Document:

Unassociated Document

    Exhibit
      4.1 -
      Sample
      Stock Certificate

     

     

    WATERPURE
      INTERNATIONAL, INC.

    INCORPORATED
      UNDER THE LAWS OF THE STATE OF FLORIDA 

    40,000,000
      AUTHORIZED SHARES $.0001 PAR VALUE

     

    

    
      	
              NUMBER 

               

            	
              SHARES

              CUSIP
                

              See
                Reverse

              For
                Certain Definitions

            

    

     

    THIS
      CERTIFIES THAT

     

    Is
      The
      Owner of

     

    FULLY
      PAID AND NON-ASSESSABLE SHARES OF $.0001 PAR VALUE COMMON STOCK OF

     

    WATERPURE
      INTERNATIONAL, INC.

     

    Transferable
      on the books of the Corporation in person or by duly authorized attorney upon
      surrender of this Certificate properly endorsed. This Certificate is not valid
      unless countersigned by the Transfer Agent and registered by the Registrar.
      

     

    IN
      WITNESS WHEREOF, the said Company has caused this Certificate to be executed
      by
      the facsimile signatures of its duly authorized officers and to be sealed with
      the facsimile seal of the Company.

     

    
      	
              Dated:

            
	
               

            
	
              _______________________

            	
               

            	
              _________________________

            
	
              Secretary

            	
              SEAL

            	
              President

            

    

     

     

      

      
        

      

     

    WATERPURE
      INTERNATIONAL, INC.

    TRANSFER
      FEE: $20.00 PER NEW CERTIFICATE ISSUED

     

    The
      following abbreviations when used in the inscription on the face of this
      certificate, shall be construed as though they were written out in full
      according to applicable law or regulations:

     

    TEN
      COM -
      as tenants in common

    TEN
      ENT -
      as tenants by the entireties

    JT
      TEN -
      as joint tenants with right of survivorship and not as tenants in
      common

    UNIF
      GIFT
      MIN ACT - __________ Custodian ___________ (Minor) under Uniform Gifts to Minors
      Act ____________ (State)

     

    Additional
      abbreviations may also be used though not in the above list.

     

    For
      Value
      Received, _________________ hereby sell, assign and transfer unto
      _______________ (Please insert Social Security or other identifying number
      of
      Assignee). _________________________________________________________________

     

    (Please
      print or typewrite name and address, including zip code of
      Assignee)

    _________________________________________________________________

    _________________________________________________________________

    __________________________________________________________
      Shares of the Common Stock represented by the within Certificate, and do hereby
      irrevocably constitute and appoint _______________________
      attorney-in-fact to transfer the said stock on the books of the within-named
      Corporation, with full power of substitution in the premises.

     

    Dated:
      _________________

    _____________________________________________

    Notice:
      The signatures to this Assignment must correspond with the name(s) 

    as
      written upon the face of the certificate in every particular, without alteration
      or

    enlargement
      or any change whatsoever.

     

    Signature(s)
      Guaranteed:

    ___________________________

    The
      signature(s) must be guaranteed by an eligible guarantor institution (Banks,
      Stockbrokers, Savings and Loan Associations and Credit Unions with membership
      in
      an approved signature guarantee Medallion Program), pursuant to S.E.C. Rule
      17Ad-15.

    -2-Exhibit 10.1

    Exhibit
      10.1

    

    Employment
      Contract Agreement Between Robert Orr and Water Pure International Inc. Dated
      July 1, 2006.

    

    Water
      Pure International, Inc. is hiring Robert Orr to the Position of Chief Financial
      Officer and asking to join the board of directors. Robert will perform all
      the
      duties associated with his title including but not exclusive to keeping all
      accounting records, writing the 10Q’s and 10K, filing corporate tax return and
      performing fiduciary duties as a board member. The payment will be 500,000
      shares of restricted stock to be earned in 100,000 share allotments for each
      one
      full year term from the date of this agreement. These 500,000 shares will be
      issued at the signing of this agreement. Robert also understands those shares
      cannot be sold until one year after they are earned. This agreement will run
      for
      five years from the date stated above. If for some reason Robert F. Orr leaves
      the company, wether he resigns or is terminated the remaining unearned shares
      will be returned to the company. Each 100,000 share lot is earned after he
      has
      worked a one full year. For example, if Robert F. Orr works from July 1, 2006
      to
      August 1, 2007, then he only earned 100,000 shares and the remaining 400,000
      shares will be returned.

    

    These
      shares will cover all fees that would have been occurred for the above services
      during the time covered by this agreement. 

    

    
      	 	 	 	 
	/s/ Robert
              F.
              Orr 	 	 	/s/  Paul
              S. Lipschutz
	
              
Robert
              F. Orr 	 	 	
              
Paul
              S. Lipschutz<PAGE>

                                                                     Exhibit 4.1

                                                                  Execution Copy

                    STRUCTURED ASSET SECURITIES CORPORATION,
                                  as Depositor,

                            AURORA LOAN SERVICES LLC,
                               as Master Servicer,

                                       and

                         U.S. BANK NATIONAL ASSOCIATION,
                                   as Trustee

                                   ----------

                                 TRUST AGREEMENT

                            Dated as of June 1, 2006

                                   ----------

                                 LEHMAN XS TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES,
                                 SERIES 2006-10N

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----
ARTICLE I DEFINITIONS....................................................     13

Section 1.01.  Definitions...............................................     13
Section 1.02.  Calculations Respecting Mortgage Loans....................     64
Section 1.03.  Calculations Respecting Accrued Interest..................     64
Section 1.04.  Rights of the NIMS Insurer................................     64

ARTICLE II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES................     64

Section 2.01.  Creation and Declaration of Trust Fund; Conveyance of
               Mortgage Loans............................................     64
Section 2.02.  Acceptance of Trust Fund by Trustee: Review of
               Documentation for Trust Fund..............................     68
Section 2.03.  Representations and Warranties of the Depositor...........     69
Section 2.04.  Discovery of Breach.......................................     71
Section 2.05.  Repurchase, Purchase or Substitution of Mortgage Loans....     72
Section 2.06.  Grant Clause..............................................     73

