in the related
                                    Accrual Period divided by (b) 30.

                                   

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

                                   

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

                                   

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

                                   

                                  Required
                                    Reserve Fund Deposit:
                                    With
                                    respect to any Distribution Date on which the
                                    Net Excess Spread is less than
                                    0.25%, the amount, if any by which (a) the product
                                    of 1.00% and the Aggregate
                                    Pool Balance for such date exceeds (b) the amount
                                    on deposit in the Basis Risk
                                    Reserve Fund immediately prior to such date.
                                    With respect to any Distribution
                                    Date on which the Net Excess Spread is equal
                                    to or greater than 0.25%, the
                                    amount, if any, by which (i) $1,000 exceeds the
                                    amount on deposit in the Basis
                                    Risk Reserve Fund immediately prior to such date;
provided,
                                    however,
                                    that on
                                    any Distribution Date on which the Class Principal
                                    Amount of each Class of
                                    Offered Certificates and the Class B Certificates
                                    has been reduced to zero, the
                                    Required Reserve Fund Deposit shall be zero.

                                   

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

                                   

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

                                   

                                  Restricted
                                    Certificate:
                                    Any
                                    Class B, Class P, Class X, Class R or Class LT-R
                                    Certificate.

                                   

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

                                   

                                  Rolling
                                    Three Month Delinquency Rate:
                                    With
                                    respect to any Distribution Date, the fraction,
                                    expressed as a percentage, equal
                                    to the average of the Delinquency Rates for each
                                    of the three (or one and two,
                                    in the case of the first and second Distribution
                                    Dates, respectively)
                                    immediately preceding calendar months.

                                  
                                    
                                      
                                      

                                    

                                    
                                      49

                                      
                                        

                                      

                                    

                                    
                                      
                                      

                                    

                                  

                                   

                                  Rules:
                                    As
                                    defined in Section 6.20(c).

                                   

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

                                   

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

                                   

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

                                   

                                  Scheduled
                                    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.

                                   

                                  Scheduled
                                    Principal Balance:
                                    With
                                    respect to (i) any Mortgage Loan (other than
                                    a Simple Interest 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 Collection Period, whether or
                                    not received from the Mortgagor or
                                    advanced by the Servicer or the Master Servicer,
                                    and all amounts allocable to
                                    unscheduled principal payments (including Principal
                                    Prepayments, Liquidation
                                    Proceeds, Insurance Proceeds and condemnation
                                    proceeds, in each case to the
                                    extent identified and applied prior to or during
                                    the related 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, the principal balance of
                                    such Mortgage Loan as specified in the Mortgage
                                    Loan Schedule. The Scheduled
                                    Principal Balance of any Liquidated Mortgage
                                    Loan shall be zero. In the case of
                                    a Simple Interest Mortgage Loan, references herein
                                    to such Mortgage Loan’s
                                    Scheduled Principal Balance shall mean its actual
                                    unpaid principal balance. The
                                    actual unpaid principal balance of a Simple Interest
                                    Mortgage Loan with respect
                                    to any Distribution Date shall be determined
                                    by subtracting from such Mortgage
                                    Loan’s unpaid principal balance as of the end of the
                                    preceding Collection Period
                                    the amount of the borrower’s fixed monthly payment for the related Collection
                                    Period that is not allocated to the payment of
                                    interest applying the Simple
                                    Interest Method.

                                  
                                    
                                      
                                      

                                    

                                    
                                      50

                                      
                                        

                                      

                                    

                                    
                                      
                                      

                                    

                                  

                                   

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

                                  

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

                                     

                                    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 Inc., or any successor in
                                      interest.

                                     

                                    Senior
                                      Certificate:
                                      Any
                                      Class A1, Class A2, Class A3, Class A4 or Class
                                      A5 Certificate. 

                                     

                                    Senior
                                      Enhancement Percentage:
                                      With
                                      respect to any Distribution Date, the fraction,
                                      expressed as a percentage, the
                                      numerator of which is the sum of the aggregate
                                      Class Principal Amount of the
                                      Subordinate Certificates and the Overcollateralization
                                      Amount (which amount, for
                                      purposes of this definition only, shall not
                                      be less than zero and assuming for
                                      purposes of this definition that the Principal
                                      Distribution Amount has been
                                      distributed on such Distribution Date and no
                                      Trigger Event has occurred) and the
                                      denominator of which is the Aggregate Pool
                                      Balance for such Distribution Date,
                                      in each case after giving effect to distributions
                                      on such Distribution
                                      Date.

                                     

                                    Senior
                                      Principal Distribution Amount:
                                      With
                                      respect to any Distribution Date on or after
                                      the Stepdown Date and as long as a
                                      Trigger Event is not in effect with respect
                                      to such Distribution Date, the
                                      lesser of (x) the aggregate Principal Distribution
                                      Amount for both Mortgage
                                      Pools and (y) the amount, if any by which (A)
                                      the aggregate Class Principal
                                      Amount of the Senior Certificates immediately
                                      prior to such Distribution Date
                                      exceeds (B) the Senior Target Amount.

                                     

                                    Senior
                                      Proportionate Percentage:
                                      With
                                      respect to Pool 1 and any Distribution Date,
                                      the fraction, expressed as a
                                      percentage, the numerator of which is the Principal
                                      Remittance Amount for Pool 1
                                      for such Distribution Date and the denominator
                                      of which is the aggregate of the
                                      Principal Remittance Amounts for Pool 1 and
                                      Pool 2 for such Distribution Date.
                                      With respect to Pool 2 and any Distribution
                                      Date, the fraction, expressed as a
                                      percentage, the numerator of which is the Principal
                                      Remittance Amount for Pool 2
                                      for such Distribution Date and the denominator
                                      of which is the aggregate of the
                                      Principal Remittance Amounts for Pool 1 and
                                      Pool 2 for such Distribution Date.

                                     

                                    Senior
                                      Target Amount:
                                      With
                                      respect to any Distribution Date, an amount
                                      equal to the lesser of (a) the
                                      product of (i) 65.80% and (ii) the Aggregate
                                      Pool Balance for such Distribution
                                      Date determined as of the last day of the related
                                      Collection Period and (b) the
                                      amount, if any, by which (i) the Aggregate
                                      Pool Balance for such Distribution
                                      Date determined as of the last day of the Collection
                                      Period exceeds (ii) the
                                      Overcollateralization Floor.

                                     

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

                                    
                                      
                                        
                                        

                                      

                                      
                                        51

                                        
                                          

                                        

                                      

                                      
                                        
                                        

                                      

                                    

                                     

                                    Servicer:
                                      National City Home Loan Services, Inc., or
                                      its successor in
                                      interest.

                                     

                                    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:
                                      All
                                      customary, reasonable and necessary “out of pocket” costs and expenses other
                                      than Advances (including reasonable attorneys’ fees and disbursements) incurred
                                      in the performance by the Servicer of its servicing
                                      obligations, including, but
                                      not limited to, the cost of (a) the preservation,
                                      inspection, restoration and
                                      protection of the Mortgaged Property, (b) any
                                      enforcement or administrative or
                                      judicial proceedings, including foreclosures,
                                      (c) the management and liquidation
                                      of the Mortgaged Property if the Mortgaged
                                      Property is acquired in satisfaction
                                      of the Mortgage, (d) taxes, assessments, water
                                      rates, sewer rents and other
                                      charges which are or may become a lien upon
                                      the Mortgaged Property, and fire and
                                      hazard insurance coverage and (e) any losses
                                      sustained by the Servicer with
                                      respect to the liquidation of the Mortgaged
                                      Property.

                                     

                                    Servicing
                                      Agreement:
                                      The
                                      servicing agreement dated as of August 1, 2006,
                                      among the Seller, the Master
                                      Servicer and the Servicer, and any other servicing
                                      agreement entered into
                                      between a successor servicer and the Seller
                                      pursuant to the terms of this
                                      Agreement.

                                     

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

                                     

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

                                     

                                    Servicing
                                      Fee Rate:
                                      With
                                      respect to each Mortgage Loan, 0.50% per annum.

                                     

                                    Servicing
                                      Function Participant:
                                      Any
                                      Subservicer, Subcontractor or any other Person,
                                      other than the Servicer, the
                                      Custodian, the Master Servicer, the Paying
                                      Agent and the Trustee, 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.

                                     

                                    Simple
                                      Interest Method:
                                      With
                                      respect to a Simple Interest Mortgage Loan,
                                      the method of allocating a payment
                                      to principal and interest, pursuant to which
                                      the portion of such payment that is
                                      allocated to interest is equal to the product
                                      of the applicable rate of interest
                                      multiplied by the unpaid principal balance
                                      multiplied by the period of time
                                      elapsed since the preceding payment of interest
                                      was made and divided by either
                                      360 or 365, as specified in the related Mortgage
                                      Note and the remainder of such
                                      payment is allocated to principal.

                                    
                                      
                                        
                                        

                                      

                                      
                                        52

                                        
                                          

                                        

                                      

                                      
                                        
                                        

                                      

                                    

                                    

                                      Simple
                                        Interest Mortgage Loan:
                                        Any
                                        Mortgage Loan specified as a “DSI Loan” in the Mortgage Loan Schedule attached
                                        hereto as Schedule A. As of the Closing Date,
                                        there are no Simple Interest
                                        Mortgage Loans included in the Trust Fund.

                                       

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

                                       

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

                                       

                                      Stepdown
                                        Date:
                                        The
                                        earlier of (i) the first Distribution Date
                                        following the Distribution Date on
                                        which the Class Principal Amounts of the
                                        Senior Certificates have each been
                                        reduced to zero or (ii) the later to occur
                                        of (x) the Distribution Date in
                                        September 2009 and (y) the first Distribution
                                        Date on which the Senior
                                        Enhancement Percentage (calculated for this
                                        purpose after giving effect to
                                        payments or other recoveries in respect of
                                        the Mortgage Loans during the related
                                        Collection Period but before giving effect
                                        to distributions on the Certificates
                                        on such Distribution Date) is greater than
                                        or equal to 34.20%.

                                       

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

                                       

                                      Subordinate
                                        Certificate:
                                        Any
                                        Class M Certificate or Class B Certificate.

                                       

                                      Subordinate
                                        Maximum Interest Rate:
                                        For (i)
                                        the Subordinate Certificates; (ii) the Group
                                        1 Senior Certificates, with respect
                                        to each Distribution Date after the Distribution
                                        Date on which the aggregate
                                        Class Principal Amounts of the Group 2 Senior
                                        Certificates has been reduced to
                                        zero and (iii) the Group 2 Senior Certificates,
                                        with respect to each
                                        Distribution Date after the Distribution
                                        Date on which the aggregate Class
                                        Principal Amounts of the Group 1 Senior Certificates
                                        has been reduced to zero,
                                        the weighted average of the Pool 1 Maximum
                                        Interest Rate and the Pool 2 Maximum
                                        Interest Rate for such Distribution Date,
                                        weighted on the basis of (i) in the
                                        case of any Distribution Date on or before
                                        the date on which the aggregate Class
                                        Principal Amounts of the Senior Certificates
                                        relating to any Mortgage Pool has
                                        been reduced to zero, the Pool Subordinate
                                        Amount and (ii) for any Distribution
                                        Date thereafter, such weighting shall be
                                        on the basis of the Pool Balance of
                                        each Mortgage Pool. 

                                       

                                      Subordinate
                                        Net Funds Cap:
                                        With
                                        respect to any Distribution Date, an amount
                                        equal to the weighted average of the
                                        Pool 1 Net Funds Cap and the Pool 2 Net Funds
                                        Cap, weighted on the basis of the
                                        Pool Subordinate Amount for each Mortgage
                                        Pool; provided,
                                        however,
                                        that on
                                        any Distribution Date after which the aggregate
                                        Class Principal Amount of the
                                        Senior Certificates relating to any Mortgage
                                        Pool has been reduced to zero, such
                                        weighting shall be on the basis of the Pool
                                        Balance of each Mortgage
                                        Pool.

                                       

                                      Subordinate
                                        Priority:
                                        To the
                                        Class M1, Class M2, Class M3, Class M4, Class
                                        M5, Class M6, Class M7, Class M8,
                                        Class M9 and Class B Certificates, sequentially,
                                        in that order.

                                      
                                        
                                          
                                          

                                        

                                        
                                          53

                                          
                                            

                                          

                                        

                                        
                                          
                                          

                                        

                                      

                                       

                                      Subsequent
                                        Recovery:
                                        Any
                                        amount recovered by the Servicer or the Master
                                        Servicer with respect to a
                                        Liquidated Mortgage Loan with respect to
                                        which a Realized Loss was incurred
                                        after the liquidation or 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 the
                                        Servicer or Additional Servicer, and
                                        (iii) is responsible for the performance
                                        (whether directly or through
                                        subservicers or Subcontractors) of Servicing
                                        functions required to be performed
                                        under this Agreement, any related Servicing
                                        Agreement or any subservicing
                                        agreement that are identified in Item 1122(d)
                                        of Regulation AB.

                                       

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

                                       

                                      Supplemental
                                        Interest Trust:
                                        The
                                        corpus of a trust created pursuant to Section
                                        5.07 of this Agreement and
                                        designated as the “Supplemental Interest Trust,” consisting of the Swap
                                        Agreement, the Swap Account, the Interest
                                        Rate Cap Agreement, the Interest Rate
                                        Cap Account, the right to receive the Class
                                        X Distributable Amount as provided
                                        in Section 5.02(d)(vi), the Class LT4-I interest
                                        in REMIC 4 and the right to
                                        receive Class I Shortfalls.

                                       

                                      Swap
                                        Account:
                                        The
                                        account created pursuant to Section 5.07(a)
                                        of this Agreement.

                                       

                                      Swap
                                        Agreement:
                                        The
                                        interest rate swap agreement entered into
                                        by the Supplemental Interest Trust,
                                        which agreement provides for, among other
                                        things, a Net Swap Payment to be paid
                                        pursuant to the conditions provided therein,
                                        together with any schedules,
                                        confirmations or other agreements relating
                                        thereto, attached hereto as Exhibit
                                        O.

                                       

                                      Swap
                                        Amount:
                                        With
                                        respect to each Distribution Date and the
                                        related Swap Payment Date, the sum of
                                        any Net Swap Payment and any Swap Termination
                                        Payment deposited into the Swap
                                        Account.

                                       

                                      Swap
                                        Counterparty:
                                        The
                                        counterparty to the Supplemental Interest
                                        Trust under the Swap Agreement, and
                                        any successor in interest or assigns. Initially,
                                        the Swap Counterparty shall be
                                        Wachovia Bank, National Association.

                                       

                                      Swap
                                        Counterparty Trigger Event:
                                        A Swap
                                        Counterparty Trigger Event shall have occurred
                                        if any of a Swap Default with
                                        respect to which the Swap Counterparty is
                                        a Defaulting Party, a Termination
                                        Event with respect to which the Swap Counterparty
                                        is the sole Affected Party or
                                        an Additional Termination Event with respect
                                        to which the Swap Counterparty is
                                        the sole Affected Party has occurred.

                                       

                                      Swap
                                        Default:
                                        Any of
                                        the circumstances constituting an “Event of Default” under the Swap
                                        Agreement.

                                      
                                        
                                          
                                          

                                        

                                        
                                          54

                                          
                                            

                                          

                                        

                                        
                                          
                                          

                                        

                                      

                                      

                                        Swap
                                          LIBOR:
                                          With
                                          respect to any Distribution Date and the
                                          related Swap Payment Date (and the
                                          Accrual Period relating to such Distribution
                                          Date), the product of (i) the
                                          Floating Rate Option (as defined in the
                                          Swap Agreement) for the related Swap
                                          Payment Date, (ii) two, and (iii) the quotient
                                          of (a) the actual number of days
                                          in the Accrual Period for the LIBOR Certificates
                                          and (b) 30, as calculated by
                                          the Swap Counterparty and furnished to
                                          the Trustee.

                                         

                                        Swap
                                          Payment Date:
                                          For so
                                          long as the Swap Agreement is in effect
                                          or any amounts remain unpaid thereunder,
                                          the Business Day immediately preceding
                                          each Distribution Date.

                                         

                                        Swap
                                          Replacement Receipts:
                                          As
                                          defined in Section 5.09(a).

                                         

                                        Swap
                                          Replacement Receipts Account:
                                          As
                                          defined in Section 5.09(a).

                                         

                                        Swap
                                          Termination Payment:
                                          Upon
                                          the designation of an “Early Termination Date” as defined in the Swap Agreement,
                                          the payment required to be made by the
                                          Supplemental Interest Trust to the Swap
                                          Counterparty, or by the Swap Counterparty
                                          to the Supplemental Interest Trust, as
                                          applicable, pursuant to the terms of the
                                          Swap Agreement, and any unpaid amounts
                                          due on previous Swap Payment Dates and
                                          accrued interest thereon as provided in
                                          the Swap Agreement, as calculated by the
                                          Swap Counterparty and furnished to the
                                          Trustee.

                                         

                                        Swap
                                          Termination Receipts:
                                          As
                                          defined in Section 5.09(a).

                                         

                                        Swap
                                          Termination Receipts Account:
                                          As
                                          defined in Section 5.09(a).

                                         

                                        Target
                                          Amount:
                                          With
                                          respect to any Distribution Date, an amount
                                          equal to the Aggregate Pool Balance
                                          for such Distribution Date minus
                                          the
                                          Targeted Overcollateralization Amount for
                                          such Distribution Date.

                                         

                                        Targeted
                                          Overcollateralization Amount:
                                          With
                                          respect to any Distribution Date prior
                                          to the Stepdown Date, an amount equal to
                                          $12,071,741. For any Distribution Date
                                          on or after the Stepdown Date and
                                          provided a Trigger Event is not in effect,
                                          an amount equal to the greater of (i)
                                          the lesser of (a) $12,071,741 and (b) 2.30%
                                          of the Aggregate Pool Balance after
                                          giving effect to distributions on such
                                          Distribution Date and (ii) $5,248,248.
                                          With respect to any Distribution Date on
                                          or after the Stepdown Date or provided
                                          a Trigger Event is in effect, an amount
                                          equal to the Targeted
                                          Overcollateralization Amount for the immediately
                                          preceding Distribution
                                          Date.

                                         

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

                                         

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

                                         

                                        Termination
                                          Event:
                                          As
                                          defined in the Swap Agreement.

                                         

                                        Termination
                                          Price:
                                          As
                                          defined in Section 7.01.

                                         

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

                                        
                                          
                                            
                                            

                                          

                                          
                                            55

                                            
                                              

                                            

                                          

                                          
                                            
                                            

                                          

                                        

                                         

                                        Total
                                          Distribution Amount:
                                          With
                                          respect to any Distribution Date, the sum
                                          of (i) the aggregate of the Interest
                                          Remittance Amounts for such date; (ii)
                                          the aggregate of the Principal Remittance
                                          Amounts for such date; and (iii) all Prepayment
                                          Premiums collected during the
                                          related Prepayment Period.

                                         

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

                                         

                                        Transferor:
                                          The
                                          seller of Mortgage Loans to Lehman Brothers
                                          Bank FSB pursuant to the Transfer
                                          Agreement.

                                         

                                        Trigger
                                          Event:
                                          A
                                          Trigger Event shall have occurred with
                                          respect to any Distribution Date if
                                          either a Delinquency Event or a Cumulative
                                          Loss Trigger Event is in effect for
                                          such Distribution Date.

                                         

                                        Trust
                                          Fund:
                                          The
                                          corpus of the First Franklin Mortgage Loan
                                          Trust 2006-FF12 created pursuant to
                                          this Agreement, consisting of the Mortgage
                                          Loans, the assignment of the
                                          Depositor’s rights under the Transfer Agreement,
                                          the Mortgage Loan Sale
                                          Agreement and the Servicing Agreement,
                                          such amounts as shall from time to time
                                          be held in the Collection Account, Certificate
                                          Account, Securities
                                          Administration Account, any Custodial Account
                                          and any Escrow Account, the Swap
                                          Termination Receipts Account, the Swap
                                          Replacement Receipts Account, the Cap
                                          Termination Receipts Account, the Cap Replacement
                                          Receipts Account, the Basis
                                          Risk Reserve Fund, the Insurance Policies,
                                          any REO Property and the other items
                                          referred to in, and conveyed to the Trustee
                                          under, Section 2.01(a).

                                         

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

                                         

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

                                         

                                        Trustee
                                          Fee:
                                          As to
                                          any Distribution Date, any investment earnings
                                          from amounts on deposit in the
                                          Certificate Account for the one-day period
                                          from and including one Business Day
                                          immediately preceding the related Distribution
                                          Date to and including the related
                                          Distribution Date.

                                         

                                        UCC
                                          or
                                          Uniform Commercial Code:
                                          The
                                          Uniform Commercial Code as in effect in
                                          any applicable jurisdiction from time to
                                          time.

                                         

                                        Underwriter:
                                          Lehman
                                          Brothers Inc. 

                                         

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

                                         

                                        Unpaid
                                          Basis Risk Shortfall:
                                          With
                                          respect to any Distribution Date and any
                                          LIBOR Certificate, the aggregate of all
                                          Basis Risk Shortfalls with respect to such
                                          Certificate remaining unpaid from
                                          previous Distribution Dates, plus interest
                                          accrued thereon at the applicable
                                          Certificate Interest Rate (calculated without
                                          giving effect to the applicable
                                          Net Funds Cap) but limited to a rate no
                                          greater than the applicable Maximum
                                          Interest Rate.

                                        
                                          
                                            
                                            

                                          

                                          
                                            56

                                            
                                              

                                            

                                          

                                          
                                            
                                            

                                          

                                        

                                         

                                        Upper
                                          Tier REMIC:
                                          REMIC
                                          4.

                                         

                                        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,
                                          97.00% of all Voting Interests shall be
                                          allocated to the LIBOR Certificates. Voting
                                          Interests shall be allocated among
                                          the Classes of LIBOR Certificates based
                                          on the product of (i) 97.00% and (ii)
                                          the fraction, expressed as a percentage,
                                          the numerator of which is the aggregate
                                          Class Principal Amount of all Certificates
                                          then outstanding and the denominator
                                          of which is the Aggregate Pool Balance
                                          then outstanding. At all times during the
                                          term of this Agreement, 1% of all Voting
                                          Interests shall be allocated to each of
                                          the Class P, Class R and Class X Certificates
                                          while they remain outstanding.
                                          Voting Interests shall be allocated among
                                          the other Classes of Certificates (and
                                          among the Certificates within each such
                                          Class) in proportion to their Class
                                          Principal Amounts (or Certificate Principal
                                          Amounts) or Percentage Interests. In
                                          the case of the purchase by the Master
                                          Servicer of the Lower Tier REMIC 1
                                          Uncertificated Regular Interests pursuant
                                          to a Section 7.01(c) Purchase Event,
                                          the LTURI-holder shall be allocated 100%
                                          of the Voting Interests and upon such
                                          purchase any provision in this Agreement
                                          which requires a vote by, a direction
                                          or notice given by, an action taken by,
                                          a request in writing by or the consent
                                          of, any percentage of the Holders of the
                                          Certificates or any Class of
                                          Certificates may be exercised by the LTURI-holder.

                                         

                                        Section
                                          1.02. Calculations Respecting Mortgage Loans. 

                                         

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

                                         

                                        Section
                                          1.03. Calculations Respecting Accrued Interest. 

                                         

                                        Accrued
                                          interest, if any, on any LIBOR Certificate
                                          shall be calculated based upon a
                                          360-day year and the actual number of days
                                          in each Accrual Period. 

                                        
                                           

                                          ARTICLE
                                            II

                                           

                                          DECLARATION
                                            OF TRUST;

                                          ISSUANCE
                                            OF CERTIFICATES

                                           

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

                                          
                                            
                                              
                                              

                                            

                                            
                                              57

                                              
                                                

                                              

                                            

                                            
                                              
                                              

                                            

                                          

                                          (a)
                                            Concurrently with the execution and delivery
                                            of this Agreement, the Depositor
                                            does hereby transfer, assign, set over,
                                            deposit with and otherwise convey to
                                            the
                                            Trustee, without recourse, subject to
                                            Sections 2.02, 2.04, 2.05 and 2.06, in
                                            trust, all the right, title and interest
                                            of the Depositor in and to the Mortgage
                                            Loans. Such conveyance includes, without
                                            limitation, the right to all payments
                                            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, the
                                            Custodial Accounts and all amounts from
                                            time to time credited to and the
                                            proceeds of the Custodial Accounts, any
                                            Escrow Account established pursuant to
                                            Section 9.06 and any Basis Risk Reserve
                                            Fund established pursuant to Section
                                            5.06 and all amounts from time to time
                                            credited to and the proceeds of each
                                            such
                                            account, any REO Property and the proceeds
                                            thereof, the Depositor’s rights under
                                            any Insurance Policies related to the
                                            Mortgage Loans, 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 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 of this Agreement,
                                            the Swap Agreement and the Interest Rate
                                            Cap Agreement shall be delivered to the
                                            Trustee. In connection therewith, the
                                            Depositor hereby directs the Trustee
                                            (solely in its capacity as such) and
                                            the
                                            Trustee is hereby authorized to execute
                                            and deliver the Swap Agreement and the
                                            Interest Rate Cap Agreement (each on
                                            behalf of the Supplemental Interest Trust)
                                            for the benefit of, the Certificateholders.
                                            The Seller, the Master Servicer, the
                                            Depositor, the Servicer and the Certificateholders
                                            (by their acceptance of such
                                            Certificates) acknowledge and agree that
                                            the Trustee is executing and delivering
                                            the Swap Agreement and the Interest Rate
                                            Cap Agreement solely in its capacity
                                            as
                                            Trustee of the Supplemental Interest
                                            Trust and the Trust Fund and not in its
                                            individual capacity. The Trustee shall
                                            have no duty or responsibility to enter
                                            into any other swap agreement or interest
                                            rate cap agreement upon the expiration
                                            or termination of the Swap Agreement
                                            or the Interest Rate Cap
                                            Agreement.

                                          

                                            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 Servicing Agreement
                                              and the Transfer Agreement (including
                                              the right to enforce the Transferor’s
                                              obligation to repurchase First Payment
                                              Default Mortgage Loans pursuant to
                                              the
                                              related PPTL), but only to the extent
                                              assigned under the Mortgage Loan Sale
                                              Agreement. The Trustee hereby accepts
                                              such assignment, and shall be entitled
                                              to
                                              exercise all the 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 be (i)
                                              a
“High-Cost Home Loan” as defined in the New Jersey Home Ownership
                                              Act effective
                                              November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the New Mexico
                                              Home Loan Protection Act effective
                                              January 1, 2004, (iii) a “High-Cost Home
                                              Mortgage Loan” as defined in the Massachusetts Predatory
                                              Home Loan Practices Act
                                              effective November 7, 2004 or (iv)
                                              a “High Cost Home Loan” as defined in the
                                              Indiana Home Loan Practices Act effective
                                              January 1, 2005.

                                            
                                              
                                                
                                                

                                              

                                              
                                                58

                                                
                                                  

                                                

                                              

                                              
                                                
                                                

                                              

                                            

                                             

                                            The
                                              foregoing sale, transfer, assignment,
                                              set-over, deposit and conveyance does
                                              not
                                              and is not intended to result in the
                                              creation or assumption by the Trustee
                                              of
                                              any obligation of the Depositor, the
                                              Seller or any other Person in connection
                                              with the Mortgage Loans.

                                             

                                            (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:

                                             

                                            (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) or with respect to
                                              any lost Mortgage Note, a lost note
                                              affidavit stating that the original
                                              Mortgage
                                              Note was lost, misplaced or destroyed,
                                              together with a copy of the related
                                              Mortgage Note;

                                             

                                            (ii)
                                              the
                                              original of any guarantee executed
                                              in connection with the Mortgage Note,
                                              assigned to the Trustee;

                                             

                                            (iii)
                                              with respect to any Mortgage Loan other
                                              than a Cooperative Loan, the original
                                              recorded Mortgage with evidence of
                                              recording indicated thereon and the
                                              original
                                              recorded power of attorney, with evidence
                                              of recording thereon. If, in
                                              connection with any Mortgage Loan,
                                              the Depositor cannot deliver the Mortgage
                                              or
                                              power of attorney 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 or power of
                                              attorney has been lost, the Depositor
                                              shall deliver or cause to be delivered
                                              to
                                              the Trustee (or the Custodian), in
                                              the case of a delay due to recording,
                                              a true
                                              copy of such Mortgage or power of attorney,
                                              pending delivery of the original
                                              thereof, together with an Officer’s Certificate of the Depositor certifying
                                              that
                                              the copy of such Mortgage or power
                                              of attorney delivered to the Trustee
                                              (or the
                                              Custodian) is a true copy and that
                                              the original of such Mortgage or power
                                              of
                                              attorney has been forwarded to the
                                              public recording office, or, in the
                                              case of a
                                              Mortgage or power of attorney 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 or power of attorney
                                              is not required to enforce the Trustee’s
                                              interest in the Mortgage Loan;

                                             

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

                                            
                                              
                                                
                                                

                                              

                                              
                                                59

                                                
                                                  

                                                

                                              

                                              
                                                
                                                

                                              

                                            

                                             

                                            (v)
                                              with
                                              respect to each Non-MERS Mortgage Loan
                                              other than a Cooperative Loan, an
                                              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 First Franklin Mortgage
                                              Loan
                                              Trust, 2006-FF12,” without recourse;

                                             

                                            (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 and
                                              any NIMS Insurer that such original
                                              Intervening Assignment is not required
                                              to enforce the Trustee’s interest in the
                                              Mortgage Loan;

                                             

                                            (vii)
                                              with respect to any Mortgage Loan other
                                              than a Cooperative Loan, the original
                                              mortgagee title insurance policy (or,
                                              in lieu thereof, a commitment to issue
                                              such title insurance policy with an
                                              original or certified copy of such
                                              title
                                              insurance policy to follow as soon
                                              after the Closing Date as reasonably
                                              practicable) or attorney’s opinion of title and abstract of
                                              title; 

                                             

                                            (viii)
                                              the original Primary Mortgage Insurance
                                              Policy or certificate or, an electronic
                                              certification evidencing the existence
                                              of the Primary Mortgage Insurance Policy
                                              or certificate, if private mortgage
                                              guaranty insurance is required;

                                             

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

                                             

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

                                             

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

                                            
                                              
                                                
                                                

                                              

                                              
                                                60

                                                
                                                  

                                                

                                              

                                              
                                                
                                                

                                              

                                            

                                             

                                            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.

                                             

                                            (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, on or prior to the Closing Date,
                                              the
                                              Depositor delivers, at its own expense,
                                              an Opinion of Counsel addressed to
                                              the
                                              Trustee (which must be Independent
                                              counsel) acceptable to the Trustee
                                              and the
                                              Rating Agencies, to the effect that
                                              recording in such states is not required
                                              to
                                              protect the Trustee’s interest in the related Non-MERS
                                              Mortgage Loans;
provided,
                                              further,
                                              that
                                              notwithstanding the delivery of any
                                              Opinion of Counsel, the Master Servicer
                                              shall direct the Servicer to submit
                                              each Assignment of Mortgage for recording
                                              upon the occurrence of a bankruptcy,
                                              insolvency or foreclosure relating
                                              to the
                                              Mortgagor under the related Mortgage.
                                              Subject to the preceding sentence,
                                              as soon
                                              as practicable after the Closing Date
                                              (but in no event more than three months
                                              thereafter except to the extent delays
                                              are caused by the applicable recording
                                              office), the Master Servicer, at the
                                              expense of the Depositor and with the
                                              cooperation of the Servicer, shall
                                              direct to be properly recorded by the
                                              Servicer in each public recording office
                                              where the related Mortgages are
                                              recorded each Assignment of Mortgage
                                              referred to in subsection (b)(v) above
                                              with
                                              respect to each Non-MERS Mortgage Loan.

                                             

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

                                             

                                            (d)
                                              In
                                              instances where a Title Insurance Policy
                                              is required to be delivered to the
                                              Trustee or the Custodian on behalf
                                              of the Trustee under clause (b)(vii)
                                              above
                                              and is not so delivered, the Depositor
                                              will provide a copy of such Title
                                              Insurance Policy to the Trustee, or
                                              to the 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 any
                                              NIMS Insurer and the Trustee, or to
                                              the
                                              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 Collection Account
                                              pursuant
                                              to Section 4.01 have been so deposited.
                                              All original documents that are not
                                              delivered to the Trustee or the Custodian
                                              on behalf of the Trustee shall be held
                                              by the Master Servicer or the Servicer
                                              in trust for the benefit of the Trustee
                                              and the Certificateholders.

                                             

                                            (f)
                                              The
                                              Depositor shall have the right to receive
                                              any and all loan-level information
                                              regarding the characteristics and performance
                                              of the Mortgage Loans upon
                                              request, and to publish, disseminate
                                              or otherwise utilize such information
                                              in
                                              its discretion, subject to applicable
                                              laws and regulations.

                                            
                                              
                                                
                                                

                                              

                                              
                                                61

                                                
                                                  

                                                

                                              

                                              
                                                
                                                

                                              

                                            

                                             

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

                                             

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

                                             

                                            (b)
                                              Within 45 days after the Closing Date,
                                              the Trustee or the Custodian on behalf
                                              of
                                              the Trustee, will, for the benefit
                                              of Holders of the Certificates, review
                                              each
                                              Mortgage File to ascertain that all
                                              required documents set forth in Section
                                              2.01
                                              have been received and appear on their
                                              face to contain the requisite signatures
                                              by or on behalf of the respective parties
                                              thereto, and shall deliver to the
                                              Trustee, the Depositor, the Master
                                              Servicer and any NIMS Insurer an Interim
                                              Certification in the form annexed hereto
                                              as Exhibit B-2 (or in the form annexed
                                              to the 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 Custodian
                                              on behalf of the Trustee, shall determine
                                              whether such 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 the Custodian
                                              shall have any responsibility for
                                              verifying the genuineness or the legal
                                              effectiveness of or authority for any
                                              signatures of or on behalf of any party
                                              or endorser.

                                            (c)
                                              If in
                                              the course of the review described
                                              in paragraph (b) above the Trustee
                                              or the
                                              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 Custodian on
                                              behalf of the
                                              Trustee, discovering such Material
                                              Defect shall promptly identify the
                                              Mortgage
                                              Loan to which such Material Defect
                                              relates in the Interim Certification
                                              delivered to the Depositor and the
                                              Master Servicer. Within 90 days of
                                              its
                                              receipt of such notice, the Transferor,
                                              or, if the Transferor does not do so,
                                              the Depositor shall be required to
                                              cure such Material Defect (and, in
                                              such
                                              event, the Depositor shall provide
                                              the Trustee with an Officer’s Certificate
                                              confirming that such cure has been
                                              effected). If the Transferor or the
                                              Depositor, as applicable, does not
                                              so cure such Material Defect, the Transferor,
                                              or, if the Transferor does not do so,
                                              the Depositor, 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 Trustee each 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 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.

                                            
                                              
                                                
                                                

                                              

                                              
                                                62

                                                
                                                  

                                                

                                              

                                              
                                                
                                                

                                              

                                            

                                             

                                            (d)
                                              Within 180 days following the Closing
                                              Date, the Trustee, or the Custodian,
                                              shall
                                              deliver to the Trustee, the Depositor,
                                              the Master Servicer and any NIMS Insurer
                                              a Final Certification substantially
                                              in the form attached as Exhibit B-3
                                              (or in
                                              the form annexed to the 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, the Custodian
                                              or the Certificateholders of any
                                              unsatisfied duty, claim or other liability
                                              on any Mortgage Loan or to any
                                              Mortgagor.

                                             

                                            (f)
                                              Each
                                              of the parties hereto acknowledges
                                              that the Custodian shall perform the
                                              applicable review of the Mortgage Loans
                                              and respective certifications thereof
                                              as
                                              provided in this Section 2.02 and the
                                              Custodial Agreement. The Trustee is
                                              hereby
                                              authorized and directed by the Depositor
                                              to appoint the Custodian and to execute
                                              and deliver the Custodial Agreement.

                                             

                                            (g)
                                              Upon
                                              execution of this Agreement, the Depositor
                                              hereby delivers to the Trustee and
                                              the Trustee acknowledges a receipt
                                              of the Mortgage Loan Sale Agreement
                                              and the
                                              Servicing Agreement. The Depositor
                                              hereby directs the Trustee, solely
                                              in its
                                              capacity as Trustee hereunder, to execute
                                              and deliver, concurrently with the
                                              execution and delivery of this Agreement,
                                              the Servicing Agreement to which the
                                              Trustee is a party.

                                             

                                            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 any NIMS Insurer 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;

                                            
                                              
                                                
                                                

                                              

                                              
                                                63

                                                
                                                  

                                                

                                              

                                              
                                                
                                                

                                              

                                            

                                             

                                            (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 Master Servicer
                                              and the Credit Risk Manager, constitutes
                                              a valid and binding obligation of the
                                              Depositor enforceable against it in
                                              accordance with its terms except as
                                              such
                                              enforceability may be subject to (A)
                                              applicable bankruptcy and insolvency
                                              laws
                                              and other similar laws affecting the
                                              enforcement of the rights of creditors
                                              generally and (B) general principles
                                              of equity regardless of whether such
                                              enforcement is considered in a proceeding
                                              in equity or at law;

                                             

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

                                            

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

                                              
                                                
                                                  
                                                  

                                                

                                                
                                                  64

                                                  
                                                    

                                                  

                                                

                                                
                                                  
                                                  

                                                

                                              

                                               

                                              (b)
                                                The
                                                representations and warranties of
                                                the Transferor with respect to the
                                                related
                                                Mortgage Loans in the Transfer Agreement,
                                                which have been assigned to the
                                                Trustee hereunder, were made as of
                                                the date specified in the 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
                                                Transferor under the Transfer Agreement
                                                and
                                                (ii) a representation or warranty
                                                of the Seller under the Mortgage
                                                Loan Sale
                                                Agreement, the only right or remedy
                                                of the Trustee, any Certificateholder
                                                or any
                                                NIMS Insurer hereunder shall be their
                                                rights to enforce the obligations
                                                of the
                                                Transferor under any applicable representation
                                                or warranty made by it (except in
                                                the case of a breach by the Seller
                                                of the representations made by it
                                                with
                                                respect to predatory and abusive
                                                lending laws, which shall be a direct
                                                obligation of the Seller pursuant
                                                to the Mortgage Loan Sale Agreement
                                                and
                                                enforceable by the Trustee, any Certificateholder
                                                or any NIMS Insurer
                                                hereunder). The Trustee acknowledges
                                                that, except as otherwise provided
                                                in the
                                                Mortgage Loan Sale Agreement, the
                                                Seller shall not have any obligation
                                                or
                                                liability with respect to any breach
                                                of a representation or warranty made
                                                by it
                                                with respect to the Mortgage Loans
                                                sold by it if the fact, condition
                                                or event
                                                constituting such breach also constitutes
                                                a breach of a representation or
                                                warranty made by the Transferor in
                                                the 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. 

                                               

                                              Section
                                                2.04. Discovery of Breach. 

                                               

                                              It
                                                is
                                                understood and agreed that the representations
                                                and warranties (i) of the
                                                Depositor set forth in Section 2.03,
                                                (ii) of the Seller set forth in the
                                                Mortgage Loan Sale Agreement and
                                                assigned to the Depositor by the
                                                Seller under
                                                the Mortgage Loan Sale Agreement
                                                and to the Trustee by the Depositor
                                                hereunder
                                                and (iii) of the Transferor and of
                                                the Servicer assigned by the Seller
                                                to the
                                                Depositor pursuant to the Mortgage
                                                Loan Sale Agreement and assigned
                                                to the
                                                Trustee by the Depositor hereunder,
                                                shall each survive delivery of the
                                                Mortgage
                                                Files and the Assignment of Mortgage
                                                of each Mortgage Loan to the Trustee
                                                and
                                                shall continue throughout the term
                                                of this Agreement. Upon discovery
                                                by any of
                                                the Depositor, the Master Servicer
                                                or the Trustee of a breach of any
                                                of such
                                                representations and warranties that
                                                adversely and materially affects
                                                the value
                                                of the related Mortgage Loan, the
                                                party discovering such breach shall
                                                give
                                                prompt written notice to the other
                                                parties. Within 90 days of the discovery
                                                of a
                                                breach of any representation or warranty
                                                given to the Trustee by the Depositor
                                                or given by the Transferor or the
                                                Seller and assigned to the Trustee,
                                                the
                                                Depositor, the Transferor or the
                                                Seller, 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
                                                in the case of a Delinquency Default
                                                Mortgage Loan, the PPTL Purchase
                                                Price
                                                (excluding any PPTL Premium)) 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 the Transferor assigned
                                                to the Trustee, the Trustee shall
                                                enforce
                                                its rights under the Transfer Agreement
                                                and the Mortgage Loan Sale Agreement
                                                for
                                                the benefit of Certificateholders
                                                and any NIMS Insurer. As provided
                                                in the
                                                Mortgage Loan Sale Agreement, if
                                                the Transferor substitutes a mortgage
                                                loan for
                                                a Deleted Mortgage Loan pursuant
                                                to the Transfer Agreement and such
                                                substitute
                                                mortgage loan is not a Qualifying
                                                Substitute Mortgage Loan, then pursuant
                                                to the
                                                terms of the Mortgage Loan Sale Agreement
                                                the Seller will, in exchange for
                                                such
                                                substitute mortgage loan, (i) pay
                                                to the Trust Fund the applicable
                                                Purchase
                                                Price for the affected Mortgage Loan
                                                or (ii) within two years of the
                                                Closing Date, substitute a Qualifying
                                                Substitute Mortgage Loan. 

                                              
                                                
                                                  
                                                  

                                                

                                                
                                                  65

                                                  
                                                    

                                                  

                                                

                                                
                                                  
                                                  

                                                

                                              

                                               

                                              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 the Seller pursuant
                                                to the Mortgage Loan Sale Agreement
                                                or by the
                                                Transferor pursuant to the Transfer
                                                Agreement, the principal portion
                                                of the
                                                funds (including the related PPTL
                                                Purchase Price (excluding any PPTL
                                                Premium) in
                                                the case of a First Payment Default
                                                Mortgage Loan) received by the Trustee
                                                in
                                                respect of such repurchase of a Mortgage
                                                Loan will be considered a Principal
                                                Prepayment and the Purchase Price
                                                or PPTL Purchase Price (excluding
                                                any PPTL
                                                Premium) shall be deposited in the
                                                Collection Account or a Custodial
                                                Account, as
                                                applicable. The Trustee (i) upon
                                                receipt of the full amount of the
                                                Purchase
                                                Price for a Deleted Mortgage Loan,
                                                (ii) upon receipt of a written certification
                                                from the Master Servicer that it
                                                has received the full amount of the
                                                Purchase
                                                Price for a Deleted Mortgage Loan
                                                and has deposited such amount in
                                                the
                                                Collection Account or (iii) upon
                                                receipt of notification from the
                                                Custodian that
                                                it had received the Mortgage File
                                                for a Qualifying Substitute Mortgage
                                                Loan
                                                substituted for a Deleted Mortgage
                                                Loan (and any applicable Substitution
                                                Amount), shall release or cause to
                                                be released and reassign to the Depositor,
                                                the Seller or the 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 Servicer and the Trustee shall
                                                have
                                                no further responsibility with respect
                                                to the Mortgage File relating to
                                                such
                                                Deleted Mortgage Loan. The Seller
                                                indemnifies and holds the Trust Fund,
                                                the
                                                Master Servicer, the Trustee, the
                                                Depositor, and NIMS Insurer and each
                                                Certificateholder harmless against
                                                any and all taxes, claims, losses,
                                                penalties,
                                                fines, forfeitures, reasonable legal
                                                fees and related costs, judgments,
                                                and any
                                                other costs, fees and expenses that
                                                the Trust Fund, the Trustee, the
                                                Master
                                                Servicer, the Depositor, any NIMS
                                                Insurer and any Certificateholder
                                                may sustain
                                                in connection with any actions of
                                                such Seller relating to a repurchase
                                                of a
                                                Mortgage Loan other than in compliance
                                                with the terms of this Section 2.05
                                                and
                                                the Mortgage Loan Sale Agreement,
                                                to the extent that any such action
                                                causes an
                                                Adverse REMIC Event.

                                               

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

                                              
                                                
                                                  
                                                  

                                                

                                                
                                                  66

                                                  
                                                    

                                                  

                                                

                                                
                                                  
                                                  

                                                

                                              

                                               

                                              (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 and any NIMS Insurer
                                                has
                                                received an Opinion of Counsel addressed
                                                to the Trustee (at the expense of
                                                the
                                                party seeking to make the substitution)
                                                that, under current law, such
                                                substitution will not cause an Adverse
                                                REMIC Event.

                                               

                                              Section
                                                2.06. Grant Clause. 

                                               

                                              (a)
                                                It is
                                                intended that the conveyance of the
                                                Depositor’s right, title and interest in and
                                                to property constituting the Trust
                                                Fund pursuant to this Agreement shall
                                                constitute, and shall be construed
                                                as, a sale of such property and not
                                                a grant
                                                of a security interest to secure
                                                a loan. However, if such conveyance
                                                is deemed
                                                to be in respect of a loan, it is
                                                intended that: (1) the rights and
                                                obligations
                                                of the parties shall be established
                                                pursuant to the terms of this Agreement;
                                                (2)
                                                the Depositor hereby grants to the
                                                Trustee for the benefit of the Holders
                                                of the
                                                Certificates a first priority security
                                                interest to secure repayment of an
                                                obligation in an amount equal to
                                                the aggregate Class Principal Amount
                                                of the
                                                Certificates (or the aggregate principal
                                                balance of the Lower Tier REMIC 1
                                                Uncertificated Regular Interests,
                                                if applicable) in all of the Depositor’s
                                                right, title and interest in, to
                                                and under, whether now owned or hereafter
                                                acquired, the Trust Fund, the Supplemental
                                                Interest Trust and all proceeds of
                                                any and all property constituting
                                                the Trust Fund and the Supplemental
                                                Interest
                                                Trust to secure payment of the Certificates
                                                or Lower Tier REMIC 1 Uncertificated
                                                Regular Interests, as applicable
                                                (such security interest being, to
                                                the extent of
                                                the assets that constitute the Supplemental
                                                Interest Trust, pari
                                                passu
                                                with the
                                                security interest as provided in
                                                clause (4) below); (3) this Agreement
                                                shall
                                                constitute a security agreement under
                                                applicable law; and (4) the Swap
                                                Counterparty shall be deemed, during
                                                the term of such agreement and while
                                                such
                                                agreement is the property of the
                                                Trustee, to have a security interest
                                                in all of
                                                the assets that constitute the Supplemental
                                                Interest Trust, but only to the
                                                extent of such Swap Counterparty’s right to payment under the Swap
                                                Agreement
                                                (such security interest being pari
                                                passu
                                                with the
                                                security interest as provided in
                                                clause (2) above). If such conveyance
                                                is deemed
                                                to be in respect of a loan and the
                                                trust created by this Agreement terminates
                                                prior to the satisfaction of the
                                                claims of any Person holding any
                                                Certificate or
                                                Lower Tier REMIC 1 Uncertificated
                                                Regular Interests, as applicable,
                                                the security
                                                interest created hereby shall continue
                                                in full force and effect and the
                                                Trustee
                                                shall be deemed to be the collateral
                                                agent for the benefit of such Person,
                                                and
                                                all proceeds shall be distributed
                                                as herein provided.

                                              
                                                
                                                  
                                                  

                                                

                                                
                                                  67

                                                  
                                                    

                                                  

                                                

                                                
                                                  
                                                  

                                                

                                              

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

                                               

                                              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 in the Percentage Interests,
                                                specified herein. Each Class of
                                                Book-Entry Certificates will be issued
                                                in the minimum denominations in
                                                Certificate Principal Amount specified
                                                in the Preliminary Statement hereto
                                                and
                                                in integral multiples of $1 in excess
                                                thereof. The Class P and Class X
                                                Certificates shall each be maintained
                                                in definitive, fully registered form
                                                in
                                                the minimum denomination specified
                                                in the Preliminary Statement hereto
                                                and in
                                                integral multiples of 1% in excess
                                                thereof. Each of the Class R and
                                                Class LT-R
                                                Certificate shall be issued as a
                                                single Certificate and maintained
                                                in
                                                definitive, fully registered form
                                                in a minimum denomination equal to
                                                100% of the
                                                Percentage Interest of such Class.
                                                The Certificates may be issued in
                                                the form of
                                                typewritten certificates. 

                                              
                                                
                                                  
                                                  

                                                

                                                
                                                  68

                                                  
                                                    

                                                  

                                                

                                                
                                                  
                                                  

                                                

                                              

                                               

                                              (b)
                                                The
                                                Certificates shall be executed by
                                                manual or facsimile signature on
                                                behalf of the
                                                Trustee by an authorized officer.
                                                Each Certificate shall, on original
                                                issue, be
                                                authenticated by the Trustee upon
                                                the order of the Depositor upon receipt
                                                by the
                                                Trustee (or the Custodian) 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 B Certificates offered and
                                                sold in reliance on the exemption
                                                from
                                                registration under Rule 144A under
                                                the Securities Act shall be issued
                                                initially
                                                in the form of one or more permanent
                                                global Certificates in definitive,
                                                fully
                                                registered form without interest
                                                coupons with the applicable legends
                                                set forth
                                                in Exhibit A added to the forms of
                                                such Certificates (each, a “Restricted Global
                                                Security”), which shall be deposited on behalf
                                                of the subscribers for such
                                                Certificates represented thereby
                                                with the Trustee, as custodian for
                                                The
                                                Depository Trust Company (“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.

                                               

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

                                               

                                              (e)
                                                The
                                                Class B Certificates sold to an “accredited investor” under Rule 501(a)(1), (2),
                                                (3) or (7) under the Securities Act
                                                shall be issued initially in the
                                                form of one
                                                or more Definitive Certificates.

                                               

                                              Section
                                                3.02. Registration. 

                                               

                                              The
                                                Trustee is hereby appointed, and
                                                hereby accepts its appointment as,
                                                Certificate
                                                Registrar in respect of the Certificates
                                                (and, after a Section 7.01(c) Purchase
                                                Event, the Lower Tier REMIC 1 Uncertificated
                                                Regular Interests) and shall
                                                maintain books for the registration
                                                and for the transfer of Certificates
                                                (and,
                                                after a Section 7.01(c) Purchase
                                                Event, the Lower Tier REMIC 1 Uncertificated
                                                Regular Interests) (the “Certificate Register”). The Trustee may appoint a bank
                                                or trust company to act as Certificate
                                                Registrar. A registration book shall
                                                be
                                                maintained for the Certificates (and
                                                Lower Tier REMIC 1 Uncertificated
                                                Regular
                                                Interests, as the case may be) 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, any NIMS
                                                Insurer 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.

                                              
                                                
                                                  
                                                  

                                                

                                                
                                                  69

                                                  
                                                    

                                                  

                                                

                                                
                                                  
                                                  

                                                

                                              

                                               

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

                                              Section
                                                3.03. Transfer
                                                and Exchange of Certificates.

                                               

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

                                               

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

                                              
                                                
                                                  
                                                  

                                                

                                                
                                                  70

                                                  
                                                    

                                                  

                                                

                                                
                                                  
                                                  

                                                

                                              

                                               

                                              (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, 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 Securities Act) of the
                                                Depositor or
                                                the Placement Agent or (y) being
                                                made to a “qualified institutional buyer” (a
“QIB”) as defined in Rule 144A under the
                                                Securities Act by a transferor that
                                                has
                                                provided the Trustee with a certificate
                                                in the form of Exhibit F hereto;
                                                and

                                               

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

                                               

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

                                              
                                                
                                                  
                                                  

                                                

                                                
                                                  71

                                                  
                                                    

                                                  

                                                

                                                
                                                  
                                                  

                                                

                                              

                                               

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

                                              (ii)
                                                No
                                                transfer of an ERISA-Restricted Trust
                                                Certificate shall be made prior to
                                                the
                                                termination of the Swap Agreement
                                                and the Interest Rate Cap Agreement,
                                                unless
                                                the Trustee shall have received a
                                                representation letter from the transferee
                                                of
                                                such Certificate, substantially in
                                                the form set forth in Exhibit H,
                                                to the
                                                effect that either (i) such transferee
                                                is neither a Plan nor a Person acting
                                                on
                                                behalf of any such Plan or using
                                                the assets of any such Plan to effect
                                                such
                                                transfer or (ii) the acquisition
                                                and holding of the ERISA-Restricted
                                                Trust
                                                Certificate are eligible for exemptive
                                                relief under the statutory exemption
                                                for
                                                nonfiduciary service providers under
                                                Section 408(b)(17) of ERISA and Section
                                                4975(d)(20) of the Code, Prohibited
                                                Transaction Class Exemption ("PTCE")
                                                84-14,
                                                PTCE 90-1, PTCE 91-38, PTCE 95-60
                                                or PTCE 96-23 or some other applicable
                                                exemption. Notwithstanding anything
                                                else to the contrary herein, prior
                                                to the
                                                termination of the Swap Agreement
                                                and the Interest Rate Cap Agreement,
                                                any
                                                purported transfer of an ERISA-Restricted Trust Certificate on behalf
                                                of a Plan
                                                without the delivery to the Trustee
                                                of a representation letter as described
                                                above shall be void and of no effect.
                                                If the ERISA-Restricted Trust Certificate
                                                is a Book-Entry Certificate, prior
                                                to the termination of the Swap Agreement
                                                and
                                                the Interest Rate Cap Agreement,
                                                the transferee will be deemed to
                                                have made a
                                                representation as provided in clause
                                                (i) or (ii) of this paragraph, as
                                                applicable.

                                              
                                                
                                                  
                                                  

                                                

                                                
                                                  72

                                                  
                                                    

                                                  

                                                

                                                
                                                  
                                                  

                                                

                                              

                                               

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

                                               

                                              To
                                                the
                                                extent permitted under applicable
                                                law (including, but not limited to,
                                                ERISA),
                                                the Trustee shall be under no liability
                                                to any Person for any registration
                                                of
                                                transfer of any ERISA-Restricted
                                                Trust Certificate that is in fact
                                                not permitted
                                                by this Section 3.03(d)(ii) or for
                                                making any payments due on such Certificate
                                                to the Holder thereof or taking any
                                                other action with respect to such
                                                Holder
                                                under the provisions of this Agreement
                                                so long as the transfer was registered
                                                by
                                                the Trustee in accordance with the
                                                foregoing requirements.

                                               

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

                                               

                                              (f)
                                                Notwithstanding anything to the contrary
                                                contained herein, no Residual
                                                Certificate may be owned, pledged
                                                or transferred, directly or indirectly,
                                                by or
                                                to (i) a Disqualified Organization
                                                or (ii) an individual, corporation
                                                or
                                                partnership or other person unless
                                                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
                                                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 an affidavit in substantially
                                                the form attached hereto as Exhibit
                                                D-1 representing and warranting,
                                                among other things, that such transferee
                                                is
                                                neither a Disqualified Organization,
                                                an agent or nominee acting on behalf
                                                of a
                                                Disqualified Organization, nor a
                                                Non-Permitted Foreign Holder (any
                                                such
                                                transferee, a “Permitted Transferee”), and the proposed transferor shall
                                                deliver
                                                to the Trustee an affidavit in substantially
                                                the form attached hereto as Exhibit
                                                D-2. In addition, the Trustee may
                                                (but shall have no obligation to)
                                                require,
                                                prior to and as a condition of any
                                                such transfer, the delivery by the
                                                proposed
                                                transferee of an Opinion of Counsel,
                                                addressed to the Depositor, the Master
                                                Servicer, any NIMS Insurer and the
                                                Trustee satisfactory in form and
                                                substance to
                                                the Depositor, that such proposed
                                                transferee or, if the proposed transferee
                                                is
                                                an agent or nominee, the proposed
                                                beneficial owner, is not a Disqualified
                                                Organization, agent or nominee thereof,
                                                or a Non-Permitted Foreign Holder.
                                                Notwithstanding the registration
                                                in the Certificate Register of any
                                                transfer,
                                                sale, or other disposition of a Residual
                                                Certificate to a Disqualified
                                                Organization, an agent or nominee
                                                thereof, or Non-Permitted Foreign
                                                Holder, such
                                                registration shall be deemed to be
                                                of no legal force or effect whatsoever
                                                and
                                                such Disqualified Organization, agent
                                                or nominee thereof, or Non-Permitted
                                                Foreign Holder shall not be deemed
                                                to be a Certificateholder for any
                                                purpose
                                                hereunder, including, but not limited
                                                to, the receipt of distributions
                                                on such
                                                Residual Certificate. The Trustee
                                                shall not be under any liability
                                                to any person
                                                for any registration or transfer
                                                of a Residual Certificate to a Disqualified
                                                Organization, agent or nominee thereof
                                                or Non-permitted Foreign Holder or
                                                for
                                                the maturity of any payments due
                                                on such Residual Certificate to the
                                                Holder
                                                thereof or for taking any other action
                                                with respect to such Holder under
                                                the
                                                provisions of the Agreement, so long
                                                as the transfer was effected in accordance
                                                with this Section 3.03(f), unless
                                                a Responsible Officer of the Trustee
                                                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, or
                                                an agent
                                                or nominee thereof, or Non-permitted
                                                Foreign Holder. The Trustee shall
                                                be
                                                entitled, but not obligated, 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 shall
                                                be paid
                                                and delivered to the last preceding
                                                Holder of such Residual
                                                Certificate.

                                              
                                                
                                                  
                                                  

                                                

                                                
                                                  73

                                                  
                                                    

                                                  

                                                

                                                
                                                  
                                                  

                                                

                                              

                                              

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

                                                 

                                                (g)
                                                  Each
                                                  Holder or Certificate Owner of
                                                  a Restricted Certificate, ERISA-Restricted
                                                  Certificate or Residual Certificate,
                                                  or an interest therein, by such
                                                  Holder’s or
                                                  Owner’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 Class
                                                  B Certificate remains outstanding
                                                  and is held by
                                                  or on behalf of DTC, transfers
                                                  of a Global Security representing
                                                  any such
                                                  Certificates, in whole or in part,
                                                  shall only be made in accordance
                                                  with 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 Class B Certificate
                                                  shall be limited to transfers of
                                                  such
                                                  Global Security, in whole or in
                                                  part, to nominees of DTC or to
                                                  a successor of
                                                  DTC or such successor’s nominee.

                                                
                                                  
                                                    
                                                    

                                                  

                                                  
                                                    74

                                                    
                                                      

                                                    

                                                  

                                                  
                                                    
                                                    

                                                  

                                                

                                                 

                                                (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 Trustee, as Certificate
                                                  Registrar, of (I) instructions
                                                  from DTC directing
                                                  the Trustee, as Certificate Registrar,
                                                  to be credited a beneficial interest
                                                  in a
                                                  Regulation S Global Security in
                                                  an amount equal to the beneficial
                                                  interest in
                                                  such 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
                                                  M-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 Trustee, as Certificate Registrar,
                                                  shall
                                                  reduce the principal amount of
                                                  the Restricted Global Security
                                                  and increase the
                                                  principal amount of the Regulation
                                                  S Global Security by the aggregate
                                                  principal
                                                  amount of the beneficial interest
                                                  in the Restricted Global Security
                                                  to be
                                                  exchanged, and shall instruct Euroclear
                                                  or Clearstream, as applicable,
                                                  concurrently with such reduction,
                                                  to credit or cause to be credited
                                                  to the
                                                  account of the Person specified
                                                  in such instructions a beneficial
                                                  interest in
                                                  the Regulation S Global Security
                                                  equal to the reduction in the principal
                                                  amount
                                                  of the Restricted Global Security.

                                                 

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

                                                
                                                  
                                                    
                                                    

                                                  

                                                  
                                                    75

                                                    
                                                      

                                                    

                                                  

                                                  
                                                    
                                                    

                                                  

                                                

                                                 

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

                                                 

                                                (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(l)(C).

                                                 

                                                Section
                                                  3.04. Cancellation of Certificates. 

                                                 

                                                Any
                                                  Certificate surrendered for registration
                                                  of transfer or exchange shall be
                                                  cancelled and retained in accordance
                                                  with the Trustee’s 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 and the Authenticating
                                                    Agent
                                                    and any NIMS Insurer such security
                                                    or indemnity as may be required
                                                    by them to
                                                    save each of them harmless, then,
                                                    in the absence of notice to the
                                                    Trustee 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.

                                                  
                                                    
                                                      
                                                      

                                                    

                                                    
                                                      76

                                                      
                                                        

                                                      

                                                    

                                                    
                                                      
                                                      

                                                    

                                                  

                                                   

                                                  Section
                                                    3.06. Persons Deemed Owners. 