ARTICLE III THE CERTIFICATES.............................................     74

Section 3.01.  The Certificates..........................................     74
Section 3.02.  Registration..............................................     75
Section 3.03.  Transfer and Exchange of Certificates.....................     76
Section 3.04.  Cancellation of Certificates..............................     81
Section 3.05.  Replacement of Certificates...............................     82
Section 3.06.  Persons Deemed Owners.....................................     82
Section 3.07.  Temporary Certificates....................................     82
Section 3.08.  Appointment of Paying Agent...............................     83
Section 3.09.  Book Entry Certificates...................................     83

ARTICLE IV ADMINISTRATION OF THE TRUST FUND..............................     84

Section 4.01.  Collection Account........................................     84
Section 4.02.  Application of Funds in the Collection Account............     86
Section 4.03.  Reports to Certificateholders.............................     89
Section 4.04.  Certificate Account.......................................     93

ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES.......................     94

Section 5.01.  Distributions Generally...................................     94

                                        i

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

                                                                            PAGE
                                                                            ----
Section 5.02.  Distributions from the Certificate Account................     95
Section 5.03.  Allocation of Losses......................................    107
Section 5.04.  Advances by Master Servicer, Servicer and Trustee.........    109
Section 5.05.  Compensating Interest Payments............................    110
Section 5.06.  Pool 1 Basis Risk Reserve Fund and Pool 2 Basis Risk
               Reserve Fund..............................................    110
Section 5.07.  [Reserved]................................................    110
Section 5.08.  [Reserved]................................................    110
Section 5.09.  [Reserved]................................................    110
Section 5.10.  Capitalized Interest Accounts.............................    110
Section 5.11.  [Reserved]................................................    111

ARTICLE VI CONCERNING THE TRUSTEE EVENTS OF DEFAULT......................    112

Section 6.01.  Duties of Trustee.........................................    112
Section 6.02.  Certain Matters Affecting the Trustee.....................    114
Section 6.03.  Trustee Not Liable for Certificates.......................    116
Section 6.04.  Trustee May Own Certificates..............................    116
Section 6.05.  Eligibility Requirements for Trustee......................    116
Section 6.06.  Resignation and Removal of Trustee........................    117
Section 6.07.  Successor Trustee.........................................    118
Section 6.08.  Merger or Consolidation of Trustee........................    118
Section 6.09.  Appointment of Co-Trustee, Separate Trustee or Custodian..    119
Section 6.10.  Authenticating Agents.....................................    121
Section 6.11.  Indemnification of Trustee................................    121
Section 6.12.  Fees and Expenses of Trustee and Custodians...............    122
Section 6.13.  Collection of Monies......................................    123
Section 6.14.  Events of Default; Trustee To Act; Appointment of
               Successor.................................................    123
Section 6.15.  Additional Remedies of Trustee Upon Event of Default......    127
Section 6.16.  Waiver of Defaults........................................    127
Section 6.17.  Notification to Holders...................................    128
Section 6.18.  Directions by Certificateholders and Duties of Trustee
               During Event of Default...................................    128

                                       ii

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

                                                                            PAGE
                                                                            ----
Section 6.19.  Action Upon Certain Failures of the Master Servicer and
               Upon Event of Default.....................................    128
Section 6.20.  Preparation of Tax Returns and Other Reports..............    129
Section 6.21.  Reporting Requirements of the Commission..................    135
Section 6.22.  Indemnification by the Trustee............................    135
Section 6.23.  Allocation to Related Mortgage Pool.......................    135

ARTICLE VII PURCHASE OF MORTGAGE LOANS AND TERMINATION OF THE TRUST
            FUND.........................................................    136

Section 7.01.  Purchase of Mortgage Loans; Termination of the Trust Fund
               Upon Purchase or Liquidation of Mortgage Loans............    136
Section 7.02.  Procedure Upon Termination of Trust Fund..................    139
Section 7.03.  Additional Trust Fund Termination Requirements............    140
Section 7.04.  Optional Purchase Right of NIMS Insurer...................    141

ARTICLE VIII RIGHTS OF CERTIFICATEHOLDERS................................    141

Section 8.01.  Limitation on Rights of Holders...........................    141
Section 8.02.  Access to List of Holders.................................    142
Section 8.03.  Acts of Holders of Certificates...........................    142

ARTICLE IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER
           SERVICER......................................................    143

Section 9.01.  Duties of the Master Servicer.............................    143
Section 9.02.  Master Servicer Fidelity Bond and Master Servicer Errors
               and Omissions Insurance Policy............................    143
Section 9.03.  Master Servicer's Financial Statements and Related
               Information...............................................    144
Section 9.04.  Power to Act; Procedures..................................    144
Section 9.05.  Enforcement of Servicers' and Master Servicer's
               Obligations...............................................    147
Section 9.06.  Collection of Taxes, Assessments and Similar Items........    148
Section 9.07.  Termination of Servicing Agreements; Successor Servicers..    148
Section 9.08.  Master Servicer Liable for Enforcement....................    149
Section 9.09.  No Contractual Relationship Between the Servicer, Any
               NIMS Insurer and Trustee or Depositor.....................    149
Section 9.10.  Assumption of Servicing Agreement by the Trustee..........    149
Section 9.11.  Due-on-Sale Clauses; Assumption Agreements; Easements.....    150

                                       iii

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

                                                                            PAGE
                                                                            ----
Section 9.12.  Release of Mortgage Files.................................    151
Section 9.13.  Documents, Records and Funds in Possession of Master
               Servicer To Be Held for Trustee...........................    152
Section 9.14.  Representations and Warranties of the Master Servicer.....    153
Section 9.15.  Opinion...................................................    155
Section 9.16.  Standard Hazard and Flood Insurance Policies..............    155
Section 9.17.  Presentment of Claims and Collection of Proceeds..........    156
Section 9.18.  Maintenance of the Primary Mortgage Insurance Policies....    156
Section 9.19.  Trustee To Retain Possession of Certain Insurance Policies
               and Documents.............................................    157
Section 9.20.  Realization Upon Defaulted Mortgage Loans.................    157
Section 9.21.  Compensation to the Master Servicer.......................    158
Section 9.22.  REO Property..............................................    158
Section 9.23.  Notice to the Sponsor, the Depositor and the Trustee......    159
Section 9.24.  Reports to the Trustee....................................    160
Section 9.25.  Assessment of Compliance and Attestation Reports..........    161
Section 9.26.  Annual Statement of Compliance with Applicable Servicing
               Criteria..................................................    162
Section 9.27.  Merger or Consolidation...................................    162
Section 9.28.  Resignation of Master Servicer............................    163
Section 9.29.  Assignment or Delegation of Duties by the Master Servicer.    163
Section 9.30.  Limitation on Liability of the Master Servicer and Others.    164
Section 9.31.  Indemnification; Third Party Claims.......................    164
Section 9.32.  Special Servicing of Delinquent Mortgage Loans............    165
Section 9.33.  Allocation to Related Mortgage Pool.......................    165

ARTICLE X REMIC ADMINISTRATION...........................................    165

Section 10.01. REMIC Administration......................................    165
Section 10.02. Prohibited Transactions and Activities....................    176
Section 10.03. Indemnification with Respect to Certain Taxes and Loss of
               REMIC Status..............................................    176
Section 10.04. REO Property..............................................    177

ARTICLE XI MISCELLANEOUS PROVISIONS......................................    177

                                       iv

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

                                                                            PAGE
                                                                            ----
Section 11.01. Binding Nature of Agreement; Assignment...................    177
Section 11.02. Entire Agreement..........................................    177
Section 11.03. Amendment.................................................    178
Section 11.04. Voting Rights.............................................    179
Section 11.05. Provision of Information..................................    179
Section 11.06. Governing Law.............................................    180
Section 11.07. Notices...................................................    180
Section 11.08. Severability of Provisions................................    180
Section 11.09. Indulgences; No Waivers...................................    180
Section 11.10. Headings Not To Affect Interpretation.....................    181
Section 11.11. Benefits of Agreement.....................................    181
Section 11.12. Special Notices to the Rating Agencies and NIMS Insurer...    181
Section 11.13. Conflicts.................................................    182
Section 11.14. Counterparts..............................................    182
Section 11.15. Transfer of Servicing.....................................    182
Section 11.16. Third Party Rights........................................    184

                                        v

<PAGE>

                                   ATTACHMENTS

Exhibit A     Forms of Certificates
Exhibit B-1   Form of Initial Certification
Exhibit B-2   Form of Interim Certification
Exhibit B-3   Form of Final Certification
Exhibit B-4   Form of Endorsement
Exhibit C     Request for Release of Documents and Receipt
Exhibit D-l   Form of Residual Certificate Transfer Affidavit (Transferee)
Exhibit D-2   Form of Residual Certificate Transfer Affidavit (Transferor)
Exhibit E     Servicing Agreements for Aurora Loan Services LLC and Option One
              Mortgage Corporation
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     [Reserved]
Exhibit J     [Reserved]
Exhibit K     Custodial Agreements
Exhibit L     [Reserved]
Exhibit M     [Reserved]
Exhibit N     Form of Cap Agreement
Exhibit O     [Reserved]
Exhibit P     [Reserved]
Exhibit Q-1   Additional Form 10-D Disclosure
Exhibit Q-2   Additional Form 10-K Disclosure
Exhibit Q-3   Additional Form 8-K Disclosure
Exhibit Q-4   Additional Disclosure Notification
Exhibit R     Servicing Criteria to be Addressed in Report on Assessment of
              Compliance
Exhibit S     Transaction Parties
Exhibit T     Form of Back-Up Sarbanes-Oxley Certification
Exhibit U-1   Form of Transfer Certificate for Transfer from Restricted Global
              Security to Regulation S Global Security
Exhibit U-2   Form of Transfer Certificate for Transfer from Regulation S Global
              Security to Restricted Global Security

Schedule A    Mortgage Loan Schedule

                                       -vi-

<PAGE>

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

                              PRELIMINARY STATEMENT

     The Depositor has acquired the Mortgage Loans from Lehman Brothers Holdings
(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 Depositor, the Trustee and the Master Servicer are entering into
this Agreement, and the Trustee is accepting the Trust Fund created hereby, for
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged.

     As provided herein, the Trustee shall elect that the Trust Fund (other than
(i) the Pool 1 Basis Risk Reserve Fund and the Pool 2 Basis Risk Reserve Fund,
(ii) the Pool 1 Capitalized Interest Account and the Pool 2 Capitalized Interest
Account, (iii) the rights to receive Prepayment Premiums distributable to the
Class 1-P and Class 2-P Certificates, (iv) the Cap Agreements and the Cap
Agreement Account and (v) the Lower Tier Interests) be treated for federal
income tax purposes as comprising four real estate mortgage investment conduits
(each a "REMIC" or, in the alternative, "REMIC I-1," "REMIC I-2," "REMIC II-1"
and "REMIC II-2). Each Pool 1 Certificate and Class 1-X Certificate represents
ownership of a regular interest in REMIC I-2 for purposes of the REMIC
Provisions. Each Pool 2 Certificate and Class 2-X Certificate represents
ownership of a regular interest in REMIC II-2 for purposes of the REMIC
Provisions. In addition, each Pool 1 Certificate represents the right to receive
payments with respect to Excess Interest. In addition, each Pool 2 Certificate
represents the right to receive payments with respect to Excess Interest. The
Class R Certificate represents ownership of the sole Class of residual interest
in each of REMIC I-1, REMIC I-2, REMIC II-1 and REMIC II-2 for purposes of the
REMIC Provisions.

     REMIC I-2 shall hold as its assets the several Classes of uncertificated
REMIC I-1 Regular Interests and each such REMIC I-1 Regular Interest is hereby
designated as a regular interest in REMIC I-1. REMIC I-1 shall hold as its
assets the property of the Trust Fund relating to Pool 1 other than (i) the Pool
1 Capitalized Interest Account, (ii) the Lower Tier Interests, (iii) the Pool 1
Basis Risk Reserve Fund, (iv) the Cap Agreements and the Cap Agreement Account
and (v) the rights to receive Prepayment Premiums distributable to the Class 1-P
Certificates.

<PAGE>

     REMIC II-2 shall hold as its assets the several Classes of uncertificated
REMIC II-1 Regular Interests and each such REMIC II-1 Regular Interest is hereby
designated as a regular interest in REMIC II-1. REMIC II-1 shall hold as its
assets the property of the Trust Fund relating to Pool 2 other than (i) the Pool
2 Capitalized Interest Account, (ii) the Lower Tier Interests, (iii) the Pool 2
Basis Risk Reserve Fund and (iv) the rights to receive Prepayment Premiums
distributable to the Class 2-P Certificates.