                                                   

                                                  Subject
                                                    to the provisions of Section
                                                    3.09 with respect to Book-Entry
                                                    Certificates, the
                                                    Depositor, the Master Servicer,
                                                    the Trustee, the Certificate
                                                    Registrar, any NIMS
                                                    Insurer and any agent of any
                                                    of them may treat the Person
                                                    in whose name any
                                                    Certificate is registered upon
                                                    the books of the Certificate
                                                    Registrar as the
                                                    owner of such Certificate for
                                                    the purpose of receiving distributions
                                                    pursuant to
                                                    Sections 5.01 and 5.02 and for
                                                    all other purposes whatsoever,
                                                    and neither the
                                                    Depositor, the Master Servicer,
                                                    the Trustee, the Certificate
                                                    Registrar, any NIMS
                                                    Insurer 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 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 Trustee
                                                    without charge to the Holder.
                                                    Upon surrender for
                                                    cancellation of any one or more
                                                    temporary Certificates, the Trustee
                                                    shall
                                                    execute and authenticate and
                                                    deliver in exchange therefor
                                                    a like aggregate
                                                    Certificate Principal Amount
                                                    of definitive Certificates of
                                                    the same Class in the
                                                    authorized denominations. Until
                                                    so exchanged, the temporary Certificates
                                                    shall
                                                    in all respects be entitled to
                                                    the same benefits under this
                                                    Agreement as
                                                    definitive Certificates of the
                                                    same Class.

                                                   

                                                  Section
                                                    3.08. Appointment of Paying Agent. 

                                                   

                                                  (a)
                                                    The
                                                    Trustee, subject to the consent
                                                    of the NIMS Insurer, may appoint
                                                    a Paying Agent
                                                    (which may be the Trustee) for
                                                    the purpose of making distributions
                                                    to
                                                    Certificateholders hereunder.
                                                    The Trustee shall cause such
                                                    Paying Agent (if
                                                    other than the Trustee) to execute
                                                    and deliver to the Trustee an
                                                    instrument in
                                                    which such Paying Agent shall
                                                    agree with the Trustee that such
                                                    Paying Agent will
                                                    hold all sums held by it for
                                                    the payment to Certificateholders
                                                    in an Eligible
                                                    Account in trust for the benefit
                                                    of the Certificateholders entitled
                                                    thereto
                                                    until such sums shall be paid
                                                    to the Certificateholders. All
                                                    funds remitted by
                                                    the Trustee to any such Paying
                                                    Agent for the purpose of making
                                                    distributions
                                                    shall be paid to Certificateholders
                                                    on each Distribution Date and
                                                    any amounts
                                                    not so paid shall be returned
                                                    on such Distribution Date to
                                                    the Trustee. If the
                                                    Paying Agent is not the Trustee,
                                                    the Trustee shall cause 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.

                                                  
                                                    
                                                      
                                                      

                                                    

                                                    
                                                      77

                                                      
                                                        

                                                      

                                                    

                                                    
                                                      
                                                      

                                                    

                                                  

                                                   

                                                  (b)
                                                    Any
                                                    Paying Agent shall comply with
                                                    its reporting obligations under
                                                    Regulation AB
                                                    with respect to the Trust Fund
                                                    in form and substance similar
                                                    to those of the
                                                    Trustee pursuant to Section 6.20,
                                                    and the related assessment of
                                                    compliance shall
                                                    cover, at a minimum, the elements
                                                    of the servicing criteria applicable
                                                    to the
                                                    Paying Agent indicated in Exhibit
                                                    S attached hereto. The Paying
                                                    Agent (if other
                                                    than the Trustee) shall give
                                                    prior written notice to the Sponsor,
                                                    the Master
                                                    Servicer, the Trustee and the
                                                    Depositor of the appointment
                                                    of any Subcontractor
                                                    by it and a written description
                                                    (in form and substance reasonably
                                                    satisfactory
                                                    to the Sponsor and the Depositor)
                                                    of the role and function of each
                                                    Subcontractor
                                                    utilized by the Paying Agent,
                                                    as applicable, 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. In addition, the
                                                    Paying Agent
                                                    (if other than the Trustee) shall
                                                    notify the Sponsor, the Master
                                                    Servicer, the
                                                    Trustee and the Depositor within
                                                    five (5) calendar days of knowledge
                                                    thereof (i)
                                                    of any legal proceedings pending
                                                    against the Paying Agent of the
                                                    type described
                                                    in Item 1117 (§ 229.1117) of Regulation AB, (ii)
                                                    any merger, consolidation or
                                                    sale of substantially all of
                                                    the assets of the Paying Agent
                                                    and (iii) if the
                                                    Paying Agent shall become (but
                                                    only to the extent not previously
                                                    disclosed) at
                                                    any time an affiliate of any
                                                    of the parties listed on Exhibit
                                                    V hereto or any of
                                                    their affiliates. On or before
                                                    March 1st
                                                    of each
                                                    year, the Depositor shall distribute
                                                    the information in Exhibit V
                                                    to the Paying
                                                    Agent.

                                                  

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

                                                     

                                                    Section
                                                      3.09. Book-Entry Certificates. 

                                                     

                                                    (a)
                                                      Each
                                                      Class of Book-Entry Certificates,
                                                      upon original issuance, shall
                                                      be issued in the
                                                      form of one or more typewritten
                                                      Certificates representing the
                                                      Book-Entry
                                                      Certificates. 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 Master Servicer,
                                                      the Paying Agent, the Registrar,
                                                      any NIMS
                                                      Insurer 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;

                                                    
                                                      
                                                        
                                                        

                                                      

                                                      
                                                        78

                                                        
                                                          

                                                        

                                                      

                                                      
                                                        
                                                        

                                                      

                                                    

                                                     

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

                                                     

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

                                                     

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

                                                     

                                                    (c)
                                                      If
                                                      (i) (A) the Depositor advises
                                                      the Trustee 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 Depositor is unable
                                                      to
                                                      locate a qualified successor
                                                      or (ii) after the occurrence
                                                      of an Event of
                                                      Default, Certificate Owners
                                                      representing beneficial interests
                                                      aggregating not
                                                      less than 50% of the Class
                                                      Principal Amount 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 any NIMS Insurer and
                                                      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. Notwithstanding
                                                      the foregoing, the Trustee,
                                                      upon the instruction of
                                                      the Depositor, shall have the
                                                      right to issue Definitive Certificates
                                                      on the
                                                      Closing Date in connection
                                                      with credit enhancement programs.

                                                    
                                                      
                                                        
                                                        

                                                      

                                                      
                                                        79

                                                        
                                                          

                                                        

                                                      

                                                      
                                                        
                                                        

                                                      

                                                    

                                                     

                                                    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
“Collection Account, Aurora
                                                      Loan Services LLC, as Master
                                                      Servicer, in trust for
                                                      the benefit of the Holders
                                                      of First Franklin Mortgage
                                                      Loan Trust Mortgage
                                                      Pass-Through Certificates,
                                                      Series 2006-FF12.” The Collection Account shall
                                                      relate solely to the Certificates
                                                      and to the Lower Tier REMIC
                                                      1 Uncertificated
                                                      Regular Interests 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
                                                      10 days and transfer
                                                      all funds and investment property
                                                      on deposit in such existing
                                                      Collection Account
                                                      into such new Collection Account.

                                                     

                                                    (c)
                                                      The
                                                      Master Servicer shall give
                                                      to the Trustee prior written
                                                      notice of the name and
                                                      address of the depository institution
                                                      at which the Collection Account
                                                      is
                                                      maintained and the account
                                                      number of such Collection Account.
                                                      The Master
                                                      Servicer shall take such actions
                                                      as are necessary to cause the
                                                      depository
                                                      institution holding the Collection
                                                      Account to hold such account
                                                      in the name of
                                                      the Master Servicer under this
                                                      Agreement. On each Master Servicer
                                                      Remittance
                                                      Date, the entire amount on
                                                      deposit in the Collection Account
                                                      (subject to
                                                      permitted withdrawals set forth
                                                      in Section 4.02), other than
                                                      amounts not
                                                      included in the Total Distribution
                                                      Amount for such Distribution
                                                      Date shall be
                                                      remitted to the Trustee for
                                                      deposit into the Certificate
                                                      Account by wire
                                                      transfer in immediately available
                                                      funds. The Master Servicer,
                                                      at its option, may
                                                      choose to make daily remittances
                                                      from the Collection Account
                                                      to the Trustee for
                                                      deposit into the Certificate
                                                      Account.

                                                     

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

                                                     

                                                    (i)
                                                      all
                                                      payments on account of principal,
                                                      including Principal Prepayments,
                                                      any
                                                      Subsequent Recovery and any
                                                      Scheduled Payment attributable
                                                      to principal received
                                                      after its related Due Date,
                                                      on the Mortgage Loans;

                                                    
                                                      
                                                        
                                                        

                                                      

                                                      
                                                        80

                                                        
                                                          

                                                        

                                                      

                                                      
                                                        
                                                        

                                                      

                                                    

                                                     

                                                    (ii)
                                                      all
                                                      payments on account of interest
                                                      on the Mortgage Loans, including
                                                      Prepayment
                                                      Premiums, in all cases, net
                                                      of the 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 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 (x) any
                                                      unpaid 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) and
                                                      (y) any amounts
                                                      reimbursable to the Servicer
                                                      with respect to such Mortgage
                                                      Loan under the
                                                      Servicing Agreement and retained
                                                      by the Servicer;

                                                     

                                                    (iv)
                                                      all
                                                      Insurance Proceeds;

                                                     

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

                                                     

                                                    (vi)
                                                      all
                                                      amounts paid by the Servicer
                                                      with respect to Net Simple
                                                      Interest Shortfalls and
                                                      Prepayment Interest Shortfalls;
                                                      and 

                                                     

                                                    (vii)
                                                      the
                                                      Purchase Price or PPTL Purchase
                                                      Price of any Mortgage Loan
                                                      repurchased by the
                                                      Depositor, the Seller, the
                                                      Master Servicer or any other
                                                      Person and any
                                                      Substitution Amount related
                                                      to any Qualifying Substitute
                                                      Mortgage
                                                      Loan and
                                                      any
                                                      purchase price paid by any
                                                      NIMS Insurer for the purchase
                                                      of any Distressed
                                                      Mortgage Loan under Section
                                                      7.04.

                                                    

                                                      The
                                                        Master Servicer shall also
                                                        deposit from its own funds
                                                        into the Collection
                                                        Account (to the extent not
                                                        already received from the
                                                        Servicer), without right
                                                        of
                                                        reimbursement, except from
                                                        Net Simple Interest Excess,
                                                        an amount equal to any
                                                        Net Simple Interest Shortfall
                                                        (to the extent not offset
                                                        by Net Simple Interest
                                                        Excess) for the related Collection
                                                        Period.

                                                       

                                                      (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 Master Servicer
                                                        Remittance Date (except
                                                        that if such Eligible Investment
                                                        is an obligation of the Trustee,
                                                        then such
                                                        Eligible Investment shall
                                                        mature not later than such
                                                        applicable Master Servicer
                                                        Remittance 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 the First Franklin Mortgage
                                                        Loan Trust Mortgage Pass-Through
                                                        Certificates,
                                                        Series 2006-FF12. All income
                                                        and gain realized from any
                                                        Eligible Investment
                                                        shall be for the benefit
                                                        of the Master Servicer and
                                                        shall be subject to its
                                                        withdrawal or order from
                                                        time to time, subject to
                                                        Section 5.05 hereof, and
                                                        shall
                                                        not be part of the Trust
                                                        Fund. The amount of any losses
                                                        incurred in respect of
                                                        any such investments shall
                                                        be deposited in such Collection
                                                        Account by the Master
                                                        Servicer out of its own funds,
                                                        without any right of reimbursement
                                                        therefor,
                                                        immediately as realized.
                                                        The foregoing requirements
                                                        for deposit in the
                                                        Collection Account are exclusive,
                                                        it being understood and agreed
                                                        that, without
                                                        limiting the generality of
                                                        the foregoing, payments of
                                                        interest on funds in the
                                                        Collection Account and payments
                                                        in the nature of late payment
                                                        charges,
                                                        assumption fees and other
                                                        incidental fees and charges
                                                        relating to the Mortgage
                                                        Loans (other than Prepayment
                                                        Premiums) need not be deposited
                                                        by the Master
                                                        Servicer in the Collection
                                                        Account and may be retained
                                                        by the Master Servicer or
                                                        the 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.
                                                        

                                                      
                                                        
                                                          
                                                          

                                                        

                                                        
                                                          81

                                                          
                                                            

                                                          

                                                        

                                                        
                                                          
                                                          

                                                        

                                                      

                                                       

                                                      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 the Servicer
                                                        for Advances or Servicing
                                                        Advances made by it
                                                        or by the Servicer pursuant
                                                        to Section 5.04 or the Servicing
                                                        Agreement; such
                                                        right to reimbursement pursuant
                                                        to this subclause (i) is
                                                        limited to amounts
                                                        received on or in respect
                                                        of a particular Mortgage
                                                        Loan (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) 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 the Servicer,
                                                        following a final liquidation
                                                        of a Mortgage
                                                        Loan (except as otherwise
                                                        provided in the Servicing
                                                        Agreement) for any
                                                        previously unreimbursed Advances
                                                        or Servicing Advances made
                                                        by it or by the
                                                        Servicer (A) that it 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 and/or
                                                        (B) to the extent that such
                                                        unreimbursed Advances
                                                        or Servicing Advances exceed
                                                        the related Liquidation Proceeds
                                                        or Insurance
                                                        Proceeds, it being understood,
                                                        in the case of each such
                                                        reimbursement, that such
                                                        Master Servicer’s or Servicer’s right thereto shall be
                                                        prior to the rights of
                                                        the Certificateholders;

                                                       

                                                      (iii)
                                                        to
                                                        reimburse itself or the Servicer
                                                        from Liquidation Proceeds
                                                        for Liquidation
                                                        Expenses and for amounts
                                                        expended by it pursuant to
                                                        Section 9.22(c) or the
                                                        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
                                                        Rate 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;

                                                      
                                                        
                                                          
                                                          

                                                        

                                                        
                                                          82

                                                          
                                                            

                                                          

                                                        

                                                        
                                                          
                                                          

                                                        

                                                      

                                                       

                                                      (iv)
                                                        to
                                                        the extent of any previous
                                                        Advances made by the Master
                                                        Servicer with respect to
                                                        Simple Interest Mortgage
                                                        Loans, to pay itself an amount
                                                        equal to Net Simple
                                                        Interest Excess for the related
                                                        Collection Period to the
                                                        extent not offset by
                                                        Net Simple Interest Shortfalls;

                                                       

                                                      (v)
                                                        to
                                                        reimburse itself or the Servicer
                                                        for expenses incurred by
                                                        and recoverable by or
                                                        reimbursable to it or the
                                                        Servicer pursuant to this
                                                        Agreement, including,
                                                        without limitation, Sections
                                                        9.04, 9.05(b), 9.07(a), 9.30
                                                        or 11.15;

                                                       

                                                      (vi)
                                                        to
                                                        pay to the Depositor, the
                                                        Seller or the Transferor,
                                                        as applicable, with respect
                                                        to each Mortgage Loan or
                                                        REO Property acquired in
                                                        respect thereof that has
                                                        been
                                                        purchased pursuant to this
                                                        Agreement, all amounts received
                                                        thereon and not
                                                        distributed on the date on
                                                        which the related repurchase
                                                        was effected, and to pay
                                                        to the applicable Person
                                                        any Advances and Servicing
                                                        Advances to the extent
                                                        specified in the definition
                                                        of Purchase Price (or PPTL
                                                        Purchase Price and PPTL
                                                        Premium (in the case of a
                                                        First Payment Default Loan));

                                                       

                                                      (vii)
                                                        [Reserved];

                                                       

                                                      (viii)
                                                        subject to Section 5.05,
                                                        to pay to itself income earned
                                                        on the investment of
                                                        funds deposited in the Collection
                                                        Account;

                                                       

                                                      (ix)
                                                        to
                                                        make payments to the Trustee
                                                        for deposit into the Certificate
                                                        Account in the
                                                        amounts and in the manner
                                                        provided herein;

                                                       

                                                      (x)
                                                        to
                                                        make payment to itself, the
                                                        Trustee and others pursuant
                                                        to any provision of this
                                                        Agreement;

                                                       

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

                                                       

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

                                                       

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

                                                       

                                                      (xiv)
                                                        to
                                                        reimburse the Servicer for
                                                        such amounts as are due thereto
                                                        under the Servicing
                                                        Agreement and have not been
                                                        retained by or paid to the
                                                        Servicer, to the extent
                                                        provided in the Servicing
                                                        Agreement.

                                                      
                                                        
                                                          
                                                          

                                                        

                                                        
                                                          83

                                                          
                                                            

                                                          

                                                        

                                                        
                                                          
                                                          

                                                        

                                                      

                                                       

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

                                                       

                                                      In
                                                        connection with withdrawals
                                                        made pursuant to subclauses
                                                        (i), (iii), (iv), (vi)
                                                        and (vii) above, the Master
                                                        Servicer’s, the Servicer’s or such other Person’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
                                                        made from the Collection
                                                        Account it maintains pursuant
                                                        to such subclause (i), (iii),
                                                        (iv), (vi) and (vii).

                                                      

                                                        Section
                                                          4.03. Reports to Certificateholders. 

                                                         

                                                        (a)
                                                          On
                                                          each Distribution Date,
                                                          the Trustee shall have
                                                          prepared (based solely
                                                          on
                                                          information provided by
                                                          the Master Servicer or
                                                          the Swap Counterparty)
                                                          and shall
                                                          make available to the Trustee,
                                                          any NIMS Insurer, the Swap
                                                          Counterparty, the
                                                          Credit Risk Manager, the
                                                          Seller and each Certificateholder
                                                          a report (the
“Distribution Date Statement”) setting forth the following
                                                          information (on the
                                                          basis of Mortgage Loan
                                                          level information obtained
                                                          from the Master
                                                          Servicer):

                                                         

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

                                                         

                                                        (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 and the calculation
                                                          thereof;

                                                         

                                                        (iii)
                                                          the
                                                          amount, if any, of any
                                                          distribution to the Holders
                                                          of the Class P Certificate,
                                                          the Class X Certificates,
                                                          the Class LT-R Certificates,
                                                          and the Residual
                                                          Certificate;

                                                         

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

                                                         

                                                        (v)
                                                          by
                                                          Mortgage Pool and in the
                                                          aggregate, the total number
                                                          of Mortgage Loans, the
                                                          aggregate Scheduled Principal
                                                          Balance of all the Mortgage
                                                          Loans as of the close
                                                          of business on the last
                                                          day of the related Collection
                                                          Period, after giving
                                                          effect to payments allocated
                                                          to principal reported under
                                                          clause (i)
                                                          above;

                                                        
                                                          
                                                            
                                                            

                                                          

                                                          
                                                            84

                                                            
                                                              

                                                            

                                                          

                                                          
                                                            
                                                            

                                                          

                                                        

                                                         

                                                        (vi)
                                                          the
                                                          Class Principal 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, separately
                                                          identifying any reduction
                                                          of any of the foregoing
                                                          Certificate Principal Amounts
                                                          due to Applied Loss
                                                          Amounts;

                                                         

                                                        (vii)
                                                          the
                                                          amount of any Prepayment
                                                          Premiums distributed to
                                                          the Class P Certificates;
                                                          

                                                         

                                                        (viii)
                                                          by
                                                          Mortgage Pool and in the
                                                          aggregate, the amount of
                                                          any Realized Losses incurred
                                                          with respect to the Mortgage
                                                          Loans (x) in the applicable
                                                          Prepayment Period and
                                                          (y) in the aggregate since
                                                          the Cut-off Date;

                                                         

                                                        (ix)
                                                          the
                                                          amount of the Servicing
                                                          Fees and Credit Risk Manager’s Fees paid during the
                                                          Collection Period to which
                                                          such distribution relates;

                                                         

                                                        (x)
                                                          by
                                                          Mortgage Pool and in the
                                                          aggregate, the number and
                                                          aggregate Scheduled Principal
                                                          Balance of Mortgage Loans,
                                                          as reported to the Trustee
                                                          by the Master Servicer,
                                                          (a) remaining outstanding,
                                                          (b) Delinquent 30 to 59
                                                          days on a contractual basis,
                                                          (c) Delinquent 60 to 89
                                                          days on a contractual basis,
                                                          (d) Delinquent 90 or more
                                                          days on a contractual basis,
                                                          (e) as to which foreclosure
                                                          proceedings have been
                                                          commenced, all as of the
                                                          close of business on the
                                                          last Business Day of the
                                                          calendar month immediately
                                                          preceding the month in
                                                          which such Distribution
                                                          Date
                                                          occurs, (f) in bankruptcy
                                                          and (g) that are REO Properties
                                                          (the information in
                                                          this item (x) to be calculated
                                                          utilizing the OTS delinquency
                                                          method);

                                                         

                                                        (xi)
                                                          the
                                                          aggregate Scheduled Principal
                                                          Balance of any Mortgage
                                                          Loans with respect to
                                                          which the related Mortgaged
                                                          Property became a REO Property
                                                          as of the close of
                                                          business on the last Business
                                                          Day of the calendar month
                                                          immediately preceding
                                                          the month in which such
                                                          Distribution Date occurs;

                                                         

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

                                                         

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

                                                         

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

                                                         

                                                        (xv)
                                                          with
                                                          respect to each Mortgage
                                                          Pool, the Interest Remittance
                                                          Amount and the Principal
                                                          Remittance Amount applicable
                                                          to such Distribution Date;

                                                        
                                                          
                                                            
                                                            

                                                          

                                                          
                                                            85

                                                            
                                                              

                                                            

                                                          

                                                          
                                                            
                                                            

                                                          

                                                        

                                                         

                                                        (xvi)
                                                          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);
                                                          

                                                         

                                                        (xvii)
                                                          the amount of any Overcollateralization
                                                          Deficiency after giving
                                                          effect to the
                                                          distributions made in such
                                                          Distribution Date;

                                                         

                                                        (xviii)
                                                          the Overcollateralization
                                                          Amount after giving effect
                                                          to the distributions made
                                                          is such Distribution Date;

                                                         

                                                        (xix)
                                                          the
                                                          level of LIBOR for such
                                                          Distribution Date; 

                                                         

                                                        (xx)
                                                          the
                                                          amount of any payments
                                                          made by the Cap Counterparty
                                                          to the Supplemental Interest
                                                          Trust made pursuant to
                                                          Section 5.07(d); 

                                                         

                                                        (xxi)
                                                          the
                                                          amount of any Net Swap
                                                          Payment to the Supplemental
                                                          Interest Trust made pursuant
                                                          to Section 5.07, any Net
                                                          Swap Payment to the Swap
                                                          Counterparty made pursuant
                                                          to
                                                          Section 5.07, any Swap
                                                          Termination Payment to
                                                          the Supplemental Interest
                                                          Trust
                                                          made pursuant to Sections
                                                          5.07 and any Swap Termination
                                                          Payment to the Swap
                                                          Counterparty made pursuant
                                                          to Section 5.07; and

                                                         

                                                        (xxii) the
                                                          amount of any PPTL Premiums,
                                                          if any, for such Distribution
                                                          Date.

                                                        

                                                          In
                                                            addition to the information
                                                            listed above, such Distribution
                                                            Date Statement shall
                                                            also include such other
                                                            information as is required
                                                            by Item 1121 (§ 229.1121) of
                                                            Regulation AB.

                                                           

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

                                                           

                                                          On
                                                            any
                                                            Distribution Date after
                                                            the occurrence of a Section
                                                            7.01(c) Purchase Event,
                                                            the
                                                            information required
                                                            by subclauses (i), (iii),
                                                            (iv), (v), (vii), (viii),
                                                            (ix),
                                                            (x), (xi), (xii), (xv),
                                                            (xvii), (xix), (xx) and
                                                            (xxi) shall be provided
                                                            to the
                                                            NIMS Insurer, the Swap
                                                            Counterparty, the Credit
                                                            Risk Manager, the Seller,
                                                            the
                                                            Holder of the Class LT-R
                                                            Certificate and the LTURI-holder
                                                            with regard to the
                                                            Lower Tier REMIC 1 Uncertificated
                                                            Regular Interests in
                                                            lieu of the
                                                            Certificates.

                                                           

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

                                                          
                                                            
                                                              
                                                              

                                                            

                                                            
                                                              86

                                                              
                                                                

                                                              

                                                            

                                                            
                                                              
                                                              

                                                            

                                                          

                                                           

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

                                                           

                                                          (b)
                                                            Upon
                                                            the reasonable advance
                                                            written request of any
                                                            NIMS Insurer or any
                                                            Certificateholder that
                                                            is a savings and loan,
                                                            bank or insurance company,
                                                            which
                                                            request, if received
                                                            by the Trustee, shall
                                                            be promptly forwarded
                                                            to the Master
                                                            Servicer, the Master
                                                            Servicer shall provide,
                                                            or cause to be provided,
                                                            (or, to
                                                            the extent that such
                                                            information or documentation
                                                            is not required to be
                                                            provided
                                                            by the Servicer under
                                                            the Servicing Agreement,
                                                            shall use reasonable
                                                            efforts to
                                                            obtain such information
                                                            and documentation from
                                                            the Servicer, and provide)
                                                            to any
                                                            NIMS Insurer and such
                                                            Certificateholder such
                                                            reports and access to
                                                            information
                                                            and documentation regarding
                                                            the Mortgage Loans as
                                                            any NIMS Insurer or 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 an investment
                                                            in the Certificates;
                                                            provided,
                                                            however,
                                                            that the
                                                            Trustee shall be entitled
                                                            to be reimbursed by such
                                                            Certificateholder or
                                                            the NIMS
                                                            Insurer for the actual
                                                            expenses incurred in
                                                            providing such reports
                                                            and
                                                            access.

                                                           

                                                          (c)
                                                            Upon
                                                            request of a Certificateholder
                                                            and prior to a Section
                                                            7.01(c) Purchase Event,
                                                            the Trustee shall have
                                                            prepared and the Trustee
                                                            shall make available
                                                            to any NIMS
                                                            Insurer and 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 any NIMS
                                                            Insurer and the
                                                            Certificateholders pursuant
                                                            to Sections 4.03(a)(i)
                                                            and 4.03(a)(ii) on an
                                                            annual
                                                            basis as may be required
                                                            to enable any NIMS Insurer
                                                            and such Holders to prepare
                                                            their federal income
                                                            tax returns; provided,
                                                            however,
                                                            that
                                                            this Section 4.03(c)
                                                            shall not be applicable
                                                            where relevant reports
                                                            or summaries
                                                            are required elsewhere
                                                            in this Agreement. Such
                                                            information shall also
                                                            include
                                                            the amount of original
                                                            issue discount accrued
                                                            on each Class of Certificates
                                                            and
                                                            information regarding
                                                            the expenses of the Trust
                                                            Fund. The Trustee shall
                                                            be
                                                            deemed to have satisfied
                                                            this requirement if it
                                                            forwards such information
                                                            in any
                                                            other format permitted
                                                            by the Code. The Master
                                                            Servicer shall provide
                                                            the
                                                            Trustee with such information
                                                            as is necessary for the
                                                            Trustee to prepare such
                                                            reports (and the Trustee
                                                            may rely solely upon
                                                            such information).

                                                          
                                                            
                                                              
                                                              

                                                            

                                                            
                                                              87

                                                              
                                                                

                                                              

                                                            

                                                            
                                                              
                                                              

                                                            

                                                          

                                                           

                                                          (d)
                                                            The
                                                            Trustee shall furnish
                                                            any other information
                                                            that is required by the
                                                            Code and
                                                            regulations thereunder
                                                            to be made available
                                                            to Certificateholders.
                                                            The Master
                                                            Servicer shall provide
                                                            the Trustee with such
                                                            information as is necessary
                                                            for the
                                                            Trustee to prepare such
                                                            reports (and the Trustee
                                                            may rely solely upon
                                                            such
                                                            information).

                                                           

                                                          (e)
                                                            So
                                                            long as not prohibited
                                                            by applicable law, the
                                                            Master Servicer shall
                                                            provide to
                                                            the Depositor or to any
                                                            party designated by the
                                                            Depositor, as promptly
                                                            as
                                                            practicable upon the
                                                            Depositor's request,
                                                            any and all loan-level
                                                            information
                                                            that the Depositor may
                                                            request in any format
                                                            reasonably requested
                                                            by the
                                                            Depositor.

                                                           

                                                          Section
                                                            4.04. Certificate Account. 

                                                           

                                                          (a)
                                                            The
                                                            Trustee shall establish
                                                            and maintain in its name,
                                                            as trustee, a trust account
                                                            (the “Certificate Account”) entitled “Certificate Account,
                                                            U.S. Bank National
                                                            Association, as Trustee,
                                                            in trust for the benefit
                                                            of the Holders of First
                                                            Franklin Mortgage Loan
                                                            Trust Mortgage Pass-Through
                                                            Certificates, Series
                                                            2006-FF12” until disbursed pursuant
                                                            to the terms of this
                                                            Agreement. The
                                                            Certificate Account shall
                                                            be an Eligible Account
                                                            and shall be for the
                                                            benefit of
                                                            the Certificateholders,
                                                            subject to the rights
                                                            of the Trustee set forth
                                                            herein.
                                                            If the existing Certificate
                                                            Account ceases to be
                                                            an Eligible Account,
                                                            the
                                                            Trustee shall establish
                                                            a new Certificate Account
                                                            that is an Eligible Account
                                                            within ten Business Days
                                                            and transfer all funds
                                                            and investment property
                                                            on
                                                            deposit in such existing
                                                            Certificate Account into
                                                            such new Certificate
                                                            Account.
                                                            The Certificate Account
                                                            shall relate solely to
                                                            the Certificates and
                                                            the Lower
                                                            Tier REMIC 1 Uncertificated
                                                            Regular Interests issued
                                                            hereunder and funds in
                                                            the
                                                            Certificate Account shall
                                                            be held separate and
                                                            apart from and shall
                                                            not be
                                                            commingled with any other
                                                            monies including, without
                                                            limitation, other monies
                                                            of
                                                            the Trustee held under
                                                            this Agreement.

                                                           

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

                                                           

                                                          (i)
                                                            to
                                                            make payment to itself
                                                            pursuant to any provision
                                                            of this Agreement or
                                                            to
                                                            reimburse itself for
                                                            any fees or expenses
                                                            reimbursable to it pursuant
                                                            to Section
                                                            6.12; provided,
                                                            however,
                                                            that
                                                            any amounts in excess
                                                            of the annual cap described
                                                            in clause (b) of the
                                                            definition of “Interest Remittance Amount” and clause (b) of the
                                                            definition of
“Principal Remittance
                                                            Amount” in any Anniversary Year,
                                                            other than costs and
                                                            expenses incurred by
                                                            the Trustee pursuant
                                                            to Section 6.14, in connection
                                                            with
                                                            any transfer of servicing,
                                                            shall not be withdrawn
                                                            from the Certificate
                                                            Account
                                                            and paid to the Trustee
                                                            and the Trustee’s reimbursement for such
                                                            excess amounts
                                                            shall be made pursuant
                                                            to Section 5.02(b)(v);

                                                           

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

                                                          
                                                            
                                                              
                                                              

                                                            

                                                            
                                                              88

                                                              
                                                                

                                                              

                                                            

                                                            
                                                              
                                                              

                                                            

                                                          

                                                           

                                                          (iii)
                                                            to
                                                            pay itself any investment
                                                            income earned with respect
                                                            to funds in the Certificate
                                                            Account invested in Eligible
                                                            Investments as set forth
                                                            below and to make payments
                                                            to itself and others
                                                            pursuant to any provision
                                                            of this Agreement; 

                                                           

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

                                                           

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

                                                           

                                                          (c)
                                                            Funds
                                                            in the Certificate Account
                                                            may be invested by the
                                                            Trustee in Eligible
                                                            Investments (which may
                                                            be obligations of the
                                                            Trustee or its affiliates).
                                                            If
                                                            invested, all such investments
                                                            must be payable on demand
                                                            or mature no later than
                                                            one Business Day prior
                                                            to the next Distribution
                                                            Date, and shall not be
                                                            sold or
                                                            disposed of prior to
                                                            their maturity. All such
                                                            Eligible Investments
                                                            will be made
                                                            in the name of the Trustee
                                                            (in its capacity as such)
                                                            or its nominee. All income
                                                            and gain realized from
                                                            any such investment for
                                                            each Distribution Date
                                                            shall be
                                                            compensation to the Trustee
                                                            and be subject to withdrawal
                                                            by the Trustee from
                                                            time to time. The amount
                                                            of any losses incurred
                                                            in respect of any such
                                                            investments shall be
                                                            paid by the Trustee for
                                                            deposit in the Certificate
                                                            Account
                                                            out of its own funds,
                                                            without any right of
                                                            reimbursement therefor,
                                                            immediately
                                                            as realized. Funds held
                                                            in the Certificate Account
                                                            may also be held uninvested.
                                                            

                                                           

                                                          Section
                                                            4.05. [Reserved]

                                                           

                                                          ARTICLE
                                                            V

                                                           

                                                          DISTRIBUTIONS
                                                            TO HOLDERS OF CERTIFICATES

                                                           

                                                          Section
                                                            5.01. Distributions
                                                            Generally.

                                                           

                                                          (a)
                                                            Subject to Section 7.01
                                                            respecting the final
                                                            distribution on the Certificates
                                                            or
                                                            Lower Tier REMIC 1 Uncertificated
                                                            Regular Interests, on
                                                            each Distribution Date
                                                            the Trustee or the Paying
                                                            Agent shall make distributions
                                                            in accordance with this
                                                            Article V and based solely
                                                            on the reports for such
                                                            Distribution Date provided
                                                            to
                                                            it by the Master Servicer
                                                            pursuant to Section 4.03(a).
                                                            Such distributions shall
                                                            be made by wire transfer
                                                            in immediately available
                                                            funds to an account specified
                                                            in writing to the Trustee
                                                            at least five (5) Business
                                                            Days prior to the first
                                                            Distribution Date to
                                                            such Certificateholder
                                                            and at the expense of
                                                            such
                                                            Certificateholder.

                                                           

                                                          (b)
                                                            The
                                                            final distribution in
                                                            respect of any Certificate
                                                            shall be made only upon
                                                            presentation and surrender
                                                            of such Certificate at
                                                            the Corporate Trust Office;
                                                            provided,
                                                            however,
                                                            that
                                                            the foregoing provisions
                                                            shall not apply to any
                                                            Class of Certificates
                                                            as long as
                                                            such Certificate remains
                                                            a Book-Entry Certificate
                                                            in which case all payments
                                                            made shall be made through
                                                            the Clearing Agency and
                                                            its Clearing Agency
                                                            Participants. Notwithstanding
                                                            such final 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
                                                            Certificates and at such
                                                            time such final payment
                                                            in
                                                            retirement of any Residual
                                                            Certificate will be made
                                                            only upon presentation
                                                            and
                                                            surrender of such Certificate
                                                            at the Corporate Trust
                                                            Office. If any payment
                                                            required to be made on
                                                            the Certificates or Lower
                                                            Tier REMIC 1 Uncertificated
                                                            Regular Interests is
                                                            to be made on a day that
                                                            is not a Business Day,
                                                            then such
                                                            payment will be made
                                                            on the next succeeding
                                                            Business Day. 

                                                          
                                                            
                                                              
                                                              

                                                            

                                                            
                                                              89

                                                              
                                                                

                                                              

                                                            

                                                            
                                                              
                                                              

                                                            

                                                          

                                                           

                                                          (c)
                                                            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
                                                            Class Principal Amounts
                                                            (or Percentage Interests).

                                                           

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

                                                           

                                                          Section
                                                            5.02. Distributions from
                                                            the Certificate Account. 

                                                           

                                                          (a)
                                                            On
                                                            each Distribution Date
                                                            on or prior to a Section
                                                            7.01(c) Purchase Event
                                                            or a
                                                            Trust Fund Termination
                                                            Event, the Trustee (or
                                                            the Paying Agent on behalf
                                                            of the
                                                            Trustee) shall withdraw
                                                            from the Certificate
                                                            Account the Total Distribution
                                                            Amount (to the extent
                                                            such amount is on deposit
                                                            in the Certificate Account),
                                                            and
                                                            amounts that are available
                                                            for payment to the Swap
                                                            Counterparty, and shall
                                                            allocate such amount
                                                            to the interests issued
                                                            in respect of each REMIC
                                                            created
                                                            pursuant to this Agreement
                                                            and shall distribute
                                                            such amount as specified
                                                            in
                                                            subparagraphs (b) through
                                                            (i) of this Section 5.02;
provided,
                                                            that
                                                            amounts that are available
                                                            for payment to the Swap
                                                            Counterparty shall be
                                                            paid on
                                                            the related Swap Payment
                                                            Date. On each Distribution
                                                            Date after a Section
                                                            7.01(c)
                                                            Purchase Event but on
                                                            or prior to a Trust Fund
                                                            Termination Event, the
                                                            Trustee
                                                            (or the Paying Agent
                                                            on behalf of the Trustee)
                                                            shall withdraw from the
                                                            Certificate Account the
                                                            Total Distribution Amount
                                                            (to the extent such amount
                                                            is
                                                            on deposit in the Certificate
                                                            Account), and amounts
                                                            that are available for
                                                            payment to the Swap Counterparty,
                                                            and shall allocate such
                                                            amount to the
                                                            interests issued in respect
                                                            of REMIC 1 created pursuant
                                                            to this Agreement and
                                                            shall distribute such
                                                            amount as specified in
                                                            subparagraphs (j) through
                                                            (l) of
                                                            this Section; provided,
                                                            that
                                                            amounts that are available
                                                            for payment to the Swap
                                                            Counterparty shall be
                                                            paid on
                                                            the related Swap Payment
                                                            Date.

                                                           

                                                          (b)
                                                            On
                                                            each Distribution Date
                                                            (or, with respect to
                                                            clauses (i) and (ii)
                                                            below, on the
                                                            related Swap Payment
                                                            Date), the Trustee shall
                                                            distribute the Interest
                                                            Remittance
                                                            Amount for Pool 1 and
                                                            for such date in the
                                                            following order of
                                                            priority:

                                                           

                                                          (i)
                                                            for
                                                            deposit into the Swap
                                                            Account, an amount equal
                                                            to the lesser of (x)
                                                            the product
                                                            of (A) the amount of
                                                            any Net Swap Payment
                                                            or Swap Termination Payment
                                                            (not due
                                                            to a Swap Counterparty
                                                            Trigger Event) owed to
                                                            the Swap Counterparty
                                                            on the
                                                            related Swap Payment
                                                            Date and (B) the Pool
                                                            Percentage for Pool 1
                                                            for such
                                                            Distribution Date and
                                                            (y) the Interest Remittance
                                                            Amount for Pool 1 for
                                                            such
                                                            Distribution Date;

                                                          
                                                            
                                                              
                                                              

                                                            

                                                            
                                                              90

                                                              
                                                                

                                                              

                                                            

                                                            
                                                              
                                                              

                                                            

                                                          

                                                           

                                                          (ii)
                                                            for
                                                            deposit into the Swap
                                                            Account, the amount of
                                                            any Net Swap Payment
                                                            or Swap
                                                            Termination Payment (not
                                                            due to a Swap Counterparty
                                                            Trigger Event) owed to
                                                            the
                                                            Swap Counterparty on
                                                            the related Swap Payment
                                                            Date (after giving effect
                                                            to
                                                            distributions made pursuant
                                                            to clause (i) above and
                                                            subsection 5.02(c)(i)
                                                            below)
                                                            for such Distribution
                                                            Date; 

                                                           

                                                          (iii)
                                                            to
                                                            the Class A1 Certificates,
                                                            Current Interest and
                                                            any Carryforward Interest
                                                            for
                                                            such Class for such Distribution
                                                            Date; and

                                                           

                                                          (iv)
                                                            for
                                                            application pursuant
                                                            to Section 5.02(d) below
                                                            any Interest Remittance
                                                            Amount
                                                            remaining undistributed
                                                            after application pursuant
                                                            to clause (i) through
                                                            (iii)
                                                            of this Section 5.02(b)
                                                            for such Distribution
                                                            Date.

                                                           

                                                          (c)
                                                            On
                                                            each Distribution Date
                                                            (or with respect to clauses
                                                            (i) and (ii) below on
                                                            the
                                                            related Swap Payment
                                                            Date), the Trustee shall
                                                            distribute the Interest
                                                            Remittance
                                                            Amount for Pool 2 for
                                                            such date in the following
                                                            order of priority:

                                                           

                                                          (i)
                                                            for
                                                            deposit into the Swap
                                                            Account, an amount equal
                                                            to the lesser of (x)
                                                            the product
                                                            of (A) the amount of
                                                            any Net Swap Payment
                                                            or Swap Termination Payment
                                                            (not due
                                                            to a Swap Counterparty
                                                            Trigger Event) owed to
                                                            the Swap Counterparty
                                                            on the
                                                            related Swap Payment
                                                            Date and (B) the Pool
                                                            Percentage for Pool 2
                                                            for such
                                                            Distribution Date and
                                                            (y) the Interest Remittance
                                                            Amount for Pool 2 for
                                                            such
                                                            Distribution Date;

                                                           

                                                          (ii)
                                                            for
                                                            deposit into the Swap
                                                            Account, the amount of
                                                            any Net Swap Payment
                                                            or Swap
                                                            Termination Payment (not
                                                            due to a Swap Counterparty
                                                            Trigger Event) owed to
                                                            the
                                                            Swap Counterparty on
                                                            the related Swap Payment
                                                            Date (after giving effect
                                                            to
                                                            distributions made pursuant
                                                            to subsections 5.02(b)(i) and
                                                            5.02(c)(i) above)
                                                            for such Distribution
                                                            Date;

                                                           

                                                          (iii)
                                                            concurrently, on a pro
                                                            rata basis, to each Class
                                                            of the Group 2 Senior
                                                            Certificates, Current
                                                            Interest and any Carryforward
                                                            Interest for such Class
                                                            and
                                                            such Distribution Date;
provided,
                                                            however,
                                                            that
                                                            any shortfall in Current
                                                            Interest and Carryforward
                                                            Interest shall be allocated
                                                            among such Classes in
                                                            proportion to the amount
                                                            of Current Interest and
                                                            Carryforward Interest
                                                            that would otherwise
                                                            be distributable thereon;
                                                            and

                                                           

                                                          (iv)
                                                            for
                                                            application pursuant
                                                            to Section 5.02(d) below,
                                                            any Interest Remittance
                                                            Amount
                                                            remaining undistributed
                                                            after application pursuant
                                                            to clauses (i) through
                                                            (iii)
                                                            of this Section 5.02(c)
                                                            for such Distribution
                                                            Date.

                                                           

                                                          (d)
                                                            On
                                                            each Distribution Date,
                                                            the Trustee shall distribute
                                                            the aggregate of any
                                                            remaining Interest Remittance
                                                            Amounts from subsections
                                                            5.02(b)(iv) and
                                                            5.02(c)(iv) above in
                                                            the following order of
                                                            priority: 

                                                           

                                                          (i)
                                                            concurrently, on
                                                            a pro
                                                            rata basis, to each Class
                                                            of Senior Certificates,
                                                            Current Interest and
                                                            any
                                                            Carryforward Interest
                                                            (taking into account
                                                            distributions pursuant
                                                            to subsections
                                                            5.02(b)(iii) and 5.02(c)(iii)
                                                            above) for each such
                                                            Class and such Distribution
                                                            Date; provided,
                                                            however,
                                                            that
                                                            any shortfall in Current
                                                            Interest and Carryforward
                                                            Interest shall be allocated
                                                            among such Classes in
                                                            proportion to the amount
                                                            of Current Interest and
                                                            Carryforward Interest
                                                            that would otherwise
                                                            be distributable
                                                            thereon;

                                                          
                                                            
                                                              
                                                              

                                                            

                                                            
                                                              91

                                                              
                                                                

                                                              

                                                            

                                                            
                                                              
                                                              

                                                            

                                                          

                                                           

                                                          (ii)
                                                            to
                                                            each Class of Subordinate
                                                            Certificates, in accordance
                                                            with the Subordinate
                                                            Priority, Current Interest
                                                            and any Carryforward
                                                            Interest for each such
                                                            Class and
                                                            such Distribution Date;

                                                           

                                                          (iii)
                                                            to
                                                            the Credit Risk Manager,
                                                            the Credit Risk Manager’s Fee;

                                                           

                                                          (iv)
                                                            to
                                                            the Trustee, any amounts
                                                            reimbursable pursuant
                                                            to Section 4.04(b)(i)
                                                            and not
                                                            previously reimbursed
                                                            to the Trustee; and

                                                           

                                                          (v)
                                                            for
                                                            application as part of
                                                            Monthly Excess Cashflow
                                                            for such Distribution
                                                            Date, as
                                                            provided in subsection
                                                            (f) of this Section,
                                                            any Interest Remittance
                                                            Amount
                                                            remaining undistributed
                                                            for such Distribution
                                                            Date.

                                                           

                                                          (e)
                                                            On
                                                            each Distribution Date
                                                            or related Swap Payment
                                                            Date, as applicable,
                                                            the Trustee
                                                            shall distribute the
                                                            Principal Distribution
                                                            Amount with respect to
                                                            each Mortgage
                                                            Pool for such date as
                                                            follows:

                                                           

                                                          (i)
                                                            On
                                                            each Distribution Date
                                                            (or, with respect to
                                                            clauses (A)(1), (A)(2),
                                                            (B)(1) and
                                                            (B)(2) below, on the
                                                            related Swap Payment
                                                            Date) (a) prior to the
                                                            Stepdown Date
                                                            or (b) with respect to
                                                            which a Trigger Event
                                                            is in effect, until the
                                                            aggregate
                                                            Certificate Principal
                                                            Amount of the LIBOR Certificates
                                                            equals the Target Amount
                                                            for such Distribution
                                                            Date, the Trustee shall
                                                            make the following distributions,
                                                            concurrently: 

                                                           

                                                          (A) For
                                                            Pool 1:
                                                            The
                                                            Principal Distribution
                                                            Amount for Pool 1 will
                                                            be distributed in the
                                                            following
                                                            order of priority:

                                                           

                                                          (1) for
                                                            deposit into the Swap
                                                            Account, an amount equal
                                                            to the lesser of (x)
                                                            the product
                                                            of (A) the amount of
                                                            any Net Swap Payment
                                                            or Swap Termination Payment
                                                            (not due
                                                            to a Swap Counterparty
                                                            Trigger Event) owed to
                                                            the Swap Counterparty
                                                            on the
                                                            related Swap Payment
                                                            Date (to the extent not
                                                            paid previously or from
                                                            the
                                                            Interest Remittance Amount
                                                            for such Distribution
                                                            Date) and (B) the Pool
                                                            Percentage for Pool 1
                                                            for such Distribution
                                                            Date and (y) the Principal
                                                            Remittance Amount for
                                                            Pool 1 for such Distribution
                                                            Date;

                                                           

                                                          (2) for
                                                            deposit into the Swap
                                                            Account, the amount of
                                                            any Net Swap Payment
                                                            or Swap
                                                            Termination Payment (not
                                                            due to a Swap Counterparty
                                                            Trigger Event) owed to
                                                            the
                                                            Swap Counterparty on
                                                            the related Swap Payment
                                                            Date (after giving effect
                                                            to
                                                            distributions made pursuant
                                                            to subsections 5.02(e)(i)(A)(1)
                                                            above and
                                                            5.02(e)(i)(B)(1) below,
                                                            and to the extent not
                                                            paid previously or from
                                                            the
                                                            Interest Remittance Amount
                                                            for such Distribution
                                                            Date);

                                                          
                                                            
                                                              
                                                              

                                                            

                                                            
                                                              92

                                                              
                                                                

                                                              

                                                            

                                                            
                                                              
                                                              

                                                            

                                                          

                                                           

                                                          (3) to
                                                            the
                                                            Class A1 Certificates,
                                                            until the Class Principal
                                                            Amount of such Class
                                                            has been
                                                            reduced to zero; and

                                                           

                                                          (4) for
                                                            application pursuant
                                                            to subsection 5.02(e)(ii)
                                                            below, any such Principal
                                                            Distribution Amount remaining
                                                            undistributed for such
                                                            Distribution
                                                            Date.

                                                           

                                                          (B) For
                                                            Pool 2:
                                                            The
                                                            Principal Distribution
                                                            Amount for Pool 2 will
                                                            be distributed in the
                                                            following
                                                            order of priority: 

                                                           

                                                          (1) for
                                                            deposit into the Swap
                                                            Account, an amount equal
                                                            to the lesser of (x)
                                                            the product
                                                            of (A) the amount of
                                                            any Net Swap Payment
                                                            or Swap Termination Payment
                                                            (not due
                                                            to a Swap Counterparty
                                                            Trigger Event) owed to
                                                            the Swap Counterparty
                                                            on the
                                                            related Swap Payment
                                                            Date (to the extent not
                                                            paid previously or from
                                                            the
                                                            Interest Remittance Amount
                                                            for such Distribution
                                                            Date) and (B) the Pool
                                                            Percentage for Pool 2
                                                            for such Distribution
                                                            Date and (y) the Principal
                                                            Remittance Amount for
                                                            Pool 2 for such Distribution
                                                            Date;

                                                           

                                                          (2) for
                                                            deposit into the Swap
                                                            Account, the amount of
                                                            any Net Swap Payment
                                                            or Swap
                                                            Termination Payment (not
                                                            due to a Swap Counterparty
                                                            Trigger Event) owed to
                                                            the
                                                            Swap Counterparty on
                                                            the related Swap Payment
                                                            Date (after giving effect
                                                            to
                                                            distributions made pursuant
                                                            to subsections 5.02(e)(i)(A)(1)
                                                            and 5.02(e)(i)(B)(1)
                                                            above, and to the extent
                                                            not paid previously or
                                                            from the Interest Remittance
                                                            Amount for such Distribution
                                                            Date);

                                                           

                                                          (3) to
                                                            the
                                                            Class A2, Class A3, Class
                                                            A4 and Class A5 Certificates,
                                                            sequentially, in that
                                                            order, until the Class
                                                            Principal Amount of each
                                                            such Class has been reduced
                                                            to
                                                            zero; and

                                                           

                                                          (4) for
                                                            application pursuant
                                                            to subsection 5.02(e)(ii)
                                                            below, any such Principal
                                                            Distribution Amount remaining
                                                            undistributed for such
                                                            Distribution Date.

                                                           

                                                          (ii) On
                                                            each
                                                            Distribution Date, the
                                                            Trustee shall distribute
                                                            the aggregate of any
                                                            remaining
                                                            Principal Distribution
                                                            Amounts from subsections
                                                            5.02(e)(i)(A)(4) and
                                                            5.02(e)(i)(B)(4) above,
                                                            in the following order
                                                            of priority: 

                                                           

                                                          (A) concurrently,
                                                            on a pro rata basis,
                                                            in proportion to the
                                                            aggregate Class Principal
                                                            Amount of
                                                            the Group 1 Senior Certificates
                                                            and the Group 2 Senior
                                                            Certificates related
                                                            to
                                                            each Group, after giving
                                                            effect to principal distributions
                                                            on such Distribution
                                                            Date pursuant to subsections
                                                            5.02(e)(i)(A)(3) and
                                                            5.02(e)(i)(B)(3) above,
                                                            to the
                                                            Group 1 Senior Certificates
                                                            and the Group 2 Senior
                                                            Certificates, in each
                                                            case in
                                                            accordance with the Related
                                                            Senior Priority, until
                                                            the Class Principal Amount
                                                            of
                                                            each such Class has been
                                                            reduced to zero; 

                                                          
                                                            
                                                              
                                                              

                                                            

                                                            
                                                              93

                                                              
                                                                

                                                              

                                                            

                                                            
                                                              
                                                              

                                                            

                                                          

                                                           

                                                          (B) to
                                                            each
                                                            Class of Subordinate
                                                            Certificates, in accordance
                                                            with the Subordinate
                                                            Priority,
                                                            until the Class Principal
                                                            Amount of each such Class
                                                            has been reduced to zero;
                                                            and

                                                           

                                                          (C) for
                                                            application as part of
                                                            Monthly Excess Cashflow
                                                            for such Distribution
                                                            Date, as
                                                            provided in subsection
                                                            (f) of
                                                            this
                                                            Section, any Principal
                                                            Distribution Amount remaining
                                                            after application pursuant
                                                            to clauses (A) and (B)
                                                            of this Section 5.02(e)(ii).

                                                           

                                                          Any
                                                            Principal Distribution
                                                            Amount remaining on any
                                                            Distribution Date after
                                                            the
                                                            Target Amount is achieved
                                                            will be applied as part
                                                            of Monthly Excess Cashflow
                                                            for
                                                            such Distribution Date
                                                            as provided in subsection
                                                            (f) of this
                                                            Section.

                                                          

                                                            (iii)
                                                              On
                                                              each Distribution Date
                                                              (or, with respect to
                                                              clauses (A) and (B)
                                                              below, on the
                                                              related Swap Payment
                                                              Date) (a) on or after
                                                              the Stepdown Date and
                                                              (b) with
                                                              respect to which a
                                                              Trigger Event is not
                                                              in effect, the Principal
                                                              Distribution
                                                              Amount for each Mortgage
                                                              Pool for such date
                                                              will be distributed
                                                              in the following
                                                              order of priority:

                                                             

                                                            (A)
                                                               for
                                                              deposit into the Swap
                                                              Account, an amount
                                                              equal to the lesser
                                                              of (x) the product
                                                              of (1) the amount of
                                                              any Net Swap Payment
                                                              or Swap Termination
                                                              Payment (not due
                                                              to a Swap Counterparty
                                                              Trigger Event) owed
                                                              to the Swap Counterparty
                                                              on the
                                                              related Swap Payment
                                                              Date (to the extent
                                                              not paid previously
                                                              or from the
                                                              Interest Remittance
                                                              Amount for such Distribution
                                                              Date) and (2) the Pool
                                                              Percentage for the
                                                              related Mortgage Pool
                                                              for such Distribution
                                                              Date and (y) the
                                                              Principal Remittance
                                                              Amount for such Mortgage
                                                              Pool for such Distribution
                                                              Date;

                                                             

                                                            (B)
                                                               for
                                                              deposit into the Swap
                                                              Account, the amount
                                                              of any Net Swap Payment
                                                              or Swap
                                                              Termination Payment
                                                              (not due to a Swap
                                                              Counterparty Trigger
                                                              Event) owed to the
                                                              Swap Counterparty on
                                                              the related Swap Payment
                                                              Date (after giving
                                                              effect to
                                                              distributions made
                                                              pursuant to subsection
                                                              5.02(e)(iii)(A) above,
                                                              and to the
                                                              extent not paid previously
                                                              or from the Interest
                                                              Remittance Amount from
                                                              both
                                                              Mortgage Pools for
                                                              such Distribution Date);

                                                             

                                                            (C)
                                                              (1)
                                                              so long as any of the
                                                              Subordinate Certificates
                                                              are outstanding, to
                                                              the Class A1
                                                              Certificates (from
                                                              amounts generated by
                                                              Pool 1, except as provided
                                                              below) and to
                                                              the Group 2 Senior
                                                              Certificates in accordance
                                                              with the Related Senior
                                                              Priority
                                                              (from amounts generated
                                                              by Pool 2, except as
                                                              provided below) in
                                                              each case, an
                                                              amount equal to the
                                                              lesser of (x) the excess
                                                              of (a) the Principal
                                                              Distribution
                                                              Amount for the related
                                                              Mortgage Pool for such
                                                              Distribution Date over
                                                              (b) the
                                                              amount paid to the
                                                              Supplemental Interest
                                                              Trust for deposit into
                                                              the Swap Account
                                                              on the related Swap
                                                              Payment Date pursuant
                                                              to clauses (A) and
                                                              (B) above and (y)
                                                              the Related Senior
                                                              Principal Distribution
                                                              Amount for such Mortgage
                                                              Pool for such
                                                              Distribution Date,
                                                              in each case, until
                                                              the Class Principal
                                                              Amount of each such
                                                              Class has been reduced
                                                              to zero; provided,
                                                              however,
                                                              to the
                                                              extent that the Principal
                                                              Distribution Amount
                                                              for a Mortgage Pool
                                                              exceeds the
                                                              Related Senior Principal
                                                              Distribution Amount
                                                              for such Mortgage Pool,
                                                              such excess
                                                              shall be applied to
                                                              the Senior Certificates
                                                              related to the other
                                                              Mortgage Pool
                                                              (in accordance with
                                                              the Related Senior
                                                              Priority), but in an
                                                              amount not to exceed
                                                              the Senior Principal
                                                              Distribution Amount
                                                              for such Distribution
                                                              Date (as reduced
                                                              by any distributions
                                                              pursuant to subclauses
                                                              (x) or (y) of this
                                                              clause (1) on
                                                              such Distribution Date);
                                                              or (2) if none of the
                                                              Subordinate Certificates
                                                              are
                                                              outstanding, to the
                                                              Group 1 Senior Certificates
                                                              and the Group 2 Senior
                                                              Certificates (in each
                                                              case in accordance
                                                              with the Related Senior
                                                              Priority), the
                                                              excess of (A) the Principal
                                                              Distribution Amount
                                                              for the related Mortgage
                                                              Pool
                                                              for such Distribution
                                                              Date over (B) the amount
                                                              paid to the Supplemental
                                                              Interest
                                                              Trust for deposit into
                                                              the Swap Account for
                                                              the related Mortgage
                                                              Pool on the
                                                              related Swap Payment
                                                              Date pursuant to clauses
                                                              (A) and (B) above,
                                                              in each case
                                                              until the Class Principal
                                                              Amount of each such
                                                              Class has been reduced
                                                              to
                                                              zero;

                                                            
                                                              
                                                                
                                                                

                                                              

                                                              
                                                                94

                                                                
                                                                  

                                                                

                                                              

                                                              
                                                                
                                                                

                                                              

                                                            

                                                             

                                                            (D)
                                                               to
                                                              the
                                                              Class M1 Certificates,
                                                              an amount equal to
                                                              the lesser of (x) the
                                                              excess of (a)
                                                              the aggregate of the
                                                              Principal Distribution
                                                              Amounts for Pool 1
                                                              and Pool 2 for
                                                              such Distribution Date
                                                              over (b) the amount
                                                              paid to the Supplemental
                                                              Interest
                                                              Trust for deposit into
                                                              the Swap Account or
                                                              distributed to the
                                                              Senior
                                                              Certificates on such
                                                              date pursuant to clauses
                                                              (A) through (C) above,
                                                              and (y) the
                                                              M1 Principal Distribution
                                                              Amount for such date,
                                                              until the Class Principal
                                                              Amount
                                                              of each such Class
                                                              has been reduced to
                                                              zero;

                                                             

                                                            (E)
                                                               to
                                                              the
                                                              Class M2 Certificates,
                                                              an amount equal to
                                                              the lesser of (x) the
                                                              excess of (a)
                                                              the aggregate of the
                                                              Principal Distribution
                                                              Amounts for Pool 1
                                                              and Pool 2 for
                                                              such Distribution Date
                                                              over (b) the amount
                                                              paid to the Supplemental
                                                              Interest
                                                              Trust for deposit into
                                                              the Swap Account or
                                                              distributed to the
                                                              Senior
                                                              Certificates and the
                                                              Class M1 Certificates
                                                              on such date pursuant
                                                              to clauses (A)
                                                              through (D) above,
                                                              and (y) the M2 Principal
                                                              Distribution Amount
                                                              for such date,
                                                              until the Class Principal
                                                              Amount of each such
                                                              Class has been reduced
                                                              to
                                                              zero;

                                                            

                                                              (F)
                                                                 to
                                                                the
                                                                Class M3 Certificates,
                                                                an amount equal to
                                                                the lesser of (x)
                                                                the excess of (a)
                                                                the aggregate of
                                                                the Principal Distribution
                                                                Amounts for Pool
                                                                1 and Pool 2 for
                                                                such Distribution
                                                                Date over (b) the
                                                                amount paid to the
                                                                Supplemental Interest
                                                                Trust for deposit
                                                                into the Swap Account
                                                                or distributed to
                                                                the Senior
                                                                Certificates, the
                                                                Class M1 and Class
                                                                M2 Certificates on
                                                                such date pursuant
                                                                to
                                                                clauses (A) through
                                                                (E) above, and (y)
                                                                the M3 Principal
                                                                Distribution Amount
                                                                for
                                                                such date, until
                                                                the Class Principal
                                                                Amount of such Class
                                                                has been reduced
                                                                to
                                                                zero;

                                                               

                                                              (G)
                                                                 to
                                                                the
                                                                Class M4 Certificates,
                                                                an amount equal to
                                                                the lesser of (x) the excess of
                                                                (a) the aggregate
                                                                of the Principal
                                                                Distribution Amounts
                                                                for Pool 1 and Pool
                                                                2
                                                                for such Distribution
                                                                Date over (b) the
                                                                amount paid to the
                                                                Supplemental Interest
                                                                Trust for deposit
                                                                into the Swap Account
                                                                or distributed to
                                                                the Senior
                                                                Certificates and
                                                                the Class M1, Class
                                                                M2 and Class M3 Certificates
                                                                on such date
                                                                pursuant to clauses
                                                                (A) through (F) above,
                                                                and (y) the M4 Principal
                                                                Distribution
                                                                Amount for such date,
                                                                until the Class Principal
                                                                Amount of such Class
                                                                has been
                                                                reduced to zero;

                                                              
                                                                
                                                                  
                                                                  

                                                                

                                                                
                                                                  95

                                                                  
                                                                    

                                                                  

                                                                

                                                                
                                                                  
                                                                  

                                                                

                                                              

                                                               

                                                              (H)
                                                                 to
                                                                the
                                                                Class M5 Certificates,
                                                                an amount equal to
                                                                the lesser of (x)
                                                                the excess of (a)
                                                                the aggregate of
                                                                the Principal Distribution
                                                                Amounts for Pool
                                                                1 and Pool 2 for
                                                                such Distribution
                                                                Date over (b) the
                                                                amount paid to the
                                                                Supplemental Interest
                                                                Trust for deposit
                                                                into the Swap Account
                                                                or distributed to
                                                                the Senior
                                                                Certificates and
                                                                the Class M1, Class
                                                                M2, Class M3 and
                                                                Class M4 Certificates
                                                                on
                                                                such date pursuant
                                                                to clauses (A) through
                                                                (G) above, and (y)
                                                                the M5 Principal
                                                                Distribution Amount
                                                                for such date, until
                                                                the Class Principal
                                                                Amount of such
                                                                Class has been reduced
                                                                to zero; 

                                                               

                                                              (I)
                                                                 to
                                                                the
                                                                Class M6 Certificates,
                                                                an amount equal to
                                                                the lesser of (x)
                                                                the excess of (a)
                                                                the aggregate of
                                                                the Principal Distribution
                                                                Amounts for Pool
                                                                1 and Pool 2 for
                                                                such Distribution
                                                                Date over (b) the
                                                                amount paid to the
                                                                Supplemental Interest
                                                                Trust for deposit
                                                                into the Swap Account
                                                                or distributed to
                                                                the Senior
                                                                Certificates and
                                                                the Class M1, Class
                                                                M2, Class M3, Class
                                                                M4 and Class M5
                                                                Certificates on such
                                                                date pursuant to
                                                                clauses (A) through
                                                                (H) above, and (y)
                                                                the
                                                                M6 Principal Distribution
                                                                Amount for such date,
                                                                until the Class Principal
                                                                Amount
                                                                of such Class has
                                                                been reduced to zero;

                                                               

                                                              (J)
                                                                 to
                                                                the
                                                                Class M7 Certificates,
                                                                an amount equal to
                                                                the lesser of (x)
                                                                the excess of (a)
                                                                the aggregate of
                                                                the Principal Distribution
                                                                Amounts for Pool
                                                                1 and Pool 2 for
                                                                such Distribution
                                                                Date over (b) the
                                                                amount paid to the
                                                                Supplemental Interest
                                                                Trust for deposit
                                                                into the Swap Account
                                                                or distributed to
                                                                the Senior
                                                                Certificates and
                                                                the Class M1, Class
                                                                M2, Class M3, Class
                                                                M4, Class M5 and
                                                                Class
                                                                M6 Certificates on
                                                                such date pursuant
                                                                to clauses (A) through
                                                                (I) above, and (y)
                                                                the M7 Principal
                                                                Distribution Amount
                                                                for such date, until
                                                                the Class Principal
                                                                Amount of such Class
                                                                has been reduced
                                                                to zero; 

                                                               

                                                              (K)
                                                                 to
                                                                the
                                                                Class M8 Certificates,
                                                                an amount equal to
                                                                the lesser of (x)
                                                                the excess of (a)
                                                                the aggregate of
                                                                the Principal Distribution
                                                                Amounts for Pool
                                                                1 and Pool 2 for
                                                                such Distribution
                                                                Date over (b) the
                                                                amount paid to the
                                                                Supplemental Interest
                                                                Trust for deposit
                                                                into the Swap Account
                                                                or distributed to
                                                                the Senior
                                                                Certificates and
                                                                the Class M1, Class
                                                                M2, Class M3, Class
                                                                M4, Class M5, Class
                                                                M6
                                                                and Class M7 Certificates
                                                                on such date pursuant
                                                                to clauses (A) through
                                                                (J)
                                                                above, and (y) the
                                                                M8 Principal Distribution
                                                                Amount for such date,
                                                                until the
                                                                Class Principal Amount
                                                                of such Class has
                                                                been reduced to zero;

                                                               

                                                              (L)
                                                                 to
                                                                the
                                                                Class M9 Certificates,
                                                                an amount equal to
                                                                the lesser of (x)
                                                                the excess of (a)
                                                                the aggregate of
                                                                the Principal Distribution
                                                                Amounts for Pool
                                                                1 and Pool 2 for
                                                                such Distribution
                                                                Date over (b) the
                                                                amount paid to the
                                                                Supplemental Interest
                                                                Trust for deposit
                                                                into the Swap Account
                                                                or distributed to
                                                                the Senior
                                                                Certificates and
                                                                the Class M1, Class
                                                                M2, Class M3, Class
                                                                M4, Class M5, Class
                                                                M6,
                                                                Class M7 and Class
                                                                M8 Certificates on
                                                                such date pursuant
                                                                to clauses (A) through
                                                                (K) above, and (y)
                                                                the M9 Principal
                                                                Distribution Amount
                                                                for such date, until
                                                                the
                                                                Class Principal Amount
                                                                of such Class has
                                                                been reduced to zero;

                                                              
                                                                
                                                                  
                                                                  

                                                                

                                                                
                                                                  96

                                                                  
                                                                    

                                                                  

                                                                

                                                                
                                                                  
                                                                  

                                                                

                                                              

                                                               

                                                              (M)
                                                                to
                                                                the Class B Certificates,
                                                                an amount equal to
                                                                the lesser of (x)
                                                                the excess of (a)
                                                                the aggregate of
                                                                the Principal Distribution
                                                                Amounts for Pool
                                                                1 and Pool 2 for
                                                                such Distribution
                                                                Date over (b) the
                                                                amount paid to the
                                                                Supplemental Interest
                                                                Trust for deposit
                                                                into the Swap Account
                                                                or distributed to
                                                                the Senior
                                                                Certificates and
                                                                the Class M1, Class
                                                                M2, Class M3, Class
                                                                M4, Class M5, Class
                                                                M6,
                                                                Class M7, Class M8
                                                                and Class M9 Certificates
                                                                on such date pursuant
                                                                to clauses
                                                                (A) through (L) above,
                                                                and (y) the B Principal
                                                                Distribution Amount
                                                                for such
                                                                date, until the Class
                                                                Principal Amount
                                                                of such Class has
                                                                been reduced to zero;
                                                                

                                                               

                                                              (N)
                                                                 for
                                                                application as part
                                                                of Monthly Excess
                                                                Cashflow for such
                                                                Distribution Date,
                                                                as
                                                                provided in Section
                                                                5.02(f), any Principal
                                                                Distribution Amount
                                                                remaining after
                                                                application pursuant
                                                                to clauses (A) through
                                                                (M) above. 

                                                              

                                                                (f)
                                                                  On
                                                                  each Distribution
                                                                  Date, the Trustee
                                                                  shall distribute
                                                                  the Monthly Excess
                                                                  Cashflow
                                                                  for such date in
                                                                  the following order
                                                                  of priority:

                                                                 

                                                                (i)
                                                                  for
                                                                  each Distribution
                                                                  Date occurring
                                                                  (a) before the Stepdown
                                                                  Date or (b) on
                                                                  or
                                                                  after the Stepdown
                                                                  Date but for which
                                                                  a Trigger Event
                                                                  is in effect, then
                                                                  until
                                                                  the aggregate Certificate
                                                                  Principal Amount
                                                                  of the LIBOR Certificates
                                                                  equals the
                                                                  Target Amount for
                                                                  such Distribution
                                                                  Date, in the following
                                                                  order of
                                                                  priority:

                                                                 

                                                                (A)
                                                                  concurrently, to
                                                                  the Group 1 Senior
                                                                  Certificates and
                                                                  the Group 2 Senior
                                                                  Certificates, in
                                                                  proportion to the
                                                                  aggregate Class
                                                                  Principal Amount
                                                                  of the
                                                                  Senior Certificates
                                                                  related to each
                                                                  Group, after giving
                                                                  effect to previous
                                                                  principal distributions
                                                                  on such Distribution
                                                                  Date pursuant to
                                                                  subsection
                                                                  5.02(e)(ii)(A)
                                                                  above, to the Group
                                                                  1 Senior Certificates
                                                                  and Group 2 Senior
                                                                  Certificates, in
                                                                  each case in accordance
                                                                  with the Related
                                                                  Senior Priority,
                                                                  in
                                                                  reduction of their
                                                                  respective Class
                                                                  Principal Amounts,
                                                                  until the Class
                                                                  Principal
                                                                  Amount of each
                                                                  such Class has
                                                                  been reduced to
                                                                  zero; and

                                                                 

                                                                (B)
                                                                  to
                                                                  each Class of Subordinate
                                                                  Certificates, in
                                                                  accordance with
                                                                  the Subordinate
                                                                  Priority, in reduction
                                                                  of their respective
                                                                  Class Principal
                                                                  Amounts, until
                                                                  the
                                                                  Class Principal
                                                                  Amount of each
                                                                  such Class has
                                                                  been reduced to
                                                                  zero.

                                                                 

                                                                (ii)
                                                                  for
                                                                  each Distribution
                                                                  Date occurring
                                                                  on or after the
                                                                  Stepdown Date and
                                                                  for which a
                                                                  Trigger Event is
                                                                  not in effect,
                                                                  in the following
                                                                  order of priority:

                                                                 

                                                                A. concurrently,
                                                                  to the Group 1
                                                                  Senior Certificates
                                                                  and Group 2 Senior
                                                                  Certificates, in
                                                                  proportion to the
                                                                  aggregate Class
                                                                  Principal Amount
                                                                  of the Senior Certificates
                                                                  related to each
                                                                  Group, after giving
                                                                  effect to previous
                                                                  principal distributions
                                                                  on such Distribution
                                                                  Date pursuant to
                                                                  subsection 5.02(e)(iii)(C)
                                                                  above, to the
                                                                  Group 1 Senior
                                                                  Certificates and
                                                                  Group 2 Senior
                                                                  Certificates, in
                                                                  each case in
                                                                  accordance with
                                                                  the Related Senior
                                                                  Priority, in reduction
                                                                  of their respective
                                                                  Class Principal
                                                                  Amounts, until
                                                                  the aggregate Class
                                                                  Principal Amount
                                                                  of each such
                                                                  Class, after giving
                                                                  effect to distributions
                                                                  on such Distribution
                                                                  Date, equals
                                                                  the Senior Target
                                                                  Amount;

                                                                
                                                                  
                                                                    
                                                                    

                                                                  

                                                                  
                                                                    97

                                                                    
                                                                      

                                                                    

                                                                  

                                                                  
                                                                    
                                                                    

                                                                  

                                                                

                                                                 

                                                                B. to
                                                                  the
                                                                  Class M1 Certificates,
                                                                  in reduction of
                                                                  their Class Principal
                                                                  Amount, until the
                                                                  aggregate of the
                                                                  Class Principal
                                                                  Amounts of such
                                                                  Class and the Senior
                                                                  Certificates, after
                                                                  giving effect to
                                                                  distributions on
                                                                  such Distribution
                                                                  Date,
                                                                  equals the M1 Target
                                                                  Amount;

                                                                 

                                                                C. to
                                                                  the
                                                                  Class M2 Certificates,
                                                                  in reduction of
                                                                  their Class Principal
                                                                  Amount, until the
                                                                  aggregate of the
                                                                  Class Principal
                                                                  Amounts of such
                                                                  Class, the Senior
                                                                  Certificates
                                                                  and the Class M1
                                                                  Certificates, after
                                                                  giving effect to
                                                                  distributions on
                                                                  such
                                                                  Distribution Date,
                                                                  equals the M2 Target
                                                                  Amount;

                                                                 

                                                                D. to
                                                                  the
                                                                  Class M3 Certificates,
                                                                  in reduction of
                                                                  their Class Principal
                                                                  Amount, until the
                                                                  aggregate of the
                                                                  Class Principal
                                                                  Amounts of such
                                                                  Class, the Senior
                                                                  Certificates
                                                                  and the Class M1
                                                                  and Class M2 Certificates,
                                                                  after giving effect
                                                                  to distributions
                                                                  on such Distribution
                                                                  Date, equals the
                                                                  M3 Target Amount;

                                                                 

                                                                E. to
                                                                  the
                                                                  Class M4 Certificates,
                                                                  in reduction of
                                                                  their Class Principal
                                                                  Amount, until the
                                                                  aggregate of the
                                                                  Class Principal
                                                                  Amounts of such
                                                                  Class, the Senior
                                                                  Certificates
                                                                  and the Class M1,
                                                                  Class M2 and Class
                                                                  M3 Certificates,
                                                                  after giving effect
                                                                  to
                                                                  distributions on
                                                                  such Distribution
                                                                  Date, equals the
                                                                  M4 Target Amount;
                                                                  

                                                                 

                                                                F. to
                                                                  the
                                                                  Class M5 Certificates,
                                                                  in reduction of
                                                                  their Class Principal
                                                                  Amount, until the
                                                                  aggregate of the
                                                                  Class Principal
                                                                  Amounts of such
                                                                  Class, the Senior
                                                                  Certificates
                                                                  and the Class M1,
                                                                  Class M2, Class
                                                                  M3 and Class M4
                                                                  Certificates, after
                                                                  giving
                                                                  effect to distributions
                                                                  on such Distribution
                                                                  Date, equals the
                                                                  M5 Target Amount;
                                                                  

                                                                 

                                                                G. to
                                                                  the
                                                                  Class M6 Certificates,
                                                                  in reduction of
                                                                  their Class Principal
                                                                  Amount, until the
                                                                  aggregate of the
                                                                  Class Principal
                                                                  Amounts of such
                                                                  Class, the Senior
                                                                  Certificates
                                                                  and the Class M1,
                                                                  Class M2, Class
                                                                  M3, Class M4 and
                                                                  Class M5 Certificates,
                                                                  after
                                                                  giving effect to
                                                                  distributions on
                                                                  such Distribution
                                                                  Date, equals the
                                                                  M6 Target
                                                                  Amount; 

                                                                 

                                                                H. to
                                                                  the
                                                                  Class M7 Certificates,
                                                                  in reduction of
                                                                  their Class Principal
                                                                  Amount, until the
                                                                  aggregate of the
                                                                  Class Principal
                                                                  Amounts of such
                                                                  Class, the Senior
                                                                  Certificates
                                                                  and the Class M1,
                                                                  Class M2, Class
                                                                  M3, Class M4, Class
                                                                  M5, and Class M6
                                                                  Certificates, after
                                                                  giving effect to
                                                                  distributions on
                                                                  such Distribution
                                                                  Date,
                                                                  equals the M7 Target
                                                                  Amount; 

                                                                

                                                                  I. to
                                                                    the
                                                                    Class M8 Certificates,
                                                                    in reduction
                                                                    of their Class
                                                                    Principal Amount,
                                                                    until the
                                                                    aggregate of
                                                                    the Class Principal
                                                                    Amounts of such
                                                                    Class, the Senior
                                                                    Certificates
                                                                    and the Class
                                                                    M1, Class M2,
                                                                    Class M3, Class
                                                                    M4, Class M5,
                                                                    Class M6 and
                                                                    Class M7
                                                                    Certificates,
                                                                    after giving
                                                                    effect to distributions
                                                                    on such Distribution
                                                                    Date,
                                                                    equals the M8
                                                                    Target Amount;

                                                                   

                                                                  J. to
                                                                    the
                                                                    Class M9 Certificates,
                                                                    in reduction
                                                                    of their Class
                                                                    Principal Amount,
                                                                    until the
                                                                    aggregate of
                                                                    the Class Principal
                                                                    Amounts of such
                                                                    Class, the Senior
                                                                    Certificates
                                                                    and the Class
                                                                    M1, Class M2,
                                                                    Class M3, Class
                                                                    M4, Class M5,
                                                                    Class M6, Class
                                                                    M7 and
                                                                    Class M8 Certificates,
                                                                    after giving
                                                                    effect to distributions
                                                                    on such Distribution
                                                                    Date, equals
                                                                    the M9 Target
                                                                    Amount; 

                                                                  
                                                                    
                                                                      
                                                                      

                                                                    

                                                                    
                                                                      98

                                                                      
                                                                        

                                                                      

                                                                    

                                                                    
                                                                      
                                                                      

                                                                    

                                                                  

                                                                   

                                                                  K. to
                                                                    the
                                                                    Class B Certificates,
                                                                    in reduction
                                                                    of their Class
                                                                    Principal Amount,
                                                                    until the
                                                                    aggregate of
                                                                    the Class Principal
                                                                    Amounts of such
                                                                    Class, the Senior
                                                                    Certificates
                                                                    and the Class
                                                                    M1, Class M2,
                                                                    Class M3, Class
                                                                    M4, Class M5,
                                                                    Class M6, Class
                                                                    M7,
                                                                    Class M8 and
                                                                    Class M9 Certificates,
                                                                    after giving
                                                                    effect to distributions
                                                                    on such
                                                                    Distribution
                                                                    Date, equals
                                                                    the B Target
                                                                    Amount; and

                                                                   

                                                                  (iii)
                                                                    to
                                                                    each Class of
                                                                    Subordinate Certificates,
                                                                    in accordance
                                                                    with the Subordinate
                                                                    Priority, any
                                                                    Deferred Amount
                                                                    for each such
                                                                    Class and such
                                                                    Distribution
                                                                    Date;

                                                                   

                                                                  (iv)
                                                                    to
                                                                    the Basis Risk
                                                                    Reserve Fund,
                                                                    an amount equal
                                                                    to the Basis
                                                                    Risk Payment
                                                                    for such
                                                                    Distribution
                                                                    Date, and then
                                                                    from the Basis
                                                                    Risk Reserve
                                                                    Fund, in the
                                                                    following
                                                                    order of priority:

                                                                   

                                                                  A. concurrently,
                                                                    in proportion
                                                                    to their respective
                                                                    Basis Risk Shortfalls
                                                                    and Unpaid Basis
                                                                    Risk
                                                                    Shortfalls, to
                                                                    each Class of
                                                                    Senior Certificates,
                                                                    any applicable
                                                                    Basis Risk
                                                                    Shortfall and
                                                                    Unpaid Basis
                                                                    Risk Shortfall
                                                                    for each such
                                                                    Class and such
                                                                    Distribution
                                                                    Date;

                                                                   

                                                                  B. to
                                                                    each
                                                                    Class of Subordinate
                                                                    Certificates,
                                                                    in accordance
                                                                    with the Subordinate
                                                                    Priority,
                                                                    any applicable
                                                                    Basis Risk Shortfall
                                                                    and Unpaid Basis
                                                                    Risk Shortfall
                                                                    for each
                                                                    such Class and
                                                                    such Distribution
                                                                    Date; and

                                                                   

                                                                  C. to
                                                                    the
                                                                    Swap Account,
                                                                    for application
                                                                    pursuant to Section
                                                                    5.02(f)(vi),
                                                                    any amounts
                                                                    remaining in
                                                                    the Basis Risk
                                                                    Reserve Fund,
                                                                    after taking
                                                                    into account
                                                                    distributions
                                                                    pursuant to clauses
                                                                    (A) and (B) above,
                                                                    in excess of
                                                                    the
                                                                    Required Reserve
                                                                    Fund Deposit
                                                                    for such Distribution
                                                                    Date;

                                                                   

                                                                  (v)
                                                                    on
                                                                    the Distribution
                                                                    Date occurring
                                                                    in August 2009
                                                                    (or the next
                                                                    succeeding
                                                                    Distribution
                                                                    Date on which
                                                                    sufficient funds
                                                                    are available
                                                                    in the Certificate
                                                                    Account to make
                                                                    such distributions
                                                                    to the Class
                                                                    P Certificates),
                                                                    $100 to the
                                                                    Class P Certificates
                                                                    in payment of
                                                                    its Class P Principal
                                                                    Amount; 

                                                                   

                                                                  (vi)
                                                                    to
                                                                    the Swap Account,
                                                                    the Class X Distributable
                                                                    Amount (less
                                                                    any Basis Risk
                                                                    Payment
                                                                    for such Distribution
                                                                    Date) for such
                                                                    Distribution
                                                                    Date, for application
                                                                    pursuant
                                                                    to Section 5.02(g)(x)
                                                                    and Section 5.02(g)(xi)
                                                                    below; and

                                                                   

                                                                  (vii)
                                                                    to
                                                                    the Class LT-R
                                                                    Certificate,
                                                                    any amount remaining
                                                                    on such date
                                                                    after application
                                                                    pursuant to clauses
                                                                    (i) through (vi)
                                                                    above to the
                                                                    extent attributable
                                                                    to REMIC
                                                                    1, and otherwise
                                                                    to the Class
                                                                    R Certificates.

                                                                   

                                                                  (g)
                                                                    On
                                                                    each Distribution
                                                                    Date (or, with
                                                                    respect to clauses
                                                                    (i), (ii), (ix)
                                                                    and (x)
                                                                    below, on the
                                                                    related Swap
                                                                    Payment Date),
                                                                    the Trustee shall
                                                                    distribute the
                                                                    Swap
                                                                    Amount for such
                                                                    date as follows:

                                                                  
                                                                    
                                                                      
                                                                      

                                                                    

                                                                    
                                                                      99

                                                                      
                                                                        

                                                                      

                                                                    

                                                                    
                                                                      
                                                                      

                                                                    

                                                                  

                                                                   

                                                                  (i)
                                                                    to
                                                                    the Swap Counterparty,
                                                                    any Net Swap
                                                                    Payment owed
                                                                    to the Swap Counterparty
                                                                    pursuant to the
                                                                    Swap Agreement
                                                                    for such Swap
                                                                    Payment Date;

                                                                   

                                                                  (ii)
                                                                    to
                                                                    the Swap Counterparty,
                                                                    any unpaid Swap
                                                                    Termination Payment
                                                                    not due to a
                                                                    Swap
                                                                    Counterparty
                                                                    Trigger Event
                                                                    owed to the Swap
                                                                    Counterparty
                                                                    pursuant to the
                                                                    Swap
                                                                    Agreement for
                                                                    such Swap Payment
                                                                    Date;

                                                                   

                                                                  (iii)
                                                                    concurrently,
                                                                    to the Senior
                                                                    Certificates,
                                                                    Current Interest
                                                                    and any Carryforward
                                                                    Interest for
                                                                    each such Class
                                                                    and such Distribution
                                                                    Date, to the
                                                                    extent unpaid
                                                                    (any shortfall
                                                                    in Current Interest
                                                                    and Carryforward
                                                                    Interest to be
                                                                    allocated
                                                                    among such Classes
                                                                    in proportion
                                                                    to the amount
                                                                    of Current Interest
                                                                    and
                                                                    Carryforward
                                                                    Interest that
                                                                    would have otherwise
                                                                    been distributable
                                                                    thereon);

                                                                  

                                                                    (iv)
                                                                      to
                                                                      the Subordinate
                                                                      Certificates,
                                                                      in accordance
                                                                      with the Subordinate
                                                                      Priority,
                                                                      Current Interest
                                                                      and any Carryforward
                                                                      Interest for
                                                                      each such Class
                                                                      and such
                                                                      Distribution
                                                                      Date to the
                                                                      extent unpaid;

                                                                     

                                                                    (v)
                                                                      to
                                                                      the LIBOR Certificates,
                                                                      any amount
                                                                      necessary to
                                                                      maintain the
                                                                      Targeted
                                                                      Overcollateralization
                                                                      Amount as specified
                                                                      in Sections
                                                                      5.02(f)(i)
                                                                      and (ii) above
                                                                      for such Distribution
                                                                      Date, for application
                                                                      pursuant to
                                                                      the priorities
                                                                      set forth
                                                                      in such Sections,
                                                                      after giving
                                                                      effect to distributions
                                                                      pursuant to
                                                                      such
                                                                      Sections; provided,
                                                                      however,
                                                                      that the
                                                                      sum of all
                                                                      such amounts
                                                                      distributed
                                                                      pursuant to
                                                                      this Section
                                                                      5.02(g)(v)
                                                                      and all
                                                                      amounts distributed
                                                                      pursuant to
                                                                      Section 5.02(g)(vi)
                                                                      and Sections
                                                                      5.02(h)(iii)
                                                                      and (iv) shall
                                                                      not exceed
                                                                      the aggregate
                                                                      amount of cumulative
                                                                      Realized Losses
                                                                      incurred from
                                                                      the Cut-off
                                                                      Date through
                                                                      the last day
                                                                      of the related
                                                                      Collection
                                                                      Period less
                                                                      any amounts
                                                                      previously
                                                                      distributed
                                                                      pursuant to
                                                                      this Section
                                                                      5.02(g)(v)
                                                                      and Section
                                                                      5.02(g)(vi)
                                                                      together with
                                                                      any amounts
                                                                      previously
                                                                      distributed
                                                                      pursuant to
                                                                      Sections 5.02(h)(iii)
                                                                      and (iv);

                                                                     

                                                                    (vi)
                                                                      to
                                                                      the Subordinate
                                                                      Certificates,
                                                                      in accordance
                                                                      with the Subordinate
                                                                      Priority, any
                                                                      Deferred Amount
                                                                      for each such
                                                                      Class and such
                                                                      Distribution
                                                                      Date, to the
                                                                      extent
                                                                      unpaid; provided,
                                                                      however,
                                                                      that the
                                                                      sum of all
                                                                      such amounts
                                                                      distributed
                                                                      pursuant to
                                                                      this Section
                                                                      5.02(g)(vi)
                                                                      and all
                                                                      amounts distributed
                                                                      pursuant to
                                                                      Section 5.02(g)(v)
                                                                      and Sections
                                                                      5.02(h)(iii)
                                                                      and
                                                                      (iv) shall
                                                                      not exceed
                                                                      the aggregate
                                                                      amount of cumulative
                                                                      Realized Losses
                                                                      incurred from
                                                                      the Cut-off
                                                                      Date through
                                                                      the last day
                                                                      of the related
                                                                      Collection
                                                                      Period less
                                                                      any amounts
                                                                      previously
                                                                      distributed
                                                                      pursuant to
                                                                      this Section
                                                                      5.02(g)(vi)
                                                                      and Section
                                                                      5.02(g)(v)
                                                                      together with
                                                                      any amounts
                                                                      previously
                                                                      distributed
                                                                      pursuant to
                                                                      Sections 5.02(h)(iii)
                                                                      and (iv);

                                                                     

                                                                    (vii)
                                                                      to
                                                                      the Senior
                                                                      Certificates,
                                                                      any Basis Risk
                                                                      Shortfalls
                                                                      and Unpaid
                                                                      Basis Risk
                                                                      Shortfalls
                                                                      for each such
                                                                      Class for such
                                                                      Distribution
                                                                      Date, for application
                                                                      pursuant to
                                                                      the priorities
                                                                      set forth in
                                                                      Section 5.02(f)(iv)(A),
                                                                      to the extent
                                                                      unpaid;

                                                                     

                                                                    (viii)
                                                                      to
                                                                      the Subordinate
                                                                      Certificates,
                                                                      any Basis Risk
                                                                      Shortfalls
                                                                      and Unpaid
                                                                      Basis Risk
                                                                      Shortfalls
                                                                      for each such
                                                                      class and for
                                                                      such Distribution
                                                                      Date, for application
                                                                      pursuant to
                                                                      the priorities
                                                                      set forth Section
                                                                      5.02(f)(iv)(B),
                                                                      to the extent
                                                                      unpaid;

                                                                    
                                                                      
                                                                        
                                                                        

                                                                      

                                                                      
                                                                        100

                                                                        
                                                                          

                                                                        

                                                                      

                                                                      
                                                                        
                                                                        

                                                                      

                                                                    

                                                                     

                                                                    (ix)
                                                                      if
                                                                      applicable,
                                                                      to the Swap
                                                                      Termination
                                                                      Receipts Account
                                                                      for application
                                                                      to the
                                                                      purchase of
                                                                      a replacement
                                                                      swap agreement
                                                                      pursuant to
                                                                      Section
                                                                      5.09(a);

                                                                     

                                                                    (x)
                                                                      to
                                                                      the Swap Counterparty,
                                                                      any unpaid
                                                                      Swap Termination
                                                                      Payment due
                                                                      to a Swap
                                                                      Counterparty
                                                                      Trigger Event
                                                                      owed to the
                                                                      Swap Counterparty
                                                                      pursuant to
                                                                      the Swap
                                                                      Agreement;

                                                                     

                                                                    (xi)
                                                                      to
                                                                      the Class X
                                                                      Certificates,
                                                                      any amount
                                                                      deposited into
                                                                      the Swap Account
                                                                      pursuant to
                                                                      Section 5.02(f)(iv)(C)
                                                                      or Section
                                                                      5.02(f)(vi)
                                                                      and any remaining
                                                                      Swap Amount;
                                                                      and

                                                                     

                                                                    (xii)
                                                                      on
                                                                      the first Distribution
                                                                      Date on which
                                                                      the Class Principal
                                                                      Amount of each
                                                                      Class of
                                                                      Certificates
                                                                      has been reduced
                                                                      to zero, to
                                                                      the Class X
                                                                      Certificates,
                                                                      all amounts
                                                                      remaining in
                                                                      the Swap Account.

                                                                     

                                                                    (h)
                                                                      On
                                                                      each Distribution
                                                                      Date, the Trustee
                                                                      shall distribute
                                                                      the Interest
                                                                      Rate Cap
                                                                      Amount for
                                                                      such date after
                                                                      making all
                                                                      distributions
                                                                      under Section
                                                                      5.02(g) above
                                                                      as follows:

                                                                     

                                                                    (i)
                                                                      concurrently,
                                                                      to the Senior
                                                                      Certificates,
                                                                      Current Interest
                                                                      and any Carryforward
                                                                      Interest for
                                                                      each such class
                                                                      for such Distribution
                                                                      Date, to the
                                                                      extent unpaid
                                                                      pursuant to
                                                                      Section 5.02(g)(iii)
                                                                      above (any
                                                                      shortfall in
                                                                      Current Interest
                                                                      and
                                                                      Carryforward
                                                                      Interest to
                                                                      be allocated
                                                                      among such
                                                                      Classes in
                                                                      proportion
                                                                      to the
                                                                      amount of Current
                                                                      Interest and
                                                                      Carryforward
                                                                      Interest that
                                                                      would have
                                                                      otherwise
                                                                      been distributable
                                                                      thereon);

                                                                     

                                                                    (ii)
                                                                      to
                                                                      the Subordinate
                                                                      Certificates,
                                                                      in accordance
                                                                      with the Subordinate
                                                                      Priority,
                                                                      Current Interest
                                                                      and any Carryforward
                                                                      Interest for
                                                                      such class
                                                                      and such
                                                                      Distribution
                                                                      Date to the
                                                                      extent unpaid;

                                                                     

                                                                    (iii)
                                                                      to
                                                                      the LIBOR Certificates,
                                                                      any amount
                                                                      necessary to
                                                                      maintain the
                                                                      Targeted
                                                                      Overcollateralization
                                                                      Amount specified
                                                                      in Sections
                                                                      5.02(f)(i)
                                                                      and (ii) above
                                                                      for
                                                                      such Distribution
                                                                      Date, for application
                                                                      pursuant to
                                                                      the priorities
                                                                      set forth in
                                                                      such Sections;
provided,
                                                                      however,
                                                                      that
                                                                      the sum of
                                                                      all such amounts
                                                                      distributed
                                                                      pursuant to
                                                                      this Section
                                                                      5.02(h)(iii)
                                                                      and all amounts
                                                                      distributed
                                                                      pursuant to
                                                                      Section 5.02(h)(iv)
                                                                      and Sections
                                                                      5.02(g)(v)
                                                                      and (vi) shall
                                                                      not exceed
                                                                      the aggregate
                                                                      amount of cumulative
                                                                      Realized
                                                                      Losses incurred
                                                                      from the Cut-off
                                                                      Date through
                                                                      the last day
                                                                      of the related
                                                                      Collection
                                                                      Period less
                                                                      any amounts
                                                                      previously
                                                                      distributed
                                                                      pursuant to
                                                                      this
                                                                      Section 5.02(h)(iii)
                                                                      and Section
                                                                      5.02(h)(iv)
                                                                      together with
                                                                      any amounts
                                                                      previously
                                                                      distributed
                                                                      pursuant to
                                                                      Sections 5.02(g)(v)
                                                                      and (vi);

                                                                     

                                                                    (iv)
                                                                      to
                                                                      the Subordinate
                                                                      Certificates,
                                                                      in accordance
                                                                      with the Subordinate
                                                                      Priority, any
                                                                      Deferred Amount
                                                                      for each such
                                                                      class and such
                                                                      Distribution
                                                                      Date to the
                                                                      extent
                                                                      unpaid; provided,
                                                                      however,
                                                                      that the
                                                                      sum of all
                                                                      such amounts
                                                                      distributed
                                                                      pursuant to
                                                                      this Section
                                                                      5.02(h)(iv)
                                                                      and all
                                                                      amounts distributed
                                                                      pursuant to
                                                                      Section 5.02(h)(iii)
                                                                      and Sections
                                                                      5.02(g)(v)
                                                                      and
                                                                      (vi) shall
                                                                      not exceed
                                                                      the aggregate
                                                                      amount of cumulative
                                                                      Realized Losses
                                                                      incurred from
                                                                      the Cut-off
                                                                      Date through
                                                                      the last day
                                                                      of the related
                                                                      Collection
                                                                      Period less
                                                                      any amounts
                                                                      previously
                                                                      distributed
                                                                      pursuant to
                                                                      this Section
                                                                      5.02(h)(iv)
                                                                      and Section
                                                                      5.02(h)(iii)
                                                                      together with
                                                                      any amounts
                                                                      previously
                                                                      distributed
                                                                      pursuant to
                                                                      Sections 5.02(g)(v)
                                                                      and (vi);

                                                                    
                                                                      
                                                                        
                                                                        

                                                                      

                                                                      
                                                                        101

                                                                        
                                                                          

                                                                        

                                                                      

                                                                      
                                                                        
                                                                        

                                                                      

                                                                    

                                                                     

                                                                    (v)
                                                                      to
                                                                      the Senior
                                                                      Certificates,
                                                                      any Basis Risk
                                                                      Shortfalls
                                                                      and Unpaid
                                                                      Basis Risk
                                                                      Shortfalls
                                                                      for each such
                                                                      class and for
                                                                      such Distribution
                                                                      Date, for application
                                                                      pursuant to
                                                                      the priorities
                                                                      set forth in
                                                                      Section 5.02(f)(iv)(A),
                                                                      to the extent
                                                                      unpaid;

                                                                     

                                                                    (vi)
                                                                      to
                                                                      the Subordinate
                                                                      Certificates,
                                                                      any Basis Risk
                                                                      Shortfalls
                                                                      and Unpaid
                                                                      Basis Risk
                                                                      Shortfalls
                                                                      for each such
                                                                      class and for
                                                                      such Distribution
                                                                      Date, for application
                                                                      pursuant to
                                                                      the priorities
                                                                      set forth in
                                                                      Section 5.02(f)(iv)(B),
                                                                      to the extent
                                                                      unpaid; 

                                                                     

                                                                    (vii)
                                                                      to
                                                                      the Cap Termination
                                                                      Receipts Account
                                                                      for application
                                                                      to the purchase
                                                                      of a
                                                                      replacement
                                                                      cap agreement
                                                                      pursuant to
                                                                      Section 5.09(b);
                                                                      and

                                                                     

                                                                    (viii)
                                                                      to
                                                                      the Class X
                                                                      Certificates,
                                                                      any remaining
                                                                      Interest Rate
                                                                      Cap Amount.

                                                                    

                                                                      (i)
                                                                        On
                                                                        each Distribution
                                                                        Date, an
                                                                        amount equal
                                                                        to the aggregate
                                                                        of all Prepayment
                                                                        Premiums
                                                                        collected
                                                                        during the
                                                                        preceding
                                                                        Prepayment
                                                                        Period shall
                                                                        be distributed
                                                                        to the Class
                                                                        P Certificates.

                                                                       

                                                                      (j)
                                                                        On
                                                                        each Distribution
                                                                        Date occurring
                                                                        after a Section
                                                                        7.01(c) Purchase
                                                                        Event but
                                                                        on
                                                                        or prior
                                                                        to a Trust
                                                                        Fund Termination
                                                                        Event, the
                                                                        Trustee (or
                                                                        the Paying
                                                                        Agent on
                                                                        behalf of
                                                                        the Trustee),
                                                                        shall withdraw
                                                                        from the
                                                                        Certificate
                                                                        Account the
                                                                        Total
                                                                        Distribution
                                                                        Amount (to
                                                                        the extent
                                                                        such amount
                                                                        is on deposit
                                                                        in the Certificate
                                                                        Account),
                                                                        and shall
                                                                        allocate
                                                                        such amount
                                                                        to the interests
                                                                        issued in
                                                                        respect of
                                                                        the Lower
                                                                        Tier REMIC
                                                                        1 Uncertificated
                                                                        Regular Interests
                                                                        created pursuant
                                                                        to this
                                                                        Agreement
                                                                        and shall
                                                                        distribute
                                                                        such amount
first,
                                                                        for
                                                                        deposit into
                                                                        the Swap
                                                                        Account,
                                                                        an amount
                                                                        equal to
                                                                        any Net Swap
                                                                        Payment or
                                                                        Swap
                                                                        Termination
                                                                        Payment owed
                                                                        to the Swap
                                                                        Counterparty
                                                                        on the related
                                                                        Swap Payment
                                                                        Date, second,
                                                                        to the
                                                                        Credit Risk
                                                                        Manager,
                                                                        the Credit
                                                                        Risk Manager’s Fee, third,
                                                                        to the
                                                                        Trustee,
                                                                        any amounts
                                                                        reimbursable
                                                                        pursuant
                                                                        to Section
                                                                        4.04(b)(i)
                                                                        and not
                                                                        previously
                                                                        reimbursed
                                                                        to the Trustee
                                                                        and fourth,
                                                                        to the
                                                                        LTURI-holder,
                                                                        any remaining
                                                                        Total Distribution
                                                                        Amount to
                                                                        the extent
                                                                        payable on
                                                                        the Lower
                                                                        Tier REMIC
                                                                        1 Uncertificated
                                                                        Regular Interests
                                                                        as provided
                                                                        in the
                                                                        Preliminary
                                                                        Statement,
                                                                        and fifth,
                                                                        to the
                                                                        Class LT-R
                                                                        Certificates.

                                                                       

                                                                      (k)
                                                                        On
                                                                        each Swap
                                                                        Payment Date
                                                                        occurring
                                                                        after a Section
                                                                        7.01(c) Purchase
                                                                        Event but
                                                                        on
                                                                        or prior
                                                                        to a Trust
                                                                        Fund Termination
                                                                        Event, the
                                                                        Trustee shall
                                                                        distribute
                                                                        the
                                                                        Swap Amount
                                                                        for such
                                                                        date first,
                                                                        to the
                                                                        Swap Counterparty
                                                                        to pay any
                                                                        Net Swap
                                                                        Payment owed
                                                                        to the Swap
                                                                        Counterparty
                                                                        pursuant
                                                                        to the Swap
                                                                        Agreement
                                                                        for such
                                                                        Swap Payment
                                                                        Date; second,
                                                                        to the
                                                                        Swap Counterparty,
                                                                        to pay any
                                                                        Swap Termination
                                                                        Payment owed
                                                                        to the Swap
                                                                        Counterparty
                                                                        pursuant
                                                                        to the Swap
                                                                        Agreement
                                                                        for such
                                                                        Swap Payment
                                                                        Date,
third,
                                                                        if
                                                                        applicable,
                                                                        to the Swap
                                                                        Termination
                                                                        Receipts
                                                                        Account,
                                                                        for application
                                                                        to the
                                                                        purchase
                                                                        of a replacement
                                                                        swap agreement
                                                                        pursuant
                                                                        to Section
                                                                        5.09(a);
                                                                        and
fourth,
                                                                        any
                                                                        remaining
                                                                        amount of
                                                                        Swap Amount,
                                                                        to the LTURI-holder.

                                                                       

                                                                      (l)
                                                                        On
                                                                        each Distribution
                                                                        Date occurring
                                                                        after a Section
                                                                        7.01(c) Purchase
                                                                        Event but
                                                                        on
                                                                        or prior
                                                                        to a Trust
                                                                        Fund Termination
                                                                        Event, the
                                                                        Trustee shall
                                                                        distribute
                                                                        any
                                                                        amounts received
                                                                        from the
                                                                        Cap Counterparty
                                                                        under the
                                                                        Interest
                                                                        Rate Cap
                                                                        Agreement
                                                                        for such
                                                                        Distribution
                                                                        Date first,
                                                                        to the
                                                                        Cap Termination
                                                                        Receipts
                                                                        Account,
                                                                        for application
                                                                        to the purchase
                                                                        of a
                                                                        replacement
                                                                        cap agreement
                                                                        pursuant
                                                                        to Section
                                                                        5.09(b);
                                                                        and second,
                                                                        any
                                                                        remaining
                                                                        amount from
                                                                        the Cap Counterparty
                                                                        under the
                                                                        Interest
                                                                        Rate Cap
                                                                        Agreement,
                                                                        to the LTURI-holder.

                                                                      
                                                                        
                                                                          
                                                                          

                                                                        

                                                                        
                                                                          102

                                                                          
                                                                            

                                                                          

                                                                        

                                                                        
                                                                          
                                                                          

                                                                        

                                                                      

                                                                       

                                                                      (m)
                                                                        On
                                                                        each Distribution
                                                                        Date, an
                                                                        amount equal
                                                                        to the aggregate
                                                                        PPTL Premium
                                                                        collected
                                                                        during the
                                                                        preceding
                                                                        Prepayment
                                                                        Period shall
                                                                        be distributed
                                                                        to the Class
                                                                        X
                                                                        Certificates.

                                                                       

                                                                      Section
                                                                        5.03. Allocation
                                                                        of Losses. 

                                                                       

                                                                      On
                                                                        each
                                                                        Distribution
                                                                        Date, the
                                                                        Class Principal
                                                                        Amounts of
                                                                        the Subordinate
                                                                        Certificates
                                                                        will be reduced
                                                                        by the amount
                                                                        of any Applied
                                                                        Loss Amount
                                                                        for such
                                                                        date, in
                                                                        the
                                                                        following
                                                                        order of
                                                                        priority:

                                                                       

                                                                      (i)
                                                                        to
                                                                        the Class
                                                                        B Certificates,
                                                                        until the
                                                                        Class Principal
                                                                        Amount thereof
                                                                        has been
                                                                        reduced to
                                                                        zero;

                                                                       

                                                                      (ii)
                                                                        to
                                                                        the Class
                                                                        M9 Certificates,
                                                                        until the
                                                                        Class Principal
                                                                        Amount thereof
                                                                        has been
                                                                        reduced to
                                                                        zero;

                                                                       

                                                                      (iii)
                                                                        to
                                                                        the Class
                                                                        M8 Certificates,
                                                                        until the
                                                                        Class Principal
                                                                        Amount thereof
                                                                        has been
                                                                        reduced to
                                                                        zero;

                                                                       

                                                                      (iv)
                                                                        to
                                                                        the Class
                                                                        M7 Certificates,
                                                                        until the
                                                                        Class Principal
                                                                        Amount thereof
                                                                        has been
                                                                        reduced to
                                                                        zero;

                                                                       

                                                                      (v)
                                                                        to
                                                                        the Class
                                                                        M6 Certificates,
                                                                        until the
                                                                        Class Principal
                                                                        Amount thereof
                                                                        has been
                                                                        reduced to
                                                                        zero;

                                                                       

                                                                      (vi)
                                                                        to
                                                                        the Class
                                                                        M5 Certificates,
                                                                        until the
                                                                        Class Principal
                                                                        Amount thereof
                                                                        has been
                                                                        reduced to
                                                                        zero;

                                                                       

                                                                      (vii)
                                                                        to
                                                                        the Class
                                                                        M4 Certificates,
                                                                        until the
                                                                        Class Principal
                                                                        Amount thereof
                                                                        has been
                                                                        reduced to
                                                                        zero;

                                                                       

                                                                      (viii)
                                                                        to
                                                                        the Class
                                                                        M3 Certificates,
                                                                        until the
                                                                        Class Principal
                                                                        Amount thereof
                                                                        has been
                                                                        reduced to
                                                                        zero; 

                                                                       

                                                                      (ix)
                                                                        to
                                                                        the Class
                                                                        M2 Certificates,
                                                                        until the
                                                                        Class Principal
                                                                        Amount thereof
                                                                        has been
                                                                        reduced to
                                                                        zero; and

                                                                       

                                                                      (x)
                                                                        to
                                                                        the Class
                                                                        M1 Certificates,
                                                                        until the
                                                                        Class Principal
                                                                        Amount thereof
                                                                        has been
                                                                        reduced to
                                                                        zero.

                                                                       

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

                                                                      
                                                                        
                                                                          
                                                                          

                                                                        

                                                                        
                                                                          103

                                                                          
                                                                            

                                                                          

                                                                        

                                                                        
                                                                          
                                                                          

                                                                        

                                                                      

                                                                       

                                                                      (a)
                                                                        Subject to
                                                                        Section 9.07,
                                                                        Advances
                                                                        shall be
                                                                        made in respect
                                                                        of each Master
                                                                        Servicer
                                                                        Remittance
                                                                        Date as provided
                                                                        herein. If,
                                                                        on any Determination
                                                                        Date, the
                                                                        Servicer
                                                                        determines
                                                                        that any
                                                                        Scheduled
                                                                        Payments
                                                                        (or in the
                                                                        case of Simple
                                                                        Interest
                                                                        Mortgage
                                                                        Loans, the
                                                                        amount of
                                                                        any scheduled
                                                                        interest
                                                                        payments)
                                                                        due
                                                                        during the
                                                                        related Collection
                                                                        Period (other
                                                                        than Balloon
                                                                        Payments)
                                                                        have not
                                                                        been
                                                                        received,
                                                                        the Servicer
                                                                        shall advance
                                                                        such amount
                                                                        to the extent
                                                                        provided
                                                                        in the
                                                                        Servicing
                                                                        Agreement.
                                                                        If the Servicer
                                                                        fails to
                                                                        remit Advances
                                                                        required
                                                                        to be made
                                                                        under the
                                                                        Servicing
                                                                        Agreement,
                                                                        the Master
                                                                        Servicer
                                                                        shall itself
                                                                        make, or
                                                                        shall
                                                                        cause the
                                                                        successor
                                                                        servicer
                                                                        to make,
                                                                        such Advance
                                                                        on the Master
                                                                        Servicer
                                                                        Remittance
                                                                        Date immediately
                                                                        following
                                                                        such Determination
                                                                        Date. If
                                                                        the Master
                                                                        Servicer
                                                                        determines
                                                                        that an Advance
                                                                        is required,
                                                                        it shall
                                                                        on the Master
                                                                        Servicer
                                                                        Remittance
                                                                        Date immediately
                                                                        following
                                                                        such Determination
                                                                        Date either
                                                                        (i) remit
                                                                        to the Trustee
                                                                        from its
                                                                        own funds
                                                                        (or funds
                                                                        advanced
                                                                        by the Servicer)
                                                                        for
                                                                        deposit in
                                                                        the Certificate
                                                                        Account immediately
                                                                        available
                                                                        funds in
                                                                        an amount
                                                                        equal to
                                                                        such Advance,
                                                                        (ii) cause
                                                                        to be made
                                                                        an appropriate
                                                                        entry in
                                                                        the records
                                                                        of the Collection
                                                                        Account that
                                                                        funds in
                                                                        such account
                                                                        being held
                                                                        for future
                                                                        distribution
                                                                        or withdrawal
                                                                        have been,
                                                                        as permitted
                                                                        by this Section
                                                                        5.04, used
                                                                        by
                                                                        the Master
                                                                        Servicer
                                                                        to make such
                                                                        Advance,
                                                                        and remit
                                                                        such immediately
                                                                        available
                                                                        funds to
                                                                        the Trustee
                                                                        for deposit
                                                                        in the Certificate
                                                                        Account or
                                                                        (iii) make
                                                                        Advances
                                                                        in the form
                                                                        of any combination
                                                                        of clauses
                                                                        (i) and (ii)
                                                                        aggregating
                                                                        the
                                                                        amount of
                                                                        such Advance.
                                                                        Any funds
                                                                        being held
                                                                        in the Collection
                                                                        Account for
                                                                        future distribution
                                                                        to Certificateholders
                                                                        and so used
                                                                        shall be
                                                                        replaced
                                                                        by the
                                                                        Master Servicer
                                                                        from its
                                                                        own funds
                                                                        by remittance
                                                                        to the Trustee
                                                                        for deposit
                                                                        in
                                                                        the Certificate
                                                                        Account on
                                                                        or before
                                                                        any future
                                                                        Master Servicer
                                                                        Remittance
                                                                        Date
                                                                        to the extent
                                                                        that funds
                                                                        in the Certificate
                                                                        Account on
                                                                        such Master
                                                                        Servicer
                                                                        Remittance
                                                                        Date shall
                                                                        be less than
                                                                        payments
                                                                        to Certificateholders
                                                                        required
                                                                        to be
                                                                        made on the
                                                                        related Distribution
                                                                        Date. The
                                                                        Master Servicer
                                                                        and the Servicer
                                                                        shall be
                                                                        entitled
                                                                        to be reimbursed
                                                                        from the
                                                                        Collection
                                                                        Account for
                                                                        all Advances
                                                                        made by it
                                                                        as provided
                                                                        in Section
                                                                        4.02. Notwithstanding
                                                                        anything
                                                                        to the contrary
                                                                        herein, in
                                                                        the event
                                                                        the Master
                                                                        Servicer
                                                                        determines
                                                                        in its reasonable
                                                                        judgment
                                                                        that an Advance
                                                                        is non-recoverable,
                                                                        the Master
                                                                        Servicer
                                                                        shall be
                                                                        under no
                                                                        obligation
                                                                        to make such
                                                                        Advance.

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

                                                                       

                                                                      Section
                                                                        5.05. Compensating
                                                                        Interest
                                                                        Payments. 

                                                                       

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

                                                                      
                                                                        
                                                                          
                                                                          

                                                                        

                                                                        
                                                                          104

                                                                          
                                                                            

                                                                          

                                                                        

                                                                        
                                                                          
                                                                          

                                                                        

                                                                      

                                                                       

                                                                      Section
                                                                        5.06. Basis
                                                                        Risk Reserve
                                                                        Fund. 

                                                                       

                                                                      (a)
                                                                        On
                                                                        the Closing
                                                                        Date, the
                                                                        Trustee shall
                                                                        establish
                                                                        and maintain
                                                                        in its name,
                                                                        in trust
                                                                        for the benefit
                                                                        of the Certificateholders,
                                                                        a Basis Risk
                                                                        Reserve Fund,
                                                                        into which
                                                                        Lehman Brothers
                                                                        Holdings
                                                                        Inc. (“LBH”) shall initially
                                                                        deposit $1,000.
                                                                        The Basis
                                                                        Risk Reserve
                                                                        Fund shall
                                                                        be an Eligible
                                                                        Account,
                                                                        and funds
                                                                        on deposit
                                                                        therein
                                                                        shall be
                                                                        held separate
                                                                        and apart
                                                                        from, and
                                                                        shall not
                                                                        be commingled
                                                                        with, any
                                                                        other monies,
                                                                        including,
                                                                        without limitation,
                                                                        other monies
                                                                        of the Trustee
                                                                        held
                                                                        pursuant
                                                                        to this Agreement.

                                                                       

                                                                      (b)
                                                                        The
                                                                        Trustee shall
                                                                        make withdrawals
                                                                        from the
                                                                        Basis Risk
                                                                        Reserve Fund
                                                                        to make
                                                                        distributions
                                                                        pursuant
                                                                        to Section
                                                                        5.02(f)(iv)
                                                                        hereof in
                                                                        accordance
                                                                        with the
                                                                        Distribution
                                                                        Date reports.

                                                                       

                                                                      (c)
                                                                        Funds
                                                                        in the Basis
                                                                        Risk Reserve
                                                                        Fund shall
                                                                        be invested
                                                                        in Eligible
                                                                        Investments.
                                                                        The
                                                                        Class X Certificates
                                                                        shall evidence
                                                                        ownership
                                                                        of the Basis
                                                                        Risk Reserve
                                                                        Fund for
                                                                        federal income
                                                                        tax purposes
                                                                        and LBH on
                                                                        behalf of
                                                                        the Holder
                                                                        thereof shall
                                                                        direct
                                                                        the Trustee,
                                                                        in writing,
                                                                        as to investment
                                                                        of amounts
                                                                        on deposit
                                                                        therein.
                                                                        LBH
                                                                        shall be
                                                                        liable for
                                                                        any losses
                                                                        incurred
                                                                        on such investments.
                                                                        In the absence
                                                                        of
                                                                        written instructions
                                                                        from LBH
                                                                        as to investment
                                                                        of funds
                                                                        on deposit
                                                                        in the Basis
                                                                        Risk Reserve
                                                                        Fund, such
                                                                        funds shall
                                                                        be invested
                                                                        in the U.S.
                                                                        Bank First
                                                                        American
                                                                        Prime Obligation
                                                                        Fund. The
                                                                        Basis Risk
                                                                        Reserve Fund
                                                                        will be terminated
                                                                        after the
                                                                        earlier of
                                                                        (A) a Section
                                                                        7.01(c) Purchase
                                                                        Event or
                                                                        (B) a Trust
                                                                        Fund Termination
                                                                        Event and
                                                                        any funds
                                                                        remaining
                                                                        in such fund
                                                                        upon such
                                                                        termination
                                                                        shall be
                                                                        released
                                                                        to Holders
                                                                        of the Class
                                                                        X Certificates.

                                                                       

                                                                      Section
                                                                        5.07. Supplemental
                                                                        Interest
                                                                        Trust. 

                                                                       

                                                                      (a)
                                                                        A
                                                                        separate
                                                                        trust is
                                                                        hereby established
                                                                        (the “Supplemental
                                                                        Interest
                                                                        Trust”), the
                                                                        corpus of
                                                                        which shall
                                                                        be held by
                                                                        the Trustee,
                                                                        in trust,
                                                                        for the benefit
                                                                        of the
                                                                        Certificateholders
                                                                        and the Swap
                                                                        Counterparty.
                                                                        The Trustee,
                                                                        as trustee
                                                                        of the
                                                                        Supplemental
                                                                        Interest
                                                                        Trust, shall
                                                                        establish
                                                                        an account
                                                                        (the “Swap Account”),
                                                                        into which
                                                                        LBH shall
                                                                        initially
                                                                        deposit $1,000.
                                                                        The Swap
                                                                        Account shall
                                                                        be an
                                                                        Eligible
                                                                        Account,
                                                                        and funds
                                                                        on deposit
                                                                        therein shall
                                                                        be held separate
                                                                        and apart
                                                                        from, and
                                                                        shall not
                                                                        be commingled
                                                                        with, any
                                                                        other monies,
                                                                        including,
                                                                        without
                                                                        limitation,
                                                                        other monies
                                                                        of the Trustee
                                                                        held pursuant
                                                                        to this Agreement.
                                                                        

                                                                       

                                                                      (b)
                                                                        In
                                                                        addition,
                                                                        the Trustee,
                                                                        as trustee
                                                                        of the Supplemental
                                                                        Interest
                                                                        Trust, shall
                                                                        establish
                                                                        an account
                                                                        (the “Interest
                                                                        Rate Cap
                                                                        Account”), into which
                                                                        LBH shall
                                                                        initially
                                                                        deposit $1,000.
                                                                        The Interest
                                                                        Rate Cap
                                                                        Account shall
                                                                        be an Eligible
                                                                        Account,
                                                                        and funds
                                                                        on deposit
                                                                        therein shall
                                                                        be held separate
                                                                        and apart
                                                                        from, and
                                                                        shall not
                                                                        be commingled
                                                                        with, any
                                                                        other monies,
                                                                        including,
                                                                        without limitation,
                                                                        other monies
                                                                        of the Trustee
                                                                        held pursuant
                                                                        to this Agreement.

                                                                       

                                                                      (c)
                                                                        The
                                                                        Trustee shall
                                                                        deposit into
                                                                        the Swap
                                                                        Account any
                                                                        Net Swap
                                                                        Payment required
                                                                        pursuant
                                                                        to Sections
                                                                        5.02(b),
                                                                        (c), (e)
                                                                        and (j),
                                                                        any Swap
                                                                        Termination
                                                                        Payment
                                                                        required
                                                                        pursuant
                                                                        to Sections
                                                                        5.02(b),
                                                                        (c), (e)
                                                                        and (j),
                                                                        any amounts
                                                                        received
                                                                        from the
                                                                        Swap Counterparty
                                                                        under the
                                                                        Swap Agreement
                                                                        and any amounts
                                                                        distributed
                                                                        from the
                                                                        Basis Risk
                                                                        Reserve Fund
                                                                        required
                                                                        pursuant
                                                                        to Sections
                                                                        5.02(f)(iv)(C)
                                                                        and (f)(vi),
                                                                        and shall
                                                                        distribute
                                                                        from the
                                                                        Swap Account
                                                                        any Net Swap
                                                                        Payment
                                                                        required
                                                                        pursuant
                                                                        to Section
                                                                        5.02(g)(i)
                                                                        or Section
                                                                        5.02(k),
                                                                        as applicable,
                                                                        or
                                                                        Swap Termination
                                                                        Payment required
                                                                        pursuant
                                                                        to Sections
                                                                        5.02(g)(ii),
                                                                        Section
                                                                        5.02(g)(x),
                                                                        or Section
                                                                        5.02(k),
                                                                        as applicable. 

                                                                      
                                                                        
                                                                          
                                                                          

                                                                        

                                                                        
                                                                          105

                                                                          
                                                                            

                                                                          

                                                                        

                                                                        
                                                                          
                                                                          

                                                                        

                                                                      

                                                                       

                                                                      (d)
                                                                        The
                                                                        Trustee shall
                                                                        deposit into
                                                                        the Interest
                                                                        Rate Cap
                                                                        Account any
                                                                        amounts received
                                                                        from the
                                                                        Cap Counterparty
                                                                        under the
                                                                        Interest
                                                                        Rate Cap
                                                                        Agreement.

                                                                       

                                                                      (e)
                                                                        Funds
                                                                        in the Swap
                                                                        Account shall
                                                                        be invested
                                                                        in Eligible
                                                                        Investments.
                                                                        Any earnings
                                                                        on
                                                                        such amounts
                                                                        shall be
                                                                        distributed
                                                                        on each Distribution
                                                                        Date pursuant
                                                                        to Section
                                                                        5.02(g) or
                                                                        Section 5.02(k),
                                                                        as applicable.
                                                                        The Class
                                                                        X Certificates
                                                                        shall
                                                                        evidence
                                                                        ownership
                                                                        of the Swap
                                                                        Account for
                                                                        federal income
                                                                        tax purposes
                                                                        and the
                                                                        Holder thereof
                                                                        shall direct
                                                                        the Trustee,
                                                                        in writing,
                                                                        as to investment
                                                                        of amounts
                                                                        on deposit
                                                                        therein.
                                                                        LBH shall
                                                                        be liable
                                                                        for any losses
                                                                        incurred
                                                                        on such
                                                                        investments.
                                                                        In the absence
                                                                        of written
                                                                        instructions
                                                                        from the
                                                                        Class X
                                                                        Certificateholders
                                                                        as to investment
                                                                        of funds
                                                                        on deposit
                                                                        in the Swap
                                                                        Account,
                                                                        such funds
                                                                        shall be
                                                                        invested
                                                                        in the First
                                                                        American
                                                                        Government
                                                                        Obligations
                                                                        Fund
                                                                        or comparable
                                                                        investment
                                                                        vehicle.
                                                                        Any amounts
                                                                        on deposit
                                                                        in the Swap
                                                                        Account in
                                                                        excess of
                                                                        the Swap
                                                                        Amount on
                                                                        any Distribution
                                                                        Date shall
                                                                        be held for
                                                                        distribution
                                                                        pursuant
                                                                        to Section
                                                                        5.02(g) or
                                                                        Section 5.02(k),
                                                                        as applicable,
                                                                        on
                                                                        the following
                                                                        Distribution
                                                                        Date.