     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.

                                       2

<PAGE>

REMIC I-1

     The following table sets forth (or describes) the Class designation,
interest rate, and initial principal amount for each Class of REMIC I-1
Interests.

                                                 Corresponding
   Class                       Initial Class        Class of
Designation   Interest Rate   Principal Amount    Certificates
-----------   -------------   ----------------   -------------
LTI1-1A1A          (1)               (2)             1-A1A
LTI1-1A1B          (1)               (2)             1-A1B
LTI1-1A2A          (1)               (2)             1-A2A
LTI1-1A2B          (1)               (2)             1-A2B
LTI1-1A3A          (1)               (2)             1-A3A
LTI1-1A3B          (1)               (2)             1-A3B
LTI1-1A4A          (1)               (2)             1-A4A
LTI1-1A4B          (1)               (2)             1-A4B
LTI1-1M1           (1)               (2)             1-M1
LTI1-1M2           (1)               (2)             1-M2
LTI1-1M3           (1)               (2)             1-M3
LTI1-1M4           (1)               (2)             1-M4
LTI1-1M5           (1)               (2)             1-M5
LTI1-1M6           (1)               (2)             1-M6
LTI1-1M7           (1)               (2)             1-M7
LTI1-1M8           (1)               (2)             1-M8
LTI1-1M9           (1)               (2)             1-M9
LTI1-1M10          (1)               (2)             1-M10
LTI1-XI            (1)               (3)              N/A
LTI1-R             (4)               (4)              N/A

(1)  The interest rate with respect to any Distribution Date (and the related
     Accrual Period) for each of these REMIC I-1 Interests is a per annum rate
     equal to the Pool 1 Net Funds Cap.

(2)  The initial principal amount for each of these REMIC I-1 Interests equals
     50% of the initial principal amount of the Corresponding Class of
     Certificates.

(3)  This interest shall have an initial principal balance equal to the excess
     of (i) the Pool Balance of Pool 1 as of the Cut-off Date over (ii) the
     aggregate initial principal balance of the REMIC I-1 Marker Classes.

(4)  The Class LTI1-R Interest is the sole Class of residual interest in REMIC
     I-1. It does not have an interest rate or a principal balance.

                                        3

<PAGE>

REMIC I-2

     The following table sets forth (or describes) the Class designation,
interest rate, and initial principal amount for each Class of REMIC I-2
Interests.

          Class                              Initial Class    Class of Related
       Designation         Interest Rate   Principal Amount     Certificates
------------------------   -------------   ----------------   ----------------
LTI2-1A1A                       (1)              (2)                1-A1A
LTI2-1A1B                       (1)              (2)                1-A1B
LTI2-1A2A                       (1)              (2)                1-A2A
LTI2-1A2B                       (1)              (2)                1-A2B
LTI2-1A3A                       (1)              (2)                1-A3A
LTI2-1A3B                       (1)              (2)                1-A3B
LTI2-1A4A                       (1)              (2)                1-A4A
LTI2-1A4B                       (1)              (2)                1-A4B
LTI2-1M1                        (1)              (2)                1-M1
LTI2-1M2                        (1)              (2)                1-M2
LTI2-1M3                        (1)              (2)                1-M3
LTI2-1M4                        (1)              (2)                1-M4
LTI2-1M5                        (1)              (2)                1-M5
LTI2-1M6                        (1)              (2)                1-M6
LTI2-1M7                        (1)              (2)                1-M7
LTI2-1M8                        (1)              (2)                1-M8
LTI2-1M9                        (1)              (2)                1-M9
LTI2-1M10                       (1)              (2)                1-M10
Uncertificated Class 1-X        (3)              (3)                 N/A
Interest
Residual I Interest             (4)              (4)                 N/A

(1)  The interest rate with respect to any Distribution Date (and the related
     Accrual Period) for each of these REMIC I-2 Interests is a per annum rate
     equal to the Certificate Interest Rate for the Related Certificates,
     provided that these REMIC I-2 Interests shall not be entitled to payments
     in respect of Excess Interest.

(2)  The initial principal balance for each of these REMIC I-2 Interests shall
     equal the initial principal balance of the Related Certificates.

(3)  The Uncertificated Class 1-X Interest shall have an initial principal
     balance equal to $4,119,333.67. The Uncertificated Class 1-X Interest shall
     accrue interest on a notional balance equal to the Class 1-X Notional
     Balance at a rate equal to the Class 1-X Interest Rate. The Uncertificated
     Class 1-X Interest shall be represented by the Class 1-X Certificates.

(4)  The Residual I Interest is the sole Class of residual interest in REMIC
     I-2. It does not have an interest rate or a principal balance.

                                        4

<PAGE>

REMIC II-1

     The following table sets forth (or describes) the Class designation,
interest rate, and initial principal amount for each Class of REMIC II-1
Interests.

                                                 Corresponding
   Class                       Initial Class        Class of
Designation   Interest Rate   Principal Amount    Certificates
-----------   -------------   ----------------   -------------
LTII1-2A1          (1)               (2)             2-A1
LTII1-2A2          (1)               (2)             2-A2
LTII1-2M1          (1)               (2)             2-M1
LTII1-2M2          (1)               (2)             2-M2
LTII1-2M3          (1)               (2)             2-M3
LTII1-2M4          (1)               (2)             2-M4
LTII1-2M5          (1)               (2)             2-M5
LTII1-2M6          (1)               (2)             2-M6
LTII1-2M7          (1)               (2)             2-M7
LTII1-XII          (1)               (3)              N/A
LTII1-R            (4)               (4)              N/A

(1)  The interest rate with respect to any Distribution Date (and the related
     Accrual Period) for each of these REMIC II-1 Interests is a per annum rate
     equal to the Pool 2 Net Funds Cap.

(2)  The initial principal amount for this interest in REMIC II-1 equals 50% of
     the initial principal amount of the Corresponding Class of Certificates.

(3)  This interest shall have an initial principal balance equal to the excess
     of (i) the Pool Balance of Pool 2 as of the Cut-off Date over (ii) the
     aggregate initial principal balance of the REMIC II-1 Marker Classes.