                                                                       

                                                                      (f)
                                                                        Funds
                                                                        in the Interest
                                                                        Rate Cap
                                                                        Account shall
                                                                        be invested
                                                                        in Eligible
                                                                        Investments.
                                                                        Any
                                                                        earnings
                                                                        on such amounts
                                                                        shall be
                                                                        distributed
                                                                        on each Distribution
                                                                        Date pursuant
                                                                        to Section
                                                                        5.02(h) or
                                                                        Section 5.02(l),
                                                                        as applicable.
                                                                        The Class
                                                                        X Certificates
                                                                        shall evidence
                                                                        ownership
                                                                        of the Interest
                                                                        Rate Cap
                                                                        Account for
                                                                        federal income
                                                                        tax
                                                                        purposes
                                                                        and the Holder
                                                                        thereof shall
                                                                        direct the
                                                                        Trustee,
                                                                        in writing,
                                                                        as to
                                                                        investment
                                                                        of amounts
                                                                        on deposit
                                                                        therein.
                                                                        LBH shall
                                                                        be liable
                                                                        for any losses
                                                                        incurred
                                                                        on such investments.
                                                                        In the absence
                                                                        of written
                                                                        instructions
                                                                        from the
                                                                        Class X Certificateholders
                                                                        as to investment
                                                                        of funds
                                                                        on deposit
                                                                        in the Interest
                                                                        Rate Cap
                                                                        Account,
                                                                        such funds
                                                                        shall be
                                                                        invested
                                                                        in the First
                                                                        American
                                                                        Government
                                                                        Obligations
                                                                        Fund or comparable
                                                                        investment
                                                                        vehicle.
                                                                        Any amounts
                                                                        on deposit
                                                                        in the
                                                                        Interest
                                                                        Rate Cap
                                                                        Account in
                                                                        excess of
                                                                        the Interest
                                                                        Rate Cap
                                                                        Amount on
                                                                        any
                                                                        Distribution
                                                                        Date shall
                                                                        be held for
                                                                        distribution
                                                                        pursuant
                                                                        to Section
                                                                        5.02(h) or
                                                                        Section 5.02(l),
                                                                        as applicable,
                                                                        on the following
                                                                        Distribution
                                                                        Date.

                                                                       

                                                                      (g)
                                                                        Upon
                                                                        termination
                                                                        of the Trust
                                                                        Fund, any
                                                                        amounts remaining
                                                                        in the Swap
                                                                        Account shall
                                                                        be distributed
                                                                        pursuant
                                                                        to the priorities
                                                                        set forth
                                                                        in Sections
                                                                        5.02(g) or
                                                                        5.02(k),
                                                                        as applicable.

                                                                       

                                                                      (h)
                                                                        Upon
                                                                        termination
                                                                        of the Trust
                                                                        Fund, any
                                                                        amounts remaining
                                                                        in the Interest
                                                                        Rate Cap
                                                                        Account shall
                                                                        be distributed
                                                                        pursuant
                                                                        to the priorities
                                                                        set forth
                                                                        in Section
                                                                        5.02(h) or
                                                                        Section 5.02(l),
                                                                        as applicable.

                                                                       

                                                                      (i)
                                                                        It is
                                                                        the intention
                                                                        of the parties
                                                                        hereto that,
                                                                        for federal
                                                                        and state
                                                                        income and
                                                                        state
                                                                        and local
                                                                        franchise
                                                                        tax purposes,
                                                                        the Supplemental
                                                                        Interest
                                                                        Trust be
                                                                        disregarded
                                                                        as an entity
                                                                        separate
                                                                        from the
                                                                        holder of
                                                                        the Class
                                                                        X Certificates
                                                                        unless and
                                                                        until the
                                                                        date when
                                                                        either (a)
                                                                        there is
                                                                        more than
                                                                        one Class
                                                                        X Certificateholder
                                                                        or (b) any
                                                                        Class of
                                                                        Certificates
                                                                        in addition
                                                                        to the Class
                                                                        X Certificates
                                                                        is
                                                                        recharacterized
                                                                        as an equity
                                                                        interest
                                                                        in the Supplemental
                                                                        Interest
                                                                        Trust for
                                                                        federal income
                                                                        tax purposes.
                                                                        The Trustee
                                                                        shall not
                                                                        be responsible
                                                                        for any entity
                                                                        level tax
                                                                        reporting
                                                                        for the Supplemental
                                                                        Interest
                                                                        Trust.

                                                                      
                                                                        
                                                                          
                                                                          

                                                                        

                                                                        
                                                                          106

                                                                          
                                                                            

                                                                          

                                                                        

                                                                        
                                                                          
                                                                          

                                                                        

                                                                      

                                                                       

                                                                      (j)
                                                                        To
                                                                        the extent
                                                                        that the
                                                                        Supplemental
                                                                        Interest
                                                                        Trust is
                                                                        determined
                                                                        to be a separate
                                                                        legal entity
                                                                        from the
                                                                        Trustee,
                                                                        any obligation
                                                                        of the Trustee
                                                                        under the
                                                                        Swap
                                                                        Agreement
                                                                        or the Interest
                                                                        Rate Cap
                                                                        Agreement
                                                                        shall be
                                                                        deemed to
                                                                        be an obligation
                                                                        of the Supplemental
                                                                        Interest
                                                                        Trust.

                                                                       

                                                                      Section
                                                                        5.08. Rights
                                                                        of Swap Counterparty. 

                                                                       

                                                                      (a)
                                                                        The
                                                                        Swap Counterparty
                                                                        shall be
                                                                        deemed a
                                                                        third-party
                                                                        beneficiary
                                                                        of this Agreement
                                                                        to
                                                                        the same
                                                                        extent as
                                                                        if it were
                                                                        a party hereto
                                                                        and shall
                                                                        have the
                                                                        right, upon
                                                                        designation
                                                                        of an “Early Termination
                                                                        Date” (as defined
                                                                        in the Swap
                                                                        Agreement),
                                                                        to enforce
                                                                        its rights
                                                                        under this
                                                                        Agreement,
                                                                        which rights
                                                                        include but
                                                                        are not
                                                                        limited to
                                                                        the obligation
                                                                        of the Trustee
                                                                        (A) to deposit
                                                                        any Net Swap
                                                                        Payment
                                                                        required
                                                                        pursuant
                                                                        to Sections
                                                                        5.02(b),
                                                                        (c), (e)
                                                                        and (j),
                                                                        and any Swap
                                                                        Termination
                                                                        Payment required
                                                                        pursuant
                                                                        to Sections
                                                                        5.02(b),
                                                                        (c), (e)
                                                                        and (j),
                                                                        into the
                                                                        Swap Account,
                                                                        (B) to deposit
                                                                        any amounts
                                                                        from the
                                                                        Basis Risk
                                                                        Reserve
                                                                        Fund required
                                                                        pursuant
                                                                        to Sections
                                                                        5.02(f)(iv)(C)
                                                                        and Section
                                                                        5.02(f)(vi)
                                                                        into
                                                                        the Swap
                                                                        Account,
                                                                        (C) to pay
                                                                        any Net Swap
                                                                        Payment required
                                                                        pursuant
                                                                        to Section
                                                                        5.02(g)(i),
                                                                        or Section
                                                                        5.02(k),
                                                                        as applicable,
                                                                        or Swap Termination
                                                                        Payment
                                                                        required
                                                                        pursuant
                                                                        to Sections
                                                                        5.02(g)(ii),
                                                                        Section 5.02(g)(x),
                                                                        or Section
                                                                        5.02(k),
                                                                        as applicable
                                                                        to the Swap
                                                                        Counterparty
                                                                        and (D) to
                                                                        establish
                                                                        and
                                                                        maintain
                                                                        the Swap
                                                                        Account,
                                                                        to make such
                                                                        deposits
                                                                        thereto,
                                                                        investments
                                                                        therein
                                                                        and distributions
                                                                        therefrom
                                                                        as are required
                                                                        pursuant
                                                                        to Section
                                                                        5.07. For
                                                                        the
                                                                        protection
                                                                        and enforcement
                                                                        of the provisions
                                                                        of this Section
                                                                        the Swap
                                                                        Counterparty
                                                                        shall be
                                                                        entitled
                                                                        to such relief
                                                                        as can be
                                                                        given either
                                                                        at law or
                                                                        in equity.

                                                                       

                                                                      Section
                                                                        5.09. Termination
                                                                        Receipts. 

                                                                       

                                                                      (a)
                                                                        In
                                                                        the event
                                                                        of an “Early Termination
                                                                        Event” as defined
                                                                        under the
                                                                        Swap Agreement,
                                                                        (i) any Swap
                                                                        Termination
                                                                        Payment made
                                                                        by the Swap
                                                                        Counterparty
                                                                        to the Swap
                                                                        Account and
                                                                        paid pursuant
                                                                        to Section
                                                                        5.02(g)(ix),
                                                                        Section 5.02(j)
                                                                        or Section
                                                                        5.02(k),
                                                                        as applicable
                                                                        (“Termination
                                                                        Receipts”) will be
                                                                        deposited
                                                                        in a
                                                                        segregated
                                                                        non-interest
                                                                        bearing account
                                                                        which shall
                                                                        be an Eligible
                                                                        Account
                                                                        established
                                                                        by the Trustee
                                                                        (the “Swap Termination
                                                                        Receipts
                                                                        Account”) and (ii)
                                                                        any amounts
                                                                        received
                                                                        from a replacement
                                                                        Swap Counterparty
                                                                        (“Swap Replacement
                                                                        Receipts”) will be
                                                                        deposited
                                                                        in a segregated
                                                                        non-interest
                                                                        bearing account
                                                                        which
                                                                        shall be
                                                                        an Eligible
                                                                        Account established
                                                                        by the Trustee
                                                                        (the “Swap Replacement
                                                                        Receipts
                                                                        Account”). The Trustee
                                                                        shall invest,
                                                                        or cause
                                                                        to be invested,
                                                                        funds
                                                                        held in the
                                                                        Swap Termination
                                                                        Receipts
                                                                        Account and
                                                                        the Swap
                                                                        Replacement
                                                                        Receipts
                                                                        Account in
                                                                        time deposits
                                                                        of the Trustee
                                                                        as permitted
                                                                        by clause
                                                                        (ii) of the
                                                                        definition
                                                                        of Eligible
                                                                        Investments
                                                                        or as otherwise
                                                                        directed
                                                                        in writing
                                                                        by a
                                                                        majority
                                                                        of the Certificateholders.
                                                                        All such
                                                                        investments
                                                                        must be payable
                                                                        on
                                                                        demand or
                                                                        mature on
                                                                        a Swap Payment
                                                                        Date, a Distribution
                                                                        Date or such
                                                                        other date
                                                                        as directed
                                                                        by the Certificateholders.
                                                                        All such
                                                                        Eligible
                                                                        Investments
                                                                        will be
                                                                        made in the
                                                                        name of the
                                                                        Trustee of
                                                                        the Supplemental
                                                                        Interest
                                                                        Trust (in
                                                                        its
                                                                        capacity
                                                                        as such)
                                                                        or its nominee.
                                                                        All income
                                                                        and gain
                                                                        realized
                                                                        from any
                                                                        such
                                                                        investment
                                                                        shall be
                                                                        deposited
                                                                        in the Swap
                                                                        Termination
                                                                        Receipts
                                                                        Account or
                                                                        the
                                                                        Swap Replacement
                                                                        Receipts
                                                                        Account,
                                                                        as applicable,
                                                                        and all losses,
                                                                        if any, shall
                                                                        be borne
                                                                        by the related
                                                                        account.

                                                                       

                                                                      Unless
                                                                        otherwise
                                                                        permitted
                                                                        by the Rating
                                                                        Agencies
                                                                        as evidenced
                                                                        in a written
                                                                        confirmation,
                                                                        the Depositor
                                                                        shall arrange
                                                                        for replacement
                                                                        Swap Agreement(s)
                                                                        and
                                                                        the Trustee
                                                                        shall upon
                                                                        written direction
                                                                        of, and with
                                                                        the assistance
                                                                        and
                                                                        cooperation
                                                                        of the Depositor,
                                                                        use amounts
                                                                        on deposit
                                                                        in the Swap
                                                                        Termination
                                                                        Receipts
                                                                        Account,
                                                                        if necessary,
                                                                        to enter
                                                                        into replacement
                                                                        Swap Agreement(s)
                                                                        which shall
                                                                        be executed
                                                                        and delivered
                                                                        by the Trustee
                                                                        on behalf
                                                                        of the
                                                                        Supplemental
                                                                        Interest
                                                                        Trust upon
                                                                        receipt of
                                                                        written confirmation
                                                                        from each
                                                                        Rating Agency
                                                                        that such
                                                                        replacement
                                                                        Swap Agreement(s)
                                                                        will not
                                                                        result in
                                                                        the
                                                                        reduction
                                                                        or withdrawal
                                                                        of the rating
                                                                        of any outstanding
                                                                        Class of
                                                                        Certificates
                                                                        with respect
                                                                        to which
                                                                        it is a Rating
                                                                        Agency. 

                                                                      
                                                                        
                                                                          
                                                                          

                                                                        

                                                                        
                                                                          107

                                                                          
                                                                            

                                                                          

                                                                        

                                                                        
                                                                          
                                                                          

                                                                        

                                                                      

                                                                       

                                                                      Amounts
                                                                        on deposit
                                                                        in the Swap
                                                                        Replacement
                                                                        Receipts
                                                                        Account shall
                                                                        be held for
                                                                        the
                                                                        benefit of
                                                                        the related
                                                                        Swap Counterparty
                                                                        and paid
                                                                        to such Swap
                                                                        Counterparty
                                                                        if
                                                                        the Supplemental
                                                                        Interest
                                                                        Trust is
                                                                        required
                                                                        to make a
                                                                        payment to
                                                                        such Swap
                                                                        Counterparty
                                                                        following
                                                                        an event
                                                                        of default
                                                                        or termination
                                                                        event with
                                                                        respect to
                                                                        the Supplemental
                                                                        Interest
                                                                        Trust under
                                                                        the related
                                                                        Swap Agreement.
                                                                        Any amounts
                                                                        not so applied
                                                                        shall, following
                                                                        the termination
                                                                        or expiration
                                                                        of such Swap
                                                                        Agreement,
                                                                        be paid to
                                                                        the Class
                                                                        X Certificates.

                                                                       

                                                                      (b)
                                                                        In
                                                                        the event
                                                                        of an “Early Termination
                                                                        Event” as defined
                                                                        under the
                                                                        Interest
                                                                        Rate Cap
                                                                        Agreement,
                                                                        (i) any Cap
                                                                        Termination
                                                                        Payment made
                                                                        by the Cap
                                                                        Counterparty
                                                                        to the
                                                                        Interest
                                                                        Rate Cap
                                                                        Account and
                                                                        paid pursuant
                                                                        to Section
                                                                        5.02(h)(vii)
                                                                        (“Cap
                                                                        Termination
                                                                        Receipts”) shall be
                                                                        deposited
                                                                        in a segregated
                                                                        non-interest
                                                                        bearing
                                                                        account which
                                                                        shall be
                                                                        an Eligible
                                                                        Account established
                                                                        by the Trustee
                                                                        (the “Cap
                                                                        Termination
                                                                        Receipts
                                                                        Account”) and (ii)
                                                                        any amounts
                                                                        received
                                                                        from a replacement
                                                                        Cap Counterparty
                                                                        (“Cap Replacement
                                                                        Receipts”) will be
                                                                        deposited
                                                                        in a segregated
                                                                        non-interest
                                                                        bearing account
                                                                        which shall
                                                                        be an Eligible
                                                                        Account established
                                                                        by
                                                                        the Trustee
                                                                        (the “Cap Replacement
                                                                        Receipts
                                                                        Account”). The Trustee
                                                                        shall invest,
                                                                        or cause
                                                                        to be invested,
                                                                        funds held
                                                                        in the Cap
                                                                        Termination
                                                                        Receipts
                                                                        Account in
                                                                        time deposits
                                                                        of the Trustee
                                                                        as permitted
                                                                        by clause
                                                                        (ii) of the
                                                                        definition
                                                                        of
                                                                        Eligible
                                                                        Investments
                                                                        or as otherwise
                                                                        directed
                                                                        in writing
                                                                        by a majority
                                                                        of the
                                                                        Certificateholders.
                                                                        All such
                                                                        investments
                                                                        must be payable
                                                                        on demand
                                                                        or mature
                                                                        on
                                                                        a Interest
                                                                        Rate Cap
                                                                        Payment Date,
                                                                        a Distribution
                                                                        Date or such
                                                                        other date
                                                                        as
                                                                        directed
                                                                        by the Certificateholders.
                                                                        All such
                                                                        Eligible
                                                                        Investments
                                                                        shall be
                                                                        made
                                                                        in the name
                                                                        of the Trustee
                                                                        of the Supplemental
                                                                        Interest
                                                                        Trust (in
                                                                        its capacity
                                                                        as such)
                                                                        or its nominee.
                                                                        All income
                                                                        and gain
                                                                        realized
                                                                        from any
                                                                        such investment
                                                                        shall be
                                                                        deposited
                                                                        in the Cap
                                                                        Termination
                                                                        Receipts
                                                                        Account and
                                                                        all losses,
                                                                        if
                                                                        any, shall
                                                                        be borne
                                                                        by such account.

                                                                       

                                                                      Unless
                                                                        otherwise
                                                                        permitted
                                                                        by the Rating
                                                                        Agencies
                                                                        as evidenced
                                                                        in a written
                                                                        confirmation,
                                                                        the Depositor
                                                                        shall prepare
                                                                        the replacement
                                                                        Interest
                                                                        Rate Cap
                                                                        Agreement(s)
                                                                        and the Trustee
                                                                        shall promptly,
                                                                        with the
                                                                        assistance
                                                                        and cooperation
                                                                        of the Depositor,
                                                                        use the funds
                                                                        on deposit
                                                                        in the Cap
                                                                        Termination
                                                                        Receipts
                                                                        Account,
                                                                        if needed,
                                                                        to enter
                                                                        into replacement
                                                                        Interest
                                                                        Rate Cap
                                                                        Agreement(s)
                                                                        which shall
                                                                        be executed
                                                                        and delivered
                                                                        by the Trustee
                                                                        on behalf
                                                                        of the
                                                                        Supplemental
                                                                        Interest
                                                                        Trust upon
                                                                        receipt of
                                                                        written confirmation
                                                                        from each
                                                                        Rating Agency
                                                                        that such
                                                                        replacement
                                                                        Interest
                                                                        Rate Cap
                                                                        Agreement(s)
                                                                        will not
                                                                        result in
                                                                        the reduction
                                                                        or withdrawal
                                                                        of the rating
                                                                        of any outstanding
                                                                        Class of
                                                                        Certificates
                                                                        with respect
                                                                        to which
                                                                        it is a Rating
                                                                        Agency. 

                                                                       

                                                                      ARTICLE
                                                                        VI

                                                                       

                                                                      CONCERNING
                                                                        THE TRUSTEE;
                                                                        EVENTS OF
                                                                        DEFAULT

                                                                       

                                                                      Section
                                                                        6.01. Duties
                                                                        of Trustee. 

                                                                       

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

                                                                      
                                                                        
                                                                          
                                                                          

                                                                        

                                                                        
                                                                          108

                                                                          
                                                                            

                                                                          

                                                                        

                                                                        
                                                                          
                                                                          

                                                                        

                                                                      

                                                                       

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

                                                                       

                                                                      (c)
                                                                        The
                                                                        Trustee shall
                                                                        not have
                                                                        any liability
                                                                        arising out
                                                                        of or in
                                                                        connection
                                                                        with this
                                                                        Agreement,
                                                                        except for
                                                                        its negligence
                                                                        or willful
                                                                        misconduct.
                                                                        No provision
                                                                        of this
                                                                        Agreement
                                                                        shall be
                                                                        construed
                                                                        to relieve
                                                                        the Trustee
                                                                        from liability
                                                                        for its own
                                                                        negligent
                                                                        action, its
                                                                        own negligent
                                                                        failure to
                                                                        act or its
                                                                        own willful
                                                                        misconduct;
                                                                        provided,
                                                                        however,
                                                                        that:

                                                                       

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

                                                                       

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

                                                                       

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

                                                                      
                                                                        
                                                                          
                                                                          

                                                                        

                                                                        
                                                                          109

                                                                          
                                                                            

                                                                          

                                                                        

                                                                        
                                                                          
                                                                          

                                                                        

                                                                      

                                                                       

                                                                      (iv)
                                                                         The
                                                                        Trustee shall
                                                                        not be responsible
                                                                        for any act
                                                                        or omission
                                                                        of the Master
                                                                        Servicer,
                                                                        the Servicer,
                                                                        the Credit
                                                                        Risk Manager,
                                                                        the Depositor,
                                                                        the Seller,
                                                                        the Swap
                                                                        Counterparty,
                                                                        the Cap Counterparty
                                                                        or the Custodian.

                                                                       

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

                                                                       

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

                                                                       

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

                                                                       

                                                                      (g)
                                                                         The
                                                                        Trustee shall
                                                                        not be held
                                                                        liable by
                                                                        reason of
                                                                        any insufficiency
                                                                        in the
                                                                        Collection
                                                                        Account resulting
                                                                        from any
                                                                        investment
                                                                        loss on any
                                                                        Eligible
                                                                        Investment
                                                                        included
                                                                        therein (except
                                                                        to the extent
                                                                        that the
                                                                        Trustee is
                                                                        the obligor
                                                                        and has
                                                                        defaulted
                                                                        thereon).

                                                                       

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

                                                                      
                                                                        
                                                                          
                                                                          

                                                                        

                                                                        
                                                                          110

                                                                          
                                                                            

                                                                          

                                                                        

                                                                        
                                                                          
                                                                          

                                                                        

                                                                      

                                                                       

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

                                                                       

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

                                                                       

                                                                      (k)
                                                                         This
                                                                        Agreement
                                                                        shall not
                                                                        be construed
                                                                        to render
                                                                        the Trustee
                                                                        an agent
                                                                        of the Master
                                                                        Servicer
                                                                        or the Servicer.

                                                                       

                                                                      (l)
                                                                         For
                                                                        so
                                                                        long as the
                                                                        Depositor
                                                                        is subject
                                                                        to Exchange
                                                                        Act reporting
                                                                        requirements
                                                                        for the
                                                                        First Franklin
                                                                        Mortgage
                                                                        Loan Trust
                                                                        2006-FF12
                                                                        transaction,
                                                                        the Trustee
                                                                        shall give
                                                                        prior written
                                                                        notice to
                                                                        the Sponsor,
                                                                        the Master
                                                                        Servicer
                                                                        and the Depositor
                                                                        of
                                                                        the appointment
                                                                        of any Subcontractor
                                                                        by it and
                                                                        a written
                                                                        description
                                                                        (in form
                                                                        and substance
                                                                        satisfactory
                                                                        to the Sponsor
                                                                        and the Depositor)
                                                                        of the role
                                                                        and
                                                                        function
                                                                        of each Subcontractor
                                                                        utilized
                                                                        by the Trustee,
                                                                        specifying
                                                                        (A) the
                                                                        identity
                                                                        of each such
                                                                        Subcontractor
                                                                        and (B) which
                                                                        elements
                                                                        of the servicing
                                                                        criteria
                                                                        set forth
                                                                        under Item
                                                                        1122(d) of
                                                                        Regulation
                                                                        AB will be
                                                                        addressed
                                                                        in
                                                                        assessments
                                                                        of compliance
                                                                        provided
                                                                        by each such
                                                                        Subcontractor.

                                                                      

                                                                        Section
                                                                          6.02. Certain
                                                                          Matters
                                                                          Affecting
                                                                          the Trustee . 

                                                                         

                                                                        Except
                                                                          as
                                                                          otherwise
                                                                          provided
                                                                          in Section
                                                                          6.01:

                                                                         

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

                                                                         

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

                                                                        
                                                                          
                                                                            
                                                                            

                                                                          

                                                                          
                                                                            111

                                                                            
                                                                              

                                                                            

                                                                          

                                                                          
                                                                            
                                                                            

                                                                          

                                                                        

                                                                         

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

                                                                         

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

                                                                         

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

                                                                         

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

                                                                         

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

                                                                         

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

                                                                        

                                                                          Section
                                                                            6.03.
Trustee
                                                                            Not Liable
                                                                            for Certificates. 

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              112

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          Section
                                                                            6.04.
Trustee
                                                                            May Own
                                                                            Certificates. 

                                                                           

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

                                                                           

                                                                          Section
                                                                            6.05.
Eligibility
                                                                            Requirements
                                                                            for Trustee. 

                                                                           

                                                                          The
                                                                            Trustee
                                                                            hereunder
                                                                            shall
                                                                            at all
                                                                            times
                                                                            be (i)
                                                                            an institution
                                                                            whose
                                                                            accounts
                                                                            are
                                                                            insured
                                                                            by the
                                                                            FDIC,
                                                                            (ii)
                                                                            a corporation
                                                                            or national
                                                                            banking
                                                                            association,
                                                                            organized
                                                                            and doing
                                                                            business
                                                                            under
                                                                            the laws
                                                                            of any
                                                                            State
                                                                            or the
                                                                            United
                                                                            States
                                                                            of
                                                                            America,
                                                                            authorized
                                                                            under
                                                                            such
                                                                            laws
                                                                            to exercise
                                                                            corporate
                                                                            trust
                                                                            powers,
                                                                            having
                                                                            a
                                                                            combined
                                                                            capital
                                                                            and surplus
                                                                            of not
                                                                            less
                                                                            than
                                                                            $50,000,000
                                                                            and subject
                                                                            to
                                                                            supervision
                                                                            or examination
                                                                            by federal
                                                                            or state
                                                                            authority
                                                                            and (iii)
                                                                            not an
                                                                            Affiliate
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            or the
                                                                            Servicer
                                                                            (except
                                                                            in the
                                                                            case
                                                                            of the
                                                                            Trustee).
                                                                            In addition,
                                                                            the Trustee
                                                                            shall
                                                                            have
                                                                            a minimum
                                                                            short-term
                                                                            debt
                                                                            rating
                                                                            of at
                                                                            least
“A-1”
from
                                                                            S&P. If
                                                                            such
                                                                            corporation
                                                                            or national
                                                                            banking
                                                                            association
                                                                            publishes
                                                                            reports
                                                                            of condition
                                                                            at least
                                                                            annually,
                                                                            pursuant
                                                                            to law
                                                                            or
                                                                            to the
                                                                            requirements
                                                                            of the
                                                                            aforesaid
                                                                            supervising
                                                                            or examining
                                                                            authority,
                                                                            then,
                                                                            for the
                                                                            purposes
                                                                            of this
                                                                            Section,
                                                                            the combined
                                                                            capital
                                                                            and surplus
                                                                            of such
                                                                            corporation
                                                                            or national
                                                                            banking
                                                                            association
                                                                            shall
                                                                            be deemed
                                                                            to be
                                                                            its combined
                                                                            capital
                                                                            and surplus
                                                                            as set
                                                                            forth
                                                                            in its
                                                                            most
                                                                            recent
                                                                            report
                                                                            of condition
                                                                            so
                                                                            published.
                                                                            In case
                                                                            at any
                                                                            time
                                                                            the Trustee
                                                                            shall
                                                                            cease
                                                                            to be
                                                                            eligible
                                                                            in
                                                                            accordance
                                                                            with
                                                                            provisions
                                                                            of this
                                                                            Section,
                                                                            the Trustee
                                                                            shall
                                                                            resign
                                                                            immediately
                                                                            in the
                                                                            manner
                                                                            and with
                                                                            the effect
                                                                            specified
                                                                            in Section
                                                                            6.06.

                                                                           

                                                                          Section
                                                                            6.06.
Resignation
                                                                            and Removal
                                                                            of Trustee. 

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              113

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

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

                                                                           

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

                                                                           

                                                                          Section
                                                                            6.07.
Successor
                                                                            Trustee. 

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              114

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

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

                                                                           

                                                                          (d)
                                                                            Upon
                                                                            the resignation
                                                                            or removal
                                                                            of the
                                                                            Trustee
                                                                            pursuant
                                                                            to this
                                                                            Section
                                                                            6.07,
                                                                            the
                                                                            Trustee
                                                                            shall
                                                                            deliver
                                                                            the amounts
                                                                            held
                                                                            in its
                                                                            possession
                                                                            for the
                                                                            benefit
                                                                            of the
                                                                            Certificateholders
                                                                            to the
                                                                            successor
                                                                            trustee
                                                                            upon
                                                                            the appointment
                                                                            of such
                                                                            successor
                                                                            trustee.

                                                                           

                                                                          Section
                                                                            6.08.
Merger
                                                                            or Consolidation
                                                                            of Trustee. 

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              115

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              116

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              117

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          Section
                                                                            6.10.
Authenticating
                                                                            Agents. 

                                                                           

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

                                                                           

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

                                                                           

                                                                          (c)
                                                                            Any
                                                                            Authenticating
                                                                            Agent
                                                                            may at
                                                                            any time
                                                                            resign
                                                                            by giving
                                                                            at least
                                                                            30 days’
advance
                                                                            written
                                                                            notice
                                                                            of resignation
                                                                            to the
                                                                            Trustee,
                                                                            any NIMS
                                                                            Insurer
                                                                            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,
                                                                            any NIMS
                                                                            Insurer
                                                                            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 any
                                                                            NIMS
                                                                            Insurer
                                                                            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
                                                                            pursuant
                                                                            to Section
                                                                            6.12.

                                                                          Section
                                                                            6.11.
Indemnification
                                                                            of Trustee. 

                                                                           

                                                                          The
                                                                            Trustee
                                                                            and its
                                                                            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 Swap
                                                                            Agreement,
                                                                            the
                                                                            Interest
                                                                            Rate
                                                                            Cap Agreement,
                                                                            the Mortgage
                                                                            Loan
                                                                            Sale
                                                                            Agreement,
                                                                            the Transfer
                                                                            Agreement,
                                                                            the Servicing
                                                                            Agreement
                                                                            or the
                                                                            Custodial
                                                                            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:

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              118

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

                                                                          (ii)
                                                                             while
                                                                            maintaining
                                                                            control
                                                                            over
                                                                            its own
                                                                            defense,
                                                                            the Trustee
                                                                            shall
                                                                            cooperate
                                                                            and
                                                                            consult
                                                                            fully
                                                                            with
                                                                            the Depositor,
                                                                            the Master
                                                                            Servicer
                                                                            and any
                                                                            NIMS
                                                                            Insurer
                                                                            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
                                                                            entered
                                                                            into
                                                                            without
                                                                            the
                                                                            prior
                                                                            consent
                                                                            of the
                                                                            Depositor,
                                                                            the Master
                                                                            Servicer
                                                                            and any
                                                                            NIMS
                                                                            Insurer,
                                                                            which
                                                                            consent
                                                                            shall
                                                                            not be
                                                                            unreasonably
                                                                            withheld.

                                                                           

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

                                                                           

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

                                                                           

                                                                          Section
                                                                            6.12.
Fees
                                                                            and Expenses
                                                                            of Trustee
                                                                            and Custodian. 

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              119

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          Section
                                                                            6.13.
Collection
                                                                            of Monies. 

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

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

                                                                          (ii)
                                                                             Any
                                                                            failure
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            to duly
                                                                            perform,
                                                                            within
                                                                            the required
                                                                            time
                                                                            period
                                                                            and without
                                                                            notice,
                                                                            its obligations
                                                                            to provide
                                                                            any certifications
                                                                            required
                                                                            pursuant
                                                                            to Sections
                                                                            9.25
                                                                            and 9.26,
                                                                            which
                                                                            failure
                                                                            continues
                                                                            unremedied
                                                                            for a
                                                                            period
                                                                            of five
                                                                            (5) days
                                                                            from
                                                                            the date
                                                                            of delivery
                                                                            required
                                                                            with
                                                                            respect
                                                                            to such
                                                                            certification;
                                                                            or

                                                                           

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

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              120

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              121

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (xii)
                                                                             After
                                                                            receipt
                                                                            of notice
                                                                            from
                                                                            the Trustee
                                                                            or any
                                                                            NIMS
                                                                            Insurer,
                                                                            any failure
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            to remit
                                                                            to the
                                                                            Trustee
                                                                            any payment
                                                                            required
                                                                            to be
                                                                            made
                                                                            to the
                                                                            Trustee
                                                                            for the
                                                                            benefit
                                                                            of Certificateholders
                                                                            under
                                                                            the terms
                                                                            of this
                                                                            Agreement,
                                                                            including
                                                                            any Advance,
                                                                            on any
                                                                            Master
                                                                            Servicer
                                                                            Remittance
                                                                            Date
                                                                            which
                                                                            such
                                                                            failure
                                                                            continues
                                                                            unremedied
                                                                            for a
                                                                            period
                                                                            of one
                                                                            Business
                                                                            Day after
                                                                            the date
                                                                            upon
                                                                            which
                                                                            notice
                                                                            of such
                                                                            failure
                                                                            shall
                                                                            have
                                                                            been
                                                                            given
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            by the
                                                                            Trustee.

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              122

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          The
                                                                            Trustee
                                                                            shall
                                                                            be entitled
                                                                            to be
                                                                            reimbursed
                                                                            from
                                                                            the Master
                                                                            Servicer
                                                                            (or by
                                                                            the
                                                                            Trust
                                                                            Fund,
                                                                            if the
                                                                            Master
                                                                            Servicer
                                                                            is unable
                                                                            to fulfill
                                                                            its obligations
                                                                            hereunder)
                                                                            for all
                                                                            costs
                                                                            associated
                                                                            with
                                                                            the transfer
                                                                            of master
                                                                            servicing
                                                                            from
                                                                            the predecessor
                                                                            Master
                                                                            Servicer,
                                                                            including,
                                                                            without
                                                                            limitation,
                                                                            any costs
                                                                            or
                                                                            expenses
                                                                            associated
                                                                            with
                                                                            the complete
                                                                            transfer
                                                                            of all
                                                                            master
                                                                            servicing
                                                                            data
                                                                            and
                                                                            the completion,
                                                                            correction
                                                                            or manipulation
                                                                            of such
                                                                            servicing
                                                                            data
                                                                            as may
                                                                            be
                                                                            required
                                                                            by the
                                                                            Trustee
                                                                            to correct
                                                                            any errors
                                                                            or insufficiencies
                                                                            in the
                                                                            master
                                                                            servicing
                                                                            data
                                                                            or otherwise
                                                                            to enable
                                                                            the Trustee
                                                                            to master
                                                                            service
                                                                            the Mortgage
                                                                            Loans
                                                                            properly
                                                                            and effectively.
                                                                            If the
                                                                            terminated
                                                                            Master
                                                                            Servicer
                                                                            does
                                                                            not pay
                                                                            such
                                                                            reimbursement
                                                                            within
                                                                            thirty
                                                                            (30)
                                                                            days
                                                                            of its
                                                                            receipt
                                                                            of an
                                                                            invoice
                                                                            therefore,
                                                                            such
                                                                            reimbursement
                                                                            shall
                                                                            be an
                                                                            expense
                                                                            of the
                                                                            Trust
                                                                            and the
                                                                            Trustee
                                                                            shall
                                                                            be entitled
                                                                            to withdraw
                                                                            such
                                                                            reimbursement
                                                                            from
                                                                            amounts
                                                                            on deposit
                                                                            in the
                                                                            Certificate
                                                                            Account
                                                                            pursuant
                                                                            to Section
                                                                            4.04(b);
                                                                            provided
                                                                            that
                                                                            the terminated
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            reimburse
                                                                            the Trust
                                                                            for any
                                                                            such
                                                                            expense
                                                                            incurred
                                                                            by the
                                                                            Trust;
                                                                            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
                                                                            to the
                                                                            extent
                                                                            such
                                                                            reimbursement
                                                                            relates
                                                                            to the
                                                                            period
                                                                            prior
                                                                            to
                                                                            such
                                                                            Master
                                                                            Servicer’s termination.

                                                                           

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

                                                                           

                                                                          (b)
                                                                            Upon
                                                                            termination
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            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,
                                                                            the Trustee,
                                                                            unless
                                                                            another
                                                                            master
                                                                            servicer
                                                                            shall
                                                                            have
                                                                            been
                                                                            appointed,
                                                                            shall
                                                                            be the
                                                                            successor
                                                                            in all
                                                                            respects
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            in its
                                                                            capacity
                                                                            as such
                                                                            under
                                                                            this
                                                                            Agreement
                                                                            and the
                                                                            transactions
                                                                            set
                                                                            forth
                                                                            or provided
                                                                            for herein
                                                                            and shall
                                                                            have
                                                                            all the
                                                                            rights
                                                                            and powers
                                                                            and be
                                                                            subject
                                                                            to all
                                                                            the responsibilities,
                                                                            duties
                                                                            and liabilities
                                                                            relating
                                                                            thereto
                                                                            and
                                                                            arising
                                                                            thereafter
                                                                            placed
                                                                            on the
                                                                            Master
                                                                            Servicer
                                                                            hereunder,
                                                                            including
                                                                            the
                                                                            obligation
                                                                            to make
                                                                            Advances;
provided,
                                                                            however,
                                                                            that
                                                                            any
                                                                            failure
                                                                            to perform
                                                                            such
                                                                            duties
                                                                            or responsibilities
                                                                            caused
                                                                            by the
                                                                            Master
                                                                            Servicer’s or
                                                                            the Trustee’s failure
                                                                            to provide
                                                                            information
                                                                            required
                                                                            by this
                                                                            Agreement
                                                                            shall
                                                                            not be
                                                                            considered
                                                                            a default
                                                                            by the
                                                                            Trustee
                                                                            hereunder.
                                                                            In
                                                                            addition,
                                                                            the Trustee
                                                                            shall
                                                                            have
                                                                            no responsibility
                                                                            for any
                                                                            act or
                                                                            omission
                                                                            of
                                                                            the Master
                                                                            Servicer
                                                                            or for
                                                                            any breach
                                                                            of representation
                                                                            or warranty
                                                                            by the
                                                                            Master
                                                                            Servicer.
                                                                            The Trustee
                                                                            shall
                                                                            have
                                                                            no liability
                                                                            relating
                                                                            to the
                                                                            representations
                                                                            and warranties
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            set forth
                                                                            in Section
                                                                            9.14.
                                                                            In the
                                                                            Trustee’s capacity
                                                                            as such
                                                                            successor,
                                                                            the Trustee
                                                                            shall
                                                                            have
                                                                            the same
                                                                            limitations
                                                                            on liability
                                                                            herein
                                                                            granted
                                                                            to the
                                                                            Master
                                                                            Servicer.
                                                                            As compensation
                                                                            therefor,
                                                                            the Trustee
                                                                            shall
                                                                            be entitled
                                                                            to receive
                                                                            all compensation
                                                                            payable
                                                                            to
                                                                            the Master
                                                                            Servicer
                                                                            under
                                                                            this
                                                                            Agreement,
                                                                            including
                                                                            the Master
                                                                            Servicing
                                                                            Fee.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              123

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (c)
                                                                            Notwithstanding
                                                                            the above,
                                                                            the Trustee
                                                                            may,
                                                                            if it
                                                                            shall
                                                                            be unwilling
                                                                            to continue
                                                                            to so
                                                                            act,
                                                                            or shall,
                                                                            if it
                                                                            is unable
                                                                            to so
                                                                            act,
                                                                            request
                                                                            the Trustee
                                                                            to appoint,
                                                                            petition
                                                                            a court
                                                                            of competent
                                                                            jurisdiction
                                                                            to appoint,
                                                                            or appoint
                                                                            on its
                                                                            own
                                                                            behalf
                                                                            any established
                                                                            housing
                                                                            and home
                                                                            finance
                                                                            institution
                                                                            servicer,
                                                                            master
                                                                            servicer,
                                                                            servicing
                                                                            or mortgage
                                                                            servicing
                                                                            institution
                                                                            having
                                                                            a net
                                                                            worth
                                                                            of not
                                                                            less
                                                                            than
                                                                            $15,000,000
                                                                            and meeting
                                                                            such
                                                                            other
                                                                            standards
                                                                            for a
                                                                            successor
                                                                            master
                                                                            servicer
                                                                            as are
                                                                            set forth
                                                                            in this
                                                                            Agreement,
                                                                            as the
                                                                            successor
                                                                            to such
                                                                            Master
                                                                            Servicer
                                                                            in the
                                                                            assumption
                                                                            of all
                                                                            of the
                                                                            responsibilities,
                                                                            duties
                                                                            or liabilities
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            hereunder.
                                                                            Any entity
                                                                            designated
                                                                            by the
                                                                            Trustee
                                                                            as a
                                                                            successor
                                                                            master
                                                                            servicer
                                                                            may be
                                                                            an Affiliate
                                                                            of the
                                                                            Trustee;
provided,
                                                                            however,
                                                                            that,
                                                                            unless
                                                                            such
                                                                            Affiliate
                                                                            meets
                                                                            the net
                                                                            worth
                                                                            requirements
                                                                            and other
                                                                            standards
                                                                            set
                                                                            forth
                                                                            herein
                                                                            for a
                                                                            successor
                                                                            master
                                                                            servicer,
                                                                            or the
                                                                            Trustee,
                                                                            in its
                                                                            individual
                                                                            capacity
                                                                            shall
                                                                            agree,
                                                                            at the
                                                                            time
                                                                            of such
                                                                            designation,
                                                                            to be
                                                                            and remain
                                                                            liable
                                                                            to the
                                                                            Trust
                                                                            Fund
                                                                            for such
                                                                            Affiliate’s actions
                                                                            and omissions
                                                                            in performing
                                                                            its
                                                                            duties
                                                                            hereunder.
                                                                            In connection
                                                                            with
                                                                            such
                                                                            appointment
                                                                            and assumption,
                                                                            the
                                                                            Trustee
                                                                            may make
                                                                            such
                                                                            arrangements
                                                                            for the
                                                                            compensation
                                                                            of such
                                                                            successor
                                                                            out of
                                                                            payments
                                                                            on Mortgage
                                                                            Loans
                                                                            as it
                                                                            and such
                                                                            successor
                                                                            shall
                                                                            agree;
provided,
                                                                            however,
                                                                            that
                                                                            no
                                                                            such
                                                                            compensation
                                                                            shall
                                                                            be in
                                                                            excess
                                                                            of that
                                                                            permitted
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            hereunder.
                                                                            The Trustee
                                                                            and such
                                                                            successor
                                                                            shall
                                                                            take
                                                                            such
                                                                            actions,
                                                                            consistent
                                                                            with
                                                                            this
                                                                            Agreement,
                                                                            as shall
                                                                            be necessary
                                                                            to effectuate
                                                                            any such
                                                                            succession
                                                                            and
                                                                            may make
                                                                            other
                                                                            arrangements
                                                                            with
                                                                            respect
                                                                            to the
                                                                            servicing
                                                                            to be
                                                                            conducted
                                                                            hereunder
                                                                            which
                                                                            are not
                                                                            inconsistent
                                                                            herewith.
                                                                            The Master
                                                                            Servicer
                                                                            shall
                                                                            cooperate
                                                                            with
                                                                            the Trustee
                                                                            and any
                                                                            successor
                                                                            master
                                                                            servicer
                                                                            in effecting
                                                                            the
                                                                            termination
                                                                            of the
                                                                            Master
                                                                            Servicer’s responsibilities
                                                                            and rights
                                                                            hereunder
                                                                            including,
                                                                            without
                                                                            limitation,
                                                                            notifying
                                                                            Mortgagors
                                                                            of the
                                                                            assignment
                                                                            of the
                                                                            master
                                                                            servicing
                                                                            functions
                                                                            and providing
                                                                            the Trustee
                                                                            and successor
                                                                            master
                                                                            servicer,
                                                                            as applicable,
                                                                            all documents
                                                                            and records
                                                                            in electronic
                                                                            or other
                                                                            form
                                                                            reasonably
                                                                            requested
                                                                            by it
                                                                            to enable
                                                                            it to
                                                                            assume
                                                                            the Master
                                                                            Servicer’s
                                                                            functions
                                                                            hereunder
                                                                            and the
                                                                            transfer
                                                                            to the
                                                                            Trustee
                                                                            or such
                                                                            successor
                                                                            master
                                                                            servicer,
                                                                            as applicable,
                                                                            all amounts
                                                                            which
                                                                            shall
                                                                            at the
                                                                            time
                                                                            be or
                                                                            should
                                                                            have
                                                                            been
                                                                            deposited
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            in the
                                                                            Collection
                                                                            Account
                                                                            and any
                                                                            other
                                                                            account
                                                                            or fund
                                                                            maintained
                                                                            with
                                                                            respect
                                                                            to the
                                                                            Certificates
                                                                            or the
                                                                            Lower
                                                                            Tier
                                                                            REMIC 1 Uncertificated
                                                                            Regular
                                                                            Interests
                                                                            or thereafter
                                                                            be received
                                                                            with
                                                                            respect
                                                                            to the
                                                                            Mortgage
                                                                            Loans.
                                                                            Neither
                                                                            the Trustee
                                                                            nor any
                                                                            other
                                                                            successor
                                                                            master
                                                                            servicer
                                                                            shall
                                                                            be deemed
                                                                            to be
                                                                            in default
                                                                            hereunder
                                                                            by reason
                                                                            of any
                                                                            failure
                                                                            to make,
                                                                            or any
                                                                            delay
                                                                            in making,
                                                                            any distribution
                                                                            hereunder
                                                                            or any
                                                                            portion
                                                                            thereof
                                                                            caused
                                                                            by (i)
                                                                            the failure
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            to deliver,
                                                                            or
                                                                            any delay
                                                                            in delivering,
                                                                            cash,
                                                                            documents
                                                                            or records
                                                                            to it,
                                                                            (ii)
                                                                            the failure
                                                                            of
                                                                            the Master
                                                                            Servicer
                                                                            to cooperate
                                                                            as required
                                                                            by this
                                                                            Agreement,
                                                                            (iii)
                                                                            the
                                                                            failure
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            to deliver
                                                                            the Mortgage
                                                                            Loan
                                                                            data
                                                                            to the
                                                                            Trustee
                                                                            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 any
                                                                            NIMS
                                                                            Insurer
                                                                            and 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.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              124

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          Section
                                                                            6.16.
Waiver
                                                                            of Defaults. 

                                                                           

                                                                          More
                                                                            than
                                                                            50% of
                                                                            the Aggregate
                                                                            Voting
                                                                            Interests
                                                                            of Certificateholders
                                                                            (with
                                                                            the consent
                                                                            of
                                                                            any NIMS
                                                                            Insurer)
                                                                            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
                                                                            and with
                                                                            the consent
                                                                            of any
                                                                            NIMS
                                                                            Insurer.
                                                                            Upon
                                                                            any such
                                                                            waiver
                                                                            of a
                                                                            past
                                                                            default,
                                                                            such
                                                                            default
                                                                            shall
                                                                            cease
                                                                            to exist,
                                                                            and any
                                                                            Event
                                                                            of Default
                                                                            arising
                                                                            therefrom
                                                                            shall
                                                                            be deemed
                                                                            to have
                                                                            been
                                                                            remedied
                                                                            for
                                                                            every
                                                                            purpose
                                                                            of this
                                                                            Agreement.
                                                                            No such
                                                                            waiver
                                                                            shall
                                                                            extend
                                                                            to any
                                                                            subsequent
                                                                            or other
                                                                            default
                                                                            or impair
                                                                            any right
                                                                            consequent
                                                                            thereon
                                                                            except
                                                                            to the
                                                                            extent
                                                                            expressly
                                                                            so waived.

                                                                           

                                                                          Section
                                                                            6.17.
Notification
                                                                            to Holders. 

                                                                           

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

                                                                           

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

                                                                           

                                                                          Subject
                                                                            to the
                                                                            provisions
                                                                            of Section
                                                                            8.01
                                                                            hereof,
                                                                            during
                                                                            the continuance
                                                                            of any
                                                                            Event
                                                                            of
                                                                            Default,
                                                                            Holders
                                                                            of Certificates
                                                                            evidencing
                                                                            not less
                                                                            than
                                                                            25% of
                                                                            the Class
                                                                            Principal
                                                                            Amount
                                                                            (or Percentage
                                                                            Interest)
                                                                            of each
                                                                            Class
                                                                            of Certificates
                                                                            affected
                                                                            thereby
                                                                            may,
                                                                            with
                                                                            the consent
                                                                            of any
                                                                            NIMS
                                                                            Insurer,
                                                                            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
                                                                            or any
                                                                            NIMS
                                                                            Insurer,
                                                                            unless
                                                                            such
                                                                            Certificateholders
                                                                            or any
                                                                            NIMS
                                                                            Insurer
                                                                            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
                                                                            acceptable
                                                                            to any
                                                                            NIMS
                                                                            Insurer,
                                                                            determines
                                                                            that
                                                                            the action
                                                                            or proceeding
                                                                            so directed
                                                                            may not
                                                                            lawfully
                                                                            be taken
                                                                            or if
                                                                            the Trustee
                                                                            in good
                                                                            faith
                                                                            determines
                                                                            that
                                                                            the action
                                                                            or
                                                                            proceeding
                                                                            so directed
                                                                            would
                                                                            involve
                                                                            it in
                                                                            personal
                                                                            liability
                                                                            for which
                                                                            it is
                                                                            not indemnified
                                                                            to its
                                                                            satisfaction
                                                                            or be
                                                                            unjustly
                                                                            prejudicial
                                                                            to the
                                                                            non-assenting
                                                                            Certificateholders.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              125

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

                                                                          In
                                                                            the
                                                                            event
                                                                            that
                                                                            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,
                                                                            any NIMS
                                                                            Insurer,
                                                                            the Trustee,
                                                                            the Swap
                                                                            Counterparty
                                                                            and the
                                                                            Cap Counterparty.

                                                                           

                                                                          Section
                                                                            6.20.
Preparation
                                                                            of Tax
                                                                            Returns
                                                                            and Other
                                                                            Reports. 

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

                                                                          (d)
                                                                            Reports
                                                                            Filed
                                                                            on Form
                                                                            10-D. 

                                                                           

                                                                          (i)
                                                                             Within
                                                                            15
                                                                            days
                                                                            after
                                                                            each
                                                                            Distribution
                                                                            Date
                                                                            (subject
                                                                            to permitted
                                                                            extensions
                                                                            under
                                                                            the
                                                                            Exchange
                                                                            Act),
                                                                            the Trustee
                                                                            shall
                                                                            prepare
                                                                            and file
                                                                            on behalf
                                                                            of the
                                                                            Trust
                                                                            Fund
                                                                            any Form
                                                                            10-D
                                                                            required
                                                                            by the
                                                                            Exchange
                                                                            Act,
                                                                            in form
                                                                            and substance
                                                                            as required
                                                                            by
                                                                            the Exchange
                                                                            Act.
                                                                            The Trustee
                                                                            shall
                                                                            file
                                                                            each
                                                                            Form
                                                                            10-D
                                                                            with
                                                                            a copy
                                                                            of the
                                                                            related
                                                                            Distribution
                                                                            Date
                                                                            Statement
                                                                            and a
                                                                            copy
                                                                            of each
                                                                            report
                                                                            made
                                                                            available
                                                                            by
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            pursuant
                                                                            to Section
                                                                            9.34
                                                                            (provided
                                                                            each
                                                                            such
                                                                            report
                                                                            is
                                                                            made
                                                                            available
                                                                            to the
                                                                            Trustee
                                                                            in a
                                                                            format
                                                                            compatible
                                                                            with
                                                                            EDGAR
                                                                            filing
                                                                            requirements)
                                                                            attached
                                                                            thereto.
                                                                            Any disclosure
                                                                            in addition
                                                                            to the
                                                                            Distribution
                                                                            Date
                                                                            Statement
                                                                            that
                                                                            is required
                                                                            to be
                                                                            included
                                                                            on Form
                                                                            10-D
                                                                            (“Additional
                                                                            Form
                                                                            10-D
                                                                            Disclosure”) shall
                                                                            be determined
                                                                            and prepared
                                                                            by and
                                                                            at the
                                                                            direction
                                                                            of
                                                                            the Depositor
                                                                            pursuant
                                                                            to the
                                                                            following
                                                                            paragraph
                                                                            and the
                                                                            Trustee
                                                                            will
                                                                            have
                                                                            no
                                                                            duty
                                                                            or liability
                                                                            for any
                                                                            failure
                                                                            hereunder
                                                                            to determine
                                                                            or prepare
                                                                            any
                                                                            Additional
                                                                            Form
                                                                            10-D
                                                                            Disclosure,
                                                                            except
                                                                            as set
                                                                            forth
                                                                            in the
                                                                            next
                                                                            paragraph.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              126

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (ii)
                                                                             As
                                                                            set
                                                                            forth
                                                                            on Exhibit
                                                                            P-1 hereto,
                                                                            within
                                                                            five
                                                                            calendar
                                                                            days
                                                                            after
                                                                            the related
                                                                            Distribution
                                                                            Date,
                                                                            (A) certain
                                                                            parties
                                                                            to the
                                                                            First
                                                                            Franklin
                                                                            Mortgage
                                                                            Loan
                                                                            Trust
                                                                            2006-FF12
                                                                            transaction
                                                                            shall
                                                                            be required
                                                                            to provide
                                                                            to the
                                                                            Depositor
                                                                            and the
                                                                            Trustee,
                                                                            to the
                                                                            extent
                                                                            known
                                                                            by a
                                                                            responsible
                                                                            officer
                                                                            thereof,
                                                                            in
                                                                            EDGAR-compatible
                                                                            form
                                                                            (which
                                                                            may be
                                                                            Word
                                                                            or Excel
                                                                            documents
                                                                            easily
                                                                            convertible
                                                                            to EDGAR
                                                                            format),
                                                                            or in
                                                                            such
                                                                            other
                                                                            form
                                                                            as otherwise
                                                                            agreed
                                                                            upon
                                                                            by the
                                                                            Trustee
                                                                            and such
                                                                            party,
                                                                            the form
                                                                            and substance
                                                                            of any
                                                                            Additional
                                                                            Form
                                                                            10-D
                                                                            Disclosure,
                                                                            if applicable,
                                                                            and include
                                                                            with
                                                                            such
                                                                            Additional
                                                                            Form
                                                                            10-D
                                                                            Disclosure,
                                                                            an
                                                                            Additional
                                                                            Disclosure
                                                                            Notification
                                                                            in the
                                                                            form
                                                                            attached
                                                                            hereto
                                                                            as Exhibit
                                                                            P-4
                                                                            and (B)
                                                                            the Depositor
                                                                            will
                                                                            approve,
                                                                            as to
                                                                            form
                                                                            and substance,
                                                                            or disapprove,
                                                                            as
                                                                            the case
                                                                            may be,
                                                                            the inclusion
                                                                            of the
                                                                            Additional
                                                                            Form
                                                                            10-D
                                                                            Disclosure
                                                                            on Form
                                                                            10-D.
                                                                            The Sponsor
                                                                            will
                                                                            be responsible
                                                                            for any
                                                                            reasonable
                                                                            fees
                                                                            and expenses
                                                                            assessed
                                                                            or incurred
                                                                            by the
                                                                            Trustee
                                                                            in connection
                                                                            with
                                                                            including
                                                                            any Additional
                                                                            Form
                                                                            10-D
                                                                            Disclosure
                                                                            on Form
                                                                            10-D
                                                                            pursuant
                                                                            to this
                                                                            paragraph.

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              127

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                          (e)
                                                                            Reports
                                                                            Filed
                                                                            on Form
                                                                            10-K.

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              128

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (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
                                                                            First
                                                                            Franklin
                                                                            Mortgage
                                                                            Loan
                                                                            Trust
                                                                            2006-FF12
                                                                            transaction
                                                                            shall
                                                                            be required
                                                                            to provide
                                                                            to the
                                                                            Depositor
                                                                            and the
                                                                            Trustee,
                                                                            to
                                                                            the extent
                                                                            known
                                                                            by a
                                                                            responsible
                                                                            officer
                                                                            thereof,
                                                                            in EDGAR-compatible
                                                                            form
                                                                            (which
                                                                            may be
                                                                            Word
                                                                            or Excel
                                                                            documents
                                                                            easily
                                                                            convertible
                                                                            to EDGAR
                                                                            format),
                                                                            or in
                                                                            such
                                                                            other
                                                                            form
                                                                            as otherwise
                                                                            agreed
                                                                            upon
                                                                            by the
                                                                            Trustee
                                                                            and such
                                                                            party,
                                                                            the form
                                                                            and substance
                                                                            of any
                                                                            Additional
                                                                            Form
                                                                            10-K
                                                                            Disclosure,
                                                                            if applicable,
                                                                            and include
                                                                            with
                                                                            such
                                                                            Additional
                                                                            Form
                                                                            10-K
                                                                            Disclosure,
                                                                            an Additional
                                                                            Disclosure
                                                                            Notification
                                                                            in the
                                                                            form
                                                                            attached
                                                                            hereto
                                                                            as Exhibit
                                                                            P-4 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 Trustee
                                                                            has no
                                                                            duty
                                                                            under
                                                                            this
                                                                            Agreement
                                                                            to monitor
                                                                            or enforce
                                                                            the performance
                                                                            by the
                                                                            parties
                                                                            listed
                                                                            on
                                                                            Exhibit
                                                                            P-2 of
                                                                            their
                                                                            duties
                                                                            under
                                                                            this
                                                                            paragraph
                                                                            or proactively
                                                                            solicit
                                                                            or
                                                                            procure
                                                                            from
                                                                            such
                                                                            parties
                                                                            any Form
                                                                            10-K
                                                                            Disclosure
                                                                            Information.
                                                                            The Sponsor
                                                                            will
                                                                            be responsible
                                                                            for any
                                                                            reasonable
                                                                            fees
                                                                            and expenses
                                                                            assessed
                                                                            or incurred
                                                                            by the
                                                                            Trustee
                                                                            in connection
                                                                            with
                                                                            including
                                                                            any Additional
                                                                            Form
                                                                            10-K
                                                                            Disclosure
                                                                            on Form
                                                                            10-K
                                                                            pursuant
                                                                            to this
                                                                            paragraph.

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              129

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

                                                                          (f)
                                                                            Reports
                                                                            Filed
                                                                            on Form
                                                                            8-K.

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              130

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (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 second
                                                                            Business
                                                                            Day after
                                                                            the occurrence
                                                                            of a
                                                                            Reportable
                                                                            Event
                                                                            (A) certain
                                                                            parties
                                                                            to the
                                                                            First
                                                                            Franklin
                                                                            Mortgage
                                                                            Loan
                                                                            Trust
                                                                            2006-FF12
                                                                            transaction
                                                                            shall
                                                                            be
                                                                            required
                                                                            to provide
                                                                            to the
                                                                            Depositor
                                                                            and the
                                                                            Trustee,
                                                                            to the
                                                                            extent
                                                                            known
                                                                            by a
                                                                            responsible
                                                                            officer
                                                                            thereof,
                                                                            in EDGAR-compatible
                                                                            form
                                                                            (which
                                                                            may be
                                                                            Word
                                                                            or
                                                                            Excel
                                                                            documents
                                                                            easily
                                                                            convertible
                                                                            to EDGAR
                                                                            format),
                                                                            or in
                                                                            such
                                                                            other
                                                                            form
                                                                            as
                                                                            otherwise
                                                                            agreed
                                                                            upon
                                                                            by the
                                                                            Trustee
                                                                            and such
                                                                            party,
                                                                            the form
                                                                            and substance
                                                                            of
                                                                            any Form
                                                                            8-K Disclosure
                                                                            Information,
                                                                            if applicable,
                                                                            and include
                                                                            with
                                                                            such
                                                                            Form
                                                                            8-K Disclosure Information,
                                                                            an Additional
                                                                            Disclosure
                                                                            Notification
                                                                            in the
                                                                            form
                                                                            attached
                                                                            hereto
                                                                            as Exhibit
                                                                            P-4 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 Trustee
                                                                            has no
                                                                            duty
                                                                            under
                                                                            this
                                                                            Agreement
                                                                            to monitor
                                                                            or enforce
                                                                            the performance
                                                                            by the
                                                                            parties
                                                                            listed
                                                                            on Exhibit
                                                                            P-3 of
                                                                            their
                                                                            duties
                                                                            under
                                                                            this
                                                                            paragraph
                                                                            or proactively
                                                                            solicit
                                                                            or procure
                                                                            from
                                                                            such
                                                                            parties
                                                                            any
                                                                            Form
                                                                            8-K Disclosure
                                                                            Information.
                                                                            The Sponsor
                                                                            will
                                                                            be responsible
                                                                            for any
                                                                            reasonable
                                                                            fees
                                                                            and expenses
                                                                            assessed
                                                                            or incurred
                                                                            by the
                                                                            Trustee
                                                                            in connection
                                                                            with
                                                                            including
                                                                            any Form
                                                                            8-K Disclosure
                                                                            Information
                                                                            on Form
                                                                            8-K pursuant
                                                                            to this
                                                                            paragraph.