(4)  The Class LTII1-R Interest is the sole Class of residual interest in REMIC
     II-1. It does not have an interest rate or a principal balance.

                                        5

<PAGE>

REMIC II-2

     The following table sets forth (or describes) the Class designation,
interest rate, and initial principal amount for each Class of REMIC II-2
Interests.

          Class                              Initial Class    Class of Related
       Designation         Interest Rate   Principal Amount     Certificates
------------------------   -------------   ----------------   ----------------
LTII2-2A1                       (1)              (2)                2-A1
LTII2-2A2                       (1)              (2)                2-A2
LTII2-2M1                       (1)              (2)                2-M1
LTII2-2M2                       (1)              (2)                2-M2
LTII2-2M3                       (1)              (2)                2-M3
LTII2-2M4                       (1)              (2)                2-M4
LTII2-2M5                       (1)              (2)                2-M5
LTII2-2M6                       (1)              (2)                2-M6
LTII2-2M7                       (1)              (2)                2-M7
Uncertificated Class 2-X        (3)              (3)                 N/A
Interest
Residual II Interest            (4)              (4)                 N/A

(1)  The interest rate with respect to any Distribution Date (and the related
     Accrual Period) for each of these REMIC II-2 Interests is a per annum rate
     equal to the Certificate Interest Rate for the Related Certificates,
     provided that these REMIC II-2 Interests shall not be entitled to payments
     in respect of Excess Interest.

(2)  The initial principal balance for each of these REMIC II-2 Interests shall
     equal the initial principal balance of the Related Certificates.

(3)  The Uncertificated Class 2-X Interest shall have an initial principal
     balance equal to $990,884.02. The Uncertificated Class 2-X Interest shall
     accrue interest on a notional balance equal to the Class 2-X Notional
     Balance at a rate equal to the Class 2-X Interest Rate. The Uncertificated
     Class 2-X Interest shall be represented by the Class 2-X Certificates.

(4)  The Residual II Interest is the sole Class of residual interest in REMIC
     II-2. It does not have an interest rate or a principal balance.

                                        6

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THE CERTIFICATES

     The following table sets forth (or describes) the Class designation,
Certificate Interest Rate, initial Class Principal Amount (or Class Notional
Amount) and minimum denomination for each Class of Certificates comprising
interests in the Trust Fund created hereunder. Each Pool 1 Certificate and Class
1-X Certificate represents ownership of regular interests in REMIC I-2. Each
Pool 2 Certificate and Class 2-X Certificate represents ownership of regular
interests in REMIC II-2.

                                      INITIAL CLASS
                                     PRINCIPAL AMOUNT
                                    OR CLASS NOTIONAL         MINIMUM
CLASS DESIGNATION   INTEREST RATE       AMOUNT ($)         DENOMINATIONS
-----------------   -------------   -----------------      -------------
Class 1-A1A               (1)          $340,312,000         $ 25,000.00
Class 1-A1B               (2)          $ 37,812,000         $ 25,000.00
Class 1-A2A               (3)          $151,636,000         $ 25,000.00
Class 1-A2B               (4)          $ 16,848,000         $ 25,000.00
Class 1-A3A               (5)          $455,184,000         $ 25,000.00
Class 1-A3B               (6)          $ 50,575,000         $ 25,000.00
Class 1-A4A               (7)          $ 19,329,000         $ 25,000.00
Class 1-A4B               (8)          $  2,147,000         $ 25,000.00
Class 2-A1                (9)          $118,804,000         $ 25,000.00
Class 2-A2               (10)          $145,933,000         $ 25,000.00
Class 1-M1               (11)          $ 29,421,000         $100,000.00
Class 1-M2               (12)          $ 17,652,000         $100,000.00
Class 1-M3               (13)          $  5,884,000         $100,000.00
Class 1-M4               (14)          $  5,884,000         $100,000.00
Class 1-M5               (15)          $  5,884,000         $100,000.00
Class 1-M6               (16)          $  5,884,000         $100,000.00
Class 1-M7               (17)          $  5,884,000         $100,000.00
Class 1-M8               (18)          $  5,885,000         $100,000.00
Class 1-M9               (19)          $ 12,356,000         $100,000.00
Class 1-M10              (20)          $  4,119,000         $100,000.00
Class 2-M1               (21)          $  7,075,000         $100,000.00
Class 2-M2               (22)          $  2,547,000         $100,000.00
Class 2-M3               (23)          $  1,415,000         $100,000.00
Class 2-M4               (24)          $  1,981,000         $100,000.00
Class 2-M5               (25)          $  1,415,000         $100,000.00
Class 2-M6               (26)          $  1,415,000         $100,000.00
Class 2-M7               (27)          $  1,415,000         $100,000.00
Class 1-X                (28)                        (28)               (28)
Class 2-X                (29)                        (29)               (33)
Class 1-P                (30)                        (30)               (33)
Class 2-P                (31)                        (31)               (33)
Class R                  (32)                        (32)               (33)

                                        7

<PAGE>

(1)  The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-A1A Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.080% (the "1-A1A
     Margin") and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
     provided, that if the Pool 1 Mortgage Loans and related property are not
     purchased pursuant to Section 7.01(b) on the Pool 1 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 1-A1A Certificates will be LIBOR plus 0.160%.

(2)  The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-A1B Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.100% (the "1-A1B
     Margin") and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
     provided, that if the Pool 1 Mortgage Loans and related property are not
     purchased pursuant to Section 7.01(b) on the Pool 1 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 1-A1B Certificates will be LIBOR plus 0.200%.

(3)  The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-A2A Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.160% (the "1-A2A
     Margin") and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
     provided, that if the Pool 1 Mortgage Loans and related property are not
     purchased pursuant to Section 7.01(b) on the Pool 1 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 1-A2A Certificates will be LIBOR plus 0.320%.

(4)  The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-A2B Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.220% (the "1-A2B
     Margin") and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
     provided, that if the Pool 1 Mortgage Loans and related property are not
     purchased pursuant to Section 7.01(b) on the Pool 1 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 1-A2B Certificates will be LIBOR plus 0.440%.

(5)  The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-A3A Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.210% (the "1-A3A
     Margin") and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
     provided, that if the Pool 1 Mortgage Loans and related property are not
     purchased pursuant to Section 7.01(b) on the Pool 1 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 1-A3A Certificates will be LIBOR plus 0.420%.

(6)  The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-A3B Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.260% (the "1-A3B
     Margin") and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
     provided, that if the Pool 1 Mortgage Loans and related property are not
     purchased pursuant to Section 7.01(b) on the Pool 1 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 1-A3B Certificates will be LIBOR plus 0.520%.

(7)  The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-A4A Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.300% (the "1-A4A
     Margin") and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
     provided, that if the Pool 1 Mortgage Loans and related property are not
     purchased pursuant to Section 7.01(b) on the Pool 1 Initial Optional
     Termination Date, then with respect to each subsequent Distribution Date
     the per annum rate

                                        8

<PAGE>

     calculated pursuant to clause (i) above with respect to the Class 1-A4A
     Certificates will be LIBOR plus 0.600%.

(8)  The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-A4B Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.370% (the "1-A4B
     Margin") and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
     provided, that if the Pool 1 Mortgage Loans and related property are not
     purchased pursuant to Section 7.01(b) on the Pool 1 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 1-A4B Certificates will be LIBOR plus 0.740%.

(9)  The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 2-A1 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.120% (the "2-A1 Margin")
     and (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 2 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 2 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 2-A1
     Certificates will be LIBOR plus 0.240%.

(10) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 2-A2 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.100% (the "2-A2 Margin")
     and (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 2 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 2 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 2-A2
     Certificates will be LIBOR plus 0.200%.

(11) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-M1 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.350% (the "1-M1 Margin")
     and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 1 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 1 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 1-M1
     Certificates will be LIBOR plus 0.525%.

(12) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-M2 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.370% (the "1-M2 Margin")
     and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 1 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 1 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 1-M2
     Certificates will be LIBOR plus 0.555%.

(13) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-M3 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.390% (the "1-M3 Margin")
     and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 1 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 1 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 1-M3
     Certificates will be LIBOR plus 0.585%.

(14) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-M4 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.500% (the "1-M4 Margin")
     and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 1 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 1 Initial Optional Termination
     Date, then with respect to each subsequent Distribution Date the per annum
     rate

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<PAGE>

     calculated pursuant to clause (i) above with respect to the Class 1-M4
     Certificates will be LIBOR plus 0.750%.

(15) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-M5 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.530% (the "1-M5 Margin")
     and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 1 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 1 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 1-M5
     Certificates will be LIBOR plus 0.795%.

(16) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-M6 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.600% (the "1-M6 Margin")
     and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 1 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 1 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 1-M6
     Certificates will be LIBOR plus 0.900%.

(17) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-M7 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 1.150% (the "1-M7 Margin")
     and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 1 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 1 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 1-M7
     Certificates will be LIBOR plus 1.725%.

(18) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-M8 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 1.400% (the "1-M8 Margin")
     and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 1 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 1 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 1-M8
     Certificates will be LIBOR plus 2.100%.

(19) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-M9 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 1.750% (the "1-M9 Margin")
     and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 1 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 1 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 1-M9
     Certificates will be LIBOR plus 2.625%.

(20) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 1-M10 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 1.750% (the "1-M10
     Margin") and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
     provided, that if the Pool 1 Mortgage Loans and related property are not
     purchased pursuant to Section 7.01(b) on the Pool 1 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 1-M10 Certificates will be LIBOR plus 2.625%.

(21) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 2-M1 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.350% (the "2-M1 Margin")
     and (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 2 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 2 Initial Optional Termination
     Date, then with respect to each subsequent Distribution Date the per annum
     rate

                                       10

<PAGE>

     calculated pursuant to clause (i) above with respect to the Class 2-M1
     Certificates will be LIBOR plus 0.525%.

(22) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 2-M2 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.370% (the "2-M2 Margin")
     and (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 2 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 2 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 2-M2
     Certificates will be LIBOR plus 0.555%.

(23) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 2-M3 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.390% (the "2-M3 Margin")
     and (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 2 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 2 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 2-M3
     Certificates will be LIBOR plus 0.585%.

(24) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 2-M4 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.500% (the "2-M4 Margin")
     and (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 2 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 2 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 2-M4
     Certificates will be LIBOR plus 0.750%.

(25) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 2-M5 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.530% (the "2-M5 Margin")
     and (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 2 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 2 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 2-M5
     Certificates will be LIBOR plus 0.795%.

(26) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 2-M6 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 1.050% (the "2-M6 Margin")
     and (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 2 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 2 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 2-M6
     Certificates will be LIBOR plus 1.575%.

(27) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 2-M7 Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 1.750% (the "2-M7 Margin")
     and (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 2 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 2 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 2-M7
     Certificates will be LIBOR plus 2.625%.

(28) The Class 1-X Certificate shall have an initial principal balance of
     $4,119,333.67. For each Distribution Date, the Class 1-X Certificate shall
     be entitled to the Class 1-X Current Interest. Unpaid interest on the Class
     1-X Certificates shall not itself bear interest.

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<PAGE>

(29) The Class 2-X Certificate shall have an initial principal balance of
     $990,884.02. For each Distribution Date, the Class 2-X Certificate shall be
     entitled to the Class 2-X Current Interest. Unpaid interest on the Class
     2-X Certificates shall not itself bear interest.

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

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

(32) The Class R Certificate will be issued without a Certificate Principal
     Amount and will not bear interest at a stated rate. The Class R Certificate
     represents ownership of the residual interest in REMIC I-2 and REMIC II-2,
     as well as ownership of the Class LTI1-R Interest and Class LTII1-R
     Interest.

(33) The Class 1-X, Class 2-X, Class 1-P and Class 2-P Certificates will be
     issued in minimum Percentage Interests of 10%. The Class 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 $1,459,806,217.69.

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

                                       12

<PAGE>

                                    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(d)(i).

     1-A1A Margin: As defined in footnote (1) of the Preliminary Statement under
the caption "The Certificates".

     1-A1B Margin: As defined in footnote (2) of the Preliminary Statement under
the caption "The Certificates".

     1-A2A Margin: As defined in footnote (3) of the Preliminary Statement under
the caption "The Certificates".

     1-A2B Margin: As defined in footnote (4) of the Preliminary Statement under
the caption "The Certificates".