                                                                           

                                                                          (iii)
                                                                             After
                                                                            preparing
                                                                            the Form
                                                                            8-K,
                                                                            the Trustee
                                                                            shall
                                                                            forward
                                                                            electronically,
                                                                            no later
                                                                            than
                                                                            Noon
                                                                            New York
                                                                            City
                                                                            time
                                                                            on the
                                                                            third
                                                                            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
                                                                            fourth
                                                                            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
                                                                            Trustee.
                                                                            If a
                                                                            Form
                                                                            8-K cannot
                                                                            be filed
                                                                            on time
                                                                            or if
                                                                            a previously
                                                                            filed
                                                                            Form
                                                                            8-K
                                                                            needs
                                                                            to be
                                                                            amended,
                                                                            the Trustee
                                                                            will
                                                                            follow
                                                                            the procedures
                                                                            set forth
                                                                            in
                                                                            subsection
                                                                            (g) of
                                                                            this
                                                                            Section
                                                                            6.20.
                                                                            Promptly
                                                                            (but
                                                                            no later
                                                                            than
                                                                            one Business
                                                                            Day)
                                                                            after
                                                                            filing
                                                                            with
                                                                            the Commission,
                                                                            the Trustee
                                                                            will,
                                                                            make
                                                                            available
                                                                            on its
                                                                            internet
                                                                            website
                                                                            a final
                                                                            executed
                                                                            copy
                                                                            of each
                                                                            Form
                                                                            8-K filed
                                                                            by it
                                                                            pursuant
                                                                            to
                                                                            this
                                                                            Section
                                                                            6.20(f).
                                                                            The parties
                                                                            to this
                                                                            Agreement
                                                                            acknowledge
                                                                            that
                                                                            the
                                                                            performance
                                                                            by the
                                                                            Trustee
                                                                            of its
                                                                            duties
                                                                            under
                                                                            this
                                                                            Section
                                                                            6.20(f)
                                                                            related
                                                                            to
                                                                            the timely
                                                                            preparation
                                                                            and filing
                                                                            of Form
                                                                            8-K is
                                                                            contingent
                                                                            upon
                                                                            such
                                                                            parties
                                                                            strictly
                                                                            observing
                                                                            all applicable
                                                                            deadlines
                                                                            in the
                                                                            performance
                                                                            of their
                                                                            duties
                                                                            under
                                                                            this
                                                                            Section
                                                                            6.20(f).
                                                                            The Trustee
                                                                            shall
                                                                            have
                                                                            no liability
                                                                            for any
                                                                            loss,
                                                                            expense,
                                                                            damage,
                                                                            claim
                                                                            arising
                                                                            out of
                                                                            or with
                                                                            respect
                                                                            to any
                                                                            failure
                                                                            to properly
                                                                            prepare
                                                                            and/or
                                                                            timely
                                                                            file
                                                                            such
                                                                            Form
                                                                            8-K,
                                                                            where
                                                                            such
                                                                            failure
                                                                            results
                                                                            from
                                                                            the
                                                                            Trustee’s inability
                                                                            or failure
                                                                            to obtain
                                                                            or receive,
                                                                            on a
                                                                            timely
                                                                            basis,
                                                                            any
                                                                            information
                                                                            from
                                                                            any other
                                                                            party
                                                                            hereto
                                                                            needed
                                                                            to prepare,
                                                                            arrange
                                                                            for execution
                                                                            or file
                                                                            such
                                                                            Form
                                                                            8-K,
                                                                            not resulting
                                                                            from
                                                                            its own
                                                                            negligence,
                                                                            bad faith
                                                                            or
                                                                            willful
                                                                            misconduct.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              131

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              132

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

                                                                          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,
                                                                            the Master
                                                                            Servicer
                                                                            and the
                                                                            Depositor
                                                                            with
                                                                            the provisions
                                                                            of Regulation
                                                                            AB, as
                                                                            such
                                                                            may be
                                                                            amended
                                                                            or clarified
                                                                            from
                                                                            time
                                                                            to time.
                                                                            Therefore,
                                                                            each
                                                                            of the
                                                                            parties
                                                                            agrees
                                                                            that
                                                                            (a) the
                                                                            obligations
                                                                            of the
                                                                            parties
                                                                            hereunder
                                                                            shall
                                                                            be interpreted
                                                                            in such
                                                                            a
                                                                            manner
                                                                            as to
                                                                            accomplish
                                                                            compliance
                                                                            with
                                                                            Regulation
                                                                            AB, (b)
                                                                            the parties’
                                                                            obligations
                                                                            hereunder
                                                                            will
                                                                            be supplemented
                                                                            and modified
                                                                            as necessary
                                                                            to be
                                                                            consistent
                                                                            with
                                                                            any such
                                                                            amendments,
                                                                            interpretive
                                                                            advice
                                                                            or guidance,
                                                                            convention
                                                                            or consensus
                                                                            among
                                                                            active
                                                                            participants
                                                                            in the
                                                                            asset-backed
                                                                            securities
                                                                            markets,
                                                                            advice
                                                                            of counsel,
                                                                            or otherwise
                                                                            in respect
                                                                            of the
                                                                            requirements
                                                                            of Regulation
                                                                            AB
                                                                            and (c)
                                                                            the parties
                                                                            shall
                                                                            comply
                                                                            with
                                                                            reasonable
                                                                            requests
                                                                            made
                                                                            by the
                                                                            Sponsor,
                                                                            the Master
                                                                            Servicer,
                                                                            the Depositor
                                                                            or the
                                                                            Trustee
                                                                            for delivery
                                                                            of additional
                                                                            or
                                                                            different
                                                                            information
                                                                            as the
                                                                            Sponsor,
                                                                            the Master
                                                                            Servicer,
                                                                            the Depositor
                                                                            or the
                                                                            Trustee
                                                                            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
                                                                            Trustee.

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              133

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                           

                                                                          ARTICLE
                                                                            VII

                                                                           

                                                                          PURCHASE
                                                                            OF MORTGAGE
                                                                            LOANS
                                                                            AND

                                                                          TERMINATION
                                                                            OF THE
                                                                            TRUST
                                                                            FUND

                                                                           

                                                                          
                                                                            	
                                                                                    Section
                                                                                      7.01.

                                                                                  	
                                                                                    Purchase
                                                                                      of
                                                                                      Mortgage
                                                                                      Loans;
                                                                                      Termination
                                                                                      of
                                                                                      Trust
                                                                                      Fund
                                                                                      Upon
                                                                                      Purchase
                                                                                      or
                                                                                      Liquidation
                                                                                      of
                                                                                      All
                                                                                      Mortgage
                                                                                      Loans;
                                                                                      Purchase
                                                                                      of
                                                                                      Lower
                                                                                      Tier
                                                                                      REMIC
                                                                                      1
                                                                                      Uncertificated
                                                                                      Regular
                                                                                      Interests.

                                                                                  

                                                                          

                                                                           

                                                                          (a)
                                                                            The
                                                                            respective
                                                                            obligations
                                                                            and responsibilities
                                                                            of the
                                                                            Trustee
                                                                            and the
                                                                            Master
                                                                            Servicer
                                                                            created
                                                                            hereby
                                                                            (other
                                                                            than
                                                                            the obligation
                                                                            of the
                                                                            Trustee
                                                                            to make
                                                                            payments
                                                                            to Certificateholders
                                                                            and the
                                                                            Swap
                                                                            Counterparty
                                                                            as set
                                                                            forth
                                                                            in Section
                                                                            7.02,
                                                                            the obligation
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            to make
                                                                            a final
                                                                            remittance
                                                                            to the
                                                                            Trustee
                                                                            pursuant
                                                                            to Section
                                                                            4.01,
                                                                            and the
                                                                            obligations
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            to
                                                                            the Trustee
                                                                            pursuant
                                                                            to Sections
                                                                            9.10,
                                                                            9.14
                                                                            and 9.31)
                                                                            shall
                                                                            terminate
                                                                            on the
                                                                            earliest
                                                                            of (i)
                                                                            the final
                                                                            payment
                                                                            or other
                                                                            liquidation
                                                                            of the
                                                                            last
                                                                            Mortgage
                                                                            Loan
                                                                            remaining
                                                                            in the
                                                                            Trust
                                                                            Fund
                                                                            and the
                                                                            disposition
                                                                            of all
                                                                            REO Property,
                                                                            (ii)
                                                                            the
                                                                            sale
                                                                            of the
                                                                            property
                                                                            held
                                                                            by the
                                                                            Trust
                                                                            Fund
                                                                            in accordance
                                                                            with
                                                                            Section
                                                                            7.01(b)
                                                                            and (iii)
                                                                            the Latest
                                                                            Possible
                                                                            Maturity
                                                                            Date
                                                                            (each,
                                                                            a “Trust
                                                                            Fund
                                                                            Termination
                                                                            Event”); provided,
                                                                            however,
                                                                            that
                                                                            in
                                                                            no event
                                                                            shall
                                                                            the Trust
                                                                            Fund
                                                                            created
                                                                            hereby
                                                                            continue
                                                                            beyond
                                                                            the expiration
                                                                            of
                                                                            21 years
                                                                            from
                                                                            the death
                                                                            of the
                                                                            last
                                                                            survivor
                                                                            of the
                                                                            descendants
                                                                            of Joseph
                                                                            P.
                                                                            Kennedy,
                                                                            the late
                                                                            Ambassador
                                                                            of the
                                                                            United
                                                                            States
                                                                            to the
                                                                            Court
                                                                            of St.
                                                                            James’s,
                                                                            living
                                                                            on the
                                                                            date
                                                                            hereof.
                                                                            Upon
                                                                            the occurrence
                                                                            of a
                                                                            Trust
                                                                            Fund
                                                                            Termination
                                                                            Event,
                                                                            each
                                                                            REMIC
                                                                            shall
                                                                            be terminated
                                                                            in a
                                                                            manner
                                                                            that
                                                                            shall
                                                                            qualify
                                                                            as a
                                                                            “qualified
                                                                            liquidation”
under
                                                                            the REMIC
                                                                            Provisions.

                                                                           

                                                                          (b)
                                                                            On
                                                                            any Distribution
                                                                            Date
                                                                            occurring
                                                                            on or
                                                                            after
                                                                            the Initial
                                                                            Optional
                                                                            Termination
                                                                            Date,
                                                                            the Master
                                                                            Servicer
                                                                            or LTURI-holder,
                                                                            as applicable,
                                                                            with
                                                                            the prior
                                                                            written
                                                                            consent
                                                                            of any
                                                                            NIMS
                                                                            Insurer
                                                                            and the
                                                                            Seller,
                                                                            which
                                                                            consent
                                                                            shall
                                                                            not be
                                                                            unreasonably
                                                                            withheld,
                                                                            has the
                                                                            option
                                                                            to cause
                                                                            the Trust
                                                                            Fund
                                                                            to adopt
                                                                            a plan
                                                                            of
                                                                            complete
                                                                            liquidation
                                                                            pursuant
                                                                            to Section
                                                                            7.03(a)(i)
                                                                            hereof
                                                                            to sell
                                                                            all of
                                                                            its
                                                                            property.
                                                                            Upon
                                                                            exercise
                                                                            of such
                                                                            option,
                                                                            the property
                                                                            of the
                                                                            Trust
                                                                            Fund
                                                                            shall
                                                                            be
                                                                            sold
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            at a
                                                                            price
                                                                            (the
“Termination
                                                                            Price”) equal
                                                                            to the
                                                                            sum of
                                                                            (i) 100%
                                                                            of the
                                                                            unpaid
                                                                            principal
                                                                            balance
                                                                            of each
                                                                            Mortgage
                                                                            Loan
                                                                            on the
                                                                            day
                                                                            of such
                                                                            purchase
                                                                            plus
                                                                            interest
                                                                            accrued
                                                                            thereon
                                                                            at the
                                                                            applicable
                                                                            Mortgage
                                                                            Rate
                                                                            with
                                                                            respect
                                                                            to any
                                                                            Mortgage
                                                                            Loan
                                                                            to the
                                                                            Due Date
                                                                            in the
                                                                            Collection
                                                                            Period
                                                                            immediately
                                                                            preceding
                                                                            the related
                                                                            Distribution
                                                                            Date
                                                                            to the
                                                                            date
                                                                            of such
                                                                            repurchase,
                                                                            (ii)
                                                                            the fair
                                                                            market
                                                                            value
                                                                            of any
                                                                            REO Property
                                                                            and any
                                                                            other
                                                                            property
                                                                            held
                                                                            by any
                                                                            REMIC,
                                                                            such
                                                                            fair
                                                                            market
                                                                            value
                                                                            to be
                                                                            determined
                                                                            by an
                                                                            independent
                                                                            appraiser
                                                                            or appraisers
                                                                            mutually
                                                                            agreed
                                                                            upon
                                                                            by the
                                                                            Master
                                                                            Servicer,
                                                                            any NIMS
                                                                            Insurer
                                                                            and the
                                                                            Trustee
                                                                            (reduced,
                                                                            in the
                                                                            case
                                                                            of REO
                                                                            Property,
                                                                            by (1)
                                                                            reasonably
                                                                            anticipated
                                                                            disposition
                                                                            costs
                                                                            and (2)
                                                                            any amount
                                                                            by which
                                                                            the fair
                                                                            market
                                                                            value
                                                                            as so
                                                                            reduced
                                                                            exceeds
                                                                            the outstanding
                                                                            principal
                                                                            balance
                                                                            of the
                                                                            related
                                                                            Mortgage
                                                                            Loan
                                                                            plus
                                                                            interest
                                                                            accrued
                                                                            thereon
                                                                            at the
                                                                            applicable
                                                                            Net
                                                                            Mortgage
                                                                            Rate
                                                                            to the
                                                                            date
                                                                            of such
                                                                            purchase),
                                                                            (iii)
                                                                            any unreimbursed
                                                                            Servicing
                                                                            Advances
                                                                            and (iv)
                                                                            any Swap
                                                                            Termination
                                                                            Payment
                                                                            payable
                                                                            to the
                                                                            Swap
                                                                            Counterparty
                                                                            as a
                                                                            result
                                                                            of a
                                                                            termination
                                                                            pursuant
                                                                            to this
                                                                            Section
                                                                            7.01;
provided,
                                                                            however,
if
                                                                            there
                                                                            are any
                                                                            NIM Securities
                                                                            outstanding,
                                                                            the Master
                                                                            Servicer
                                                                            may only
                                                                            exercise
                                                                            its
                                                                            option
                                                                            after
                                                                            receiving
                                                                            the prior
                                                                            written
                                                                            consent
                                                                            of the
                                                                            holders
                                                                            of such
                                                                            NIM
                                                                            Securities
                                                                            and,
                                                                            if such
                                                                            consent
                                                                            is given,
                                                                            the Termination
                                                                            Price
                                                                            shall
                                                                            also
                                                                            include
                                                                            an amount
                                                                            equal
                                                                            to the
                                                                            sum of
                                                                            (1) any
                                                                            accrued
                                                                            interest
                                                                            on the
                                                                            NIM
                                                                            Securities,
                                                                            (2) the
                                                                            unpaid
                                                                            principal
                                                                            balance
                                                                            of any
                                                                            such
                                                                            NIM Securities
                                                                            and (3)
                                                                            any other
                                                                            reimbursable
                                                                            expenses
                                                                            owed
                                                                            by the
                                                                            issuer
                                                                            of the
                                                                            NIM Securities
                                                                            (the
                                                                            “NIM Redemption
                                                                            Amount”). The
                                                                            Master
                                                                            Servicer,
                                                                            the Servicer,
                                                                            the Trustee
                                                                            and the
                                                                            Custodian
                                                                            shall
                                                                            be reimbursed
                                                                            from
                                                                            the Termination
                                                                            Price
                                                                            for any
                                                                            Mortgage
                                                                            Loan
                                                                            or related
                                                                            REO Property
                                                                            for any
                                                                            Advances
                                                                            made
                                                                            or other
                                                                            amounts
                                                                            advanced
                                                                            with
                                                                            respect
                                                                            to the
                                                                            Mortgage
                                                                            Loans
                                                                            that
                                                                            are reimbursable
                                                                            to any
                                                                            such
                                                                            entity
                                                                            under
                                                                            this
                                                                            Agreement,
                                                                            the Servicing
                                                                            Agreement
                                                                            or the
                                                                            Custodial
                                                                            Agreement,
                                                                            together
                                                                            with
                                                                            any accrued
                                                                            and unpaid
                                                                            compensation
                                                                            and any
                                                                            other
                                                                            amounts
                                                                            due to
                                                                            the Master
                                                                            Servicer
                                                                            or the
                                                                            Trustee
                                                                            hereunder
                                                                            or the
                                                                            Servicer
                                                                            or the
                                                                            Custodian.
                                                                            If the
                                                                            NIMS
                                                                            Insurer
                                                                            directs
                                                                            the Master
                                                                            Servicer
                                                                            to exercise
                                                                            its right
                                                                            to cause
                                                                            the Trust
                                                                            Fund
                                                                            to adopt
                                                                            a plan
                                                                            of complete
                                                                            liquidation
                                                                            as described
                                                                            above,
                                                                            then
                                                                            (i) the
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            cause
                                                                            the Trust
                                                                            Fund
                                                                            to adopt
                                                                            a plan
                                                                            of complete
                                                                            liquidation
                                                                            as described
                                                                            above,
                                                                            (ii)
                                                                            the NIMS
                                                                            Insurer
                                                                            shall
                                                                            remit
                                                                            the
                                                                            Termination
                                                                            Price
                                                                            in immediately
                                                                            available
                                                                            funds
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            at least
                                                                            three
                                                                            Business
                                                                            Days
                                                                            prior
                                                                            to the
                                                                            applicable
                                                                            Distribution
                                                                            Date
                                                                            and,
                                                                            upon
                                                                            receipt
                                                                            of such
                                                                            funds
                                                                            from
                                                                            the NIMS
                                                                            Insurer,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            promptly
                                                                            deposit
                                                                            such
                                                                            funds
                                                                            in the
                                                                            Collection
                                                                            Account
                                                                            and (iii)
                                                                            upon
                                                                            termination
                                                                            of the
                                                                            Trust
                                                                            Fund,
                                                                            the Trustee
                                                                            will
                                                                            transfer
                                                                            the property
                                                                            of the
                                                                            Trust
                                                                            Fund
                                                                            to the
                                                                            NIMS
                                                                            Insurer.
                                                                            The NIMS
                                                                            Insurer
                                                                            shall
                                                                            be obligated
                                                                            to reimburse
                                                                            the Master
                                                                            Servicer
                                                                            and the
                                                                            Trustee
                                                                            for its
                                                                            reasonable
                                                                            out-of-pocket
                                                                            expenses
                                                                            incurred
                                                                            in connection
                                                                            with
                                                                            its termination
                                                                            of the
                                                                            Trust
                                                                            Fund
                                                                            at the
                                                                            direction
                                                                            of the
                                                                            NIMS
                                                                            Insurer
                                                                            and
                                                                            shall
                                                                            indemnify
                                                                            and hold
                                                                            harmless
                                                                            the Master
                                                                            Servicer
                                                                            and the
                                                                            Trustee
                                                                            for any
                                                                            losses,
                                                                            liabilities
                                                                            or expenses
                                                                            resulting
                                                                            from
                                                                            any claims
                                                                            arising
                                                                            out of
                                                                            or
                                                                            relating
                                                                            to the
                                                                            Master
                                                                            Servicer’s termination
                                                                            of the
                                                                            Trust
                                                                            Fund
                                                                            at the
                                                                            direction
                                                                            of the
                                                                            NIMS
                                                                            Insurer,
                                                                            except
                                                                            to the
                                                                            extent
                                                                            such
                                                                            losses,
                                                                            liabilities
                                                                            or expenses
                                                                            arise
                                                                            out of
                                                                            or result
                                                                            from
                                                                            the Master
                                                                            Servicer’s negligence,
                                                                            bad faith
                                                                            or
                                                                            willful
                                                                            misconduct.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              134

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              135

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          
                                                                            	
                                                                                    Section
                                                                                      7.02.

                                                                                  	
                                                                                    Procedure
                                                                                      Upon
                                                                                      Termination
                                                                                      of
                                                                                      Trust
                                                                                      Fund
                                                                                      or
                                                                                      Purchase
                                                                                      of
                                                                                      Lower
                                                                                      Tier
                                                                                      REMIC
                                                                                      1
                                                                                      Uncertificated
                                                                                      Regular
                                                                                      Interests.

                                                                                  

                                                                          

                                                                           

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

                                                                           

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

                                                                          

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              136

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                          

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

                                                                           

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

                                                                           

                                                                          
                                                                            	
                                                                                    Section
                                                                                      7.03.

                                                                                  	
                                                                                    Additional
                                                                                      Trust
                                                                                      Fund
                                                                                      Termination
                                                                                      Event
                                                                                      or
                                                                                      Purchase
                                                                                      of
                                                                                      the
                                                                                      Lower
                                                                                      Tier
                                                                                      REMIC
                                                                                      1
                                                                                      Uncertificated
                                                                                      Regular
                                                                                      Interests.

                                                                                  

                                                                          

                                                                           

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

                                                                           

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

                                                                           

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

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              137

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

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

                                                                           

                                                                          (b)
                                                                            By
                                                                            its acceptance
                                                                            of a
                                                                            Residual
                                                                            Certificate,
                                                                            each
                                                                            Holder
                                                                            thereof
                                                                            hereby
                                                                            agrees
                                                                            to
                                                                            accept
                                                                            the plan
                                                                            of complete
                                                                            liquidation
                                                                            prepared
                                                                            by the
                                                                            Depositor
                                                                            and adopted
                                                                            by
                                                                            the Trustee
                                                                            under
                                                                            this
                                                                            Section
                                                                            and to
                                                                            take
                                                                            such
                                                                            other
                                                                            action
                                                                            in connection
                                                                            therewith
                                                                            as may
                                                                            be reasonably
                                                                            requested
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            or the
                                                                            Servicer.

                                                                           

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

                                                                           

                                                                          Section
                                                                            7.04.
Optional
                                                                            Repurchase
                                                                            Right.

                                                                           

                                                                          The
                                                                            NIMS
                                                                            Insurer,
                                                                            if any,
                                                                            may repurchase
                                                                            any Distressed
                                                                            Mortgage
                                                                            Loan
                                                                            for a
                                                                            purchase
                                                                            price
                                                                            equal
                                                                            to the
                                                                            outstanding
                                                                            principal
                                                                            balance
                                                                            of such
                                                                            Mortgage
                                                                            Loan,
                                                                            plus
                                                                            accrued
                                                                            interest
                                                                            thereon
                                                                            to the
                                                                            date
                                                                            of repurchase
                                                                            plus
                                                                            any unreimbursed
                                                                            Advances,
                                                                            Servicing
                                                                            Advances
                                                                            or Servicing
                                                                            Fees
                                                                            allocable
                                                                            to such
                                                                            Distressed
                                                                            Mortgage
                                                                            Loan.
                                                                            Any such
                                                                            repurchase
                                                                            shall
                                                                            be accomplished
                                                                            by the
                                                                            NIMS
                                                                            Insurer’s
                                                                            remittance
                                                                            of the
                                                                            purchase
                                                                            price
                                                                            for the
                                                                            Distressed
                                                                            Mortgage
                                                                            Loan
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            for deposit
                                                                            into
                                                                            the Collection
                                                                            Account.
                                                                            The NIMS
                                                                            Insurer
                                                                            shall
                                                                            not use
                                                                            any procedure
                                                                            in selecting
                                                                            Distressed
                                                                            Mortgage
                                                                            Loans
                                                                            to be
                                                                            repurchased
                                                                            which
                                                                            would
                                                                            be materially
                                                                            adverse
                                                                            to Certificateholders.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              138

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          ARTICLE
                                                                            VIII

                                                                           

                                                                          RIGHTS
                                                                            OF
                                                                            CERTIFICATEHOLDERS

                                                                           

                                                                          Section
                                                                            8.01.
Limitation
                                                                            on Rights
                                                                            of Holders.

                                                                           

                                                                          (a)
                                                                            The
                                                                            death
                                                                            or incapacity
                                                                            of any
                                                                            Certificateholder
                                                                            shall
                                                                            not operate
                                                                            to terminate
                                                                            this
                                                                            Agreement
                                                                            or this
                                                                            Trust
                                                                            Fund,
                                                                            nor entitle
                                                                            such
                                                                            Certificateholder’s legal
                                                                            representatives
                                                                            or heirs
                                                                            to claim
                                                                            an accounting
                                                                            or take
                                                                            any action
                                                                            or proceeding
                                                                            in any
                                                                            court
                                                                            for a
                                                                            partition
                                                                            or winding
                                                                            up of
                                                                            this
                                                                            Trust
                                                                            Fund,
                                                                            nor otherwise
                                                                            affect
                                                                            the rights,
                                                                            obligations
                                                                            and liabilities
                                                                            of the
                                                                            parties
                                                                            hereto
                                                                            or any
                                                                            of
                                                                            them.
                                                                            Except
                                                                            as otherwise
                                                                            expressly
                                                                            provided
                                                                            herein,
                                                                            no Certificateholder,
                                                                            solely
                                                                            by virtue
                                                                            of its
                                                                            status
                                                                            as a
                                                                            Certificateholder,
                                                                            shall
                                                                            have
                                                                            any right
                                                                            to
                                                                            vote
                                                                            or in
                                                                            any manner
                                                                            otherwise
                                                                            control
                                                                            the Master
                                                                            Servicer
                                                                            or the
                                                                            operation
                                                                            and
                                                                            management
                                                                            of the
                                                                            Trust
                                                                            Fund,
                                                                            or the
                                                                            obligations
                                                                            of the
                                                                            parties
                                                                            hereto,
                                                                            nor
                                                                            shall
                                                                            anything
                                                                            herein
                                                                            set forth,
                                                                            or contained
                                                                            in the
                                                                            terms
                                                                            of the
                                                                            Certificates,
                                                                            be construed
                                                                            so as
                                                                            to constitute
                                                                            the Certificateholders
                                                                            from
                                                                            time
                                                                            to time
                                                                            as
                                                                            partners
                                                                            or members
                                                                            of an
                                                                            association,
                                                                            nor shall
                                                                            any Certificateholder
                                                                            be under
                                                                            any liability
                                                                            to any
                                                                            third
                                                                            person
                                                                            by reason
                                                                            of any
                                                                            action
                                                                            taken
                                                                            by the
                                                                            parties
                                                                            to this
                                                                            Agreement
                                                                            pursuant
                                                                            to any
                                                                            provision
                                                                            hereof.

                                                                           

                                                                          (b)
                                                                            No
                                                                            Certificateholder,
                                                                            solely
                                                                            by virtue
                                                                            of its
                                                                            status
                                                                            as Certificateholder,
                                                                            shall
                                                                            have
                                                                            any right
                                                                            by virtue
                                                                            or by
                                                                            availing
                                                                            of any
                                                                            provision
                                                                            of this
                                                                            Agreement
                                                                            to
                                                                            institute
                                                                            any suit,
                                                                            action
                                                                            or proceeding
                                                                            in equity
                                                                            or at
                                                                            law upon
                                                                            or under
                                                                            or
                                                                            with
                                                                            respect
                                                                            to this
                                                                            Agreement,
                                                                            unless
                                                                            such
                                                                            Holder
                                                                            previously
                                                                            shall
                                                                            have
                                                                            given
                                                                            to the
                                                                            Trustee
                                                                            a written
                                                                            notice
                                                                            of an
                                                                            Event
                                                                            of Default
                                                                            and of
                                                                            the continuance
                                                                            thereof,
                                                                            as hereinbefore
                                                                            provided,
                                                                            and unless
                                                                            also
                                                                            the Holders
                                                                            of Certificates
                                                                            evidencing
                                                                            not less
                                                                            than
                                                                            25% of
                                                                            the Class
                                                                            Principal
                                                                            Amount
                                                                            (or Percentage
                                                                            Interest)
                                                                            of Certificates
                                                                            of each
                                                                            Class
                                                                            affected
                                                                            thereby
                                                                            shall,
                                                                            with
                                                                            the prior
                                                                            written
                                                                            consent
                                                                            of any
                                                                            NIMS
                                                                            Insurer,
                                                                            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
                                                                            the Trustee
                                                                            during
                                                                            such
                                                                            sixty-day
                                                                            period
                                                                            by such
                                                                            Certificateholders
                                                                            or any
                                                                            NIMS
                                                                            Insurer;
                                                                            it being
                                                                            understood
                                                                            and intended,
                                                                            and
                                                                            being
                                                                            expressly
                                                                            covenanted
                                                                            by each
                                                                            Certificateholder
                                                                            with
                                                                            every
                                                                            other
                                                                            Certificateholder,
                                                                            any NIMS
                                                                            Insurer
                                                                            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 the
                                                                            rights
                                                                            of any
                                                                            NIMS
                                                                            Insurer,
                                                                            or to
                                                                            obtain
                                                                            or seek
                                                                            to obtain
                                                                            priority
                                                                            over
                                                                            or preference
                                                                            to any
                                                                            other
                                                                            such
                                                                            Holder
                                                                            or any
                                                                            NIMS
                                                                            Insurer,
                                                                            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,
                                                                            the NIMS
                                                                            Insurer
                                                                            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
                                                                            and any
                                                                            NIMS
                                                                            Insurer,
                                                                            within
                                                                            fifteen
                                                                            days
                                                                            after
                                                                            receipt
                                                                            by the
                                                                            Certificate
                                                                            Registrar
                                                                            of a
                                                                            request
                                                                            by
                                                                            the Trustee
                                                                            or any
                                                                            NIMS
                                                                            Insurer
                                                                            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.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              139

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (b)
                                                                            If
                                                                            any NIMS
                                                                            Insurer
                                                                            or three
                                                                            or more
                                                                            Holders
                                                                            or Certificate
                                                                            Owners
                                                                            (hereinafter
                                                                            referred
                                                                            to as
“Applicants”) apply
                                                                            in writing
                                                                            to the
                                                                            Trustee,
                                                                            and such
                                                                            application
                                                                            states
                                                                            that
                                                                            the Applicants
                                                                            desire
                                                                            to communicate
                                                                            with
                                                                            other
                                                                            Holders
                                                                            with
                                                                            respect
                                                                            to their
                                                                            rights
                                                                            under
                                                                            this
                                                                            Agreement
                                                                            or under
                                                                            the Certificates
                                                                            and
                                                                            is accompanied
                                                                            by a
                                                                            copy
                                                                            of the
                                                                            communication
                                                                            which
                                                                            such
                                                                            Applicants
                                                                            propose
                                                                            to
                                                                            transmit,
                                                                            then
                                                                            the Trustee
                                                                            shall,
                                                                            within
                                                                            five
                                                                            Business
                                                                            Days
                                                                            after
                                                                            the receipt
                                                                            of
                                                                            such
                                                                            application,
                                                                            afford
                                                                            such
                                                                            Applicants
                                                                            reasonable
                                                                            access
                                                                            during
                                                                            the normal
                                                                            business
                                                                            hours
                                                                            of the
                                                                            Trustee
                                                                            to the
                                                                            most
                                                                            recent
                                                                            list
                                                                            of Certificateholders
                                                                            held
                                                                            by the
                                                                            Trustee
                                                                            or shall,
                                                                            as an
                                                                            alternative,
                                                                            send,
                                                                            at the
                                                                            Applicants’
expense,
                                                                            the written
                                                                            communication
                                                                            proffered
                                                                            by the
                                                                            Applicants
                                                                            to all
                                                                            Certificateholders
                                                                            at their
                                                                            addresses
                                                                            as they
                                                                            appear
                                                                            in the
                                                                            Certificate
                                                                            Register.

                                                                           

                                                                          (c)
                                                                            Every
                                                                            Holder
                                                                            or Certificate
                                                                            Owner,
                                                                            if the
                                                                            Holder
                                                                            is a
                                                                            Clearing
                                                                            Agency,
                                                                            by receiving
                                                                            and holding
                                                                            a Certificate,
                                                                            agrees
                                                                            with
                                                                            the Depositor,
                                                                            the Master
                                                                            Servicer,
                                                                            any
                                                                            NIMS
                                                                            Insurer,
                                                                            the Certificate
                                                                            Registrar
                                                                            and the
                                                                            Trustee
                                                                            that
                                                                            neither
                                                                            the
                                                                            Depositor,
                                                                            the Master
                                                                            Servicer,
                                                                            any NIMS
                                                                            Insurer,
                                                                            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
                                                                            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
                                                                            and the
                                                                            Master
                                                                            Servicer,
                                                                            if made
                                                                            in the
                                                                            manner
                                                                            provided
                                                                            in this
                                                                            Section.
                                                                            Each
                                                                            of the
                                                                            Trustee
                                                                            and the
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            promptly
                                                                            notify
                                                                            the others
                                                                            of receipt
                                                                            of
                                                                            any such
                                                                            instrument
                                                                            by it,
                                                                            and shall
                                                                            promptly
                                                                            forward
                                                                            a copy
                                                                            of such
                                                                            instrument
                                                                            to the
                                                                            others.

                                                                          (b)
                                                                            The
                                                                            fact
                                                                            and date
                                                                            of the
                                                                            execution
                                                                            by any
                                                                            Person
                                                                            of any
                                                                            such
                                                                            instrument
                                                                            or writing
                                                                            may be
                                                                            proved
                                                                            by the
                                                                            affidavit
                                                                            of a
                                                                            witness
                                                                            of such
                                                                            execution
                                                                            or by
                                                                            the
                                                                            certificate
                                                                            of any
                                                                            notary
                                                                            public
                                                                            or other
                                                                            officer
                                                                            authorized
                                                                            by law
                                                                            to take
                                                                            acknowledgments
                                                                            or deeds,
                                                                            certifying
                                                                            that
                                                                            the individual
                                                                            signing
                                                                            such
                                                                            instrument
                                                                            or writing
                                                                            acknowledged
                                                                            to him
                                                                            the execution
                                                                            thereof.
                                                                            Whenever
                                                                            such
                                                                            execution
                                                                            is
                                                                            by an
                                                                            officer
                                                                            of a
                                                                            corporation
                                                                            or a
                                                                            member
                                                                            of a
                                                                            partnership
                                                                            on behalf
                                                                            of such
                                                                            corporation
                                                                            or partnership,
                                                                            such
                                                                            certificate
                                                                            or affidavit
                                                                            shall
                                                                            also
                                                                            constitute
                                                                            sufficient
                                                                            proof
                                                                            of his
                                                                            authority.
                                                                            The fact
                                                                            and date
                                                                            of the
                                                                            execution
                                                                            of any
                                                                            such
                                                                            instrument
                                                                            or writing,
                                                                            or the
                                                                            authority
                                                                            of the
                                                                            individual
                                                                            executing
                                                                            the
                                                                            same,
                                                                            may also
                                                                            be proved
                                                                            in any
                                                                            other
                                                                            manner
                                                                            which
                                                                            the Trustee
                                                                            deems
                                                                            sufficient.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              140

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (c)
                                                                            The
                                                                            ownership
                                                                            of Certificates
                                                                            or Lower
                                                                            Tier
                                                                            REMIC
                                                                            1 Uncertificated
                                                                            Regular
                                                                            Interests
                                                                            (whether
                                                                            or not
                                                                            such
                                                                            Certificates
                                                                            or Lower
                                                                            Tier
                                                                            REMIC
                                                                            1 Uncertificated
                                                                            Regular
                                                                            Interests
                                                                            shall
                                                                            be overdue
                                                                            and notwithstanding
                                                                            any notation
                                                                            of ownership
                                                                            or
                                                                            other
                                                                            writing
                                                                            thereon
                                                                            made
                                                                            by anyone
                                                                            other
                                                                            than
                                                                            the Trustee)
                                                                            shall
                                                                            be proved
                                                                            by
                                                                            the Certificate
                                                                            Register,
                                                                            and none
                                                                            of the
                                                                            Trustee,
                                                                            the Master
                                                                            Servicer,
                                                                            the NIMS
                                                                            Insurer,
                                                                            or the
                                                                            Depositor
                                                                            shall
                                                                            be affected
                                                                            by any
                                                                            notice
                                                                            to the
                                                                            contrary.

                                                                           

                                                                          (d)
                                                                            Any
                                                                            request,
                                                                            demand,
                                                                            authorization,
                                                                            direction,
                                                                            notice,
                                                                            consent,
                                                                            waiver
                                                                            or other
                                                                            action
                                                                            by the
                                                                            Holder
                                                                            of any
                                                                            Certificate
                                                                            or Lower
                                                                            Tier
                                                                            REMIC
                                                                            1 Uncertificated
                                                                            Regular
                                                                            Interest
                                                                            shall
                                                                            bind
                                                                            every
                                                                            future
                                                                            Holder
                                                                            of the
                                                                            same
                                                                            Certificate
                                                                            or Lower
                                                                            Tier
                                                                            REMIC
                                                                            1 Uncertificated
                                                                            Regular
                                                                            Interest
                                                                            and the
                                                                            Holder
                                                                            of every
                                                                            Certificate
                                                                            or Lower
                                                                            Tier
                                                                            REMIC
                                                                            1 Uncertificated
                                                                            Regular
                                                                            Interest
                                                                            issued
                                                                            upon
                                                                            the
                                                                            registration
                                                                            of transfer
                                                                            thereof
                                                                            or in
                                                                            exchange
                                                                            therefor
                                                                            or in
                                                                            lieu
                                                                            thereof,
                                                                            in
                                                                            respect
                                                                            of anything
                                                                            done,
                                                                            omitted
                                                                            or suffered
                                                                            to be
                                                                            done
                                                                            by the
                                                                            Trustee
                                                                            or the
                                                                            Master
                                                                            Servicer
                                                                            in reliance
                                                                            thereon,
                                                                            whether
                                                                            or not
                                                                            notation
                                                                            of such
                                                                            action
                                                                            is
                                                                            made
                                                                            upon
                                                                            such
                                                                            Certificate
                                                                            or Lower
                                                                            Tier
                                                                            REMIC
                                                                            1 Uncertificated
                                                                            Regular
                                                                            Interest.

                                                                           

                                                                          ARTICLE
                                                                            IX

                                                                           

                                                                          ADMINISTRATION
                                                                            AND SERVICING
                                                                            OF MORTGAGE
                                                                            LOANS
                                                                            BY THE
                                                                            MASTER

                                                                          SERVICER;
                                                                            CREDIT
                                                                            RISK
                                                                            MANAGER

                                                                           

                                                                          Section
                                                                            9.01.  Duties
                                                                            of
                                                                            the Master
                                                                            Servicer. 

                                                                           

                                                                          The
                                                                            Certificateholders,
                                                                            by their
                                                                            purchase
                                                                            and acceptance
                                                                            of the
                                                                            Certificates
                                                                            or
                                                                            Lower
                                                                            Tier
                                                                            REMIC
                                                                            1 Uncertificated
                                                                            Regular
                                                                            Interests,
                                                                            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
                                                                            Servicing
                                                                            Agreement.
                                                                            Notwithstanding
                                                                            anything
                                                                            in this
                                                                            Agreement,
                                                                            the Servicing
                                                                            Agreement
                                                                            or the
                                                                            Credit
                                                                            Risk
                                                                            Management
                                                                            Agreement
                                                                            to
                                                                            the contrary,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            have
                                                                            no duty
                                                                            or obligation
                                                                            to enforce
                                                                            the Credit
                                                                            Risk
                                                                            Management
                                                                            Agreement
                                                                            or to
                                                                            supervise,
                                                                            monitor
                                                                            or oversee
                                                                            the
                                                                            activities
                                                                            of the
                                                                            Servicer
                                                                            under
                                                                            its Credit
                                                                            Risk
                                                                            Management
                                                                            Agreement
                                                                            with
                                                                            respect
                                                                            to any
                                                                            action
                                                                            taken
                                                                            or not
                                                                            taken
                                                                            by the
                                                                            Servicer
                                                                            at the
                                                                            direction
                                                                            of the
                                                                            Seller
                                                                            or pursuant
                                                                            to a
                                                                            recommendation
                                                                            of the
                                                                            Credit
                                                                            Risk
                                                                            Manager.

                                                                           

                                                                          
                                                                            	
                                                                                    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 Master
                                                                            Servicer
                                                                            Fidelity
                                                                            Bond
                                                                            and a
                                                                            Master
                                                                            Servicer
                                                                            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
                                                                            Master
                                                                            Servicer
                                                                            Errors
                                                                            and Omissions
                                                                            Insurance
                                                                            Policy
                                                                            and the
                                                                            Master
                                                                            Servicer
                                                                            Fidelity
                                                                            Bond
                                                                            shall
                                                                            be in
                                                                            such
                                                                            form
                                                                            and amount
                                                                            that
                                                                            would
                                                                            be consistent
                                                                            with
                                                                            coverage
                                                                            customarily
                                                                            maintained
                                                                            by master
                                                                            servicers
                                                                            of mortgage
                                                                            loans
                                                                            similar
                                                                            to
                                                                            the Mortgage
                                                                            Loans
                                                                            and the
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            provide
                                                                            the Trustee
                                                                            and any
                                                                            NIMS
                                                                            Insurer
                                                                            upon
                                                                            request,
                                                                            with
                                                                            a copy
                                                                            of such
                                                                            policy
                                                                            and fidelity
                                                                            bond.
                                                                            The
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            (i) require
                                                                            the Servicer
                                                                            to maintain
                                                                            an Errors
                                                                            and
                                                                            Omissions
                                                                            Insurance
                                                                            Policy
                                                                            and a
                                                                            Servicer
                                                                            Fidelity
                                                                            Bond
                                                                            in accordance
                                                                            with
                                                                            the
                                                                            provisions
                                                                            of the
                                                                            Servicing
                                                                            Agreement,
                                                                            (ii)
                                                                            cause
                                                                            the 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
                                                                            Servicing
                                                                            Agreement,
                                                                            and (iii)
                                                                            furnish
                                                                            copies
                                                                            of such
                                                                            policies
                                                                            and of
                                                                            the
                                                                            certificates
                                                                            and notices
                                                                            referred
                                                                            to in
                                                                            clause
                                                                            (ii)
                                                                            to the
                                                                            Trustee
                                                                            upon
                                                                            request.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              141

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (b)
                                                                            The
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            promptly
                                                                            report
                                                                            to the
                                                                            Trustee
                                                                            and any
                                                                            NIMS
                                                                            Insurer
                                                                            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
                                                                            and any
                                                                            NIMS
                                                                            Insurer,
                                                                            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
                                                                            and any
                                                                            NIMS
                                                                            Insurer
                                                                            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
                                                                            and any
                                                                            NIMS
                                                                            Insurer.
                                                                            Any amounts
                                                                            relating
                                                                            to the
                                                                            Mortgage
                                                                            Loans
                                                                            collected
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            under
                                                                            any such
                                                                            bond
                                                                            or policy
                                                                            shall
                                                                            be promptly
                                                                            remitted
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            to the
                                                                            Trustee
                                                                            for deposit
                                                                            into
                                                                            the Certificate
                                                                            Account.
                                                                            Any amounts
                                                                            relating
                                                                            to the
                                                                            Mortgage
                                                                            Loans
                                                                            collected
                                                                            by the
                                                                            Servicer
                                                                            under
                                                                            any such
                                                                            bond
                                                                            or policy
                                                                            shall
                                                                            be remitted
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            to the
                                                                            extent
                                                                            provided
                                                                            in the
                                                                            Servicing
                                                                            Agreement.

                                                                           

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

                                                                           

                                                                          For
                                                                            each
                                                                            year
                                                                            this
                                                                            Agreement
                                                                            is in
                                                                            effect,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            submit
                                                                            to the
                                                                            Trustee,
                                                                            any NIMS
                                                                            Insurer,
                                                                            each
                                                                            Rating
                                                                            Agency
                                                                            and the
                                                                            Depositor
                                                                            a copy
                                                                            of its
                                                                            annual
                                                                            unaudited
                                                                            financial
                                                                            statements
                                                                            on or
                                                                            prior
                                                                            to March
                                                                            15 of
                                                                            each
                                                                            year,
                                                                            beginning
                                                                            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. 

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              142

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (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 the
                                                                            Servicer
                                                                            shall
                                                                            have
                                                                            full
                                                                            power
                                                                            and authority
                                                                            (to the
                                                                            extent
                                                                            provided
                                                                            in the
                                                                            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
                                                                            Servicing
                                                                            Agreement,
                                                                            as applicable;
                                                                            provided
                                                                            that
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            not take,
                                                                            or
                                                                            knowingly
                                                                            permit
                                                                            the 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,
                                                                            the
                                                                            Certificateholders
                                                                            under
                                                                            this
                                                                            Agreement.
                                                                            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
                                                                            the
                                                                            Servicer
                                                                            to make
                                                                            any modification,
                                                                            waiver
                                                                            or amendment
                                                                            of any
                                                                            term
                                                                            of any
                                                                            Mortgage
                                                                            Loan
                                                                            that
                                                                            would
                                                                            cause
                                                                            an Adverse
                                                                            REMIC
                                                                            Event.
                                                                            Without
                                                                            limiting
                                                                            the
                                                                            generality
                                                                            of the
                                                                            foregoing,
                                                                            the Master
                                                                            Servicer
                                                                            in its
                                                                            own name
                                                                            or in
                                                                            the name
                                                                            of the
                                                                            Servicer,
                                                                            and the
                                                                            Servicer,
                                                                            to the
                                                                            extent
                                                                            such
                                                                            authority
                                                                            is delegated
                                                                            to
                                                                            the Servicer
                                                                            under
                                                                            the Servicing
                                                                            Agreement,
                                                                            is hereby
                                                                            authorized
                                                                            and empowered
                                                                            by the
                                                                            Trustee
                                                                            when
                                                                            the Master
                                                                            Servicer
                                                                            or the
                                                                            Servicer,
                                                                            as the
                                                                            case
                                                                            may be,
                                                                            believes
                                                                            it appropriate
                                                                            in its
                                                                            best
                                                                            judgment
                                                                            and in
                                                                            accordance
                                                                            with
                                                                            Accepted
                                                                            Servicing
                                                                            Practices
                                                                            and the
                                                                            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
                                                                            to
                                                                            the Master
                                                                            Servicer,
                                                                            upon
                                                                            request,
                                                                            with
                                                                            any powers
                                                                            of attorney
                                                                            empowering
                                                                            the
                                                                            Master
                                                                            Servicer
                                                                            or the
                                                                            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 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
                                                                            the 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 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 no
                                                                            event
                                                                            shall
                                                                            the Master
                                                                            Servicer,
                                                                            without
                                                                            the
                                                                            Trustee’s written
                                                                            consent:
                                                                            (i) initiate
                                                                            any action,
                                                                            suit
                                                                            or proceeding
                                                                            solely
                                                                            under
                                                                            the Trustee’s name
                                                                            without
                                                                            indicating
                                                                            the Master
                                                                            Servicer
                                                                            in its
                                                                            applicable,
                                                                            representative
                                                                            capacity,
                                                                            so long
                                                                            as the
                                                                            jurisdictional
                                                                            and
                                                                            procedural
                                                                            rules
                                                                            will
                                                                            allow
                                                                            for this
                                                                            insertion
                                                                            to occur,
                                                                            (ii)
                                                                            initiate
                                                                            any
                                                                            action,
                                                                            suit
                                                                            or proceeding
                                                                            not directly
                                                                            relating
                                                                            to the
                                                                            servicing
                                                                            of a
                                                                            Mortgage
                                                                            Loan
                                                                            (including
                                                                            but not
                                                                            limited
                                                                            to actions,
                                                                            suits
                                                                            or proceedings
                                                                            against
                                                                            Certificateholders,
                                                                            or against
                                                                            the Depositor
                                                                            or the
                                                                            Transferor
                                                                            for breaches
                                                                            of
                                                                            representations
                                                                            and warranties)
                                                                            solely
                                                                            under
                                                                            the Trustee’s name,
                                                                            (iii)
                                                                            engage
                                                                            counsel
                                                                            to represent
                                                                            the Trustee
                                                                            in any
                                                                            action,
                                                                            suit
                                                                            or proceeding
                                                                            not directly
                                                                            relating
                                                                            to the
                                                                            servicing
                                                                            of a
                                                                            Mortgage
                                                                            Loan
                                                                            (including
                                                                            but not
                                                                            limited
                                                                            to
                                                                            actions,
                                                                            suits
                                                                            or proceedings
                                                                            against
                                                                            Certificateholders,
                                                                            or against
                                                                            the
                                                                            Depositor
                                                                            or the
                                                                            Transferor
                                                                            for breaches
                                                                            of representations
                                                                            and warranties),
                                                                            or
                                                                            (iv)
                                                                            prepare,
                                                                            execute
                                                                            or deliver
                                                                            any government
                                                                            filings,
                                                                            forms,
                                                                            permits,
                                                                            registrations
                                                                            or other
                                                                            documents
                                                                            or take
                                                                            any action
                                                                            with
                                                                            the intent
                                                                            to cause,
                                                                            and that
                                                                            actually
                                                                            causes,
                                                                            the Trustee
                                                                            to be
                                                                            registered
                                                                            to do
                                                                            business
                                                                            in any
                                                                            state.
                                                                            The Master
                                                                            Servicer
                                                                            shall
                                                                            indemnify
                                                                            the Trustee
                                                                            for any
                                                                            and all
                                                                            costs,
                                                                            liabilities
                                                                            and expenses
                                                                            incurred
                                                                            by the
                                                                            Trustee
                                                                            in connection
                                                                            with
                                                                            the
                                                                            negligent
                                                                            or willful
                                                                            misuse
                                                                            of such
                                                                            powers
                                                                            of attorney
                                                                            by the
                                                                            Master
                                                                            Servicer.
                                                                            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
                                                                            on behalf
                                                                            of the
                                                                            Trust
                                                                            Fund,
                                                                            be deemed
                                                                            to be
                                                                            the agent
                                                                            of the
                                                                            Trustee.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              143

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (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
                                                                            the Servicer
                                                                            to, in
                                                                            its discretion
                                                                            (i) waive
                                                                            any
                                                                            late
                                                                            payment
                                                                            charge
                                                                            (but
                                                                            not any
                                                                            Prepayment
                                                                            Premium,
                                                                            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
                                                                            the Servicer
                                                                            (if required
                                                                            by the
                                                                            Servicing
                                                                            Agreement)
                                                                            to make
                                                                            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
                                                                            Servicer,
                                                                            reasonably
                                                                            foreseeable,
                                                                            (2) in
                                                                            the case
                                                                            of a
                                                                            waiver
                                                                            of
                                                                            a Prepayment
                                                                            Premium,
                                                                            (a) such
                                                                            Mortgage
                                                                            Loan
                                                                            is in
                                                                            default
                                                                            or default
                                                                            by the
                                                                            related
                                                                            Mortgagor
                                                                            is, in
                                                                            the reasonable
                                                                            judgment
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            or the
                                                                            Servicer,
                                                                            reasonably
                                                                            foreseeable
                                                                            and such
                                                                            waiver
                                                                            would
                                                                            maximize
                                                                            recovery
                                                                            of
                                                                            total
                                                                            proceeds
                                                                            taking
                                                                            into
                                                                            account
                                                                            the value
                                                                            of such
                                                                            Prepayment
                                                                            Premium
                                                                            and the
                                                                            related
                                                                            Mortgage
                                                                            Loan
                                                                            or (b)
                                                                            if the
                                                                            prepayment
                                                                            is not
                                                                            the result
                                                                            of a
                                                                            refinance
                                                                            by the
                                                                            Servicer
                                                                            or any
                                                                            of its
                                                                            affiliates
                                                                            and (i)
                                                                            such
                                                                            Mortgage
                                                                            Loan
                                                                            is in
                                                                            default
                                                                            or default
                                                                            by the
                                                                            related
                                                                            Mortgagor
                                                                            is, in
                                                                            the reasonable
                                                                            judgment
                                                                            of
                                                                            the Master
                                                                            Servicer
                                                                            or the
                                                                            Servicer,
                                                                            reasonably
                                                                            foreseeable
                                                                            and such
                                                                            waiver
                                                                            would
                                                                            maximize
                                                                            recovery
                                                                            of total
                                                                            proceeds
                                                                            taking
                                                                            into
                                                                            account
                                                                            the value
                                                                            of such
                                                                            Prepayment
                                                                            Premium
                                                                            and the
                                                                            related
                                                                            Mortgage
                                                                            Loan
                                                                            or (ii)
                                                                            the collection
                                                                            of the
                                                                            Prepayment
                                                                            Premium
                                                                            would
                                                                            be in
                                                                            violation
                                                                            of applicable
                                                                            law or
                                                                            (iii)
                                                                            the
                                                                            collection
                                                                            of such
                                                                            Prepayment
                                                                            Premium
                                                                            would
                                                                            be considered
“predatory”
pursuant
                                                                            to written
                                                                            guidance
                                                                            published
                                                                            or issued
                                                                            by any
                                                                            applicable
                                                                            federal,
                                                                            state
                                                                            or
                                                                            local
                                                                            regulatory
                                                                            authority
                                                                            acting
                                                                            in its
                                                                            official
                                                                            capacity
                                                                            and having
                                                                            jurisdiction
                                                                            over
                                                                            such
                                                                            matters
                                                                            and (3)
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            have
                                                                            provided
                                                                            or caused
                                                                            to be
                                                                            provided
                                                                            to the
                                                                            Trustee
                                                                            an Opinion
                                                                            of Counsel
                                                                            addressed
                                                                            to the
                                                                            Trustee
                                                                            (which
                                                                            opinion
                                                                            shall,
                                                                            if provided
                                                                            by the
                                                                            Master
                                                                            Servicer,
                                                                            be an
                                                                            expense
                                                                            reimbursed
                                                                            from
                                                                            the Collection
                                                                            Account
                                                                            pursuant
                                                                            to Section
                                                                            4.02(v))
                                                                            to the
                                                                            effect
                                                                            that
                                                                            such
                                                                            modification,
                                                                            waiver
                                                                            or amendment
                                                                            would
                                                                            not result
                                                                            in an
                                                                            Adverse
                                                                            REMIC
                                                                            Event;
                                                                            provided,
                                                                            in no
                                                                            event
                                                                            shall
                                                                            an Opinion
                                                                            of Counsel
                                                                            be
                                                                            required
                                                                            for the
                                                                            waiver
                                                                            of a
                                                                            Prepayment
                                                                            Premium
                                                                            under
                                                                            clause
                                                                            (2)
                                                                            above.

                                                                           

                                                                          Section
                                                                            9.05.
Enforcement
                                                                            of Servicer’s and
                                                                            Master
                                                                            Servicer’s
                                                                            Obligations. 

                                                                           

                                                                          (a)
                                                                            The
                                                                            Servicing
                                                                            Agreement
                                                                            requires
                                                                            the 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
                                                                            actions
                                                                            taken
                                                                            or to
                                                                            be taken
                                                                            by the
                                                                            Servicer
                                                                            on behalf
                                                                            of the
                                                                            Master
                                                                            Servicer.
                                                                            Any fees
                                                                            and other
                                                                            amounts
                                                                            payable
                                                                            to a
                                                                            Servicer
                                                                            shall
                                                                            be deducted
                                                                            from
                                                                            amounts
                                                                            remitted
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            by the
                                                                            Servicer
                                                                            (to the
                                                                            extent
                                                                            permitted
                                                                            by the
                                                                            Servicing
                                                                            Agreement)
                                                                            and shall
                                                                            not be
                                                                            an obligation
                                                                            of the
                                                                            Trust
                                                                            Fund,
                                                                            the Trustee
                                                                            or the
                                                                            Master
                                                                            Servicer.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              144

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (b)
                                                                            The
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            not be
                                                                            required
                                                                            to (i)
                                                                            take
                                                                            any action
                                                                            with
                                                                            respect
                                                                            to the
                                                                            servicing
                                                                            of any
                                                                            Mortgage
                                                                            Loan
                                                                            that
                                                                            the Servicer
                                                                            is not
                                                                            required
                                                                            to take
                                                                            under
                                                                            the related
                                                                            Agreement
                                                                            and (ii)
                                                                            cause
                                                                            the Servicer
                                                                            to take
                                                                            any action
                                                                            or refrain
                                                                            from
                                                                            taking
                                                                            any action
                                                                            if the
                                                                            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,
                                                                            any NIMS
                                                                            Insurer
                                                                            and the
                                                                            Certificateholders,
                                                                            shall
                                                                            enforce
                                                                            the obligations
                                                                            of the
                                                                            Servicer
                                                                            under
                                                                            the
                                                                            Servicing
                                                                            Agreement,
                                                                            and shall,
                                                                            in the
                                                                            event
                                                                            that
                                                                            the Servicer
                                                                            fails
                                                                            to perform
                                                                            its obligations
                                                                            in accordance
                                                                            therewith,
                                                                            terminate
                                                                            the rights
                                                                            and obligations
                                                                            of
                                                                            the Servicer
                                                                            thereunder
                                                                            and either
                                                                            act as
                                                                            servicer
                                                                            of the
                                                                            related
                                                                            Mortgage
                                                                            Loans
                                                                            or cause
                                                                            the other
                                                                            parties
                                                                            hereto
                                                                            to enter
                                                                            into
                                                                            a Servicing
                                                                            Agreement
                                                                            (and
                                                                            such
                                                                            parties
                                                                            hereby
                                                                            agree
                                                                            to execute
                                                                            and deliver
                                                                            any such
                                                                            successor
                                                                            Servicing
                                                                            Agreement),
                                                                            with
                                                                            a successor
                                                                            Servicer.
                                                                            Such
                                                                            enforcement,
                                                                            including,
                                                                            without
                                                                            limitation,
                                                                            the legal
                                                                            prosecution
                                                                            of claims,
                                                                            termination
                                                                            of the
                                                                            Servicing
                                                                            Agreement
                                                                            and the
                                                                            pursuit
                                                                            of other
                                                                            appropriate
                                                                            remedies,
                                                                            shall
                                                                            be in
                                                                            such
                                                                            form
                                                                            and carried
                                                                            out to
                                                                            such
                                                                            an extent
                                                                            and at
                                                                            such
                                                                            time
                                                                            as the
                                                                            Master
                                                                            Servicer,
                                                                            in
                                                                            its good
                                                                            faith
                                                                            business
                                                                            judgment,
                                                                            would
                                                                            require
                                                                            were
                                                                            it the
                                                                            owner
                                                                            of the
                                                                            related
                                                                            Mortgage
                                                                            Loans.
                                                                            The Master
                                                                            Servicer
                                                                            shall
                                                                            pay the
                                                                            costs
                                                                            of such
                                                                            enforcement
                                                                            at
                                                                            its own
                                                                            expense,
                                                                            and shall
                                                                            be reimbursed
                                                                            therefor
                                                                            initially
                                                                            (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,
                                                                            (iii)
                                                                            to the
                                                                            extent
                                                                            that
                                                                            such
                                                                            amounts
                                                                            are insufficient
                                                                            to reimburse
                                                                            the Master
                                                                            Servicer
                                                                            for the
                                                                            costs
                                                                            of
                                                                            such
                                                                            enforcement,
                                                                            from
                                                                            the Collection
                                                                            Account.

                                                                           

                                                                          (d)
                                                                            The
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            be entitled
                                                                            to conclusively
                                                                            rely
                                                                            on any
                                                                            certifications
                                                                            or
                                                                            other
                                                                            information
                                                                            provided
                                                                            by the
                                                                            Servicer
                                                                            under
                                                                            the terms
                                                                            of the
                                                                            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
                                                                            Servicing
                                                                            Agreement,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            cause
                                                                            the 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 the
                                                                            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
                                                                            to deposit
                                                                            therein
                                                                            any collections
                                                                            of amounts
                                                                            received
                                                                            with
                                                                            respect
                                                                            to amounts
                                                                            due for
                                                                            taxes,
                                                                            assessments,
                                                                            water
                                                                            rates,
                                                                            standard
                                                                            hazard
                                                                            insurance
                                                                            policy
                                                                            premiums,
                                                                            Payaheads,
                                                                            if applicable,
                                                                            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 Servicing
                                                                            Agreement.
                                                                            The
                                                                            Servicer
                                                                            shall
                                                                            be entitled
                                                                            to all
                                                                            investment
                                                                            income
                                                                            not required
                                                                            to be
                                                                            paid
                                                                            to
                                                                            Mortgagors
                                                                            on any
                                                                            Escrow
                                                                            Account
                                                                            maintained
                                                                            by the
                                                                            Servicer.
                                                                            The Master
                                                                            Servicer
                                                                            shall
                                                                            make
                                                                            (or cause
                                                                            to be
                                                                            made)
                                                                            to the
                                                                            extent
                                                                            provided
                                                                            in the
                                                                            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
                                                                            or the
                                                                            Servicer
                                                                            has determined
                                                                            that
                                                                            the funds
                                                                            so advanced
                                                                            are recoverable
                                                                            from
                                                                            escrow
                                                                            payments,
                                                                            reimbursement
                                                                            pursuant
                                                                            to Section
                                                                            4.02
                                                                            or
                                                                            otherwise.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              145

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (b)
                                                                            Costs
                                                                            incurred
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            or by
                                                                            the Servicer
                                                                            in effecting
                                                                            the timely
                                                                            payment
                                                                            of taxes
                                                                            and assessments
                                                                            on the
                                                                            properties
                                                                            subject
                                                                            to the
                                                                            Mortgage
                                                                            Loans
                                                                            may be
                                                                            added
                                                                            to the
                                                                            amount
                                                                            owing
                                                                            under
                                                                            the related
                                                                            Mortgage
                                                                            Note
                                                                            where
                                                                            the terms
                                                                            of the
                                                                            Mortgage
                                                                            Note
                                                                            so permit;
provided,
                                                                            however,
                                                                            that
                                                                            the
                                                                            addition
                                                                            of any
                                                                            such
                                                                            cost
                                                                            shall
                                                                            not be
                                                                            taken
                                                                            into
                                                                            account
                                                                            for purposes
                                                                            of
                                                                            calculating
                                                                            the distributions
                                                                            to be
                                                                            made
                                                                            to Certificateholders.
                                                                            Such
                                                                            costs,
                                                                            to
                                                                            the extent
                                                                            that
                                                                            they
                                                                            are unanticipated,
                                                                            extraordinary
                                                                            costs,
                                                                            and not
                                                                            ordinary
                                                                            or
                                                                            routine
                                                                            costs
                                                                            shall
                                                                            be recoverable
                                                                            as a
                                                                            Servicing
                                                                            Advance
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            pursuant
                                                                            to Section
                                                                            4.02.