     1-A3A Margin: As defined in footnote (5) of the Preliminary Statement under
the caption "The Certificates".

     1-A3B Margin: As defined in footnote (6) of the Preliminary Statement under
the caption "The Certificates".

     1-A4A Margin: As defined in footnote (7) of the Preliminary Statement under
the caption "The Certificates".

     1-A4B Margin: As defined in footnote (8) of the Preliminary Statement under
the caption "The Certificates".

     1-M1 Margin: As defined in footnote (11) of the Preliminary Statement under
the caption "The Certificates".

     1-M1 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 1 Stepdown Date and as long as a Pool 1 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 Pool 1
Senior Certificates after giving effect to distributions on such Distribution
Date and after the allocation of Deferred Interest, if any, for each
Distribution Date, and (ii) the Class Principal Amount of the Class 1-M1
Certificates after the allocation of Deferred Interest, if any, for such
Distribution Date and immediately prior to such Distribution Date exceeds (y)
the 1-M1 Target Amount.

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<PAGE>

     1-M1 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 84.00% and (y) thereafter, 87.20% and (ii) the
Pool Balance for Pool 1 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 1 for such
Distribution Date determined as of the last day of the related Collection Period
exceeds (2) the Pool 1 Overcollateralization Floor.

     1-M2 Margin: As defined in footnote (12) of the Preliminary Statement under
the caption "The Certificates".

     1-M2 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 1 Stepdown Date and as long as a Pool 1 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 Pool 1
Senior Certificates and the Class 1-M1 Certificates in each case, after giving
effect to distributions on such Distribution Date and after the allocation of
Deferred Interest, if any, for each Distribution Date, and (ii) the Class
Principal Amount of the Class 1-M2 Certificates after the allocation of Deferred
Interest, if any, for such Distribution Date and immediately prior to such
Distribution Date exceeds (y) the 1-M2 Target Amount.

     1-M2 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 87.75% and (y) thereafter, 90.20% and (ii) the
Pool Balance for Pool 1 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 1 for such
Distribution Date determined as of the last day of the related Collection Period
exceeds (2) the Pool 1 Overcollateralization Floor.

     1-M3 Margin: As defined in footnote (13) of the Preliminary Statement under
the caption "The Certificates".

     1-M3 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 1 Stepdown Date and as long as a Pool 1 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 Pool 1
Senior Certificates and the Class 1-M1 and Class 1-M2 Certificates, in each case
after giving effect to distributions on such Distribution Date and after the
allocation of Deferred Interest, if any, for each Distribution Date, and (ii)
the Class Principal Amount of the Class 1-M3 Certificates after the allocation
of Deferred Interest, if any, for such Distribution Date and immediately prior
to such Distribution Date exceeds (y) the 1-M3 Target Amount.

     1-M3 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 89.00% and (y) thereafter, 91.20% and (ii) the
Pool Balance for Pool 1 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 1 for such

                                       14

<PAGE>

Distribution Date determined as of the last day of the Collection Period exceeds
(2) the Pool 1 Overcollateralization Floor.

     1-M4 Margin: As defined in footnote (14) of the Preliminary Statement under
the caption "The Certificates".

     1-M4 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 1 Stepdown Date and as long as a Pool 1 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 Pool 1
Senior Certificates and the Class 1-M1, Class 1-M2 and Class 1-M3 Certificates,
in each case after giving effect to distributions on such Distribution Date and
after the allocation of Deferred Interest, if any, for each Distribution Date,
and (ii) the Class Principal Amount of the Class 1-M4 Certificates after the
allocation of Deferred Interest, if any, for such Distribution Date and
immediately prior to such Distribution Date exceeds (y) the 1-M4 Target Amount.

     1-M4 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 90.25% and (y) thereafter, 92.20% and (ii) the
Pool Balance for Pool 1 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 1 for such
Distribution Date determined as of the last day of the Collection Period exceeds
(2) the Pool 1 Overcollateralization Floor.

     1-M5 Margin: As defined in footnote (15) of the Preliminary Statement under
the caption "The Certificates".

     1-M5 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 1 Stepdown Date and as long as a Pool 1 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 Pool 1
Senior Certificates and the Class 1-M1, Class 1-M2, Class 1-M3 and Class 1-M4
Certificates, in each case after giving effect to distributions on such
Distribution Date and after the allocation of Deferred Interest, if any, for
each Distribution Date, and (ii) the Class Principal Amount of the Class 1-M5
Certificates after the allocation of Deferred Interest, if any, for such
Distribution Date and immediately prior to such Distribution Date exceeds (y)
the 1-M5 Target Amount.

     1-M5 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 91.50% and (y) thereafter, 93.20% and (ii) the
Pool Balance for Pool 1 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 1 for such
Distribution Date determined as of the last day of the Collection Period exceeds
(2) the Pool 1 Overcollateralization Floor.

     1-M6 Margin: As defined in footnote (16) of the Preliminary Statement under
the caption "The Certificates".

                                       15

<PAGE>

     1-M6 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 1 Stepdown Date and as long as a Pool 1 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 Pool 1
Senior Certificates and the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4 and
Class 1-M5 Certificates, in each case after giving effect to distributions on
such Distribution Date and after the allocation of Deferred Interest, if any,
for each Distribution Date, and (ii) the Class Principal Amount of the Class
1-M6 Certificates after the allocation of Deferred Interest, if any, for such
Distribution Date and immediately prior to such Distribution Date exceeds (y)
the 1-M6 Target Amount.

     1-M6 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 92.75% and (y) thereafter, 94.20% and (ii) the
Pool Balance for Pool 1 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 1 for such
Distribution Date determined as of the last day of the Collection Period exceeds
(2) the Pool 1 Overcollateralization Floor.

     1-M7 Margin: As defined in footnote (17) of the Preliminary Statement under
the caption "The Certificates".

     1-M7 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 1 Stepdown Date and as long as a Pool 1 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 Pool 1
Senior Certificates and the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4,
Class 1-M5 and Class 1-M6 Certificates, in each case after giving effect to
distributions on such Distribution Date and after the allocation of Deferred
Interest, if any, for each Distribution Date, and (ii) the Class Principal
Amount of the Class 1-M7 Certificates after the allocation of Deferred Interest,
if any, for such Distribution Date and immediately prior to such Distribution
Date exceeds (y) the 1-M7 Target Amount.