                                                                          Section
                                                                            9.07.
Termination
                                                                            of Servicing
                                                                            Agreement;
                                                                            Successor
                                                                            Servicer. 

                                                                           

                                                                          (a)
                                                                            The
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            be entitled
                                                                            to terminate
                                                                            the rights
                                                                            and obligations
                                                                            of the
                                                                            Servicer
                                                                            under
                                                                            the Servicing
                                                                            Agreement
                                                                            in accordance
                                                                            with
                                                                            the terms
                                                                            and
                                                                            conditions
                                                                            of the
                                                                            Servicing
                                                                            Agreement
                                                                            and without
                                                                            any limitation
                                                                            by virtue
                                                                            of
                                                                            this
                                                                            Agreement;
provided,
                                                                            however,
                                                                            that
                                                                            in
                                                                            the event
                                                                            of termination
                                                                            of the
                                                                            Servicing
                                                                            Agreement
                                                                            by the
                                                                            Master
                                                                            Servicer,
                                                                            the
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            provide
                                                                            for the
                                                                            servicing
                                                                            of the
                                                                            Mortgage
                                                                            Loans
                                                                            by a
                                                                            successor
                                                                            Servicer
                                                                            to be
                                                                            appointed
                                                                            as provided
                                                                            in the
                                                                            Servicing
                                                                            Agreement.

                                                                           

                                                                          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
                                                                            the Servicer
                                                                            (or by
                                                                            the Trust
                                                                            Fund,
                                                                            if the
                                                                            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 a
                                                                            successor
                                                                            Servicer,
                                                                            it will
                                                                            not assume
                                                                            liability
                                                                            for the
                                                                            representations
                                                                            and warranties
                                                                            of the
                                                                            Servicer,
                                                                            if any.
                                                                            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 the
                                                                            Servicing
                                                                            Agreement,
                                                                            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.

                                                                           

                                                                          (c)
                                                                            If
                                                                            the Master
                                                                            Servicer
                                                                            acts
                                                                            as a
                                                                            successor
                                                                            Servicer,
                                                                            it will
                                                                            have
                                                                            the same
                                                                            obligations
                                                                            to make
                                                                            Advances
                                                                            as the
                                                                            Servicer
                                                                            under
                                                                            the Servicing
                                                                            Agreement
                                                                            and
                                                                            to reimburse
                                                                            the successor
                                                                            Servicer
                                                                            for unreimbursed
                                                                            Advances
                                                                            if required
                                                                            by the
                                                                            Servicing
                                                                            Agreement
                                                                            but will
                                                                            have
                                                                            no obligation
                                                                            to make
                                                                            an Advance
                                                                            if it
                                                                            determines
                                                                            in its
                                                                            reasonable
                                                                            judgment
                                                                            that
                                                                            such
                                                                            Advance
                                                                            is non-recoverable.
                                                                            To
                                                                            the extent
                                                                            that
                                                                            the Master
                                                                            Servicer
                                                                            is unable
                                                                            to find
                                                                            a successor
                                                                            Servicer
                                                                            that
                                                                            is willing
                                                                            to service
                                                                            the Mortgage
                                                                            Loans
                                                                            for the
                                                                            Servicing
                                                                            Fee because
                                                                            of the
                                                                            obligation
                                                                            of the
                                                                            Servicer
                                                                            to make
                                                                            Advances
                                                                            regardless
                                                                            of whether
                                                                            such
                                                                            Advance
                                                                            is recoverable,
                                                                            the Servicing
                                                                            Agreement
                                                                            may be
                                                                            amended
                                                                            to provide
                                                                            that
                                                                            the
                                                                            successor
                                                                            Servicer
                                                                            shall
                                                                            have
                                                                            no obligation
                                                                            to make
                                                                            an Advance
                                                                            if it
                                                                            determines
                                                                            in its
                                                                            reasonable
                                                                            judgment
                                                                            that
                                                                            such
                                                                            Advance
                                                                            is non-recoverable
                                                                            and provides
                                                                            an
                                                                            Officer’s Certificate
                                                                            to such
                                                                            effect
                                                                            to the
                                                                            Master
                                                                            Servicer,
                                                                            the Trustee
                                                                            and the
                                                                            NIMS
                                                                            Insurer.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              146

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          Section
                                                                            9.08.
Master
                                                                            Servicer
                                                                            Liable
                                                                            for Enforcement. 

                                                                           

                                                                          Notwithstanding
                                                                            the Servicing
                                                                            Agreement,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            remain
                                                                            obligated
                                                                            and liable
                                                                            to the
                                                                            Trustee,
                                                                            any NIMS
                                                                            Insurer
                                                                            and the
                                                                            Certificateholders
                                                                            in accordance
                                                                            with
                                                                            the provisions
                                                                            of this
                                                                            Agreement,
                                                                            to the
                                                                            extent
                                                                            of its
                                                                            obligations
                                                                            hereunder,
                                                                            without
                                                                            diminution
                                                                            of such
                                                                            obligation
                                                                            or liability
                                                                            by virtue
                                                                            of such
                                                                            Servicing
                                                                            Agreement.
                                                                            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 the
                                                                            Servicing
                                                                            Agreement
                                                                            for the
                                                                            benefit
                                                                            of the
                                                                            Certificateholders
                                                                            and any
                                                                            NIMS
                                                                            Insurer.
                                                                            The Master
                                                                            Servicer
                                                                            shall
                                                                            be entitled
                                                                            to enter
                                                                            into
                                                                            any
                                                                            agreement
                                                                            with
                                                                            the Servicer
                                                                            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 the
                                                                            Servicer
                                                                            in the
                                                                            performance
                                                                            by the
                                                                            Servicer
                                                                            of its
                                                                            obligations
                                                                            under
                                                                            the Servicing
                                                                            Agreement.

                                                                           

                                                                          Section
                                                                            9.09.
No
                                                                            Contractual
                                                                            Relationship
                                                                            Between
                                                                            the Servicer
                                                                            and Trustee
                                                                            or
                                                                            Depositor. 

                                                                           

                                                                          The
                                                                            Servicing
                                                                            Agreement
                                                                            that
                                                                            may be
                                                                            entered
                                                                            into
                                                                            and any
                                                                            other
                                                                            transactions
                                                                            or
                                                                            services
                                                                            relating
                                                                            to the
                                                                            Mortgage
                                                                            Loans
                                                                            involving
                                                                            the Servicer
                                                                            in its
                                                                            capacity
                                                                            as such
                                                                            and not
                                                                            as an
                                                                            originator
                                                                            shall
                                                                            be deemed
                                                                            to be
                                                                            between
                                                                            the Servicer,
                                                                            the
                                                                            Seller
                                                                            and the
                                                                            Master
                                                                            Servicer,
                                                                            and the
                                                                            Trustee,
                                                                            any NIMS
                                                                            Insurer
                                                                            and the
                                                                            Depositor
                                                                            shall
                                                                            not be
                                                                            deemed
                                                                            parties
                                                                            thereto
                                                                            and shall
                                                                            have
                                                                            no obligations,
                                                                            duties
                                                                            or liabilities
                                                                            with
                                                                            respect
                                                                            to the
                                                                            Servicer
                                                                            except
                                                                            as set
                                                                            forth
                                                                            in
                                                                            Section
                                                                            9.10
                                                                            hereof,
                                                                            but shall
                                                                            have
                                                                            rights
                                                                            thereunder
                                                                            as third
                                                                            party
                                                                            beneficiaries.
                                                                            It is
                                                                            furthermore
                                                                            understood
                                                                            and agreed
                                                                            by the
                                                                            parties
                                                                            hereto
                                                                            that
                                                                            the obligations
                                                                            of the
                                                                            Servicer
                                                                            are set
                                                                            forth
                                                                            in their
                                                                            entirety
                                                                            in the
                                                                            Servicing
                                                                            Agreement
                                                                            and the
                                                                            Servicer
                                                                            has no
                                                                            obligations
                                                                            under
                                                                            and is
                                                                            not
                                                                            otherwise
                                                                            bound
                                                                            by the
                                                                            terms
                                                                            of this
                                                                            Agreement.

                                                                           

                                                                          Section
                                                                            9.10.
Assumption
                                                                            of Servicing
                                                                            Agreement
                                                                            by Trustee. 

                                                                           

                                                                          (a)
                                                                            In
                                                                            the event
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            for any
                                                                            reason
                                                                            no longer
                                                                            be the
                                                                            Master
                                                                            Servicer
                                                                            (including
                                                                            by reason
                                                                            of any
                                                                            Event
                                                                            of Default
                                                                            under
                                                                            this
                                                                            Agreement),
                                                                            after
                                                                            a period
                                                                            not to
                                                                            exceed
                                                                            ninety
                                                                            days
                                                                            after
                                                                            the issuance
                                                                            of any
                                                                            notice
                                                                            of
                                                                            termination
                                                                            pursuant
                                                                            to Section
                                                                            6.14
                                                                            or Section
                                                                            9.28,
                                                                            as applicable,
                                                                            the Trustee
                                                                            shall
                                                                            thereupon
                                                                            assume
                                                                            all of
                                                                            the rights
                                                                            and obligations
                                                                            of such
                                                                            Master
                                                                            Servicer
                                                                            hereunder
                                                                            and under
                                                                            the Servicing
                                                                            Agreement
                                                                            entered
                                                                            into
                                                                            with
                                                                            respect
                                                                            to the
                                                                            Mortgage
                                                                            Loans.
                                                                            The Trustee,
                                                                            its designee
                                                                            or any
                                                                            successor
                                                                            master
                                                                            servicer
                                                                            appointed
                                                                            by the
                                                                            Trustee
                                                                            shall
                                                                            be deemed
                                                                            to have
                                                                            assumed
                                                                            all of
                                                                            the Master
                                                                            Servicer’s interest
                                                                            herein
                                                                            and therein
                                                                            to the
                                                                            same
                                                                            extent
                                                                            as if
                                                                            the 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
                                                                            the Servicing
                                                                            Agreement
                                                                            accruing
                                                                            prior
                                                                            to its
                                                                            replacement
                                                                            as Master
                                                                            Servicer,
                                                                            and shall
                                                                            be liable
                                                                            to the
                                                                            Trustee
                                                                            and any
                                                                            NIMS
                                                                            Insurer,
                                                                            and
                                                                            hereby
                                                                            agrees
                                                                            to indemnify
                                                                            and hold
                                                                            harmless
                                                                            the Trustee
                                                                            and any
                                                                            NIMS
                                                                            Insurer
                                                                            from
                                                                            and against
                                                                            all costs,
                                                                            damages,
                                                                            expenses
                                                                            and liabilities
                                                                            (including
                                                                            reasonable
                                                                            attorneys’
fees)
                                                                            incurred
                                                                            by the
                                                                            Trustee
                                                                            or any
                                                                            NIMS
                                                                            Insurer
                                                                            as a
                                                                            result
                                                                            of such
                                                                            liability
                                                                            or obligations
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            and in
                                                                            connection
                                                                            with
                                                                            the Trustee’s assumption
                                                                            (but
                                                                            not its
                                                                            performance,
                                                                            except
                                                                            to the
                                                                            extent
                                                                            that
                                                                            costs
                                                                            or liability
                                                                            of the
                                                                            Trustee
                                                                            are created
                                                                            or increased
                                                                            as a
                                                                            result
                                                                            of
                                                                            negligent
                                                                            or wrongful
                                                                            acts
                                                                            or omissions
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            prior
                                                                            to its
                                                                            replacement
                                                                            as Master
                                                                            Servicer)
                                                                            of the
                                                                            Master
                                                                            Servicer’s obligations,
                                                                            duties
                                                                            or
                                                                            responsibilities
                                                                            thereunder.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              147

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (b)
                                                                            The
                                                                            Master
                                                                            Servicer
                                                                            that
                                                                            has been
                                                                            terminated
                                                                            shall,
                                                                            upon
                                                                            request
                                                                            of the
                                                                            Trustee
                                                                            but
                                                                            at the
                                                                            expense
                                                                            of such
                                                                            Master
                                                                            Servicer,
                                                                            deliver
                                                                            to the
                                                                            assuming
                                                                            party
                                                                            all
                                                                            documents
                                                                            and records
                                                                            relating
                                                                            to the
                                                                            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
                                                                            the Servicing
                                                                            Agreement
                                                                            to the
                                                                            assuming
                                                                            party.

                                                                           

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

                                                                           

                                                                          To
                                                                            the
                                                                            extent
                                                                            provided
                                                                            in the
                                                                            Servicing
                                                                            Agreement,
                                                                            to the
                                                                            extent
                                                                            Mortgage
                                                                            Loans
                                                                            contain
                                                                            enforceable
                                                                            due-on-sale
                                                                            clauses,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            cause
                                                                            the Servicer
                                                                            to
                                                                            enforce
                                                                            such
                                                                            clauses
                                                                            in accordance
                                                                            with
                                                                            the 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 Servicing
                                                                            Agreement,
                                                                            and,
                                                                            as a
                                                                            consequence,
                                                                            a Mortgage
                                                                            Loan
                                                                            is assumed,
                                                                            the original
                                                                            Mortgagor
                                                                            may be
                                                                            released
                                                                            from
                                                                            liability
                                                                            in accordance
                                                                            with
                                                                            the Servicing
                                                                            Agreement.

                                                                           

                                                                          Section
                                                                            9.12.
Release
                                                                            of Mortgage
                                                                            Files. 

                                                                           

                                                                          (a)
                                                                            Upon
                                                                            (i) becoming
                                                                            aware
                                                                            of the
                                                                            payment
                                                                            in full
                                                                            of any
                                                                            Mortgage
                                                                            Loan
                                                                            or (ii)
                                                                            the
                                                                            receipt
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            of a
                                                                            notification
                                                                            that
                                                                            payment
                                                                            in full
                                                                            has been
                                                                            or will
                                                                            be escrowed
                                                                            in a
                                                                            manner
                                                                            customary
                                                                            for such
                                                                            purposes,
                                                                            the Master
                                                                            Servicer
                                                                            will,
                                                                            or will
                                                                            cause
                                                                            the Servicer
                                                                            to, promptly
                                                                            notify
                                                                            the Trustee
                                                                            (or the
                                                                            Custodian)
                                                                            by a
                                                                            certification
                                                                            (which
                                                                            certification
                                                                            shall
                                                                            include
                                                                            a statement
                                                                            to
                                                                            the effect
                                                                            that
                                                                            all amounts
                                                                            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
                                                                            (on the
                                                                            form
                                                                            attached
                                                                            hereto
                                                                            as Exhibit
                                                                            C or
                                                                            on the
                                                                            form
                                                                            attached
                                                                            to the
                                                                            Custodial
                                                                            Agreement)
                                                                            the Trustee
                                                                            or the
                                                                            Custodian,
                                                                            to deliver
                                                                            to the
                                                                            Servicer
                                                                            the related
                                                                            Mortgage
                                                                            File.
                                                                            Upon
                                                                            receipt
                                                                            of such
                                                                            certification
                                                                            and request,
                                                                            the Trustee
                                                                            or the
                                                                            Custodian
                                                                            (with
                                                                            the consent,
                                                                            and
                                                                            at the
                                                                            direction
                                                                            of the
                                                                            Trustee),
                                                                            shall
                                                                            promptly
                                                                            release
                                                                            the related
                                                                            Mortgage
                                                                            File
                                                                            to the
                                                                            Servicer
                                                                            and neither
                                                                            the Trustee
                                                                            nor the Custodian
                                                                            shall
                                                                            have
                                                                            further
                                                                            responsibility
                                                                            with
                                                                            regard
                                                                            to such
                                                                            Mortgage
                                                                            File.
                                                                            Upon
                                                                            any such
                                                                            payment
                                                                            in full,
                                                                            the Master
                                                                            Servicer
                                                                            is authorized,
                                                                            and the
                                                                            Servicer,
                                                                            to the
                                                                            extent
                                                                            such
                                                                            authority
                                                                            is provided
                                                                            for under
                                                                            the Servicing
                                                                            Agreement,
                                                                            is authorized,
                                                                            to give,
                                                                            as agent
                                                                            for the
                                                                            Trustee,
                                                                            as the
                                                                            mortgagee
                                                                            under
                                                                            the Mortgage
                                                                            that
                                                                            secured
                                                                            the
                                                                            Mortgage
                                                                            Loan,
                                                                            an instrument
                                                                            of satisfaction
                                                                            (or assignment
                                                                            of mortgage
                                                                            without
                                                                            recourse)
                                                                            regarding
                                                                            the Mortgaged
                                                                            Property
                                                                            subject
                                                                            to the
                                                                            Mortgage,
                                                                            which
                                                                            instrument
                                                                            of satisfaction
                                                                            or assignment,
                                                                            as the
                                                                            case
                                                                            may be,
                                                                            shall
                                                                            be delivered
                                                                            to the
                                                                            Person
                                                                            or Persons
                                                                            entitled
                                                                            thereto
                                                                            against
                                                                            receipt
                                                                            therefor
                                                                            of such
                                                                            payment,
                                                                            it being
                                                                            understood
                                                                            and agreed
                                                                            that
                                                                            no expenses
                                                                            incurred
                                                                            in connection
                                                                            with
                                                                            such
                                                                            instrument
                                                                            of satisfaction
                                                                            or assignment,
                                                                            as the
                                                                            case
                                                                            may be,
                                                                            shall
                                                                            be
                                                                            chargeable
                                                                            to the
                                                                            Collection
                                                                            Account.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              148

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (b)
                                                                            From
                                                                            time
                                                                            to time
                                                                            and as
                                                                            appropriate
                                                                            for the
                                                                            servicing
                                                                            or foreclosure
                                                                            of any
                                                                            Mortgage
                                                                            Loan
                                                                            and in
                                                                            accordance
                                                                            with
                                                                            Accepted
                                                                            Servicing
                                                                            Practices
                                                                            and the
                                                                            Servicing
                                                                            Agreement,
                                                                            the Trustee
                                                                            shall
                                                                            execute
                                                                            such
                                                                            documents
                                                                            as shall
                                                                            be prepared
                                                                            and
                                                                            furnished
                                                                            to the
                                                                            Trustee
                                                                            by the
                                                                            Master
                                                                            Servicer,
                                                                            or by
                                                                            the 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
                                                                            the Servicer,
                                                                            and delivery
                                                                            to the
                                                                            Trustee
                                                                            or the
                                                                            Custodian,
                                                                            of a
                                                                            request
                                                                            for release
                                                                            of documents
                                                                            and a
                                                                            receipt
                                                                            signed
                                                                            by a
                                                                            Servicing
                                                                            Officer
                                                                            substantially
                                                                            in the
                                                                            form
                                                                            of Exhibit
                                                                            C, release
                                                                            the related
                                                                            Mortgage
                                                                            File
                                                                            held
                                                                            in its
                                                                            possession
                                                                            or control
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            (or the
                                                                            Servicer).
                                                                            Such
                                                                            receipt
                                                                            shall
                                                                            obligate
                                                                            the Master
                                                                            Servicer
                                                                            or Servicer
                                                                            to return
                                                                            the Mortgage
                                                                            File
                                                                            to the
                                                                            Trustee
                                                                            or the
                                                                            Custodian,
                                                                            as applicable,
                                                                            when
                                                                            the need
                                                                            therefor
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            or Servicer
                                                                            no longer
                                                                            exists
                                                                            unless
                                                                            the Mortgage
                                                                            Loan
                                                                            shall
                                                                            be liquidated,
                                                                            in which
                                                                            case,
                                                                            upon
                                                                            receipt
                                                                            of a
                                                                            certificate
                                                                            of a
                                                                            Servicing
                                                                            Officer
                                                                            similar
                                                                            to that
                                                                            hereinabove
                                                                            specified,
                                                                            the receipt
                                                                            shall
                                                                            be
                                                                            released
                                                                            by the
                                                                            Trustee
                                                                            or the
                                                                            Custodian,
                                                                            as applicable,
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            (or the
                                                                            Servicer).

                                                                           

                                                                          
                                                                            	
                                                                                    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 Servicer
                                                                            to transmit,
                                                                            to the
                                                                            Trustee
                                                                            such
                                                                            documents
                                                                            and instruments
                                                                            coming
                                                                            into
                                                                            the possession
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            or the
                                                                            Servicer
                                                                            from
                                                                            time
                                                                            to time
                                                                            as are
                                                                            required
                                                                            by the
                                                                            terms
                                                                            hereof
                                                                            or of
                                                                            the Servicing
                                                                            Agreement
                                                                            to be
                                                                            delivered
                                                                            to the
                                                                            Trustee
                                                                            or the
                                                                            Custodian.
                                                                            Any funds
                                                                            received
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            or by
                                                                            the Servicer
                                                                            in respect
                                                                            of any
                                                                            Mortgage
                                                                            Loan
                                                                            or which
                                                                            otherwise
                                                                            are collected
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            or the
                                                                            Servicer
                                                                            as 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 the
                                                                            Servicer
                                                                            to retain
                                                                            its Servicing
                                                                            Fee
                                                                            and other
                                                                            amounts
                                                                            as provided
                                                                            in the
                                                                            Servicing
                                                                            Agreement.
                                                                            The Master
                                                                            Servicer
                                                                            shall,
                                                                            and shall
                                                                            (to the
                                                                            extent
                                                                            provided
                                                                            in the
                                                                            Servicing
                                                                            Agreement)
                                                                            cause
                                                                            the
                                                                            Servicer
                                                                            to, provide
                                                                            access
                                                                            to information
                                                                            and documentation
                                                                            regarding
                                                                            the
                                                                            Mortgage
                                                                            Loans
                                                                            to the
                                                                            Trustee,
                                                                            any NIMS
                                                                            Insurer,
                                                                            their
                                                                            respective
                                                                            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 the
                                                                            Servicer,
                                                                            in respect
                                                                            of any
                                                                            Mortgage
                                                                            Loans,
                                                                            whether
                                                                            from
                                                                            the collection
                                                                            of principal
                                                                            and interest
                                                                            payments
                                                                            or from
                                                                            Liquidation
                                                                            Proceeds
                                                                            or Insurance
                                                                            Proceeds,
                                                                            shall
                                                                            be held
                                                                            by the
                                                                            Master
                                                                            Servicer,
                                                                            or by
                                                                            the 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 the
                                                                            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 the
                                                                            Servicer
                                                                            under
                                                                            this
                                                                            Agreement
                                                                            or the
                                                                            Servicing
                                                                            Agreement
                                                                            and
                                                                            shall
                                                                            be authorized
                                                                            to remit
                                                                            such
                                                                            funds
                                                                            to the
                                                                            Trustee
                                                                            in accordance
                                                                            with
                                                                            this
                                                                            Agreement.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              149

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (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, the
                                                                            Servicer
                                                                            or the
                                                                            Master
                                                                            Servicer
                                                                            that
                                                                            are
                                                                            collected
                                                                            by the
                                                                            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
                                                                            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
                                                                            a Servicer
                                                                            is entitled
                                                                            under
                                                                            the 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 the
                                                                            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 the
                                                                            Servicer
                                                                            shall
                                                                            be held
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            or the
                                                                            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
                                                                            applicable
                                                                            laws.

                                                                           

                                                                          (d)
                                                                            The
                                                                            Master
                                                                            Servicer
                                                                            agrees
                                                                            that
                                                                            it shall
                                                                            not,
                                                                            and shall
                                                                            not authorize
                                                                            the Servicer
                                                                            to, create,
                                                                            incur
                                                                            or subject
                                                                            any Mortgage
                                                                            Loans,
                                                                            or any
                                                                            funds
                                                                            that
                                                                            are deposited
                                                                            in any
                                                                            Custodial
                                                                            Account,
                                                                            Escrow
                                                                            Account
                                                                            or the
                                                                            Collection
                                                                            Account,
                                                                            or any
                                                                            funds
                                                                            that
                                                                            otherwise
                                                                            are or
                                                                            may become
                                                                            due or
                                                                            payable
                                                                            to the
                                                                            Trustee,
                                                                            to any
                                                                            claim,
                                                                            lien,
                                                                            security
                                                                            interest,
                                                                            judgment,
                                                                            levy,
                                                                            writ
                                                                            of attachment
                                                                            or other
                                                                            encumbrance,
                                                                            nor assert
                                                                            by legal
                                                                            action
                                                                            or otherwise
                                                                            any claim
                                                                            or right
                                                                            of
                                                                            setoff
                                                                            against
                                                                            any Mortgage
                                                                            Loan
                                                                            or any
                                                                            funds
                                                                            collected
                                                                            on, or
                                                                            in connection
                                                                            with,
                                                                            a Mortgage
                                                                            Loan.

                                                                           

                                                                          Section
                                                                            9.14.
Representations
                                                                            and Warranties
                                                                            of the
                                                                            Master
                                                                            Servicer. 

                                                                           

                                                                          (a)
                                                                            The
                                                                            Master
                                                                            Servicer
                                                                            hereby
                                                                            represents
                                                                            and warrants
                                                                            to the
                                                                            Depositor,
                                                                            any NIMS
                                                                            Insurer
                                                                            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 laws
                                                                            of the
                                                                            state
                                                                            of its
                                                                            incorporation,
                                                                            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;

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              150

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (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 a
                                                                            Fannie
                                                                            Mae-
                                                                            or
                                                                            Freddie
                                                                            Mac-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;

                                                                           

                                                                          (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;
                                                                            and

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              151

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (xi)
                                                                            the
                                                                            information
                                                                            about
                                                                            the Master
                                                                            Servicer
                                                                            under
                                                                            the heading
“The Master
                                                                            Servicer”
in
                                                                            the Offering
                                                                            Documents
                                                                            relating
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            does
                                                                            not include
                                                                            an
                                                                            untrue
                                                                            statement
                                                                            of a
                                                                            material
                                                                            fact
                                                                            and does
                                                                            not omit
                                                                            to state
                                                                            a material
                                                                            fact,
                                                                            with
                                                                            respect
                                                                            to the
                                                                            statements
                                                                            made,
                                                                            necessary
                                                                            in order
                                                                            to make
                                                                            the statements
                                                                            in light
                                                                            of the
                                                                            circumstances
                                                                            under
                                                                            which
                                                                            they
                                                                            were
                                                                            made
                                                                            not
                                                                            misleading.

                                                                           

                                                                          (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 Trustee
                                                                            and any
                                                                            NIMS
                                                                            Insurer
                                                                            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).
                                                                            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 Trustee
                                                                            and any
                                                                            NIMS
                                                                            Insurer
                                                                            as provided
                                                                            in this
                                                                            Section
                                                                            constitutes
                                                                            the sole
                                                                            remedy
                                                                            (other
                                                                            than
                                                                            as set
                                                                            forth
                                                                            in Section
                                                                            6.14)
                                                                            of the
                                                                            Depositor,
                                                                            the Trustee
                                                                            and any
                                                                            NIMS
                                                                            Insurer,
                                                                            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
                                                                            Trustee
                                                                            or any
                                                                            NIMS
                                                                            Insurer
                                                                            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
                                                                            each
                                                                            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)
                                                                            hereof.
                                                                            It is
                                                                            understood
                                                                            and
                                                                            agreed
                                                                            that
                                                                            the enforcement
                                                                            of the
                                                                            obligation
                                                                            of the
                                                                            Depositor
                                                                            set forth
                                                                            in this
                                                                            Section
                                                                            to indemnify
                                                                            the Master
                                                                            Servicer
                                                                            as provided
                                                                            in this
                                                                            Section
                                                                            constitutes
                                                                            the sole
                                                                            remedy
                                                                            hereunder
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            respecting
                                                                            a breach
                                                                            by the
                                                                            Depositor
                                                                            of the
                                                                            representations
                                                                            and warranties
                                                                            in Sections
                                                                            2.03(a)(i)
                                                                            through
                                                                            (vi)
                                                                            hereof.

                                                                           

                                                                          (d) Any
                                                                            cause
                                                                            of action
                                                                            against
                                                                            the Master
                                                                            Servicer
                                                                            relating
                                                                            to or
                                                                            arising
                                                                            out of
                                                                            the breach
                                                                            of any
                                                                            representations
                                                                            and warranties
                                                                            made
                                                                            in this
                                                                            Section
                                                                            shall
                                                                            accrue
                                                                            upon
                                                                            discovery
                                                                            of such
                                                                            breach
                                                                            by either
                                                                            the Depositor,
                                                                            the Master
                                                                            Servicer,
                                                                            the
                                                                            Trustee
                                                                            or any
                                                                            NIMS
                                                                            Insurer
                                                                            or notice
                                                                            thereof
                                                                            by any
                                                                            one of
                                                                            such
                                                                            parties
                                                                            to the
                                                                            other
                                                                            parties.
                                                                            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).

                                                                           

                                                                          Section
                                                                            9.15.
Opinion. 

                                                                           

                                                                          On
                                                                            or
                                                                            before
                                                                            the Closing
                                                                            Date,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            cause
                                                                            to be
                                                                            delivered
                                                                            to the
                                                                            Depositor,
                                                                            the Seller,
                                                                            the Trustee
                                                                            and any
                                                                            NIMS
                                                                            Insurer
                                                                            one or
                                                                            more
                                                                            Opinions
                                                                            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.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              152

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          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 the
                                                                            Servicer,
                                                                            standard
                                                                            fire
                                                                            and casualty
                                                                            insurance
                                                                            and,
                                                                            where
                                                                            applicable,
                                                                            flood
                                                                            insurance,
                                                                            all in
                                                                            accordance
                                                                            with
                                                                            the
                                                                            provisions
                                                                            of this
                                                                            Agreement
                                                                            and the
                                                                            Servicing
                                                                            Agreement,
                                                                            as applicable.
                                                                            It is
                                                                            understood
                                                                            and agreed
                                                                            that
                                                                            such
                                                                            insurance
                                                                            shall
                                                                            be with
                                                                            insurers
                                                                            meeting
                                                                            the
                                                                            eligibility
                                                                            requirements
                                                                            set forth
                                                                            in the
                                                                            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
                                                                            the
                                                                            Servicer,
                                                                            under
                                                                            any insurance
                                                                            policies
                                                                            maintained
                                                                            pursuant
                                                                            to this
                                                                            Section
                                                                            9.16
                                                                            or the
                                                                            Servicing
                                                                            Agreement
                                                                            (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 Servicing
                                                                            Agreement)
                                                                            shall
                                                                            be deposited
                                                                            into
                                                                            the Collection
                                                                            Account,
                                                                            subject
                                                                            to withdrawal
                                                                            pursuant
                                                                            to Section
                                                                            4.02.
                                                                            Any cost
                                                                            incurred
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            or the
                                                                            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 the
                                                                            Servicer
                                                                            pursuant
                                                                            to Section
                                                                            4.02.

                                                                           

                                                                          Section
                                                                            9.17.
Presentment
                                                                            of Claims
                                                                            and Collection
                                                                            of Proceeds. 

                                                                           

                                                                          The
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            cause
                                                                            the Servicer
                                                                            (to the
                                                                            extent
                                                                            provided
                                                                            in the
                                                                            Servicing
                                                                            Agreement)
                                                                            to, prepare
                                                                            and present
                                                                            on behalf
                                                                            of the
                                                                            Trustee
                                                                            and the
                                                                            Certificateholders
                                                                            all claims
                                                                            under
                                                                            the Insurance
                                                                            Policies
                                                                            with
                                                                            respect
                                                                            to the
                                                                            Mortgage
                                                                            Loans,
                                                                            and take
                                                                            such
                                                                            actions
                                                                            (including
                                                                            the negotiation,
                                                                            settlement,
                                                                            compromise
                                                                            or enforcement
                                                                            of the
                                                                            insured’s claim)
                                                                            as shall
                                                                            be necessary
                                                                            to
                                                                            realize
                                                                            recovery
                                                                            under
                                                                            such
                                                                            policies.
                                                                            Any proceeds
                                                                            disbursed
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            (or disbursed
                                                                            to the
                                                                            Servicer
                                                                            and remitted
                                                                            to the
                                                                            Master
                                                                            Servicer)
                                                                            in
                                                                            respect
                                                                            of such
                                                                            policies
                                                                            or bonds
                                                                            shall
                                                                            be promptly
                                                                            deposited
                                                                            in the
                                                                            Collection
                                                                            Account
                                                                            or the
                                                                            Custodial
                                                                            Account
                                                                            upon
                                                                            receipt,
                                                                            except
                                                                            that
                                                                            any amounts
                                                                            realized
                                                                            that
                                                                            are to
                                                                            be applied
                                                                            to the
                                                                            repair
                                                                            or restoration
                                                                            of the
                                                                            related
                                                                            Mortgaged
                                                                            Property
                                                                            as a
                                                                            condition
                                                                            requisite
                                                                            to the
                                                                            presentation
                                                                            of claims
                                                                            on the
                                                                            related
                                                                            Mortgage
                                                                            Loan
                                                                            to the
                                                                            insurer
                                                                            under
                                                                            any applicable
                                                                            Insurance
                                                                            Policy
                                                                            need
                                                                            not be
                                                                            so deposited
                                                                            (or remitted).

                                                                           

                                                                          Section
                                                                            9.18.
Maintenance
                                                                            of the
                                                                            Primary
                                                                            Mortgage
                                                                            Insurance
                                                                            Policies. 

                                                                           

                                                                          (a)
                                                                            The
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            cause
                                                                            the Servicer
                                                                            to remit
                                                                            (with
                                                                            respect
                                                                            to any
                                                                            Primary
                                                                            Mortgage
                                                                            Insurance
                                                                            Policy)
                                                                            or shall
                                                                            remit
                                                                            on behalf
                                                                            of the
                                                                            Servicer
                                                                            to the
                                                                            PMI
                                                                            Insurer,
                                                                            the applicable
                                                                            PMI Insurance
                                                                            Premiums.
                                                                            The Master
                                                                            Servicer
                                                                            shall
                                                                            not
                                                                            take,
                                                                            or knowingly
                                                                            permit
                                                                            the Servicer
                                                                            (consistent
                                                                            with
                                                                            the Servicing
                                                                            Agreement)
                                                                            to take,
                                                                            any action
                                                                            that
                                                                            would
                                                                            result
                                                                            in noncoverage
                                                                            under
                                                                            any applicable
                                                                            Primary
                                                                            Mortgage
                                                                            Insurance
                                                                            Policy
                                                                            of any
                                                                            loss
                                                                            which,
                                                                            but for
                                                                            the actions
                                                                            of such
                                                                            Master
                                                                            Servicer
                                                                            or the
                                                                            Servicer,
                                                                            would
                                                                            have
                                                                            been
                                                                            covered
                                                                            thereunder.
                                                                            The Master
                                                                            Servicer
                                                                            shall
                                                                            not,
                                                                            and shall
                                                                            not knowingly
                                                                            permit
                                                                            the 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
                                                                            in accordance
                                                                            with
                                                                            the provisions of
                                                                            this
                                                                            Agreement
                                                                            and the
                                                                            Servicing
                                                                            Agreement,
                                                                            as applicable.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              153

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (b)
                                                                            The
                                                                            Master
                                                                            Servicer
                                                                            agrees,
                                                                            to the
                                                                            extent
                                                                            provided
                                                                            in the
                                                                            Servicing
                                                                            Agreement,
                                                                            to
                                                                            cause
                                                                            the 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 the
                                                                            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
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            promptly
                                                                            deliver
                                                                            or cause
                                                                            the Servicer
                                                                            to deliver
                                                                            to the
                                                                            Custodian,
                                                                            upon
                                                                            the execution
                                                                            or receipt
                                                                            thereof
                                                                            the originals
                                                                            of the
                                                                            Primary
                                                                            Mortgage
                                                                            Insurance
                                                                            Policies
                                                                            or certificate
                                                                            of insurance,
                                                                            if applicable,
                                                                            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
                                                                            or the
                                                                            Servicer
                                                                            from
                                                                            time
                                                                            to time.
                                                                            The Custodian
                                                                            on behalf
                                                                            of
                                                                            the Trustee
                                                                            shall
                                                                            retain
                                                                            possession
                                                                            and custody
                                                                            of the
                                                                            originals
                                                                            of such
                                                                            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
                                                                            and delivered
                                                                            to the
                                                                            Custodian
                                                                            by the
                                                                            Master
                                                                            Servicer.
                                                                            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 Custodian
                                                                            shall
                                                                            also
                                                                            retain
                                                                            possession
                                                                            and
                                                                            custody
                                                                            of each
                                                                            Mortgage
                                                                            File
                                                                            in accordance
                                                                            with
                                                                            and subject
                                                                            to the
                                                                            terms
                                                                            and
                                                                            conditions
                                                                            of this
                                                                            Agreement.

                                                                          Section
                                                                            9.20.
[Reserved] 

                                                                           

                                                                          Section
                                                                            9.21.
Compensation
                                                                            to the
                                                                            Master
                                                                            Servicer. 

                                                                           

                                                                          The
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            be entitled
                                                                            to withdraw
                                                                            from
                                                                            the Collection
                                                                            Account,
                                                                            subject
                                                                            to Section
                                                                            5.05,
                                                                            the Master
                                                                            Servicing
                                                                            Fee 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
                                                                            Premium)
                                                                            shall
                                                                            be retained
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            (or the
                                                                            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
                                                                            therefor
                                                                            except
                                                                            as provided
                                                                            in this
                                                                            Agreement.
                                                                            Pursuant
                                                                            to Section
                                                                            4.01(e),
                                                                            all income
                                                                            and gain
                                                                            realized
                                                                            from
                                                                            any
                                                                            investment
                                                                            of funds
                                                                            in the
                                                                            Collection
                                                                            Account
                                                                            shall
                                                                            be for
                                                                            the benefit
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            as additional
                                                                            compensation.
                                                                            The provisions
                                                                            of this
                                                                            Section
                                                                            9.21
                                                                            are subject
                                                                            to the
                                                                            provisions
                                                                            of Section
                                                                            6.14.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              154

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          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 cause
                                                                            the Servicer,
                                                                            to the
                                                                            extent
                                                                            provided
                                                                            in the
                                                                            Servicing
                                                                            Agreement
                                                                            any REO
                                                                            Property
                                                                            as
                                                                            expeditiously
                                                                            as possible
                                                                            and in
                                                                            accordance
                                                                            with
                                                                            the provisions
                                                                            of this
                                                                            Agreement
                                                                            and the
                                                                            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 Servicer
                                                                            to protect
                                                                            and conserve,
                                                                            such
                                                                            REO
                                                                            Property
                                                                            in the
                                                                            manner
                                                                            and to
                                                                            such
                                                                            extent
                                                                            required
                                                                            by the
                                                                            Servicing
                                                                            Agreement,
                                                                            subject
                                                                            to Article
                                                                            X hereof.

                                                                           

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

                                                                           

                                                                          (c)
                                                                            The
                                                                            Master
                                                                            Servicer
                                                                            and the
                                                                            Servicer,
                                                                            upon
                                                                            the final
                                                                            disposition
                                                                            of any
                                                                            REO
                                                                            Property,
                                                                            shall
                                                                            be entitled
                                                                            to reimbursement
                                                                            for any
                                                                            related
                                                                            unreimbursed
                                                                            Advances
                                                                            and other
                                                                            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 the
                                                                            Servicer
                                                                            shall
                                                                            have
                                                                            hereunder)
                                                                            any such
                                                                            unreimbursed
                                                                            Advances
                                                                            as well
                                                                            as any
                                                                            unpaid
                                                                            Net 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
                                                                            Servicer
                                                                            as provided
                                                                            above,
                                                                            shall
                                                                            be
                                                                            deposited
                                                                            in the
                                                                            Collection
                                                                            Account
                                                                            on or
                                                                            prior
                                                                            to the
                                                                            Determination
                                                                            Date
                                                                            in the
                                                                            month
                                                                            following
                                                                            receipt
                                                                            thereof
                                                                            and be
                                                                            remitted
                                                                            by wire
                                                                            transfer
                                                                            in immediately
                                                                            available
                                                                            funds
                                                                            on the
                                                                            next
                                                                            succeeding
                                                                            Master
                                                                            Servicer
                                                                            Remittance
                                                                            Date
                                                                            to the
                                                                            Trustee
                                                                            for deposit
                                                                            into
                                                                            the Certificate
                                                                            Account.

                                                                           

                                                                          Section
                                                                            9.23.
Notice
                                                                            to the
                                                                            Sponsor,
                                                                            the Depositor
                                                                            and the
                                                                            Trustee. 

                                                                           

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

                                                                           

                                                                          (b)
                                                                             Not
                                                                            later
                                                                            than
                                                                            four
                                                                            Business
                                                                            Days
                                                                            prior
                                                                            to the
                                                                            Distribution
                                                                            Date
                                                                            of each
                                                                            month,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            provide
                                                                            to the
                                                                            Trustee,
                                                                            the Sponsor,
                                                                            the Depositor
                                                                            and each
                                                                            Rating
                                                                            Agency
                                                                            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
                                                                            the Servicer
                                                                            strictly
                                                                            observing
                                                                            all requirements
                                                                            and deadlines
                                                                            in the
                                                                            performance
                                                                            of its
                                                                            duties
                                                                            under
                                                                            the Servicing
                                                                            Agreement.
                                                                            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
                                                                            the
                                                                            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.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              155

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          Section
                                                                            9.24.
Reports
                                                                            to the
                                                                            Trustee. 

                                                                           

                                                                          (a)
                                                                             Not
                                                                            later
                                                                            than
                                                                            30 days
                                                                            after
                                                                            each
                                                                            Distribution
                                                                            Date,
                                                                            the Master
                                                                            Servicer
                                                                            shall,
                                                                            upon
                                                                            request,
                                                                            forward
                                                                            to the
                                                                            Trustee
                                                                            a statement,
                                                                            deemed
                                                                            to have
                                                                            been
                                                                            certified
                                                                            by a
                                                                            Servicing
                                                                            Officer,
                                                                            setting
                                                                            forth
                                                                            the status
                                                                            of the
                                                                            Collection
                                                                            Account
                                                                            maintained
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            as of
                                                                            the close
                                                                            of business
                                                                            on the
                                                                            related
                                                                            Distribution
                                                                            Date,
                                                                            indicating
                                                                            that
                                                                            all distributions
                                                                            required
                                                                            by this
                                                                            Agreement
                                                                            to be
                                                                            made
                                                                            by
                                                                            the Master
                                                                            Servicer
                                                                            have
                                                                            been
                                                                            made
                                                                            (or if
                                                                            any required
                                                                            distribution
                                                                            has not
                                                                            been
                                                                            made
                                                                            by the
                                                                            Master
                                                                            Servicer,
                                                                            specifying
                                                                            the nature
                                                                            and status
                                                                            thereof)
                                                                            and
                                                                            showing,
                                                                            for the
                                                                            period
                                                                            covered
                                                                            by such
                                                                            statement,
                                                                            the aggregate
                                                                            of deposits
                                                                            into
                                                                            and withdrawals
                                                                            from
                                                                            the Collection
                                                                            Account
                                                                            maintained
                                                                            by the
                                                                            Master
                                                                            Servicer.
                                                                            Copies
                                                                            of such
                                                                            statement
                                                                            shall
                                                                            be provided
                                                                            by the
                                                                            Master
                                                                            Servicer,
                                                                            upon
                                                                            request,
                                                                            to the
                                                                            Depositor,
                                                                            Attention:
                                                                            Contract
                                                                            Finance,
                                                                            any NIMS
                                                                            Insurer
                                                                            and any
                                                                            Certificateholders
                                                                            (or by
                                                                            the Trustee
                                                                            at the
                                                                            Master
                                                                            Servicer’s expense
                                                                            if the
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            fail
                                                                            to provide
                                                                            such
                                                                            copies
                                                                            to the
                                                                            Certificateholders
                                                                            (unless
                                                                            (i) the
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            have
                                                                            failed
                                                                            to provide
                                                                            the Trustee
                                                                            with
                                                                            such
                                                                            statement
                                                                            or (ii)
                                                                            the Trustee
                                                                            shall
                                                                            be unaware
                                                                            of the
                                                                            Master
                                                                            Servicer’s failure
                                                                            to provide
                                                                            such
                                                                            statement)).

                                                                           

                                                                          (b)
                                                                             Not
                                                                            later
                                                                            than
                                                                            two Business
                                                                            Days
                                                                            following
                                                                            each
                                                                            Distribution
                                                                            Date,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            deliver
                                                                            to one
                                                                            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
                                                                            Servicer
                                                                            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
                                                                            Servicer
                                                                            without
                                                                            independent
                                                                            verification
                                                                            thereof
                                                                            and the
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            be entitled
                                                                            to rely
                                                                            on such
                                                                            information.

                                                                           

                                                                          Section
                                                                            9.25.
Assessment
                                                                            of Compliance
                                                                            and Attestation
                                                                            Reports.

                                                                           

                                                                          (a)
                                                                             Assessment
                                                                            of Compliance

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              156

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

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

                                                                           

                                                                          (iii)
                                                                             Promptly
                                                                            after
                                                                            receipt
                                                                            of each
                                                                            report
                                                                            on assessment
                                                                            of compliance,
                                                                            the Trustee
                                                                            shall
                                                                            confirm
                                                                            that
                                                                            the assessments,
                                                                            taken
                                                                            as a
                                                                            whole,
                                                                            address
                                                                            all applicable
                                                                            Servicing
                                                                            Criteria
                                                                            and taken
                                                                            individually
                                                                            address
                                                                            the Relevant
                                                                            Servicing
                                                                            Criteria
                                                                            (and
                                                                            disclose
                                                                            the inapplicability
                                                                            of the
                                                                            Servicing
                                                                            Criteria
                                                                            not determined
                                                                            to be
                                                                            Relevant
                                                                            Criteria)
                                                                            for each
                                                                            party
                                                                            as set
                                                                            forth
                                                                            on Exhibit
                                                                            S and
                                                                            on any
                                                                            similar
                                                                            exhibit
                                                                            set forth
                                                                            in the
                                                                            Servicing
                                                                            Agreement
                                                                            in respect
                                                                            of the
                                                                            Servicer,
                                                                            and the
                                                                            Custodial
                                                                            Agreement
                                                                            in respect
                                                                            of the
                                                                            Custodian,
                                                                            and shall
                                                                            notify
                                                                            the Depositor
                                                                            of any
                                                                            exceptions.

                                                                           

                                                                          (b)
                                                                             Attestation
                                                                            Reports

                                                                           

                                                                          (i)
                                                                             By
                                                                            March
                                                                            15 of
                                                                            each
                                                                            year,
                                                                            commencing
                                                                            in March
                                                                            2007,
                                                                            the Master
                                                                            Servicer,
                                                                            the Credit
                                                                            Risk
                                                                            Manager,
                                                                            the Paying
                                                                            Agent
                                                                            (if other
                                                                            than
                                                                            the Trustee)
                                                                            and the
                                                                            Trustee,
                                                                            each
                                                                            at
                                                                            its own
                                                                            expense,
                                                                            shall
                                                                            cause,
                                                                            and each
                                                                            such
                                                                            party
                                                                            shall
                                                                            cause
                                                                            any Servicing
                                                                            Function
                                                                            Participant
                                                                            engaged
                                                                            by it
                                                                            to cause,
                                                                            each
                                                                            at its
                                                                            own expense,
                                                                            a
                                                                            registered
                                                                            public
                                                                            accounting
                                                                            firm
                                                                            (which
                                                                            may also
                                                                            render
                                                                            other
                                                                            services
                                                                            to the
                                                                            Master
                                                                            Servicer,
                                                                            the Credit
                                                                            Risk
                                                                            Manager,
                                                                            the Paying
                                                                            Agent
                                                                            and the
                                                                            Trustee,
                                                                            as
                                                                            the case
                                                                            may be)
                                                                            that
                                                                            is a
                                                                            member
                                                                            of the
                                                                            American
                                                                            Institute
                                                                            of Certified
                                                                            Public
                                                                            Accountants
                                                                            to furnish
                                                                            a report
                                                                            to the
                                                                            Sponsor,
                                                                            the Depositor,
                                                                            the Master
                                                                            Servicer
                                                                            and the
                                                                            Trustee,
                                                                            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.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              157

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

                                                                          (c)
                                                                            The
                                                                            Trustee’s, Master
                                                                            Servicer’s and
                                                                            Paying
                                                                            Agent’s obligation
                                                                            to provide
                                                                            assessments
                                                                            of compliance
                                                                            and attestations
                                                                            under
                                                                            this
                                                                            Section
                                                                            9.25
                                                                            shall
                                                                            terminate
                                                                            upon
                                                                            the filing
                                                                            of a
                                                                            Form
                                                                            15 suspension
                                                                            notice
                                                                            on behalf
                                                                            of the
                                                                            Trust
                                                                            Fund.
                                                                            Notwithstanding
                                                                            the foregoing,
                                                                            after
                                                                            the occurrence
                                                                            of such
                                                                            event,
                                                                            and
                                                                            provided
                                                                            that
                                                                            the Depositor
                                                                            is not
                                                                            otherwise
                                                                            provided
                                                                            with
                                                                            such
                                                                            reports
                                                                            or
                                                                            copies
                                                                            of such
                                                                            reports,
                                                                            the Trustee,
                                                                            Master
                                                                            Servicer
                                                                            and Paying
                                                                            Agent
                                                                            shall
                                                                            be
                                                                            obligated
                                                                            to provide
                                                                            a copy
                                                                            of such
                                                                            reports,
                                                                            by March
                                                                            15 of
                                                                            each
                                                                            year,
                                                                            to the
                                                                            Depositor.

                                                                           

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

                                                                           

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

                                                                           

                                                                          Section
                                                                            9.27.
Merger
                                                                            or Consolidation. 

                                                                           

                                                                          Any
                                                                            Person
                                                                            into
                                                                            which
                                                                            the Master
                                                                            Servicer
                                                                            may be
                                                                            merged
                                                                            or consolidated,
                                                                            or any
                                                                            Person
                                                                            resulting
                                                                            from
                                                                            any merger,
                                                                            conversion,
                                                                            other
                                                                            change
                                                                            in form
                                                                            or
                                                                            consolidation
                                                                            to which
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            be a
                                                                            party,
                                                                            or any
                                                                            Person
                                                                            succeeding
                                                                            to the
                                                                            business
                                                                            of the
                                                                            Master
                                                                            Servicer,
                                                                            shall
                                                                            be the
                                                                            successor
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            hereunder,
                                                                            without
                                                                            the execution
                                                                            or filing
                                                                            of any
                                                                            paper
                                                                            or any
                                                                            further
                                                                            act on
                                                                            the part
                                                                            of any
                                                                            of the
                                                                            parties
                                                                            hereto,
                                                                            anything
                                                                            herein
                                                                            to the
                                                                            contrary
                                                                            notwithstanding;
provided,
                                                                            however,
                                                                            that
                                                                            the
                                                                            successor
                                                                            or resulting
                                                                            Person
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            be a
                                                                            Person
                                                                            that
                                                                            shall
                                                                            be qualified
                                                                            and approved
                                                                            to service
                                                                            mortgage
                                                                            loans
                                                                            for Fannie
                                                                            Mae or
                                                                            Freddie
                                                                            Mac and
                                                                            shall
                                                                            have
                                                                            a net
                                                                            worth
                                                                            of not
                                                                            less
                                                                            than
                                                                            $15,000,000.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              158

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          Section
                                                                            9.28.
Resignation
                                                                            of Master
                                                                            Servicer. 

                                                                           

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

                                                                           

                                                                          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
                                                                            Subservicer,
                                                                            Subcontractor
                                                                            or 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,
                                                                            any NIMS
                                                                            Insurer
                                                                            or the
                                                                            Depositor
                                                                            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,
                                                                            and the
                                                                            name
                                                                            of any
                                                                            such
                                                                            affiliated
                                                                            Subcontractor
                                                                            or
                                                                            Subservicer
                                                                            shall
                                                                            be given
                                                                            promptly
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            to the
                                                                            Depositor,
                                                                            the
                                                                            Trustee
                                                                            and any
                                                                            NIMS
                                                                            Insurer.
                                                                            If, pursuant
                                                                            to any
                                                                            provision
                                                                            hereof,
                                                                            the duties
                                                                            of the
                                                                            Master
                                                                            Servicer
                                                                            are transferred
                                                                            to a
                                                                            successor
                                                                            master
                                                                            servicer,
                                                                            the
                                                                            entire
                                                                            amount
                                                                            of the
                                                                            Master
                                                                            Servicing
                                                                            Fees
                                                                            and other
                                                                            compensation
                                                                            payable
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            pursuant
                                                                            hereto,
                                                                            including
                                                                            amounts
                                                                            payable
                                                                            to or
                                                                            permitted
                                                                            to be
                                                                            retained
                                                                            or withdrawn
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            pursuant
                                                                            to Section
                                                                            9.21
                                                                            hereof,
                                                                            shall
                                                                            thereafter
                                                                            be payable
                                                                            to such
                                                                            successor
                                                                            master
                                                                            servicer.

                                                                           

                                                                          (b)
                                                                            Notwithstanding
                                                                            the foregoing,
                                                                            for so
                                                                            long
                                                                            as reports
                                                                            are required
                                                                            to be
                                                                            filed
                                                                            with
                                                                            the Commission
                                                                            under
                                                                            the Exchange
                                                                            Act with
                                                                            respect
                                                                            to the
                                                                            Trust,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            not utilize
                                                                            any Subcontractor
                                                                            for the
                                                                            performance
                                                                            of its
                                                                            duties
                                                                            hereunder
                                                                            if such
                                                                            Subcontractor
                                                                            would
                                                                            be “participating
                                                                            in the
                                                                            servicing
                                                                            function”
within
                                                                            the meaning
                                                                            of Item
                                                                            1122
                                                                            of Regulation
                                                                            AB without
                                                                            (a) giving
                                                                            notice
                                                                            to the
                                                                            Trustee
                                                                            and the
                                                                            Depositor
                                                                            and (b)
                                                                            requiring
                                                                            any such
                                                                            Subcontractor
                                                                            to provide
                                                                            to the
                                                                            Master
                                                                            Servicer
                                                                            an attestation
                                                                            report
                                                                            as provided
                                                                            for in
                                                                            Section
                                                                            9.25
                                                                            and an
                                                                            assessment
                                                                            report
                                                                            as provided
                                                                            in Section
                                                                            9.26,
                                                                            which
                                                                            reports
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            include
                                                                            in its
                                                                            attestation
                                                                            and assessment
                                                                            reports.
                                                                            

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              159

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

                                                                          (c)
                                                                             None
                                                                            of
                                                                            the Master
                                                                            Servicer,
                                                                            the Seller
                                                                            or the
                                                                            Depositor
                                                                            or any
                                                                            of the
                                                                            directors,
                                                                            officers,
                                                                            employees
                                                                            or agents
                                                                            of any
                                                                            of them
                                                                            shall
                                                                            be under
                                                                            any liability
                                                                            to the
                                                                            Trustee
                                                                            or the
                                                                            Certificateholders
                                                                            for any
                                                                            action
                                                                            taken
                                                                            or for
                                                                            refraining
                                                                            from
                                                                            the taking
                                                                            of any
                                                                            action
                                                                            in good
                                                                            faith
                                                                            pursuant
                                                                            to this
                                                                            Agreement,
                                                                            or for
                                                                            errors
                                                                            in judgment;
provided,
                                                                            however,
                                                                            that
                                                                            this
                                                                            provision
                                                                            shall
                                                                            not protect
                                                                            the Master
                                                                            Servicer,
                                                                            the Seller
                                                                            or the
                                                                            Depositor
                                                                            or any
                                                                            such
                                                                            person
                                                                            against
                                                                            any liability
                                                                            that
                                                                            would
                                                                            otherwise
                                                                            be
                                                                            imposed
                                                                            by reason
                                                                            of willful
                                                                            misfeasance,
                                                                            bad faith
                                                                            or negligence
                                                                            in its
                                                                            performance
                                                                            of its
                                                                            duties
                                                                            or by
                                                                            reason
                                                                            of reckless
                                                                            disregard
                                                                            for its
                                                                            obligations
                                                                            and duties
                                                                            under
                                                                            this
                                                                            Agreement.
                                                                            The Master
                                                                            Servicer
                                                                            and any
                                                                            director,
                                                                            officer,
                                                                            employee
                                                                            or agent
                                                                            of any
                                                                            of them
                                                                            shall
                                                                            be entitled
                                                                            to indemnification
                                                                            by the
                                                                            Trust
                                                                            Fund
                                                                            and will
                                                                            be held
                                                                            harmless
                                                                            against
                                                                            any loss,
                                                                            liability
                                                                            or expense
                                                                            incurred
                                                                            in connection
                                                                            with
                                                                            any legal
                                                                            action
                                                                            relating
                                                                            to this
                                                                            Agreement
                                                                            or the
                                                                            Certificates
                                                                            other
                                                                            than
                                                                            any loss,
                                                                            liability
                                                                            or expense
                                                                            incurred
                                                                            by reason
                                                                            of
                                                                            willful
                                                                            misfeasance,
                                                                            bad faith
                                                                            or negligence
                                                                            in the
                                                                            performance
                                                                            of its
                                                                            duties
                                                                            hereunder
                                                                            or by
                                                                            reason
                                                                            of reckless
                                                                            disregard
                                                                            of his
                                                                            or its
                                                                            obligations
                                                                            and
                                                                            duties
                                                                            hereunder.
                                                                            The Master
                                                                            Servicer,
                                                                            the Seller
                                                                            and the
                                                                            Depositor
                                                                            and any
                                                                            director,
                                                                            officer,
                                                                            employee
                                                                            or agent
                                                                            of any
                                                                            of them
                                                                            may rely
                                                                            in good
                                                                            faith
                                                                            on
                                                                            any document
                                                                            of any
                                                                            kind
                                                                            prima
                                                                            facie
                                                                            properly
                                                                            executed
                                                                            and submitted
                                                                            by any
                                                                            Person
                                                                            respecting
                                                                            any matters
                                                                            arising
                                                                            hereunder.
                                                                            The Master
                                                                            Servicer,
                                                                            the Seller
                                                                            and the
                                                                            Depositor
                                                                            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.

                                                                           

                                                                          The
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            not be
                                                                            liable
                                                                            for any
                                                                            acts
                                                                            or omissions
                                                                            of the
                                                                            Servicer.
                                                                            In particular,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            not be
                                                                            liable
                                                                            for any
                                                                            course
                                                                            of action
                                                                            taken
                                                                            by the
                                                                            Servicer
                                                                            with
                                                                            respect
                                                                            to loss
                                                                            mitigation
                                                                            of defaulted
                                                                            Mortgage
                                                                            Loans
                                                                            at the
                                                                            direction
                                                                            of the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            or the
                                                                            Seller
                                                                            pursuant
                                                                            to the
                                                                            Credit
                                                                            Risk
                                                                            Management
                                                                            Agreement.
                                                                            Further,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            not be
                                                                            liable
                                                                            for performance
                                                                            by the
                                                                            Servicer
                                                                            under
                                                                            the Credit
                                                                            Risk
                                                                            Management
                                                                            Agreement.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              160

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          Section
                                                                            9.31.
Indemnification;
                                                                            Third-Party
                                                                            Claims. 

                                                                           

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

                                                                           

                                                                          Section
                                                                            9.32.
Special
                                                                            Servicing
                                                                            of Delinquent
                                                                            Mortgage
                                                                            Loans. 

                                                                           

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

                                                                           

                                                                          Section
                                                                            9.33.
Alternative
                                                                            Index. 

                                                                           

                                                                          In
                                                                            the
                                                                            event
                                                                            that
                                                                            the Index
                                                                            for any
                                                                            Mortgage
                                                                            Loan,
                                                                            as specified
                                                                            in the
                                                                            related
                                                                            Mortgage
                                                                            Note,
                                                                            becomes
                                                                            unavailable
                                                                            for any
                                                                            reason,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            select
                                                                            an
                                                                            alternative
                                                                            index,
                                                                            which
                                                                            in all
                                                                            cases
                                                                            shall
                                                                            be an
                                                                            index
                                                                            that
                                                                            constitutes
                                                                            a
                                                                            qualified
                                                                            rate
                                                                            on a
                                                                            regular
                                                                            interest
                                                                            under
                                                                            the REMIC
                                                                            Provisions,
                                                                            in accordance
                                                                            with
                                                                            the terms
                                                                            of such
                                                                            Mortgage
                                                                            Note
                                                                            or, if
                                                                            such
                                                                            Mortgage
                                                                            Note
                                                                            does
                                                                            not make
                                                                            provision
                                                                            for the
                                                                            selection
                                                                            of an
                                                                            alternative
                                                                            index
                                                                            in such
                                                                            event,
                                                                            the Master
                                                                            Servicer
                                                                            shall,
                                                                            subject
                                                                            to applicable
                                                                            law,
                                                                            select
                                                                            an alternative
                                                                            index
                                                                            based
                                                                            on
                                                                            information
                                                                            comparable
                                                                            to that
                                                                            used
                                                                            in connection
                                                                            with
                                                                            the original
                                                                            Index
                                                                            and,
                                                                            in either
                                                                            case,
                                                                            such
                                                                            alternative
                                                                            index
                                                                            shall
                                                                            thereafter
                                                                            be the
                                                                            Index
                                                                            for such
                                                                            Mortgage
                                                                            Loan.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              161

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          Section
                                                                            9.34.
Duties
                                                                            of the
                                                                            Credit
                                                                            Risk
                                                                            Manager. 

                                                                           

                                                                          (a)
                                                                            The
                                                                            Certificateholders,
                                                                            by their
                                                                            purchase
                                                                            and acceptance
                                                                            of the
                                                                            Certificates,
                                                                            appoint
                                                                            OfficeTiger
                                                                            Global
                                                                            Real
                                                                            Estate
                                                                            Services
                                                                            Inc.
                                                                            (OfficeTiger)
                                                                            as Credit
                                                                            Risk
                                                                            Manager.
                                                                            For and
                                                                            on behalf
                                                                            of the
                                                                            Depositor,
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            will
                                                                            provide
                                                                            reports
                                                                            and recommendations
                                                                            concerning
                                                                            certain
                                                                            delinquent
                                                                            and defaulted
                                                                            Mortgage
                                                                            Loans,
                                                                            and as
                                                                            to the
                                                                            collection
                                                                            of any
                                                                            Prepayment
                                                                            Premiums
                                                                            with
                                                                            respect
                                                                            to the
                                                                            Mortgage
                                                                            Loans.
                                                                            Such
                                                                            reports
                                                                            and recommendations
                                                                            will
                                                                            be based
                                                                            upon
                                                                            information
                                                                            provided
                                                                            pursuant
                                                                            to Loan
                                                                            Performance
                                                                            Monitoring
                                                                            Agreement
                                                                            to the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            by the
                                                                            Servicer.
                                                                            The Credit
                                                                            Risk
                                                                            Manager
                                                                            shall
                                                                            look
                                                                            solely
                                                                            to the
                                                                            Servicer
                                                                            and/or
                                                                            the Master
                                                                            Servicer
                                                                            for all
                                                                            information
                                                                            and data
                                                                            (including
                                                                            loss
                                                                            and delinquency
                                                                            information
                                                                            and data)
                                                                            and loan
                                                                            level
                                                                            information
                                                                            and data
                                                                            relating
                                                                            to the
                                                                            servicing
                                                                            of the
                                                                            Mortgage
                                                                            Loans
                                                                            and the
                                                                            Trustee
                                                                            shall
                                                                            not have
                                                                            any obligation
                                                                            to provide
                                                                            any such
                                                                            information
                                                                            to the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            and shall
                                                                            not otherwise
                                                                            have
                                                                            any responsibility
                                                                            under
                                                                            the Loan
                                                                            Performance
                                                                            Monitoring
                                                                            Agreement.

                                                                           

                                                                          (b)
                                                                             On
                                                                            or
                                                                            about
                                                                            the 15th
                                                                            calendar
                                                                            day of
                                                                            each
                                                                            month,
                                                                            beginning
                                                                            in October
                                                                            2006,
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            shall
                                                                            have
                                                                            prepared
                                                                            and shall
                                                                            make
                                                                            available
                                                                            to any
                                                                            NIMS
                                                                            Insurer,
                                                                            the Trustee,
                                                                            the Swap
                                                                            Counterparty
                                                                            and each
                                                                            Certificateholder,
                                                                            the following
                                                                            reports
                                                                            (each
                                                                            such
                                                                            report
                                                                            to be
                                                                            made
                                                                            in a
                                                                            format
                                                                            compatible
                                                                            with
                                                                            EDGAR
                                                                            filing
                                                                            requirements):

                                                                           

                                                                          (i)
                                                                            Executive
                                                                            Summary:
                                                                            The
                                                                            Executive
                                                                            Summary
                                                                            will
                                                                            consist
                                                                            of a
                                                                            brief
                                                                            high
                                                                            level
                                                                            summary
                                                                            of certain
                                                                            key
                                                                            performance
                                                                            metrics
                                                                            as well
                                                                            as a
                                                                            narrative
                                                                            summary
                                                                            of loans
                                                                            identified
                                                                            and
                                                                            reviewed
                                                                            for follow-up
                                                                            actions
                                                                            by the
                                                                            Servicer.

                                                                           

                                                                          (ii)
                                                                            General
                                                                            Pool
                                                                            Characteristics:
                                                                            This
                                                                            report
                                                                            will
                                                                            contain
                                                                            a listing
                                                                            of various
                                                                            characteristics
                                                                            of the
                                                                            mortgage
                                                                            loan
                                                                            pool
                                                                            (including
                                                                            history
                                                                            and stratification)
                                                                            such
                                                                            as documentation
                                                                            levels,
                                                                            occupancy
                                                                            status,
                                                                            weighted
                                                                            aging,
                                                                            CLTV,
                                                                            NOO rate,
                                                                            junior
                                                                            lien
                                                                            percentage,
                                                                            etc.

                                                                           

                                                                          (iii)
                                                                            Performance
                                                                            Report:
                                                                            This
                                                                            report
                                                                            will
                                                                            graphically
                                                                            summarize
                                                                            the delinquency
                                                                            rates
                                                                            as well
                                                                            as the
                                                                            loss
                                                                            mitigation,
                                                                            foreclosure,
                                                                            REO,
                                                                            CPR and
                                                                            loss
                                                                            severity
                                                                            and related
                                                                            summary
                                                                            information.

                                                                           

                                                                          (iv)
                                                                            Prepayment
                                                                            Analysis:
                                                                            This
                                                                            report
                                                                            will
                                                                            consist
                                                                            of a
                                                                            compilation
                                                                            and summary
                                                                            of various
                                                                            loan
                                                                            characteristics
                                                                            for Mortgage
                                                                            Loans
                                                                            that
                                                                            have
                                                                            prepaid,
                                                                            along
                                                                            with
                                                                            prepayment
                                                                            premium
                                                                            analytics.

                                                                           

                                                                          (v)
                                                                            Servicer
                                                                            Remittance
                                                                            Report:
                                                                            This
                                                                            report
                                                                            will
                                                                            consist
                                                                            of an
                                                                            analysis
                                                                            of any
                                                                            discrepancy
                                                                            between
                                                                            the monthly
                                                                            servicer
                                                                            remittance
                                                                            file
                                                                            and the
                                                                            final
                                                                            monthly
                                                                            trust
                                                                            report
                                                                            including,
                                                                            without
                                                                            limitation,
                                                                            the collection
                                                                            of prepayment
                                                                            premiums.

                                                                           

                                                                          (vi)
                                                                            MortgageRamp
                                                                            Loan
                                                                            Review
                                                                            Report:
                                                                            This
                                                                            report
                                                                            will
                                                                            consist
                                                                            of a
                                                                            narrative
                                                                            summary
                                                                            with
                                                                            respect
                                                                            to the
                                                                            individual
                                                                            loans
                                                                            that
                                                                            have
                                                                            been
                                                                            flagged
                                                                            for manual
                                                                            review
                                                                            and follow-up
                                                                            consultation
                                                                            with
                                                                            the
                                                                            Servicer.
                                                                            This
                                                                            report
                                                                            may also
                                                                            include
                                                                            narrative
                                                                            summaries
                                                                            of the
                                                                            recommendation
                                                                            of the
                                                                            Credit
                                                                            Risk
                                                                            Manager.

                                                                           

                                                                          The
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            shall
                                                                            make
                                                                            such
                                                                            reports
                                                                            and any
                                                                            additional
                                                                            information
                                                                            reasonably
                                                                            requested
                                                                            by the
                                                                            Depositor
                                                                            available
                                                                            each
                                                                            month
                                                                            to
                                                                            Certificateholders,
                                                                            the Trustee,
                                                                            any NIMS
                                                                            Insurer
                                                                            and the
                                                                            Rating
                                                                            Agencies
                                                                            via
                                                                            the Credit
                                                                            Risk
                                                                            Manager’s internet
                                                                            website.
                                                                            The Credit
                                                                            Risk
                                                                            Manager’s internet
                                                                            website
                                                                            shall
                                                                            initially
                                                                            be located
                                                                            at https://rsrpt.mortgageramp.com.
                                                                            The
                                                                            user
                                                                            name
                                                                            for access
                                                                            to the
                                                                            website
                                                                            shall
                                                                            be the
                                                                            Certificateholder’s e-mail
                                                                            address
                                                                            and the
                                                                            password
                                                                            shall
                                                                            be “FFMLT
                                                                            2006-FF12”. The
                                                                            Trustee
                                                                            shall
                                                                            not have
                                                                            any obligation
                                                                            to review
                                                                            such
                                                                            reports
                                                                            or otherwise
                                                                            monitor
                                                                            or supervise
                                                                            the
                                                                            activities
                                                                            of the
                                                                            Credit
                                                                            Risk
                                                                            Manager.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              162

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (c)
                                                                            [Reserved].

                                                                           

                                                                          (d)
                                                                            The
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            shall
                                                                            reasonably
                                                                            cooperate
                                                                            with
                                                                            the Depositor
                                                                            and the
                                                                            Trustee
                                                                            in connection
                                                                            with
                                                                            the Trust
                                                                            Fund’s satisfying
                                                                            the reporting
                                                                            requirements
                                                                            under
                                                                            the Exchange
                                                                            Act with
                                                                            respect
                                                                            to reports
                                                                            prepared
                                                                            by the
                                                                            Credit
                                                                            Risk
                                                                            Manager.

                                                                           

                                                                          (e)
                                                                            The
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            has not
                                                                            and shall
                                                                            not engage
                                                                            any Subcontractor
                                                                            without
                                                                            (a)
                                                                            giving
                                                                            notice
                                                                            to the
                                                                            Sponsor,
                                                                            the Trustee,
                                                                            the Master
                                                                            Servicer
                                                                            and the
                                                                            Depositor
                                                                            and (b)
                                                                            requiring
                                                                            any such
                                                                            Subcontractor
                                                                            to provide
                                                                            to the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            an assessment
                                                                            report
                                                                            as provided
                                                                            for in
                                                                            Section
                                                                            9.25(a)
                                                                            above
                                                                            and an
                                                                            attestation
                                                                            report
                                                                            as provided
                                                                            in Section
                                                                            9.25(b)
                                                                            above,
                                                                            which
                                                                            reports
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            shall
                                                                            include
                                                                            in its
                                                                            assessment
                                                                            and attestation
                                                                            reports.

                                                                           

                                                                          (f)
                                                                            By
                                                                            March
                                                                            10 of
                                                                            each
                                                                            year
                                                                            (or if
                                                                            such
                                                                            day is
                                                                            not a
                                                                            Business
                                                                            Day,
                                                                            the immediately
                                                                            preceding
                                                                            Business
                                                                            Day),
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            shall
                                                                            deliver
                                                                            a signed
                                                                            certification,
                                                                            in the
                                                                            form
                                                                            attached
                                                                            hereto
                                                                            as Exhibit
                                                                            U (the
“Credit
                                                                            Risk
                                                                            Manager
                                                                            Certification”), for
                                                                            the benefit
                                                                            of the
                                                                            Depositor,
                                                                            the Sponsor,
                                                                            the
                                                                            Master
                                                                            Servicer
                                                                            and the
                                                                            Trustee
                                                                            and for
                                                                            the benefit
                                                                            of the
                                                                            Person(s)
                                                                            signing
                                                                            the
                                                                            Form
                                                                            10-K
                                                                            Certification;
provided
                                                                            (i) that
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            Certification
                                                                            shall
                                                                            be so
                                                                            provided
                                                                            by March
                                                                            10 of
                                                                            such
                                                                            year
                                                                            only
                                                                            to the
                                                                            extent
                                                                            that
                                                                            the Depositor
                                                                            delivers
                                                                            a draft
                                                                            (without
                                                                            exhibits)
                                                                            of the
                                                                            applicable
                                                                            Annual
                                                                            Report
                                                                            on Form
                                                                            10-K
                                                                            to the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            by the
                                                                            fifth
                                                                            Business
                                                                            Day in
                                                                            March
                                                                            of such
                                                                            year
                                                                            and (ii)
                                                                            in the
                                                                            event
                                                                            that
                                                                            the
                                                                            Depositor
                                                                            delivers
                                                                            the draft
                                                                            Form
                                                                            10-K
                                                                            referred
                                                                            to in
                                                                            clause
                                                                            (i) after
                                                                            the fifth
                                                                            Business
                                                                            Day in
                                                                            March
                                                                            of such
                                                                            year,
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            shall
                                                                            deliver
                                                                            the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            Certification
                                                                            as soon
                                                                            as practicable
                                                                            but no
                                                                            later
                                                                            than
                                                                            five
                                                                            calendar
                                                                            days
                                                                            of delivery
                                                                            to the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            of such
                                                                            draft
                                                                            Form
                                                                            10-K.

                                                                          (g)
                                                                            In
                                                                            the event
                                                                            that
                                                                            prior
                                                                            to the
                                                                            filing
                                                                            date
                                                                            of the
                                                                            Form
                                                                            10-K
                                                                            in March
                                                                            of each
                                                                            year,
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            has knowledge
                                                                            or information
                                                                            material
                                                                            to the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            Certification,
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            shall
                                                                            promptly
                                                                            notify
                                                                            the
                                                                            Depositor
                                                                            and the
                                                                            Trustee,
                                                                            in writing.

                                                                           

                                                                          Section
                                                                            9.35.
Limitation
                                                                            Upon
                                                                            Liability
                                                                            of the
                                                                            Credit
                                                                            Risk
                                                                            Manager. 

                                                                           

                                                                          Except
                                                                            as
                                                                            provided
                                                                            pursuant
                                                                            to Section
                                                                            9.36
                                                                            of this
                                                                            Agreement,
                                                                            neither
                                                                            the Credit
                                                                            Risk
                                                                            Manager,
                                                                            nor any
                                                                            of the
                                                                            directors,
                                                                            officers,
                                                                            employees
                                                                            or agents
                                                                            of the
                                                                            Credit
                                                                            Risk
                                                                            Manager,
                                                                            shall
                                                                            be under
                                                                            any liability
                                                                            to the
                                                                            Trustee,
                                                                            the
                                                                            Certificateholders
                                                                            or the
                                                                            Depositor
                                                                            for any
                                                                            action
                                                                            taken
                                                                            or for
                                                                            refraining
                                                                            from
                                                                            the taking
                                                                            of any
                                                                            action
                                                                            in good
                                                                            faith
                                                                            pursuant
                                                                            to this
                                                                            Agreement,
                                                                            in reliance
                                                                            upon
                                                                            information
                                                                            provided
                                                                            by the
                                                                            Servicer
                                                                            under
                                                                            the Loan
                                                                            Performance
                                                                            Monitoring
                                                                            Agreement
                                                                            or for
                                                                            errors
                                                                            in judgment;
provided, however,
                                                                            that
                                                                            this
                                                                            provision
                                                                            shall
                                                                            not protect
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            or any
                                                                            such
                                                                            person
                                                                            against
                                                                            liability
                                                                            that
                                                                            would
                                                                            otherwise
                                                                            be imposed
                                                                            by reason
                                                                            of willful
                                                                            malfeasance,
                                                                            bad faith
                                                                            or gross
                                                                            negligence
                                                                            in its
                                                                            performance
                                                                            of its
                                                                            duties
                                                                            or
                                                                            by reason
                                                                            of reckless
                                                                            disregard
                                                                            for its
                                                                            obligations
                                                                            and duties
                                                                            under
                                                                            this
                                                                            Agreement
                                                                            or the
                                                                            Loan
                                                                            Performance
                                                                            Monitoring
                                                                            Agreement.
                                                                            The Credit
                                                                            Risk
                                                                            Manager
                                                                            and any
                                                                            director,
                                                                            officer,
                                                                            employee
                                                                            or agent
                                                                            of the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            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,
                                                                            and may
                                                                            rely
                                                                            in good
                                                                            faith
                                                                            upon
                                                                            the accuracy
                                                                            of information
                                                                            furnished
                                                                            by the
                                                                            Servicer
                                                                            pursuant
                                                                            to the
                                                                            Loan
                                                                            Performance
                                                                            Monitoring
                                                                            Agreement
                                                                            in the
                                                                            performance
                                                                            of its
                                                                            duties
                                                                            thereunder
                                                                            and hereunder.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              163

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          Section
                                                                            9.36.
Indemnification
                                                                            by the
                                                                            Credit
                                                                            Risk
                                                                            Manager.

                                                                           

                                                                          The
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            agrees
                                                                            to indemnify
                                                                            the Depositor,
                                                                            the Master
                                                                            Servicer
                                                                            and
                                                                            the Trustee,
                                                                            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
                                                                            9.34(f)
                                                                            or any
                                                                            failure
                                                                            by the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            to deliver
                                                                            any report
                                                                            required
                                                                            under
                                                                            Sections
                                                                            9.25(a)
                                                                            or (b);
                                                                            provided,
                                                                            however,
                                                                            in no
                                                                            event
                                                                            shall
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            be held
                                                                            liable
                                                                            for any
                                                                            indirect,
                                                                            consequential
                                                                            or special
                                                                            damagers
                                                                            hereunder.

                                                                           

                                                                          Section
                                                                            9.37.
Removal
                                                                            of Credit
                                                                            Risk
                                                                            Manager.

                                                                           

                                                                          The
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            may be
                                                                            removed
                                                                            as Credit
                                                                            Risk
                                                                            Manager
                                                                            by Certificateholders
                                                                            holding
                                                                            not less
                                                                            than
                                                                            a 66-2/3%
                                                                            Voting
                                                                            Interests
                                                                            in the
                                                                            Trust,
                                                                            in the
                                                                            exercise
                                                                            of its
                                                                            or their
                                                                            sole
                                                                            discretion,
                                                                            at any
                                                                            time,
                                                                            without
                                                                            cause,
                                                                            upon
                                                                            ten (10)
                                                                            days
                                                                            prior
                                                                            written
                                                                            notice.
                                                                            The Certificateholders
                                                                            shall
                                                                            provide
                                                                            such
                                                                            written
                                                                            notice
                                                                            to the
                                                                            Trustee
                                                                            and upon
                                                                            receipt
                                                                            of such
                                                                            notice,
                                                                            the Trustee
                                                                            shall
                                                                            provide
                                                                            written
                                                                            notice
                                                                            to the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            of its
                                                                            removal,
                                                                            effective
                                                                            upon
                                                                            receipt
                                                                            of such
                                                                            notice.

                                                                           

                                                                          ARTICLE
                                                                            X

                                                                           

                                                                          REMIC
                                                                            ADMINISTRATION

                                                                           

                                                                          Section
                                                                            10.01.
REMIC
                                                                            Administration.

                                                                           

                                                                          (a)
                                                                            REMIC
                                                                            elections
                                                                            as set
                                                                            forth
                                                                            in the
                                                                            Preliminary
                                                                            Statement
                                                                            shall
                                                                            be made
                                                                            on Forms
                                                                            1066
                                                                            or other
                                                                            appropriate
                                                                            federal
                                                                            tax or
                                                                            information
                                                                            return
                                                                            for the
                                                                            taxable
                                                                            year
                                                                            ending
                                                                            on the
                                                                            last
                                                                            day of
                                                                            the calendar
                                                                            year
                                                                            in which
                                                                            the Certificates
                                                                            are
                                                                            issued.
                                                                            The regular
                                                                            interests
                                                                            and residual
                                                                            interest
                                                                            in each
                                                                            REMIC
                                                                            shall
                                                                            be as
                                                                            designated
                                                                            in the
                                                                            Preliminary
                                                                            Statement.
                                                                            For purposes
                                                                            of such
                                                                            designations,
                                                                            the
                                                                            interest
                                                                            rate
                                                                            of any
                                                                            regular
                                                                            interest
                                                                            that
                                                                            is computed
                                                                            by taking
                                                                            into
                                                                            account
                                                                            the weighted
                                                                            average
                                                                            of the
                                                                            Net Mortgage
                                                                            Rates
                                                                            of the
                                                                            Mortgage
                                                                            Loans
                                                                            shall
                                                                            be
                                                                            reduced
                                                                            by the
                                                                            amount
                                                                            of any
                                                                            expense
                                                                            paid
                                                                            by the
                                                                            Trust
                                                                            to the
                                                                            extent
                                                                            that
                                                                            (i)
                                                                            such
                                                                            expense
                                                                            was not
                                                                            taken
                                                                            into
                                                                            account
                                                                            in computing
                                                                            the Net
                                                                            Mortgage
                                                                            Rate
                                                                            of
                                                                            any Mortgage
                                                                            Loan,
                                                                            (ii)
                                                                            such
                                                                            expense
                                                                            does
                                                                            not constitute
                                                                            an “unanticipated
                                                                            expense”
of a
                                                                            REMIC
                                                                            within
                                                                            the meaning
                                                                            of Treasury
                                                                            Regulation
                                                                            Section
                                                                            1.860G-1(b)(3)(ii),
                                                                            (iii)
                                                                            such
                                                                            expense
                                                                            does
                                                                            not relate
                                                                            to an
                                                                            Excluded
                                                                            Trust
                                                                            Asset
                                                                            and (iv)
                                                                            the amount
                                                                            of such
                                                                            expense
                                                                            was not
                                                                            taken
                                                                            into
                                                                            account
                                                                            in
                                                                            computing
                                                                            the interest
                                                                            rate
                                                                            of a
                                                                            more
                                                                            junior
                                                                            Class
                                                                            of regular
                                                                            interests.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              164

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (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
                                                                            1.860G-1(a)(4)
                                                                            will
                                                                            be the
                                                                            Latest
                                                                            Possible
                                                                            Maturity
                                                                            Date.

                                                                           

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

                                                                           

                                                                          (d)
                                                                            The
                                                                            Trustee
                                                                            shall
                                                                            prepare,
                                                                            sign
                                                                            and file,
                                                                            all of
                                                                            each
                                                                            REMIC’s federal
                                                                            and
                                                                            appropriate
                                                                            state
                                                                            tax and
                                                                            information
                                                                            returns
                                                                            as such
                                                                            REMIC’s direct
                                                                            representative.
                                                                            The expenses
                                                                            of preparing
                                                                            and filing
                                                                            such
                                                                            returns
                                                                            shall
                                                                            be borne
                                                                            by the
                                                                            Trustee.

                                                                           

                                                                          (e)
                                                                            The
                                                                            Trustee
                                                                            or its
                                                                            designee
                                                                            shall
                                                                            perform
                                                                            on behalf
                                                                            of each
                                                                            REMIC
                                                                            all reporting
                                                                            and
                                                                            other
                                                                            tax compliance
                                                                            duties
                                                                            that
                                                                            are the
                                                                            responsibility
                                                                            of such
                                                                            REMIC
                                                                            under
                                                                            the
                                                                            Code,
                                                                            the REMIC
                                                                            Provisions,
                                                                            or other
                                                                            compliance
                                                                            guidance
                                                                            issued
                                                                            by the
                                                                            Internal
                                                                            Revenue
                                                                            Service
                                                                            or any
                                                                            state
                                                                            or local
                                                                            taxing
                                                                            authority.
                                                                            Among
                                                                            its other
                                                                            duties,
                                                                            if required
                                                                            by the
                                                                            Code,
                                                                            the REMIC
                                                                            Provisions,
                                                                            or other
                                                                            such
                                                                            guidance,
                                                                            the
                                                                            Trustee
                                                                            shall
                                                                            provide
                                                                            (i) to
                                                                            the Treasury
                                                                            or other
                                                                            governmental
                                                                            authority
                                                                            such
                                                                            information
                                                                            as is
                                                                            necessary
                                                                            for the
                                                                            application
                                                                            of any
                                                                            tax relating
                                                                            to the
                                                                            transfer
                                                                            of a
                                                                            Residual
                                                                            Certificate
                                                                            to any
                                                                            disqualified
                                                                            person
                                                                            or organization
                                                                            pursuant
                                                                            to Treasury
                                                                            Regulation
                                                                            1.860E-2(a)(5)
                                                                            and any
                                                                            person
                                                                            designated
                                                                            in
                                                                            Section
                                                                            860E(e)(3)
                                                                            of the
                                                                            Code
                                                                            and (ii)
                                                                            to the
                                                                            Trustee
                                                                            such
                                                                            information
                                                                            as is
                                                                            necessary
                                                                            for the
                                                                            Trustee
                                                                            to provide
                                                                            to the
                                                                            Certificateholders
                                                                            such
                                                                            information
                                                                            or reports
                                                                            as are
                                                                            required
                                                                            by the
                                                                            Code
                                                                            or REMIC
                                                                            Provisions.

                                                                           

                                                                          The
                                                                            Trustee
                                                                            shall
                                                                            be entitled
                                                                            to receive
                                                                            reasonable
                                                                            compensation
                                                                            from
                                                                            the Trust
                                                                            for
                                                                            the performance
                                                                            of its
                                                                            duties
                                                                            under
                                                                            this
                                                                            subsection
                                                                            (e);
provided,
                                                                            however,
                                                                            that
                                                                            such
                                                                            compensation
                                                                            shall
                                                                            not exceed
                                                                            $5,000
                                                                            per year.

                                                                           

                                                                          (f)
                                                                            The
                                                                            Trustee,
                                                                            the Master
                                                                            Servicer
                                                                            and the
                                                                            Holders
                                                                            of Certificates
                                                                            shall
                                                                            take
                                                                            any
                                                                            action
                                                                            or cause
                                                                            any REMIC
                                                                            to take
                                                                            any action
                                                                            necessary
                                                                            to create
                                                                            or maintain
                                                                            the
                                                                            status
                                                                            of any
                                                                            REMIC
                                                                            as a
                                                                            REMIC
                                                                            under
                                                                            the REMIC
                                                                            Provisions
                                                                            and shall
                                                                            assist
                                                                            each
                                                                            other
                                                                            as necessary
                                                                            to create
                                                                            or maintain
                                                                            such
                                                                            status.
                                                                            Neither
                                                                            the Trustee,
                                                                            the
                                                                            Master
                                                                            Servicer
                                                                            nor the
                                                                            Holder
                                                                            of any
                                                                            Residual
                                                                            Certificate
                                                                            shall
                                                                            knowingly
                                                                            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
                                                                            result
                                                                            in an
                                                                            Adverse
                                                                            REMIC
                                                                            Event
                                                                            unless
                                                                            the Trustee,
                                                                            any NIMS
                                                                            Insurer
                                                                            and the
                                                                            Master
                                                                            Servicer
                                                                            have
                                                                            received
                                                                            an Opinion
                                                                            of Counsel
                                                                            addressed
                                                                            to the
                                                                            Trustee
                                                                            (at the
                                                                            expense
                                                                            of the
                                                                            party
                                                                            seeking
                                                                            to take
                                                                            such
                                                                            action)
                                                                            to the
                                                                            effect
                                                                            that
                                                                            the contemplated
                                                                            action
                                                                            will
                                                                            not result
                                                                            in an
                                                                            Adverse
                                                                            REMIC
                                                                            Event.
                                                                            In addition,
                                                                            prior
                                                                            to taking
                                                                            any action
                                                                            with
                                                                            respect
                                                                            to any
                                                                            REMIC
                                                                            or the
                                                                            assets
                                                                            therein,
                                                                            or causing
                                                                            any REMIC
                                                                            to take
                                                                            any action,
                                                                            which
                                                                            is not
                                                                            expressly
                                                                            permitted
                                                                            under
                                                                            the terms
                                                                            of this
                                                                            Agreement,
                                                                            any Holder
                                                                            of a
                                                                            Residual
                                                                            Certificate
                                                                            will
                                                                            consult
                                                                            with
                                                                            the Trustee,
                                                                            the Master
                                                                            Servicer,
                                                                            any NIMS
                                                                            Insurer
                                                                            or their
                                                                            respective
                                                                            designees,
                                                                            in writing,
                                                                            with
                                                                            respect
                                                                            to whether
                                                                            such
                                                                            action
                                                                            could
                                                                            cause
                                                                            an Adverse
                                                                            REMIC
                                                                            Event
                                                                            to occur
                                                                            with
                                                                            respect
                                                                            to any
                                                                            REMIC,
                                                                            and no
                                                                            such
                                                                            Person
                                                                            shall
                                                                            take
                                                                            any such
                                                                            action
                                                                            or cause
                                                                            any REMIC
                                                                            to take
                                                                            any such
                                                                            action
                                                                            as to
                                                                            which
                                                                            the Trustee,
                                                                            the Master
                                                                            Servicer
                                                                            or any
                                                                            NIMS
                                                                            Insurer
                                                                            has
                                                                            advised
                                                                            it in
                                                                            writing
                                                                            that
                                                                            an Adverse
                                                                            REMIC
                                                                            Event
                                                                            could
                                                                            occur.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              165

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (g)
                                                                            Each
                                                                            Holder
                                                                            of a
                                                                            Residual
                                                                            Certificate
                                                                            shall
                                                                            pay when
                                                                            due any
                                                                            and all
                                                                            taxes
                                                                            imposed
                                                                            on
                                                                            the related
                                                                            REMIC
                                                                            by federal
                                                                            or state
                                                                            governmental
                                                                            authorities.
                                                                            To the
                                                                            extent
                                                                            that
                                                                            such
                                                                            taxes
                                                                            are not
                                                                            paid
                                                                            by a
                                                                            Residual
                                                                            Certificateholder,
                                                                            the Trustee
                                                                            shall
                                                                            pay any
                                                                            remaining
                                                                            REMIC
                                                                            taxes
                                                                            out of
                                                                            current
                                                                            or future
                                                                            amounts
                                                                            otherwise
                                                                            distributable
                                                                            to the
                                                                            Holder
                                                                            of the
                                                                            Residual
                                                                            Certificate
                                                                            in any
                                                                            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 any
                                                                            such
                                                                            REMIC,
                                                                            as the
                                                                            case
                                                                            may be.

                                                                           

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

                                                                           

                                                                          (i)
                                                                            No
                                                                            additional
                                                                            contributions
                                                                            of assets
                                                                            shall
                                                                            be made
                                                                            to any
                                                                            REMIC,
                                                                            except
                                                                            as
                                                                            expressly
                                                                            provided
                                                                            in this
                                                                            Agreement.

                                                                           

                                                                          (j)
                                                                            Neither
                                                                            the Trustee
                                                                            nor the
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            enter
                                                                            into
                                                                            any arrangement
                                                                            by
                                                                            which
                                                                            any REMIC
                                                                            will
                                                                            receive
                                                                            a fee
                                                                            or other
                                                                            compensation
                                                                            for
                                                                            services.

                                                                           

                                                                          (k)
                                                                            On or
                                                                            before
                                                                            October
                                                                            15 of
                                                                            each
                                                                            calendar
                                                                            year
                                                                            beginning
                                                                            in 2006,
                                                                            the Trustee
                                                                            shall
                                                                            deliver
                                                                            to any
                                                                            NIMS
                                                                            Insurer
                                                                            an Officer’s Certificate
                                                                            stating,
                                                                            without
                                                                            regard
                                                                            to
                                                                            any actions
                                                                            taken
                                                                            by any
                                                                            party
                                                                            other
                                                                            than
                                                                            the Trustee,
                                                                            the Trustee’s compliance
                                                                            with
                                                                            provisions
                                                                            of this
                                                                            Section
                                                                            10.01.

                                                                           

                                                                          (l)
                                                                            The
                                                                            Trustee
                                                                            shall
                                                                            treat
                                                                            each
                                                                            of the
                                                                            Basis
                                                                            Risk
                                                                            Reserve
                                                                            Fund
                                                                            and the
                                                                            Supplemental
                                                                            Interest
                                                                            Trust
                                                                            as an
                                                                            outside
                                                                            reserve
                                                                            fund
                                                                            within
                                                                            the meaning
                                                                            of Treasury
                                                                            Regulation
                                                                            Section
                                                                            1.860G-2(h)
                                                                            that
                                                                            is owned
                                                                            by the
                                                                            Holders
                                                                            of the
                                                                            Class
                                                                            X
                                                                            Certificates
                                                                            and that
                                                                            is not
                                                                            an asset
                                                                            of any
                                                                            REMIC
                                                                            and all
                                                                            amounts
                                                                            deposited
                                                                            into
                                                                            the Basis
                                                                            Risk
                                                                            Reserve
                                                                            Fund
                                                                            or the
                                                                            Supplemental
                                                                            Interest
                                                                            Trust
                                                                            shall
                                                                            be
                                                                            treated
                                                                            as amounts
                                                                            distributed
                                                                            to the
                                                                            Class
                                                                            X Certificateholders.

                                                                           

                                                                          (m)
                                                                            For
                                                                            federal
                                                                            income
                                                                            tax purposes,
                                                                            upon
                                                                            any sale
                                                                            of the
                                                                            property
                                                                            held
                                                                            by the
                                                                            Trust
                                                                            Fund
                                                                            pursuant
                                                                            to Section
                                                                            7.01(b),
                                                                            any NIM
                                                                            Redemption
                                                                            Amount
                                                                            paid
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            not be
                                                                            treated
                                                                            as a
                                                                            portion
                                                                            of the
                                                                            purchase
                                                                            price
                                                                            paid
                                                                            for such
                                                                            property
                                                                            but shall
                                                                            instead
                                                                            be treated
                                                                            as an
                                                                            amount
                                                                            paid
                                                                            by the
                                                                            Master
                                                                            Servicer
                                                                            to the
                                                                            Holder
                                                                            of the
                                                                            Class
                                                                            X Certificates
                                                                            in exchange
                                                                            for an
                                                                            interest
                                                                            in the
                                                                            Class
                                                                            X Certificates
                                                                            immediately
                                                                            before
                                                                            the purchase
                                                                            of the
                                                                            property
                                                                            held
                                                                            by the
                                                                            Trust
                                                                            Fund.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              166

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (n)
                                                                            The
                                                                            Trustee
                                                                            shall
                                                                            treat
                                                                            the beneficial
                                                                            owners
                                                                            of Certificates
                                                                            (other
                                                                            than
                                                                            the Class
                                                                            P, Class
                                                                            X, Class
                                                                            LT-R
                                                                            and Class
                                                                            R Certificates)
                                                                            as having
                                                                            entered
                                                                            into
                                                                            a
                                                                            notional
                                                                            principal
                                                                            contract
                                                                            with
                                                                            respect
                                                                            to the
                                                                            beneficial
                                                                            owners
                                                                            of the
                                                                            Class
                                                                            X
                                                                            Certificates.
                                                                            Pursuant
                                                                            to each
                                                                            such
                                                                            notional
                                                                            principal
                                                                            contract,
                                                                            all beneficial
                                                                            owners
                                                                            of LIBOR
                                                                            Certificates
                                                                            shall
                                                                            be treated
                                                                            as having
                                                                            agreed
                                                                            to pay,
                                                                            on each
                                                                            Distribution
                                                                            Date,
                                                                            to the
                                                                            beneficial
                                                                            owners
                                                                            of the
                                                                            Class
                                                                            X Certificates
                                                                            an
                                                                            aggregate
                                                                            amount
                                                                            equal
                                                                            to the
                                                                            excess,
                                                                            if any,
                                                                            of (i)
                                                                            the amount
                                                                            payable
                                                                            on such
                                                                            Distribution
                                                                            Date
                                                                            on the
                                                                            interest
                                                                            in the
                                                                            Upper
                                                                            Tier
                                                                            REMIC
                                                                            corresponding
                                                                            to such
                                                                            Class
                                                                            of Certificates
over
                                                                            (ii)
                                                                            the
                                                                            amount
                                                                            payable
                                                                            on such
                                                                            Class
                                                                            of Certificates
                                                                            on such
                                                                            Distribution
                                                                            Date
                                                                            (such
                                                                            excess,
                                                                            a “Class
                                                                            I Shortfall”). A
                                                                            Class
                                                                            I Shortfall
                                                                            payable
                                                                            from
                                                                            interest
                                                                            collections
                                                                            shall
                                                                            be allocated
                                                                            to each
                                                                            Class
                                                                            of Certificates
                                                                            to the
                                                                            extent
                                                                            that
                                                                            interest
                                                                            accrued
                                                                            on such
                                                                            Class
                                                                            for the
                                                                            related
                                                                            Accrual
                                                                            Period
                                                                            at the
                                                                            Certificate
                                                                            Interest
                                                                            Rate
                                                                            for a
                                                                            Class,
                                                                            computed
                                                                            by substituting
“REMIC
                                                                            3 Net
                                                                            Funds
                                                                            Cap”
for
                                                                            the applicable
“Net Funds
                                                                            Cap”
in the
                                                                            definition
                                                                            thereof,
                                                                            exceeds
                                                                            the amount
                                                                            of
                                                                            interest
                                                                            accrued
                                                                            for the
                                                                            related
                                                                            Accrual
                                                                            Period
                                                                            based
                                                                            on the
                                                                            applicable
                                                                            Net
                                                                            Funds
                                                                            Cap,
                                                                            and a
                                                                            Class
                                                                            I Shortfall
                                                                            payable
                                                                            from
                                                                            principal
                                                                            collections
                                                                            shall
                                                                            be
                                                                            allocated
                                                                            to the
                                                                            most
                                                                            subordinate
                                                                            Class
                                                                            of Certificates
                                                                            with
                                                                            an outstanding
                                                                            principal
                                                                            balance
                                                                            to the
                                                                            extent
                                                                            of such
                                                                            balance.
                                                                            In addition,
                                                                            pursuant
                                                                            to such
                                                                            notional
                                                                            principal
                                                                            contract,
                                                                            the beneficial
                                                                            owner
                                                                            of the
                                                                            Class
                                                                            X Certificates
                                                                            shall
                                                                            be treated
                                                                            as having
                                                                            agreed
                                                                            to pay
                                                                            Basis
                                                                            Risk
                                                                            Shortfalls
                                                                            and Unpaid
                                                                            Basis
                                                                            Risk
                                                                            Shortfalls
                                                                            to the
                                                                            Owners
                                                                            of the
                                                                            LIBOR
                                                                            Certificates
                                                                            in accordance
                                                                            with
                                                                            the
                                                                            terms
                                                                            of this
                                                                            Agreement.
Any
                                                                            payments
                                                                            to the
                                                                            Certificates
                                                                            in light
                                                                            of the
                                                                            foregoing
                                                                            shall
                                                                            not be
                                                                            payments
                                                                            with
                                                                            respect
                                                                            to a
“regular
                                                                            interest”
in a
                                                                            REMIC
                                                                            within
                                                                            the meaning
                                                                            of Code
                                                                            Section
                                                                            860G(a)(1).
                                                                            However,
                                                                            any payment
                                                                            from
                                                                            the Certificates
                                                                            of a
                                                                            Class
                                                                            I
                                                                            Shortfall
                                                                            shall
                                                                            be treated
                                                                            for tax
                                                                            purposes
                                                                            as having
                                                                            been
                                                                            received
                                                                            by the
                                                                            beneficial
                                                                            owners
                                                                            of such
                                                                            Certificates
                                                                            in respect
                                                                            of their
                                                                            Interests
                                                                            in the
                                                                            Upper
                                                                            Tier
                                                                            REMIC
                                                                            and as
                                                                            having
                                                                            been
                                                                            paid
                                                                            by such
beneficial
                                                                            owners
                                                                            to the
                                                                            Supplemental
                                                                            Interest
                                                                            Trust
                                                                            pursuant
                                                                            to the
                                                                            notional
                                                                            principal
                                                                            contract. Thus,
                                                                            each
                                                                            Certificate
                                                                            (other
                                                                            than
                                                                            a Class
                                                                            P, Class
                                                                            R and
                                                                            Class
                                                                            LT-R
                                                                            Certificates)
                                                                            shall
                                                                            be treated
                                                                            as representing
                                                                            not only
                                                                            ownership
                                                                            of regular
                                                                            interests
                                                                            in the
                                                                            Upper
                                                                            Tier
                                                                            REMIC,
                                                                            but also
                                                                            ownership
                                                                            of an
                                                                            interest
                                                                            in (and
                                                                            obligations
                                                                            with
                                                                            respect
                                                                            to) a
                                                                            notional
                                                                            principal
                                                                            contract.
                                                                            For tax
                                                                            purposes,
                                                                            the notional
                                                                            principal
                                                                            contract
                                                                            shall
                                                                            be deemed
                                                                            to have
                                                                            a value
                                                                            in favor
                                                                            of the
                                                                            Certificates
                                                                            entitled
                                                                            to receive
                                                                            Basis
                                                                            Risk
                                                                            Shortfalls
                                                                            and Unpaid
                                                                            Basis
                                                                            Risk
                                                                            Shortfalls
                                                                            of
                                                                            $52,482.49
                                                                            as of
                                                                            the Closing
                                                                            Date.

                                                                           

                                                                          (o)
                                                                            Notwithstanding
                                                                            the priority
                                                                            and sources
                                                                            of payments
                                                                            set forth
                                                                            in Article
                                                                            V
                                                                            hereof
                                                                            or otherwise,
                                                                            the Trustee
                                                                            shall
                                                                            account
                                                                            for all
                                                                            distributions
                                                                            on the
                                                                            Certificates
                                                                            as set
                                                                            forth
                                                                            in this
                                                                            Section
                                                                            10.01.
                                                                            In no
                                                                            event
                                                                            shall
                                                                            any payments
                                                                            of Basis
                                                                            Risk
                                                                            Shortfalls
                                                                            or Unpaid
                                                                            Basis
                                                                            Risk
                                                                            Shortfalls
                                                                            provided
                                                                            for in
                                                                            this
                                                                            Section
                                                                            10.01
                                                                            be treated
                                                                            as payments
                                                                            with
                                                                            respect
                                                                            to a
“regular
                                                                            interest”
in a
                                                                            REMIC
                                                                            within
                                                                            the meaning
                                                                            of Code
                                                                            Section
                                                                            860G(a)(1).

                                                                          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 each
                                                                            REMIC
                                                                            pursuant
                                                                            to Article
                                                                            VII of
                                                                            this
                                                                            Agreement,
                                                                            (iv)
                                                                            a substitution
                                                                            pursuant
                                                                            to Article
                                                                            II of
                                                                            this
                                                                            Agreement
                                                                            or (v)
                                                                            a repurchase
                                                                            of Mortgage
                                                                            Loans
                                                                            pursuant
                                                                            to Article
                                                                            II of
                                                                            this
                                                                            Agreement,
                                                                            nor acquire
                                                                            any
                                                                            assets
                                                                            for any
                                                                            REMIC,
                                                                            nor sell
                                                                            or dispose
                                                                            of any
                                                                            investments
                                                                            in the
                                                                            Certificate
                                                                            Account
                                                                            for gain,
                                                                            nor accept
                                                                            any contributions
                                                                            to any
                                                                            REMIC
                                                                            after
                                                                            the Closing
                                                                            Date,
                                                                            unless
                                                                            the Trustee
                                                                            and any
                                                                            NIMS
                                                                            Insurer
                                                                            has received
                                                                            an Opinion
                                                                            of Counsel
                                                                            addressed
                                                                            to the
                                                                            Trustee
                                                                            (at the
                                                                            expense
                                                                            of the
                                                                            party
                                                                            causing
                                                                            such
                                                                            sale,
                                                                            disposition,
                                                                            or substitution)
                                                                            that
                                                                            such
                                                                            disposition,
                                                                            acquisition,
                                                                            substitution,
                                                                            or acceptance
                                                                            will
                                                                            not (a)
                                                                            result
                                                                            in an
                                                                            Adverse
                                                                            REMIC
                                                                            Event,
                                                                            (b) affect
                                                                            the
                                                                            distribution
                                                                            of interest
                                                                            or principal
                                                                            on the
                                                                            Certificates
                                                                            or (c)
                                                                            result
                                                                            in the
                                                                            encumbrance
                                                                            of the
                                                                            assets
                                                                            transferred
                                                                            or assigned
                                                                            to the
                                                                            Trust
                                                                            Fund
                                                                            (except
                                                                            pursuant
                                                                            to the
                                                                            provisions
                                                                            of this
                                                                            Agreement).

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              167

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

                                                                          Upon
                                                                            the
                                                                            occurrence
                                                                            of an
                                                                            Adverse
                                                                            REMIC
                                                                            Event
                                                                            due to
                                                                            the negligent
                                                                            performance
                                                                            by the
                                                                            Trustee
                                                                            of its
                                                                            duties
                                                                            and obligations
                                                                            set forth
                                                                            herein,
                                                                            the Trustee
                                                                            shall
                                                                            indemnify
                                                                            any NIMS
                                                                            Insurer,
                                                                            the Holder
                                                                            of the
                                                                            related
                                                                            Residual
                                                                            Certificate
                                                                            or
                                                                            the Trust
                                                                            Fund,
                                                                            as applicable,
                                                                            against
                                                                            any and
                                                                            all losses,
                                                                            claims,
                                                                            damages,
                                                                            liabilities
                                                                            or expenses
                                                                            (“Losses”) resulting
                                                                            from
                                                                            such
                                                                            negligence;
provided,
                                                                            however,
                                                                            that
                                                                            the
                                                                            Trustee
                                                                            shall
                                                                            not be
                                                                            liable
                                                                            for any
                                                                            such
                                                                            Losses
                                                                            attributable
                                                                            to the
                                                                            action
                                                                            or
                                                                            inaction
                                                                            of the
                                                                            Master
                                                                            Servicer,
                                                                            the Depositor,
                                                                            the Class
                                                                            X Certificateholders
                                                                            or the
                                                                            Holder
                                                                            of such
                                                                            Residual
                                                                            Certificate,
                                                                            as applicable,
                                                                            or for
                                                                            any such
                                                                            Losses
                                                                            resulting
                                                                            from
                                                                            misinformation
                                                                            provided
                                                                            by the
                                                                            Holder
                                                                            of such
                                                                            Residual
                                                                            Certificate
                                                                            on which
                                                                            the Trustee
                                                                            has relied.
                                                                            The foregoing
                                                                            shall
                                                                            not be
                                                                            deemed
                                                                            to limit
                                                                            or restrict
                                                                            the rights
                                                                            and remedies
                                                                            of the
                                                                            Holder
                                                                            of such
                                                                            Residual
                                                                            Certificate
                                                                            now or
                                                                            hereafter
                                                                            existing
                                                                            at law
                                                                            or in
                                                                            equity.
                                                                            Notwithstanding
                                                                            the
                                                                            foregoing,
                                                                            however,
                                                                            in no
                                                                            event
                                                                            shall
                                                                            the Trustee
                                                                            have
                                                                            any liability
                                                                            (1) for
                                                                            any
                                                                            action
                                                                            or omission
                                                                            that
                                                                            is taken
                                                                            in accordance
                                                                            with
                                                                            and in
                                                                            compliance
                                                                            with
                                                                            the
                                                                            express
                                                                            terms
                                                                            of, or
                                                                            which
                                                                            is expressly
                                                                            permitted
                                                                            by the
                                                                            terms
                                                                            of, this
                                                                            Agreement
                                                                            or the
                                                                            Servicing
                                                                            Agreement,
                                                                            (2) for
                                                                            any Losses
                                                                            other
                                                                            than
                                                                            arising
                                                                            out
                                                                            of a
                                                                            negligent
                                                                            performance
                                                                            by the
                                                                            Trustee
                                                                            of its
                                                                            duties
                                                                            and obligations
                                                                            set
                                                                            forth
                                                                            herein,
                                                                            and (3)
                                                                            for any
                                                                            special
                                                                            or consequential
                                                                            damages
                                                                            to
                                                                            Certificateholders
                                                                            (in addition
                                                                            to payment
                                                                            of principal
                                                                            and interest
                                                                            on the
                                                                            Certificates);
provided,
                                                                            however,
                                                                            that
                                                                            this
                                                                            sentence
                                                                            shall
                                                                            not apply
                                                                            in connection
                                                                            with
                                                                            any failure
                                                                            by the
                                                                            Trustee
                                                                            to
                                                                            comply
                                                                            with
                                                                            the provisions
                                                                            of Subsections
                                                                            6.01(l)
                                                                            hereof
                                                                            and Subsections
                                                                            9.25(a)
                                                                            or (b)
                                                                            hereof.
                                                                            In addition,
                                                                            the Trustee
                                                                            shall
                                                                            not have
                                                                            any liability
                                                                            for the
                                                                            actions
                                                                            or failure
                                                                            to act
                                                                            of any
                                                                            other
                                                                            party
                                                                            hereto.

                                                                           

                                                                          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
                                                                            Servicing
                                                                            Agreement,
                                                                            knowingly
                                                                            permit
                                                                            the Servicer
                                                                            to, rent,
                                                                            lease,
                                                                            or otherwise
                                                                            earn
                                                                            income
                                                                            on behalf
                                                                            of any
                                                                            REMIC
                                                                            with
                                                                            respect
                                                                            to any
                                                                            REO
                                                                            Property
                                                                            which
                                                                            might
                                                                            cause
                                                                            an Adverse
                                                                            REMIC
                                                                            Event
                                                                            unless
                                                                            the Master
                                                                            Servicer
                                                                            has
                                                                            advised,
                                                                            or has
                                                                            caused
                                                                            the Servicer
                                                                            to advise,
                                                                            the Trustee
                                                                            and any
                                                                            NIMS
                                                                            Insurer
                                                                            in writing
                                                                            to the
                                                                            effect
                                                                            that,
                                                                            under
                                                                            the REMIC
                                                                            Provisions,
                                                                            such
                                                                            action
                                                                            would
                                                                            not
                                                                            result
                                                                            in an
                                                                            Adverse
                                                                            REMIC
                                                                            Event.

                                                                           

                                                                          (b)
                                                                            The
                                                                            Master
                                                                            Servicer
                                                                            shall
                                                                            cause
                                                                            the Servicer
                                                                            (to the
                                                                            extent
                                                                            provided
                                                                            in its
                                                                            Servicing
                                                                            Agreement)
                                                                            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 Servicer
                                                                            (to the
                                                                            extent
                                                                            provided
                                                                            in its
                                                                            Servicing
                                                                            Agreement)
                                                                            to,
                                                                            dispose
                                                                            of any
                                                                            REO Property
                                                                            within
                                                                            three
                                                                            years
                                                                            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,
                                                                            the
                                                                            REMIC
                                                                            may hold
                                                                            REO Property
                                                                            for a
                                                                            longer
                                                                            period
                                                                            without
                                                                            causing
                                                                            an Adverse
                                                                            REMIC
                                                                            Event.
                                                                            If the
                                                                            Master
                                                                            Servicer
                                                                            has received
                                                                            such
                                                                            an extension,
                                                                            then
                                                                            the Trustee,
                                                                            or the
                                                                            Master
                                                                            Servicer,
                                                                            acting
                                                                            on its
                                                                            behalf
                                                                            hereunder,
                                                                            shall,
                                                                            or shall
                                                                            cause
                                                                            the 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 Trustee
                                                                            has not
                                                                            received
                                                                            such
                                                                            an extension
                                                                            and
                                                                            the Master
                                                                            Servicer
                                                                            or the
                                                                            Servicer,
                                                                            acting
                                                                            on behalf
                                                                            of the
                                                                            Trustee
                                                                            hereunder,
                                                                            is unable
                                                                            to sell
                                                                            the REO
                                                                            Property
                                                                            within
                                                                            33 months
                                                                            after
                                                                            its acquisition
                                                                            by the
                                                                            Trust
                                                                            Fund
                                                                            or if
                                                                            the Master
                                                                            Servicer
                                                                            has received
                                                                            such
                                                                            an extension,
                                                                            and the
                                                                            Master
                                                                            Servicer
                                                                            or the
                                                                            Servicer
                                                                            is unable
                                                                            to sell
                                                                            the REO
                                                                            Property
                                                                            within
                                                                            the
                                                                            period
                                                                            ending
                                                                            three
                                                                            months
                                                                            before
                                                                            the close
                                                                            of the
                                                                            Extended
                                                                            Period,
                                                                            the Master
                                                                            Servicer
                                                                            shall
                                                                            cause
                                                                            the Servicer,
                                                                            before
                                                                            the end
                                                                            of the
                                                                            three
                                                                            year
                                                                            period
                                                                            or
                                                                            the Extended
                                                                            Period,
                                                                            as applicable,
                                                                            to (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 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.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              168

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                           

                                                                          ARTICLE
                                                                            XI

                                                                           

                                                                          MISCELLANEOUS
                                                                            PROVISIONS

                                                                           

                                                                          Section
                                                                            11.01.
Binding
                                                                            Nature
                                                                            of Agreement;
                                                                            Assignment. 

                                                                           

                                                                          This
                                                                            Agreement
                                                                            shall
                                                                            be binding
                                                                            upon
                                                                            and inure
                                                                            to the
                                                                            benefit
                                                                            of the
                                                                            parties
                                                                            hereto
                                                                            and their
                                                                            respective
                                                                            successors
                                                                            and permitted
                                                                            assigns.

                                                                           

                                                                          Section
                                                                            11.02.
Entire
                                                                            Agreement. 

                                                                           

                                                                          This
                                                                            Agreement
                                                                            contains
                                                                            the entire
                                                                            agreement
                                                                            and understanding
                                                                            among
                                                                            the parties
                                                                            hereto
                                                                            with
                                                                            respect
                                                                            to the
                                                                            subject
                                                                            matter
                                                                            hereof,
                                                                            and supersedes
                                                                            all prior
                                                                            and
                                                                            contemporaneous
                                                                            agreements,
                                                                            understandings,
                                                                            inducements
                                                                            and conditions,
                                                                            express
                                                                            or implied,
                                                                            oral
                                                                            or written,
                                                                            of any
                                                                            nature
                                                                            whatsoever
                                                                            with
                                                                            respect
                                                                            to the
                                                                            subject
                                                                            matter
                                                                            hereof.
                                                                            The express
                                                                            terms
                                                                            hereof
                                                                            control
                                                                            and supersede
                                                                            any course
                                                                            of performance
                                                                            and/or
                                                                            usage
                                                                            of the
                                                                            trade
                                                                            inconsistent
                                                                            with
                                                                            any of
                                                                            the terms
                                                                            hereof.

                                                                           

                                                                          Section
                                                                            11.03.
Amendment.  

                                                                           

                                                                          (a)
                                                                            On or
                                                                            prior
                                                                            to a
                                                                            Section
                                                                            7.01(c)
                                                                            Purchase
                                                                            Event,
                                                                            this
                                                                            Agreement
                                                                            may be
                                                                            amended
                                                                            from
                                                                            time
                                                                            to time
                                                                            by the
                                                                            Depositor,
                                                                            the Master
                                                                            Servicer
                                                                            and the
                                                                            Trustee,
                                                                            with
                                                                            the
                                                                            consent
                                                                            of any
                                                                            NIMS
                                                                            Insurer,
                                                                            but without
                                                                            the consent
                                                                            of the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            or the
                                                                            Swap
                                                                            Counterparty
                                                                            (except
                                                                            to the
                                                                            extent
                                                                            that
                                                                            the rights
                                                                            or obligations
                                                                            of
                                                                            (1) the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            or the
                                                                            Swap
                                                                            Counterparty
                                                                            hereunder
                                                                            or (2)
                                                                            the Swap
                                                                            Counterparty
                                                                            under
                                                                            the Swap
                                                                            Agreement
                                                                            are affected
                                                                            thereby,
                                                                            and except
                                                                            to the
                                                                            extent
                                                                            the ability
                                                                            of the
                                                                            Trustee
                                                                            on behalf
                                                                            of the
                                                                            Supplemental
                                                                            Interest
                                                                            Trust
                                                                            and the
                                                                            Trust
                                                                            Fund
                                                                            to perform
                                                                            fully
                                                                            and timely
                                                                            its obligations
                                                                            under
                                                                            the Swap
                                                                            Agreement
                                                                            is adversely
                                                                            affected,
                                                                            in which
                                                                            case
                                                                            prior
                                                                            written
                                                                            consent
                                                                            of the
                                                                            Swap
                                                                            Counterparty
                                                                            is required)
                                                                            and 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 the
                                                                            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,
                                                                            any NIMS
                                                                            Insurer
                                                                            and the
                                                                            Swap
                                                                            Counterparty
                                                                            shall
                                                                            be provided
                                                                            with
                                                                            an Opinion
                                                                            of Counsel
                                                                            addressed
                                                                            to the
                                                                            Trustee,
                                                                            any NIMS
                                                                            Insurer
                                                                            and the
                                                                            Swap
                                                                            Counterparty
                                                                            (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
                                                                            then
                                                                            current
                                                                            rating
                                                                            assigned
                                                                            to the
                                                                            Certificates.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              169

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (b)
                                                                            On or
                                                                            prior
                                                                            to a
                                                                            Section
                                                                            7.01(c)
                                                                            Purchase
                                                                            Event,
                                                                            this
                                                                            Agreement
                                                                            may also
                                                                            be amended
                                                                            from
                                                                            time
                                                                            to time
                                                                            by the
                                                                            Depositor,
                                                                            the Master
                                                                            Servicer
                                                                            and the
                                                                            Trustee,
                                                                            with
                                                                            the consent
                                                                            of any
                                                                            NIMS
                                                                            Insurer,
                                                                            but without
                                                                            the consent
                                                                            of the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            or the
                                                                            Swap
                                                                            Counterparty
                                                                            (except
                                                                            to the
                                                                            extent
                                                                            that
                                                                            the rights
                                                                            or
                                                                            obligations
                                                                            of (1)
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            or the
                                                                            Swap
                                                                            Counterparty
                                                                            hereunder
                                                                            or
                                                                            (2) the
                                                                            Swap
                                                                            Counterparty
                                                                            under
                                                                            the Swap
                                                                            Agreement
                                                                            are affected
                                                                            thereby,
                                                                            or the
                                                                            ability
                                                                            of the
                                                                            Trustee
                                                                            on behalf
                                                                            of the
                                                                            Supplemental
                                                                            Interest
                                                                            Trust
                                                                            and the
                                                                            Trust
                                                                            Fund
                                                                            to perform
                                                                            fully
                                                                            and timely
                                                                            its obligations
                                                                            under
                                                                            the Swap
                                                                            Agreement
                                                                            is adversely
                                                                            affected,
                                                                            in which
                                                                            case
                                                                            prior
                                                                            written
                                                                            consent
                                                                            of the
                                                                            Swap
                                                                            Counterparty
                                                                            is required)
                                                                            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 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
                                                                            and any
                                                                            NIMS
                                                                            Insurer
                                                                            receives
                                                                            an
                                                                            Opinion
                                                                            of Counsel
                                                                            addressed
                                                                            to the
                                                                            Trustee
                                                                            and the
                                                                            NIMS
                                                                            Insurer,
                                                                            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 Percentage
                                                                            Interest)
                                                                            of each
                                                                            Class
                                                                            of Certificates
                                                                            affected
                                                                            thereby.
                                                                            For purposes
                                                                            of this
                                                                            paragraph,
                                                                            references
                                                                            to “Holder”
or “Holders”
shall
                                                                            be
                                                                            deemed
                                                                            to include,
                                                                            in the
                                                                            case
                                                                            of any
                                                                            Class
                                                                            of Book-Entry
                                                                            Certificates,
                                                                            the
                                                                            related
                                                                            Certificate
                                                                            Owners.

                                                                           

                                                                          (c)
                                                                            After
                                                                            a Section
                                                                            7.01(c)
                                                                            Purchase
                                                                            Event
                                                                            but on
                                                                            or prior
                                                                            to a
                                                                            Trust
                                                                            Fund
                                                                            Termination
                                                                            Event,
                                                                            this
                                                                            Agreement
                                                                            may be
                                                                            amended
                                                                            from
                                                                            time
                                                                            to time
                                                                            by the
                                                                            Depositor,
                                                                            the
                                                                            Master
                                                                            Servicer,
                                                                            the LTURI-holder
                                                                            and the
                                                                            Trustee,
                                                                            but without
                                                                            the consent
                                                                            of
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            or the
                                                                            Swap
                                                                            Counterparty
                                                                            (except
                                                                            to the
                                                                            extent
                                                                            that
                                                                            the
                                                                            rights
                                                                            or obligations
                                                                            of (1)
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            or the
                                                                            Swap
                                                                            Counterparty
                                                                            hereunder
                                                                            or (2)
                                                                            the Swap
                                                                            Counterparty
                                                                            under
                                                                            the Swap
                                                                            Agreement,
                                                                            or the
                                                                            ability
                                                                            of the
                                                                            Trustee
                                                                            on behalf
                                                                            of the
                                                                            Supplemental
                                                                            Interest
                                                                            Trust
                                                                            and the
                                                                            Trust
                                                                            Fund
                                                                            to perform
                                                                            fully
                                                                            and timely
                                                                            its obligations
                                                                            under
                                                                            the Swap
                                                                            Agreement
                                                                            is
                                                                            adversely
                                                                            affected,
                                                                            in which
                                                                            case
                                                                            prior
                                                                            written
                                                                            consent
                                                                            of the
                                                                            Credit
                                                                            Risk
                                                                            Manager
                                                                            or the
                                                                            Swap
                                                                            Counterparty,
                                                                            as applicable,
                                                                            is required).
                                                                            Prior
                                                                            to entering
                                                                            into
                                                                            any amendment
                                                                            without
                                                                            the consent
                                                                            of Holders
                                                                            pursuant
                                                                            to this
                                                                            paragraph,
                                                                            the Trustee
                                                                            and the
                                                                            Swap
                                                                            Counterparty
                                                                            shall
                                                                            be provided
                                                                            with
                                                                            an Opinion
                                                                            of
                                                                            Counsel
                                                                            addressed
                                                                            to the
                                                                            Trustee,
                                                                            any NIMS
                                                                            Insurer
                                                                            and the
                                                                            Swap
                                                                            Counterparty
                                                                            (at
                                                                            the expense
                                                                            of the
                                                                            party
                                                                            requesting
                                                                            such
                                                                            amendment)
                                                                            to the
                                                                            effect
                                                                            that
                                                                            such
                                                                            amendment
                                                                            is permitted
                                                                            under
                                                                            this
                                                                            Section
                                                                            and will
                                                                            not result
                                                                            in an
                                                                            Adverse
                                                                            REMIC
                                                                            Event.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              170

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (d)
                                                                            Promptly
                                                                            after
                                                                            the execution
                                                                            of any
                                                                            such
                                                                            amendment,
                                                                            the Trustee
                                                                            shall
                                                                            furnish
                                                                            written
                                                                            notification
                                                                            of the
                                                                            substance
                                                                            of such
                                                                            amendment
                                                                            to each
                                                                            Holder,
                                                                            the
                                                                            Depositor,
                                                                            the Swap
                                                                            Counterparty,
                                                                            any NIMS
                                                                            Insurer
                                                                            and to
                                                                            the Rating
                                                                            Agencies.

                                                                           

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

                                                                           

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

                                                                           

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

                                                                           

                                                                          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 Percentage
                                                                            Interest),
                                                                            Certificates
                                                                            owned
                                                                            by the
                                                                            Depositor,
                                                                            the Master
                                                                            Servicer,
                                                                            the Trustee,
                                                                            the
                                                                            Servicer,
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            or Affiliates
                                                                            thereof
                                                                            are not
                                                                            to be
                                                                            counted
                                                                            so
                                                                            long
                                                                            as such
                                                                            Certificates
                                                                            are owned
                                                                            by the
                                                                            Depositor,
                                                                            the Master
                                                                            Servicer,
                                                                            the
                                                                            Trustee,
                                                                            the Servicer,
                                                                            the Credit
                                                                            Risk
                                                                            Manager
                                                                            or any
                                                                            Affiliate
                                                                            thereof.

                                                                           

                                                                          Section
                                                                            11.05.
Provision
                                                                            of Information. 

                                                                           

                                                                          (a)
                                                                            For
                                                                            so long
                                                                            as any
                                                                            of the
                                                                            Certificates
                                                                            of any
                                                                            Series
                                                                            or Class
                                                                            are “restricted
                                                                            securities”
within
                                                                            the meaning
                                                                            of Rule
                                                                            144(a)(3)
                                                                            under
                                                                            the Act,
                                                                            each
                                                                            of the
                                                                            Depositor,
                                                                            the Master
                                                                            Servicer
                                                                            and the
                                                                            Trustee
                                                                            agree
                                                                            to cooperate
                                                                            with
                                                                            each
                                                                            other
                                                                            to provide
                                                                            to any
                                                                            Certificateholders,
                                                                            any NIM
                                                                            Security
                                                                            holder
                                                                            and to
                                                                            any
                                                                            prospective
                                                                            purchaser
                                                                            of Certificates
                                                                            designated
                                                                            by such
                                                                            holder,
                                                                            upon
                                                                            the
                                                                            request
                                                                            of such
                                                                            holder
                                                                            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
                                                                            Master
                                                                            Servicer
                                                                            or the
                                                                            Trustee
                                                                            in providing
                                                                            such
                                                                            information
                                                                            shall
                                                                            be reimbursed
                                                                            by the
                                                                            Depositor.

                                                                           

                                                                          (b)
                                                                            The
                                                                            Trustee
                                                                            shall
                                                                            provide
                                                                            to any
                                                                            person
                                                                            to whom
                                                                            a Prospectus
                                                                            was delivered,
                                                                            upon
                                                                            the
                                                                            request
                                                                            of such
                                                                            person
                                                                            specifying
                                                                            the document
                                                                            or documents
                                                                            requested,
                                                                            (i) a
                                                                            copy
                                                                            (excluding
                                                                            exhibits)
                                                                            of any
                                                                            report
                                                                            on Form
                                                                            8-K or
                                                                            Form
                                                                            10-K
                                                                            filed
                                                                            with
                                                                            the
                                                                            Securities
                                                                            and Exchange
                                                                            Commission
                                                                            pursuant
                                                                            to Section
                                                                            6.20(c)
                                                                            and (ii)
                                                                            a copy
                                                                            of any
                                                                            other
                                                                            document
                                                                            incorporated
                                                                            by reference
                                                                            in the
                                                                            Prospectus
                                                                            (to the
                                                                            extent
                                                                            that
                                                                            the Trustee
                                                                            has such
                                                                            documents
                                                                            in its
                                                                            possession
                                                                            or such
                                                                            documents
                                                                            are
                                                                            reasonably
                                                                            obtained
                                                                            by the
                                                                            Trustee).
                                                                            Any reasonable
                                                                            out-of-pocket
                                                                            expenses
                                                                            incurred
                                                                            by the
                                                                            Trustee
                                                                            in providing
                                                                            copies
                                                                            of such
                                                                            documents
                                                                            shall
                                                                            be
                                                                            reimbursed
                                                                            by the
                                                                            Depositor.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              171

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

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

                                                                           

                                                                          Section
                                                                            11.06.
Governing
                                                                            Law. 

                                                                           

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

                                                                           

                                                                          Section
                                                                            11.07.
Notices. 

                                                                           

                                                                          All
                                                                            demands,
                                                                            notices
                                                                            and communications
                                                                            hereunder
                                                                            shall
                                                                            be in
                                                                            writing
                                                                            and shall
                                                                            be
                                                                            deemed
                                                                            to have
                                                                            been
                                                                            duly
                                                                            given
                                                                            when
                                                                            received
                                                                            by (a)
                                                                            in the
                                                                            case
                                                                            of the
                                                                            Depositor,
                                                                            Structured
                                                                            Asset
                                                                            Securities
                                                                            Corporation,
                                                                            745 Seventh
                                                                            Avenue,
                                                                            7th
                                                                            Floor,
                                                                            New York,
                                                                            NY 10019,
                                                                            Attention:
                                                                            Mortgage
                                                                            Finance
                                                                            FFMLT
                                                                            2006-FF12,
                                                                            (b) in the
                                                                            case
                                                                            of the
                                                                            Seller,
                                                                            Lehman
                                                                            Brothers
                                                                            Holdings
                                                                            Inc.,
                                                                            745 Seventh
                                                                            Avenue,
                                                                            7th Floor,
                                                                            New York,
                                                                            NY 10019,
                                                                            Attention:
                                                                            Mortgage
                                                                            Finance
                                                                            FFMLT
                                                                            2006-FF12,
                                                                            (c) in the
                                                                            case
                                                                            of the
                                                                            Credit
                                                                            Risk
                                                                            Manager,
                                                                            OfficeTiger
                                                                            Global
                                                                            Real
                                                                            Estate
                                                                            Services
                                                                            Inc.,
                                                                            7000
                                                                            Central
                                                                            Parkway,
                                                                            Suite
                                                                            800,
                                                                            Atlanta,
                                                                            Georgia
                                                                            30328,
                                                                            Attention:
                                                                            Chief
                                                                            Executive
                                                                            Officer,,
                                                                            (d) in
                                                                            the case
                                                                            of the
                                                                            Trustee,
                                                                            the
                                                                            Corporate
                                                                            Trust
                                                                            Office,
                                                                            (e) in
                                                                            the case
                                                                            of the
                                                                            Master
                                                                            Servicer,
                                                                            Aurora
                                                                            Loan
                                                                            Services
                                                                            LLC,
                                                                            327 Inverness
                                                                            Drive
                                                                            South,
                                                                            Englewood,
                                                                            Colorado
                                                                            80112;
                                                                            Attention:
                                                                            Master
                                                                            Servicing,
                                                                            FFMLT
                                                                            2006-FF12,
                                                                            (f) in
                                                                            the case
                                                                            of the
                                                                            Swap
                                                                            Counterparty,
                                                                            at
                                                                            the address
                                                                            therefore
                                                                            set forth
                                                                            in the
                                                                            Swap
                                                                            Agreement
                                                                            and (g)
                                                                            in the
                                                                            case
                                                                            of the
                                                                            Cap Counterparty,
                                                                            at the
                                                                            address
                                                                            therefore
                                                                            set forth
                                                                            in the
                                                                            Interest
                                                                            Rate
                                                                            Cap
                                                                            Agreement
                                                                            or, as
                                                                            to each
                                                                            party,
                                                                            such
                                                                            other
                                                                            address
                                                                            as may
                                                                            hereafter
                                                                            be furnished
                                                                            by such
                                                                            party
                                                                            to the
                                                                            other
                                                                            parties
                                                                            in writing.
                                                                            All demands,
                                                                            notices
                                                                            and
                                                                            communications
                                                                            to a
                                                                            party
                                                                            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
                                                                            above
                                                                            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.

                                                                          

                                                                          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.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              172

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          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.

                                                                           

                                                                          The
                                                                            Depositor
                                                                            shall
                                                                            promptly
                                                                            notify
                                                                            the Custodian
                                                                            and the
                                                                            Trustee
                                                                            in writing
                                                                            of the
                                                                            issuance
                                                                            of any
                                                                            Class
                                                                            of NIMS
                                                                            Securities
                                                                            issued
                                                                            by a
                                                                            NIMS
                                                                            Insurer
                                                                            and the
                                                                            identity
                                                                            of such
                                                                            NIMS
                                                                            Insurer.
                                                                            Thereafter,
                                                                            the NIMS
                                                                            Insurer
                                                                            shall
                                                                            be deemed
                                                                            a
                                                                            third-party
                                                                            beneficiary
                                                                            of this
                                                                            Agreement
                                                                            to the
                                                                            same
                                                                            extent
                                                                            as if
                                                                            it were
                                                                            a
                                                                            party
                                                                            hereto,
                                                                            and shall
                                                                            be subject
                                                                            to and
                                                                            have
                                                                            the right
                                                                            to enforce
                                                                            the
                                                                            provisions
                                                                            of this
                                                                            Agreement
                                                                            so long
                                                                            as the
                                                                            NIMS
                                                                            Securities
                                                                            remaining
                                                                            outstanding
                                                                            or the
                                                                            NIMS
                                                                            Insurer
                                                                            is owed
                                                                            amounts
                                                                            in respect
                                                                            of its
                                                                            guarantee
                                                                            of
                                                                            payment
                                                                            of such
                                                                            NIMS
                                                                            Securities.
                                                                            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,
                                                                            the Swap
                                                                            Counterparty
                                                                            and its
                                                                            successors
                                                                            and assignees
                                                                            under
                                                                            the Swap
                                                                            Agreement,
                                                                            the Holders
                                                                            of the
                                                                            Certificates
                                                                            and the
                                                                            NIMS
                                                                            Insurer,
                                                                            any benefit
                                                                            or any
                                                                            legal
                                                                            or equitable
                                                                            right,
                                                                            power,
                                                                            remedy
                                                                            or claim
                                                                            under
                                                                            this
                                                                            Agreement,
                                                                            except
                                                                            to the
                                                                            extent
                                                                            specified
                                                                            in
                                                                            Sections
                                                                            5.08
                                                                            and Section
                                                                            11.15,
                                                                            as applicable.

                                                                           

                                                                          Section
                                                                            11.12.
Special
                                                                            Notices
                                                                            to the
                                                                            Rating
                                                                            Agencies
                                                                            and any
                                                                            NIMS
                                                                            Insurer.  

                                                                           

                                                                          (a)
                                                                            The
                                                                            Depositor
                                                                            shall
                                                                            give
                                                                            prompt
                                                                            notice
                                                                            to the
                                                                            Rating
                                                                            Agencies
                                                                            and any
                                                                            NIMS
                                                                            Insurer
                                                                            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;
                                                                            

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              173

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          (vi)
                                                                            the
                                                                            making
                                                                            of a
                                                                            final
                                                                            payment
                                                                            pursuant
                                                                            to Section
                                                                            7.02;
                                                                            and

                                                                           

                                                                          (vii)
                                                                            any
                                                                            termination
                                                                            of the
                                                                            rights
                                                                            and obligations
                                                                            of the
                                                                            Servicer
                                                                            under
                                                                            the Servicing
                                                                            Agreement.

                                                                           

                                                                          (b)
                                                                            All
                                                                            notices
                                                                            to the
                                                                            Rating
                                                                            Agencies
                                                                            provided
                                                                            for this
                                                                            Section
                                                                            shall
                                                                            be in
                                                                            writing
                                                                            and
                                                                            sent
                                                                            by first
                                                                            class
                                                                            mail,
                                                                            telecopy
                                                                            or overnight
                                                                            courier,
                                                                            as
                                                                            follows:

                                                                           

                                                                          If
                                                                            to
                                                                            S&P, to:

                                                                          

                                                                          Standard
                                                                            &
Poor’s Ratings
                                                                            Services

                                                                          55
                                                                            Water
                                                                            Street

                                                                          New
                                                                            York,
                                                                            New York
                                                                            10041

                                                                          Attention:
                                                                            Residential
                                                                            Mortgages

                                                                          

                                                                          If
                                                                            to
                                                                            Moody’s, to:

                                                                           

                                                                          Moody’s
                                                                            Investor
                                                                            Service,
                                                                            Inc.

                                                                          99
                                                                            Church
                                                                            Street

                                                                          New
                                                                            York,
                                                                            New York
                                                                            10007

                                                                          Attention:
                                                                            Residential
                                                                            Mortgages

                                                                           

                                                                          If
                                                                            to
                                                                            Fitch,
                                                                            to:

                                                                           

                                                                          Fitch,
                                                                            Inc.

                                                                          One
                                                                            State
                                                                            Street
                                                                            Plaza

                                                                          New
                                                                            York,
                                                                            New York
                                                                            10004

                                                                          Attention:
                                                                            Residential
                                                                            Mortgages

                                                                          

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

                                                                           

                                                                          Section
                                                                            11.13.
Conflicts. 

                                                                           

                                                                          To
                                                                            the
                                                                            extent
                                                                            that
                                                                            the terms
                                                                            of this
                                                                            Agreement
                                                                            conflict
                                                                            with
                                                                            the terms
                                                                            of the
                                                                            Servicing
                                                                            Agreement,
                                                                            the Servicing
                                                                            Agreement
                                                                            shall
                                                                            govern,
                                                                            unless
                                                                            such
                                                                            provisions
                                                                            shall
                                                                            adversely
                                                                            affect
                                                                            the Trustee
                                                                            or the
                                                                            Trust
                                                                            Fund.

                                                                           

                                                                          Section
                                                                            11.14.
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.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              174

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          Section
                                                                            11.15.
Transfer
                                                                            of Servicing. 

                                                                           

                                                                          The
                                                                            Seller
                                                                            agrees
                                                                            that
                                                                            it shall
                                                                            provide
                                                                            written
                                                                            notice
                                                                            to the
                                                                            Master
                                                                            Servicer,
                                                                            the
                                                                            Swap
                                                                            Counterparty,
                                                                            any NIMS
                                                                            Insurer
                                                                            and the
                                                                            Trustee
                                                                            thirty
                                                                            days
                                                                            prior
                                                                            to any
                                                                            proposed
                                                                            transfer
                                                                            or assignment
                                                                            by such
                                                                            Seller
                                                                            of its
                                                                            rights
                                                                            under
                                                                            the Servicing
                                                                            Agreement
                                                                            or of
                                                                            the servicing
                                                                            thereunder
                                                                            or delegation
                                                                            of its
                                                                            rights
                                                                            or duties
                                                                            thereunder
                                                                            or any
                                                                            portion
                                                                            thereof
                                                                            to any
                                                                            other
                                                                            Person
                                                                            other
                                                                            than
                                                                            the initial
                                                                            Servicer
                                                                            under
                                                                            the Servicing
                                                                            Agreement.
                                                                            In addition,
                                                                            the ability
                                                                            of the
                                                                            Seller
                                                                            to transfer
                                                                            or assign
                                                                            its rights
                                                                            and delegate
                                                                            its duties
                                                                            under
                                                                            the 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 any
                                                                            NIMS
                                                                            Insurer
                                                                            and the
                                                                            Master
                                                                            Servicer
                                                                            to such
                                                                            transfer;

                                                                           

                                                                          (ii)
                                                                            Such
                                                                            successor
                                                                            servicer
                                                                            must
                                                                            be qualified
                                                                            to service
                                                                            loans
                                                                            for Fannie
                                                                            Mae or
                                                                            Freddie
                                                                            Mac,
                                                                            and must
                                                                            be a
                                                                            member
                                                                            in good
                                                                            standing
                                                                            of MERS;

                                                                           

                                                                          (iii)
                                                                            Such
                                                                            successor
                                                                            servicer
                                                                            must
                                                                            satisfy
                                                                            the seller/servicer
                                                                            eligibility
                                                                            standards
                                                                            in the
                                                                            Servicing
                                                                            Agreement,
                                                                            exclusive
                                                                            of any
                                                                            experience
                                                                            in mortgage
                                                                            loan
                                                                            origination;

                                                                           

                                                                          (iv)
                                                                            Such
                                                                            successor
                                                                            servicer
                                                                            must
                                                                            execute
                                                                            and deliver
                                                                            to the
                                                                            Trustee
                                                                            and the
                                                                            Master
                                                                            Servicer
                                                                            an agreement,
                                                                            in form
                                                                            and substance
                                                                            reasonably
                                                                            satisfactory
                                                                            to the
                                                                            Trustee
                                                                            and the
                                                                            Master
                                                                            Servicer,
                                                                            that
                                                                            contains
                                                                            an assumption
                                                                            by such
                                                                            successor
                                                                            servicer
                                                                            of the
                                                                            due and
                                                                            punctual
                                                                            performance
                                                                            and observance
                                                                            of each
                                                                            covenant
                                                                            and
                                                                            condition
                                                                            to be
                                                                            performed
                                                                            and observed
                                                                            by the
                                                                            Servicer
                                                                            under
                                                                            the Servicing
                                                                            Agreement;

                                                                           

                                                                          (v)
                                                                            There
                                                                            must
                                                                            be delivered
                                                                            to the
                                                                            Trustee
                                                                            and the
                                                                            Master
                                                                            Servicer
                                                                            a letter
                                                                            from
                                                                            each
                                                                            Rating
                                                                            Agency
                                                                            to the
                                                                            effect
                                                                            that
                                                                            such
                                                                            transfer
                                                                            of servicing
                                                                            will
                                                                            not result
                                                                            in a
                                                                            qualification,
                                                                            withdrawal
                                                                            or downgrade
                                                                            of the
                                                                            then-current
                                                                            rating
                                                                            of any
                                                                            of the
                                                                            Certificates;
                                                                            and

                                                                           

                                                                          (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,
                                                                            all funds
                                                                            held
                                                                            by the
                                                                            prior
                                                                            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.
                                                                            Notwithstanding
                                                                            the foregoing,
                                                                            the prior
                                                                            Servicer
                                                                            shall
                                                                            be obligated
                                                                            to perform
                                                                            the items
                                                                            listed
                                                                            above
                                                                            to the
                                                                            extent
                                                                            provided
                                                                            in the
                                                                            Servicing
                                                                            Agreement.

                                                                          
                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              175

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                          

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

                                                                             

                                                                            STRUCTURED
                                                                              ASSET
                                                                              SECURITIES

                                                                            CORPORATION,
                                                                              as
                                                                              Depositor

                                                                             

                                                                            By: 
                                                                              /s/
                                                                              Ellen
                                                                              V.
                                                                              Kiernan                

                                                                            Name:
                                                                              Ellen
                                                                              V.
                                                                              Kiernan

                                                                            Title:
                                                                              Senior
                                                                              Vice
                                                                              President

                                                                             

                                                                             

                                                                            U.S.
                                                                              BANK
                                                                              NATIONAL
                                                                              ASSOCIATION,

                                                                            as
                                                                              Trustee

                                                                            

                                                                            

                                                                            By: 
                                                                              /s/
                                                                              James
                                                                              H.
                                                                              Byrnes                

                                                                            Name:
                                                                              James
                                                                              H.
                                                                              Byrnes

                                                                            Title: 
                                                                              Vice
                                                                              President

                                                                            

                                                                            

                                                                            AURORA
                                                                              LOAN
                                                                              SERVICES
                                                                              LLC,
                                                                              as
                                                                              Master

                                                                            Servicer

                                                                            

                                                                            

                                                                            By: 
                                                                              /s/
                                                                              Jerald
                                                                              W.
                                                                              Dreyer                
Name:
                                                                              Jerald
                                                                              W.
                                                                              Dreyer
Title:
                                                                              Vice
                                                                              President

                                                                            

                                                                            

                                                                            OFFICETIGER
                                                                              GLOBAL
                                                                              REAL
                                                                              ESTATE

SERVICES
                                                                              INC.,
                                                                              as
                                                                              Credit
                                                                              Risk
                                                                              Manager

                                                                            

                                                                            

                                                                            By: 
                                                                              /s/
                                                                              D.
                                                                              Keith
                                                                              Gettmann                

                                                                            Name:
                                                                              D.
                                                                              Keith
                                                                              Gettmann

                                                                            Title: 
                                                                              Senior
                                                                              Vice
                                                                              President

                                                                             

                                                                            
                                                                              
                                                                                
                                                                                

                                                                              

                                                                              
                                                                                
                                                                                

                                                                                
                                                                                  

                                                                                

                                                                              

                                                                              
                                                                                
                                                                                

                                                                              

                                                                            

                                                                            Solely
                                                                              for
                                                                              purposes
                                                                              of
                                                                              Sections
                                                                              5.07(c),
                                                                              6.11
                                                                              and
                                                                              11.15,

                                                                            accepted
                                                                              and
                                                                              agreed
                                                                              to
                                                                              by:

                                                                             

                                                                            LEHMAN
                                                                              BROTHERS
                                                                              HOLDINGS
                                                                              INC.

                                                                             

                                                                            By: 
                                                                              /s/
                                                                              Michael
                                                                              Hitzmann                

                                                                            Name:
                                                                              Michael
                                                                              Hitzmann

                                                                            Title:
                                                                              Authorized
                                                                              Signatory

                                                                            

                                                                            

                                                                            

                                                                            

                                                                            

                                                                            

                                                                            

                                                                            

                                                                            

                                                                            

                                                                             

                                                                            
                                                                              
                                                                                
                                                                                

                                                                              

                                                                              
                                                                                
                                                                                

                                                                                
                                                                                  

                                                                                

                                                                              

                                                                              
                                                                                
                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

    

    

    

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-1

     

    FORM
      OF
      INITIAL CERTIFICATION

     

                                             
      

    Date

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

     

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of August 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
                OfficeTiger
                Global Real Estate Services Inc.,
                as Credit Risk Manager, with respect to First Franklin Mortgage Loan
                Trust
                Mortgage Pass-Through Certificates, Series
                2006-FF12

            

    

     

    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, hereby certifies that it has
      received the documents listed in Section 2.01(b) of the Trust Agreement for
      each
      Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to the
      Trust Agreement, subject to any exceptions noted on Schedule I
      hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Trust Agreement. This Certificate
      is
      subject in all respects to the terms of Section 2.02 of the Trust Agreement
      and
      the Trust Agreement sections cross-referenced therein.

     

    [Custodian]

    

    By:_____________________________________

    Name:
      

    Title:

    

    

     

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-2

     

     

    FORM
      OF
      INTERIM CERTIFICATION

     

                                             
      

    Date

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

     

    

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of August 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
                OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager,
                with
                respect to First Franklin Mortgage Loan Trust Mortgage Pass-Through
                Certificates, Series 2006-FF12

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(b) of the Trust Agreement, the undersigned, as
      Custodian, 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 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 in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears regular on its
      face
      and appears to relate to the Mortgage Loan identified in such
      document.

     

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

     

    [Custodian]

    

    By:_____________________________________

    Name:
      

    Title:

     

     

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

     

    

      EXHIBIT
        B-3

       

      FORM
        OF
        FINAL CERTIFICATION

       

                                               
        

      Date

       

      U.S.
        Bank
        National Association

      One
        Federal Street

      3rd
        Floor

      Boston,
        Massachusetts 02110

      

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 7th Floor

      New
        York,
        New York 10019

       

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of August 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
                  OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager,
                  with
                  respect to First Franklin Mortgage Loan Trust Mortgage Pass-Through
                  Certificates, Series 2006-FF12

              

      

       

      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 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 in
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
        Agreement and has determined that each such document appears to be complete
        and,
        based on an examination of such documents, the information set forth in items
        (i) through (vi) of the definition of Mortgage Loan Schedule is correct.
        

       

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

       

      [Custodian]

      

      By:_____________________________________

      Name:

      Title:
        

      

       

      
        
          
          

        

        
          B-3-1

          
            

          

        

        
          
          

        

      

      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 August 1, 2006 by and among Structured Asset
        Securities Corporation, as Depositor, the Trustee, Aurora Loan Services LLC,
        as
        Master Servicer, and OfficeTiger Global Real Estate Services Inc., as Credit
        Risk Manager relating to First Franklin Mortgage Loan Trust Mortgage
        Pass-Through Certificates, Series 2006-FF12, without recourse.

       

      

      

      

       

      __________________________________

      [current
        signatory on note]

       

      By:_______________________________

      Name:

      Title:

      

      
        
          
          

        

        
          B-4-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

       

                                               
        

      Date

       

       

      [Addressed
        to Trustee

      or,
        if
        applicable, the Custodian]

       

      In
        connection with the administration of the mortgages held by you as Trustee
        under
        a certain Trust Agreement dated as of August 1, 2006 by and among Structured
        Asset Securities Corporation, as Depositor, you, as Trustee, Aurora Loan
        Services LLC, as Master Servicer, and OfficeTiger Global Real Estate Services
        Inc., as Credit Risk Manager, (the “Trust Agreement”), the undersigned 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 Servicer hereby certifies that all amounts received
        in
        connection with the loan have been or will be credited to the Certificate
        Account pursuant to the Trust Agreement.)

       

      2. The
        Mortgage Loan is being foreclosed.

       

      3. Mortgage
        Loan substituted. (The 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 Servicer hereby certifies that the Purchase Price
        has
        been credited to the Certificate Account pursuant to the Trust
        Agreement.)

       

      5. Other.
        (Describe)

       

      The
        undersigned acknowledges that the above Mortgage File will be held by the
        undersigned in accordance with the provisions of the Trust Agreement and
        will be
        returned to you within ten (10) days of our receipt of the Mortgage File,
        except
        if the Mortgage Loan has been paid in full, or repurchased or substituted
        for a
        Qualifying Substitute Mortgage Loan (in which case the Mortgage File will
        be
        retained by us permanently) and except if the Mortgage Loan is being foreclosed
        (in which case the Mortgage File will be returned when no longer required
        by us
        for such purpose).

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

       

      Capitalized
        terms used herein shall have the meanings ascribed to them in the Trust
        Agreement.

       

      _____________________________________

      [Name
        of
        Servicer]

       

      By:__________________________________

      Name:

      Title:
        Servicing Officer

      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D-1

       

      FORM
        OF
        RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

      [NAME
        OF
        OFFICER], _________________ being first duly sworn, deposes and
        says:

       

      
        	 	
                1.

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

              

      

       

      
        	 	
                2.

              	
                That
                  the Purchaser’s Taxpayer Identification Number is
                             .

              

      

       

      
        	 	
                3.

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

              

      

       

      
        	 	
                4.

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

              

      

       

      
        
          
          

        

        
          D-1-1

          
            

          

        

        
          
          

        

      

       

      
        	 	
                5.

              	
                That
                  the Purchaser hereby acknowledges that under the terms of the Trust
                  Agreement (the “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 OfficeTiger Global
                  Real
                  Estate Services Inc., as Credit Risk Manager, dated as of August
                  1, 2006,
                  no transfer of the Residual Certificate shall be permitted to be
                  made to
                  any person unless the Depositor and Trustee have received a certificate
                  from such transferee containing the representations in paragraphs
                  3 and 4
                  hereof.

              

      

       

      
        	 	
                6.

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

              

      

       

      
        	 	
                7.

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

              

      

       

      
        	 	
                8.

              	
                That
                  the Purchaser will not transfer a Residual Certificate to any person
                  or
                  entity (i) as to which the Purchaser has actual knowledge that
                  the
                  requirements set forth in paragraph 3, paragraph 6 or paragraph
                  10 hereof
                  are not satisfied or that the Purchaser has reason to believe does
                  not
                  satisfy the requirements set forth in paragraph 7 hereof, and (ii)
                  without
                  obtaining from the prospective Purchaser an affidavit substantially
                  in
                  this form and providing to the Trustee a written statement substantially
                  in the form of Exhibit D-2 to the
                  Agreement.

              

      

       

      
        	 	
                9.

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

              

      

       

      
        	 	
                10.

              	
                That
                  the Purchaser (i) is not a Non-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-8ECI (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 or (iii) is a Non-U.S. Person that
                  has
                  delivered to both the transferor and the Trustee an opinion of
                  a
                  nationally recognized tax counsel to the effect that the transfer
                  of such
                  Residual Certificate to it is in accordance with the requirements
                  of the
                  Code and the regulations promulgated thereunder and that such transfer
                  of
                  a Residual Certificate will not be disregarded for federal income
                  tax
                  purposes. “Non-U.S. Person” means an individual, corporation, partnership
                  or other person other than (i) a citizen or resident of the United
                  States;
                  (ii) a corporation, partnership or other entity created or organized
                  in or
                  under the laws of the United States or any state thereof, including
                  for
                  this purpose, the District of Columbia; (iii) an estate that is
                  subject to
                  U.S. federal income tax regardless of the source of its income;
                  (iv) a
                  trust if a court within the United States is able to exercise primary
                  supervision over the administration of the trust and one or more
                  United
                  States trustees have authority to control all substantial decisions
                  of the
                  trust; and, (v) to the extent provided in Treasury regulations,
                  certain
                  trusts in existence on August 20, 1996 that are treated as United
                  States
                  persons prior to such date and elect to continue to be treated
                  as United
                  States persons.

              

      

       

      
        
          
          

        

        
          D-1-2

          
            

          

        

        
          
          

        

      

       

      
        	 	
                11.

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

              

      

       

      
        	 	
                12.

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

              

      

       

      

       

      
        
          
          

        

        
          D-1-3

          
            

          

        

        
          
          

        

      

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

       

      _________________________________

      [Name
        of
        Purchaser]

       

      By:______________________________

      Name:
        

      Title:
        

       

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

       

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

       

      NOTARY
        PUBLIC

       

      ______________________________

       

      COUNTY
        OF_____________________

       

      STATE
        OF______________________

       

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

       

      

      

      
        
          
          

        

        
          D-1-4

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D-2

       

      FORM
        OF
        RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

       

                                                          
         

      Date      

       

       

      
        	 	
                Re:

              	
                First
                  Franklin Mortgage Loan Trust

              

      

      Mortgage
        Pass-Through Certificates, Series 2006-FF12

       

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

       

      Very
        truly yours,

       

      _______________________________

      Name:

      Title:

    

     

    
      
        
        

      

      
        D-2-1

        
          

        

      

      
        
        

      

    

     

    

      EXHIBIT
        E

       

      LIST
        OF
        SERVICING AGREEMENTS

      

      

      

      
        	 	
                1.

              	
                Securitization
                  Subservicing Agreement dated as of August 1, 2006, by and among
                  LBH, as
                  seller, National City Home Loan Services, Inc., as servicer, and
                  Aurora
                  Loan Services LLC, as master servicer.

              

      

       

      

      

      

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

       

      FORM
        OF
        RULE 144A TRANSFER CERTIFICATE

       

      
        	 	
                Re:

              	
                First
                  Franklin Mortgage Loan Trust

              

      

      Mortgage
        Pass-Through Certificates, Series 2006-FF12

      

      Reference
        is hereby made to the Trust Agreement dated as of August 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 OfficeTiger Global Real Estate Services Inc., as Credit Risk
        Manager. Capitalized terms used but not defined herein shall have the meanings
        given to them in the Trust Agreement.

       

      This
        letter relates to $__________ initial Certificate Balance of Class     
        Certificates
        which are held in the form of Definitive Certificates registered in the name
        of
                                
        (the
“Transferor”). The Transferor has requested a transfer of such Definitive
        Certificates for Definitive Certificates of such Class registered in the
        name of
        [insert name of transferee].

       

      In
        connection with such request, and in respect of such Certificates, the
        Transferor hereby certifies that such Certificates are being transferred
        in
        accordance with (i) the transfer restrictions set forth in the Trust Agreement
        and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
        that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own account or for the
        account of a “qualified institutional buyer,” which purchaser is aware that the
        sale to it is being made in reliance upon Rule 144A, in a transaction meeting
        the requirements of Rule 144A and in accordance with any applicable securities
        laws of any state of the United States or any other applicable
        jurisdiction.

       

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

       

      _____________________________________

      [Name
        of
        Transferor]

       

      By:__________________________________

      Name:

      Title:

       

      Dated:
        ___________, ____

      

      
        
          
          

        

        
          F-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

       

      FORM
        OF
        PURCHASER’S LETTER FOR

      INSTITUTIONAL
        ACCREDITED INVESTORS

      
         

                                                 
          

        Date

      

       

      Dear
        Sirs:

       

      In
        connection with our proposed purchase of $______________ principal amount
        of
        First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates, Series
        2006-FF12, [Class
        B]
        Certificates (the “Privately Offered Certificates”) of the Structured Asset
        Securities Corporation (the “Depositor”), we confirm that:

       

      
        	
                (1)

              	
                We
                  understand that the Privately Offered Certificates have not been,
                  and will
                  not be, registered under the Securities Act of 1933, as amended
                  (the
                  “Securities Act”), and may not be sold except as permitted in the
                  following sentence. We agree, on our own behalf and on behalf of
                  any
                  accounts for which we are acting as hereinafter stated, that if
                  we should
                  sell any Privately Offered Certificates within two years of the
                  later of
                  the date of original issuance of the Privately Offered Certificates
                  or the
                  last day on which such Privately Offered Certificates are owned
                  by the
                  Depositor or any affiliate of the Depositor (which includes the
                  Placement
                  Agent) we will do so only (A) to the Depositor, (B) to “qualified
                  institutional buyers” (within the meaning of Rule 144A under the
                  Securities Act) in accordance with Rule 144A under the Securities
                  Act
                  (“QIBs”), (C) pursuant to the exemption from registration provided by
                  Rule
                  144 under the Securities Act, or (D) to an institutional “accredited
                  investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
                  Regulation D under the Securities Act that is not a QIB (an “Institutional
                  Accredited Investor”) which, prior to such transfer, delivers to the
                  Trustee under the Trust Agreement dated as of August 1, 2006 (the
“Trust
                  Agreement”) by and among the Depositor, Aurora Loan Services LLC, as
                  Master Servicer, U.S. Bank National Association, as Trustee (the
                  “Trustee”), and OfficeTiger Global Real Estate Services Inc., as Credit
                  Risk Manager, 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 and the Depositor a certification
                  from
                  such transferee in the form hereof to confirm that the proposed
                  sale is
                  being made pursuant to an exemption from, or in a transaction not
                  subject
                  to, the registration requirements of the Securities Act. We further
                  understand that the Privately Offered Certificates purchased by
                  us will
                  bear a legend to the foregoing
                  effect.

              

      

       

      
        
          
          

        

        
          G-1

          
            

          

        

        
          
          

        

      

       

      
        	
                (3)

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

              

      

       

      
        	
                (4)

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

              

      

      

        
          	
                  (5)

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

                

        

         

        
          	
                  (6)

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

                

        

         

      

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

      
        
          
          

        

        
          G-2

          
            

          

        

        
          
          

        

      

      

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

         

        Very
          truly yours,

         

        __________________________________

        [Purchaser]

         

        By:
          ________________________________

        Name:
          

        Title:

        
          
            
            

          

          
            G-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          H

         

        FORM
          OF
          ERISA TRANSFER AFFIDAVIT

         

        
          	
                  STATE
                    OF NEW YORK 

                	
                  )

                
	 	
                  )
                    ss.: 

                
	
                  COUNTY
                    OF NEW YORK 

                	
                  )

                

        

         

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

         

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

         

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

         

        3. In
          the
          case of an ERISA-Restricted Trust Certificate, prior to the termination
          of the
          Swap Agreement and the Interest Rate Cap Agreement, either (i) the Investor
          is
          neither a Plan nor a person acting on behalf of any such Plan or using
          the
          assets of any such Plan to effect such transfer or (ii) the acquisition
          and
          holding of the ERISA-Restricted Trust Certificate are eligible for exemptive
          relief under the statutory exemption for nonfiduciary service providers
          under
          Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code, PTCE 84-14,
          PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23 or some other applicable
          exemption.

        
          
            
            

          

          
            H-1

            
              

            

          

          
            
            

          

        

         

        4. The
          Investor hereby acknowledges that under the terms of the Trust Agreement
          (the
“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 OfficeTiger Global Real Estate Services Inc., as Credit Risk
          Manager, dated as of August 1, 2006, no transfer of the ERISA-Restricted
          Certificates or the ERISA-Restricted Trust Certificates shall be permitted
          to be
          made to any person unless the Trustee have received a certificate from
          such
          transferee in the form hereof.

         

        
          
            
            

          

          
            H-2

            
              

            

          

          
            
            

          

        

        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-3

          
            

          

        

        
          
          

        

      

    

     

    

      EXHIBIT
        I

       

      MONTHLY
        REMITTANCE ADVICE

       

      

       

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

       

      MONTHLY
        ELECTRONIC DATA TRANSMISSION

       

      

       

      
        
          
          

        

        
          J-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      LIST
        OF
        CUSTODIAL AGREEMENTS

       

      

       

      
        	 	
                1.

              	
                Custodial
                  Agreement dated as of August 1, 2006 between U.S. Bank National
                  Association, as Custodian, and U.S. Bank National Association,
                  as
                  Trustee.

              

      

      

       

      

      

       

      

       

      
        
          
          

        

        
          K-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

       

      LIST
        OF
        LOAN PERFORMANCE MONITORING AGREEMENTS

       

      
        	 	
                1)

              	
                Loan
                  Performance Monitoring Agreement dated as of August 30, 2006 between
                  OfficeTiger Global Real Estate Services Inc., as credit risk manager
                  and
                  National City Home Loan Services, Inc., as
                  servicer.

              

      

       

      

       

      

       

      
        
          
          

        

        
          L-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M-1

       

      FORM
        OF
        TRANSFER CERTIFICATE

      FOR
        TRANSFER FROM RESTRICTED GLOBAL SECURITY

      TO
        REGULATION S GLOBAL SECURITY

      (Transfers
        pursuant to § 3.03(h)(B)

                            
        of the
        Agreement)                            

       

      
        	 	
                Re:

              	
                First
                  Franklin Mortgage Loan Trust

              

      

      Mortgage
        Pass-Through Certificates Series 2006-FF12

       

      Reference
        is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
        Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as
        Master
        Servicer, OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager,
        and U.S. Bank National Association, as Trustee, dated as of August 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).

       

      
        
          
          

        

        
          M-1-1

          
            

          

        

        
          
          

        

      

      You
        are
        entitled to rely upon this letter and are irrevocably authorized to produce
        this
        letter or a copy hereof to any interested party in any administrative or
        legal
        proceedings or official inquiry with respect to the matters covered hereby.
        Terms used in this certificate have the meanings set forth in Regulation
        S.

       

      

      

      

                                                                  
        

      [Name
        of
        Transferor]

      

      

      By:
                                                                

      Name:

      Title:

       

      Date:             
          ,
               

      

      

      
        
          
          

        

        
          M-1-2

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        M-2

      

      FORM
        OF
        TRANSFER CERTIFICATE FOR TRANSFER 

      FROM
        REGULATION S GLOBAL SECURITY

      TO
        RESTRICTED GLOBAL SECURITY

      (Transfers
        pursuant to § 3.03(h)(C)

                                of
        the
        Agreement)                          

       

      
        	 	
                Re:

              	
                First
                  Franklin Mortgage Loan Trust

              

      

      Mortgage
        Pass-Through Certificates Series 2006-FF12

       

      Reference
        is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
        Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as
        Master
        Servicer, OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager,
        and U.S. Bank National Association, as Trustee, dated as of August 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:             
          ,
               

       

       

      
        
          
          

        

        
          M-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N

      

      INTEREST
        RATE CAP AGREEMENT

      

      

      
        
          
          

        

        
          N-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O-1

      

      SWAP
        AGREEMENT

      
        
          
          

        

        
          O-1-1

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        O-2

      

      INTEREST
        RATE CAP AGREEMENT

      

      
        
          
          

        

        
          O-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-1

      

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  1: Distribution and Pool Performance Information

                 

              	 
	
                Information
                  included in the Distribution Date Statement

              	
                Servicer(1)

                Master
                  Servicer

                 

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

              	
                Depositor

              
	
                Item
                  2: Legal Proceedings

                 

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

              	 
	
                ▪
                  Issuing Entity (Trust Fund)

              	
                Trustee,
                  Master Servicer and Depositor

              
	
                ▪
                  Sponsor (Seller)

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

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian(2)

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

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

              	
                Servicer(1)

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

              	
                Depositor

              
	
                Item
                  3: Sale of Securities and Use of Proceeds

                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	
                Depositor

              

      

       

      
        
          
          

        

        
          P-1-1

          
            

          

        

        
          
          

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  4: Defaults Upon Senior Securities

                 

                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                Trustee

              
	
                Item
                  5: Submission of Matters to a Vote of Security
                  Holders

                 

                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Trustee

              
	
                Item
                  6: Significant Obligors of Pool Assets

                 

                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                Item
                  7: Significant Enhancement Provider Information

                 

                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

              	 
	
                ▪
                  Determining applicable disclosure threshold

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information*

              	 
	
                ▪
                   Determining current maximum probable exposure

              	
                Depositor

              
	
                ▪
                  Determining current significance percentage

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                Item
                  8: Other Information

                 

                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                Any
                  party responsible for the applicable Form 8-K Disclosure
                  item

              

      

       

      
        
          
          

        

        
          P-1-2

          
            

          

        

        
          
          

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  9: Exhibits

              	 
	
                Monthly
                  Statement to Certificateholders

              	
                Trustee

              
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              

      

      _______________________

       

      
        	
                (1)

              	
                This
                  information to be provided pursuant to the Servicing
                  Agreement.

              

      

      
        	
                (2)

              	
                This
                  information to be provided pursuant to the Custodial
                  Agreement.

              

      

      
        
          
          

        

        
          P-1-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-2

      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                Item
                  1B: Unresolved Staff Comments

                 

              	
                Depositor

              
	
                Item
                  9B: Other Information

                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  15: Exhibits, Financial Statement Schedules

              	
                 

                Depositor

              
	
                Reg
                  AB Item 1112(b): Significant Obligors of Pool
                  Assets

              	 
	
                Significant
                  Obligor Financial Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                Reg
                  AB Item 1114(b)(2): Credit Enhancement Provider Financial
                  Information

              	 
	
                ▪
                  Determining applicable disclosure threshold

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                Reg
                  AB Item 1115(b): Derivative Counterparty Financial
                  Information

              	 
	
                ▪
                  Determining current maximum probable exposure

              	
                Depositor

              
	
                ▪
                  Determining current significance percentage

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 

      

       

      
        
          
          

        

        
          P-2-1

          
            

          

        

        
          
          

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                Reg
                  AB Item 1117: Legal Proceedings

                 

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

              	 
	
                ▪
                  Issuing Entity (Trust Fund)

              	
                Trustee,
                  Master Servicer and Depositor

              
	
                ▪
                  Sponsor (Seller)

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

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian(1)

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

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

              	
                Servicer(2)

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

              	
                Depositor

              
	
                Reg
                  AB Item 1119: Affiliations and Relationships

              	 
	
                Whether
                  (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                  of
                  the following parties, and (b) to the extent known and material,
                  any of
                  the following parties are affiliated with one another:

              	
                Depositor
                  as to (a) 

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer(2)

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor

              
	
                Whether
                  there are any “outside the ordinary course business arrangements” other
                  than would be obtained in an arm’s length transaction between (a) the
                  Sponsor (Seller), Depositor or Issuing Entity on the one hand,
                  and (b) any
                  of the following parties (or their affiliates) on the other hand,
                  that
                  exist currently or within the past two years and that are material
                  to a
                  Certificateholder’s understanding of the Certificates:

              	
                Depositor
                  as to (a) 

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer(2)

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor

              

      

       

      
        
          
          

        

        
          P-2-2

          
            

          

        

        
          
          

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor

              
	
                Whether
                  there are any specific relationships involving the transaction
                  or the pool
                  assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                  on
                  the one hand, and (b) any of the following parties (or their affiliates)
                  on the other hand, that exist currently or within the past two
                  years and
                  that are material:

              	
                Depositor
                  as to (a) 

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer(2)

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor

              

      

       

      
        	
                (1)

              	
                This
                  information to be provided pursuant to the Custodial
                  Agreement.

              

      

      
        	
                (2)

              	
                This
                  information to be provided pursuant to the Servicing
                  Agreement.

              

      

      

      

      
        
          
          

        

        
          P-2-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-3

      

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

                 

                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                 

                Examples:
                  servicing agreement, custodial agreement.

                 

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                All
                  parties (with respect to any agreement entered into by such
                  party)

              
	
                Item
                  1.02- Termination of a Material Definitive Agreement

                 

                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party. 

                 

                Examples:
                  servicing agreement, custodial agreement.

              	
                All
                  parties (with respect to any agreement entered into by such
                  party)

              
	
                Item
                  1.03- Bankruptcy or Receivership

                 

                Disclosure
                  is required regarding the bankruptcy or receivership, with respect
                  to any
                  of the following: 

              	
                Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Depositor/Sponsor
                  (Seller)

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Affiliated Servicer

              	
                Servicer(1)

              
	
                ▪
                  Other Servicer servicing 20% or more of the pool assets at the
                  time of the
                  report

              	
                Servicer(1)

              
	
                ▪
                  Other material servicers

              	
                Servicer(1)

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Significant Obligor

              	
                Depositor

              
	
                ▪
                  Credit Enhancer (10% or more)

              	
                Depositor

              
	
                ▪
                  Derivative Counterparty

              	
                Depositor

              
	
                ▪
                  Custodian

              	
                Custodian(2)

              

      

       

      
        
          
          

        

        
          P-3-1

          
            

          

        

        
          
          

        

      

       

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  2.04- Triggering Events that Accelerate or Increase a Direct Financial
                  Obligation or an Obligation under an Off-Balance Sheet
                  Arrangement

                 

                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                 

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the monthly statements to the Certificateholders.

              	
                Depositor

                Master
                  Servicer

                Trustee

              
	
                Item
                  3.03- Material Modification to Rights of Security
                  Holders

                 

                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Trust Agreement.

              	
                Trustee
                  (only to the extent it is a party to any such documents)

                Depositor

              
	
                Item
                  5.03- Amendments of Articles of Incorporation or Bylaws; Change
                  of Fiscal
                  Year

                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”.

              	
                Depositor

              
	
                Item
                  6.01- ABS Informational and Computational
                  Material

              	
                Depositor

              
	
                Item
                  6.02- Change of Servicer

                 

                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers or
                  trustee.

              	
                Master
                  Servicer/ Depositor/

                Servicer(1)/Trustee
                  (as to itself and the Master Servicer)

              
	
                Reg
                  AB disclosure about any new servicer or master servicer is also
                  required.

              	
                Servicer(1)/Master
                  Servicer/Depositor

              
	
                Reg
                  AB disclosure about any new Trustee is also required.

              	
                New
                  Trustee

              
	
                Item
                  6.03- Change in Credit Enhancement or External
                  Support

                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  

              	
                Depositor

              
	
                Reg
                  AB disclosure about any new enhancement provider is also
                  required.

              	
                Depositor

              

      

       

      
        
          
          

        

        
          P-3-2

          
            

          

        

        
          
          

        

      

       

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  6.04- Failure to Make a Required Distribution

              	
                Trustee
                  (so long as the Trustee is the Paying Agent)

              
	
                Item
                  6.05- Securities Act Updating Disclosure

                 

                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                Item
                  7.01- Reg FD Disclosure

              	
                All
                  parties

              
	
                Item
                  8.01- Other Events

                 

                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to
                  Certificateholders.

              	
                Depositor

              
	
                Item
                  9.01- Financial Statements and Exhibits

              	
                Responsible
                  party for reporting/disclosing the financial statement or
                  exhibit

              

      

       

      
        	
                (1)

              	
                This
                  information to be provided pursuant to the Servicing
                  Agreement.

              

      

      
        	
                (2)

              	
                This
                  information to be provided pursuant to the Custodial
                  Agreement.

              

      

    

     

     

    
      
        
        

      

      
        P-3-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P-4

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

    

    U.S.
      Bank
      National Association

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

    Attn:
      Structured Finance - FFMLT 2006-FF12 - SEC Report Processing

    

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

    

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [ ] of the Trust Agreement, dated as of August 1, 2006,
      by and among Structured Asset Securities Corporation, as Depositor, Aurora
      Loan
      Services LLC, as Master Servicer, OfficeTiger Global Real Estate Services Inc.,
      as Credit Risk Manager, and U.S. Bank National Association, as Trustee, the
      undersigned, as [ ], hereby notifies you that certain events have come to our
      attention that [will] [may] need to be disclosed on Form
      [10-D][10-K][8-K].

     

    Description
      of Additional Form [10-D][10-K][8-K] Disclosure:

     

    

     

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure:

     

    

     

    Any inquiries related to this notification should be directed to [                       ], phone number:  [         ]; email address:  [                   ].  

     

    [NAME
      OF
      PARTY],

    as
      [role]

     

    By: 
      _____________________________________
Name:
Title:

    
      
        
        

      

      
        P-4-1

        
          

        

      

      
        
        

      

    

    
      	
              cc:

            	
              Structured
                Asset Securities Corporation

            

    

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

     

    
      
        
        

      

      
        P-4-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-1

    

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION

    

    [                       ]

    [                       ]

    [                       ]

    

     

    
      	 	
              Re:

            	
              FFMLT
                2006-FF12

            

    

     

    [_______],
      the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
      the Master Servicer and the Trustee, and each of their officers, directors
      and
      affiliates that:

     

    (1) I
      have
      reviewed [the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
      report on assessment of the Company’s compliance with the Servicing Criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of
      1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
      report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
      Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
      servicing reports, officer’s certificates and other information relating to the
      servicing of the Mortgage Loans by the Company during 200[ ] that were delivered
      by the Company to any of the Depositor, the Master Servicer and the Trustee
      pursuant to the Agreement (collectively, the “Company Servicing
      Information”);

     

    (2) Based
      on
      my knowledge, the Company Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3) Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the Depositor, the
      Master Servicer and the Trustee;

     

    (4) I
      am
      responsible for reviewing the activities performed by [_______] as [_______]
      under the [_______] (the “Agreement”), and based on my knowledge [and the
      compliance review conducted in preparing the Compliance Statement] and except
      as
      disclosed in [the Compliance Statement,] the Servicing Assessment or the
      Attestation Report, the Company has fulfilled its obligations under the
      Agreement in all material respects; and

    
      
        
        

      

      
        Q-1-1

        
          

        

      

      
        
        

      

    

     

    (5) [The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and] [The] [the] Servicing Assessment and Attestation Report required
      to be provided by the Company and [by any Subservicer or Subcontractor] pursuant
      to the Agreement, have been provided to the Depositor, the Master Servicer
      and
      the Trustee. Any material instances of noncompliance described in such reports
      have been disclosed to the Depositor, the Master Servicer and the Trustee.
      Any
      material instance of noncompliance with the Servicing Criteria has been
      disclosed in such reports.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Trust Agreement, dated as of August 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
      OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager.
      Capitalized terms used but not defined herein shall have the meanings given
      to
      them in the Trust Agreement.

     

    

     

    [_______]

     

    as
      [_______]

    By:  

    Name:

    Title:

    Date:

    

     

    

     

    
      
        
        

      

      
        Q-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-2

    

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION TO BE PROVIDED BY THE TRUSTEE

    

     

    
      	
              Re:

            	
              First
                Franklin Mortgage Loan Trust 2006-FF12 (the “Trust”),
                Mortgage Pass-Through Certificates, Series 2006-FF12, issued pursuant
                to
                the Trust Agreement, dated as of August 1, 2006, among Structured
                Asset
                Securities Corporation, as Depositor, Aurora Loan Services, LLC,
                as Master
                Servicer, and OfficeTiger Global Real Estate Services Inc., as
                Credit
                Risk Manager, and U.S. Bank National Association, as
                Trustee

            

    

     

    The
      Trustee hereby certifies to the Depositor and the Master Servicer, and their
      respective officers, directors and affiliates, and with the knowledge and intent
      that they will rely upon this certification, that:

     

    (1) I
      have
      reviewed the annual report on Form 10-K for the fiscal year [____] (the “Annual
      Report”), and all reports on Form 10-D required to be filed in respect of period
      covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

     

    (2) To
      my
      knowledge, (a)
      the
      Reports, taken as a whole, do not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements made,
      in
      light of the circumstances under which such statements were made, not misleading
      with respect to the period covered by the Annual Report,
      and (b)
      the Trustee’s assessment of compliance and related attestation report referred
      to below, taken as a whole, do not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements made,
      in
      light of the circumstances under which such statements were made, not misleading
      with respect to the period covered by such assessment of compliance and
      attestation report;

     

    (3) To
      my
      knowledge, the distribution information required to be provided by the Trustee
      under the Trust Agreement for inclusion in the Reports is included in the
      Reports;

     

    (4) I
      am
      responsible for reviewing the activities performed by the Trustee under the
      Trust Agreement, and based on my knowledge and the compliance review conducted
      in preparing the assessment of compliance of the Trustee required by the Trust
      Agreement, and except as disclosed in the Reports, the Trustee has fulfilled
      its
      obligations under the Trust Agreement in all material respects; and

     

    (5) The
      report on assessment of compliance with servicing criteria applicable to the
      Trustee for asset-backed securities of the Trustee and each Subcontractor
      utilized by the Trustee and related attestation report on assessment of
      compliance with servicing criteria applicable to it required to be included
      in
      the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
      Act
      Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report.
      Any material instances of non-compliance are described in such report and have
      been disclosed in the Annual Report.

    
      
        
        

      

      
        Q-2-1

        
          

        

      

      
        
        

      

    

     

    In
      giving
      the certifications above, the Trustee has reasonably relied on information
      provided to it by the following unaffiliated parties: [names of servicer(s),
      master servicer, subservicer(s), depositor, trustee, custodian(s)]

     

    

    Date:_______________________________________

    

    ______________________________________

    [Signature]

    [Title]

     

    
      
        
        

      

      
        Q-2-2

        
          

        

      

      
        
        

      

    

     

    

      EXHIBIT
        R

      

      FORM
        OF
        CREDIT RISK MANAGEMENT REPORT

      

      

      
        
          
          

        

        
          R-1

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        S

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN REPORT ON ASSESSMENT OF COMPLIANCE

      

      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 August 1, 2006
        (the
“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 OfficeTiger Global Real Estate Services Inc., as
        Credit
        Risk Manager. 

      

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the 

                Trustee
                  if acting 

                as
                  Paying Agent)

              	
                Credit
                  Risk 

                Manager

              	
                Trustee

              	
                Master
                  

                Servicer

              
	 	
                General Servicing
                   Considerations

              	 	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 	 	 	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	 	 	 	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained. 

              	
                 

              	 	
                 

              	
                X

              
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	 	 	 	
                X

              
	 	
                Cash Collection and Administration

              	 	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	 	 	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	 	 	
                X

              

      

       

      
        
          
          

        

        
          S-1

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the 

                Trustee
                  if acting 

                as
                  Paying Agent)

              	
                Credit
                  Risk 

                Manager

              	
                Trustee

              	
                Master
                  

                Servicer

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	 	 	 	
                X

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	 	
                X

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	 	 	 	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	 	 	
                X

              
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 	
                X

              

      

       

      
        
          
          

        

        
          S-2

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the 

                Trustee
                  if acting 

                as
                  Paying Agent)

              	
                Credit
                  Risk 

                Manager

              	
                Trustee

              	
                Master
                  

                Servicer

              
	 	
                Investor
                  Remittances and Reporting

              	 	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of pool assets serviced by the Servicer.
                  

              	 	
                X

              	
                X

              	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	 	 	
                X

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	 	 	
                 X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	 	 	
                X

              
	 	
                Pool
                  Asset Administration

              	 	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                 

              	 	 	 
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                 

              	 	 	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                 

              	 	
                X

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	 	 	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	 	 	 	 

      

       

      
        
          
          

        

        
          S-3

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the 

                Trustee
                  if acting 

                as
                  Paying Agent)

              	
                Credit
                  Risk 

                Manager

              	
                Trustee

              	
                Master
                  

                Servicer

              
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	 	 	 	
                X

              
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	 	 	 	
                X

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	 	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	 	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	 	 	 	 

      

       

      
        
          
          

        

        
          S-4

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the 

                Trustee
                  if acting 

                as
                  Paying Agent)

              	
                Credit
                  Risk 

                Manager

              	
                Trustee

              	
                Master
                  

                Servicer

              
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	 	 	 	
                 

              
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	 	 	 	
                 

              
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	 	 	 	
                 

              
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	 	 	 	
                X

              
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	 	
                X

              	 

      

      

      

      
        
          
          

        

        
          S-5

          
            

          

        

        
          
          

        

      

      EXHIBIT
        T

       

      

      [RESERVED]

      

      

      
        
          
          

        

        
          T-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        U

      

      FORM
        OF
        CERTIFICATION

      TO
        BE
        PROVIDED BY THE CREDIT RISK MANAGER

      

       

      FORM
        OF CERTIFICATION

       

      Re:
        First
        Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2006-FF12
        issued pursuant to the Trust Agreement dated as of August 1, 2006, among
        Structured Asset Securities Corporation, as Depositor (the “Depositor”), Aurora
        Loan Services LLC, as Master Servicer, OfficeTiger Global Real Estate Services
        Inc., as Credit Risk Manager, and U.S. Bank National Association, as Trustee
        (the “Trustee”). 

       

      OFFICETIGER
        GLOBAL REAL ESTATE SERVICES INC. (the “Credit Risk Manager”) certifies to the
        Depositor, the Sponsor, the Master Servicer, the Trustee, and [10-K Signatory
        Entity] its officers, directors and affiliates, and with the knowledge and
        intent that they will rely upon this certification, that:

       

      
        	 	
                1.

              	
                Based
                  on the knowledge of the Credit Risk Manager, taken as a whole,
                  the
                  information in the reports provided during the calendar year immediately
                  preceding the date of this certificate (the “Relevant Year”) by the Credit
                  Risk Manager pursuant to the Loan Performance Monitoring Agreement
                  dated
                  as of August 30, 2006 (the “Loan Performance Monitoring Agreement”), by
                  and between the Credit Risk Manager and National City Home Loan
                  Services,
                  Inc., 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
                  as
                  of the date that each of such reports was provided;
                  and

              

      

       

      
        	 	
                2.

              	
                The
                  Credit Risk Manager has fulfilled its obligations under the Loan
                  Performance Monitoring Agreement throughout the Relevant
                  Year.

              

      

       

       

      OFFICETIGER
        GLOBAL REAL ESTATE SERVICES INC.

       

       

       

      By:____________________________________

       

      Name:_________________________________

       

      Title:
        _________________________________

       

      
        
          
          

        

        
          U-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        V

      

      TRANSACTION
        PARTIES

      

      Sponsor
        and Seller: Lehman Brothers Holdings Inc.

      

      Depositor:
        Structured Asset Securities Corporation

      

      Trustee:
        U.S. Bank National Association

      

      Master
        Servicer: Aurora Loan Services LLC

      

      Credit
        Risk Manager: OfficeTiger Global Real Estate Services Inc.

      

      Swap
        Counterparty: Wachovia Bank, National Association

      

      Cap
        Counterparty: Wachovia Bank, National Association

      

      Servicer(s):
        National City Home Loan Services, Inc. 

      

      Originator(s):
        First Franklin, a division of the National City Bank 

      

      Custodian(s):
        U.S. Bank National Association

      
 

       

      
        
          
          

        

        
          V-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

       

       

      MORTGAGE
        LOAN SCHEDULE

       

      [To
        be
        retained in a separate closing binder entitled “FFMLT 2006-FF12 Mortgage Loan
        Schedules” at McKee Nelson LLP] 

       

      

      
        
          
          

        

        
          S-A-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        B

       

       

      FIRST
        PAYMENT DEFAULT LOANS

       

      [To
        be
        maintained in a separate closing binder entitled “FFMLT 2006-FF12 First Payment
        Default Loans” at the Washington DC offices of McKee Nelson LLP]

      
 

       

       

      
        
          
          

        

        
          S-B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]