     1-M7 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 94.00% and (y) thereafter, 95.20% and (ii) the
Pool Balance for Pool 1 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 1 for such
Distribution Date determined as of the last day of the Collection Period exceeds
(2) the Pool 1 Overcollateralization Floor.

     1-M8 Margin: As defined in footnote (18) of the Preliminary Statement under
the caption "The Certificates".

     1-M8 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 1 Stepdown Date and as long as a Pool 1 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 Pool 1
Senior Certificates and the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4,
Class 1-M5, Class 1-M6 and Class 1-M7 Certificates, in each case after giving

                                       16

<PAGE>

effect to distributions on such Distribution Date and after the allocation of
Deferred Interest, if any, for each Distribution Date, and (ii) the Class
Principal Amount of the Class 1-M8 Certificates after the allocation of Deferred
Interest, if any, for such Distribution Date and immediately prior to such
Distribution Date exceeds (y) the 1-M8 Target Amount.

     1-M8 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 95.25% and (y) thereafter, 96.20% and (ii) the
Pool Balance for Pool 1 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 1 for such
Distribution Date determined as of the last day of the Collection Period exceeds
(2) the Pool 1 Overcollateralization Floor.

     1-M9 Margin: As defined in footnote (19) of the Preliminary Statement under
the caption "The Certificates".

     1-M9 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 1 Stepdown Date and as long as a Pool 1 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 Pool 1
Senior Certificates and the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4,
Class 1-M5, Class 1-M6, Class 1-M7 and Class 1-M8 Certificates, in each case
after giving effect to distributions on such Distribution Date and after the
allocation of Deferred Interest, if any, for each Distribution Date, and (ii)
the Class Principal Amount of the Class 1-M9 Certificates after the allocation
of Deferred Interest, if any, for such Distribution Date and immediately prior
to such Distribution Date exceeds (y) the 1-M9 Target Amount.

     1-M9 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 97.87% and (y) thereafter, 98.30% and (ii) the
Pool Balance for Pool 1 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 1 for such
Distribution Date determined as of the last day of the Collection Period exceeds
(2) the Pool 1 Overcollateralization Floor.

     1-M10 Margin: As defined in footnote (20) of the Preliminary Statement
under the caption "The Certificates".

     1-M10 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 1 Stepdown Date and as long as a Pool 1 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 Pool 1
Senior Certificates and the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4,
Class 1-M5, Class 1-M6, Class 1-M7, Class 1-M8 and Class 1-M9 Certificates, in
each case after giving effect to distributions on such Distribution Date and
after the allocation of Deferred Interest, if any, for each Distribution Date,
and (ii) the Class Principal Amount of the Class 1-M10 Certificates after the
allocation of Deferred Interest, if any, for such Distribution Date and
immediately prior to such Distribution Date exceeds (y) the 1-M10 Target Amount.

                                       17

<PAGE>

     1-M10 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 98.75% and (y) thereafter, 99.00% and (ii) the
Pool Balance for Pool 1 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 1 for such
Distribution Date determined as of the last day of the Collection Period exceeds
(2) the Pool 1 Overcollateralization Floor.

     2-A1 Margin: As defined in footnote (9) of the Preliminary Statement under
the caption "The Certificates".

     2-A2 Margin: As defined in footnote (10) of the Preliminary Statement under
the caption "The Certificates".

     2-M1 Margin: As defined in footnote (21) of the Preliminary Statement under
the caption "The Certificates".

     2-M1 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 2 Stepdown Date and as long as a Pool 2 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 Pool 2
Senior Certificates after giving effect to distributions on such Distribution
Date and after the allocation of Deferred Interest, if any, for each
Distribution Date, and (ii) the Class Principal Amount of the Class 2-M1
Certificates after the allocation of Deferred Interest, if any, for such
Distribution Date and immediately prior to such Distribution Date exceeds (y)
the 2-M1 Target Amount.

     2-M1 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 89.75% and (y) thereafter, 91.80% and (ii) the
Pool Balance for Pool 2 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 2 for such
Distribution Date determined as of the last day of the related Collection Period
exceeds (2) the Pool 2 Overcollateralization Floor.

     2-M2 Margin: As defined in footnote (22) of the Preliminary Statement under
the caption "The Certificates".

     2-M2 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 2 Stepdown Date and as long as a Pool 2 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 Pool 2
Senior Certificates and the Class 2-M1 Certificates in each case, after giving
effect to distributions on such Distribution Date and after the allocation of
Deferred Interest, if any, for each Distribution Date, and (ii) the Class
Principal Amount of the Class 2-M2 Certificates after the allocation of Deferred
Interest, if any, for such Distribution Date and immediately prior to such
Distribution Date exceeds (y) the 2-M2 Target Amount.

     2-M2 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012,

                                       18

<PAGE>

92.00% and (y) thereafter, 93.60% and (ii) the Pool Balance for Pool 2 for such
Distribution Date determined as of the last day of the related Collection Period
immediately prior to such Distribution Date and (b) the amount, if any, by which
(1) the Pool Balance for Pool 2 for such Distribution Date determined as of the
last day of the related Collection Period exceeds (2) the Pool 2
Overcollateralization Floor.

     2-M3 Margin: As defined in footnote (23) of the Preliminary Statement under
the caption "The Certificates".

     2-M3 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 2 Stepdown Date and as long as a Pool 2 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 Pool 2
Senior Certificates and the Class 2-M1 and Class 2-M2 Certificates, in each case
after giving effect to distributions on such Distribution Date and after the
allocation of Deferred Interest, if any, for each Distribution Date, and (ii)
the Class Principal Amount of the Class 2-M3 Certificates after the allocation
of Deferred Interest, if any, for such Distribution Date and immediately prior
to such Distribution Date exceeds (y) the 2-M3 Target Amount.

     2-M3 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 93.25% and (y) thereafter, 94.60% and (ii) the
Pool Balance for Pool 2 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 2 for such
Distribution Date determined as of the last day of the Collection Period exceeds
(2) the Pool 2 Overcollateralization Floor.

     2-M4 Margin: As defined in footnote (24) of the Preliminary Statement under
the caption "The Certificates".

     2-M4 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 2 Stepdown Date and as long as a Pool 2 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 Pool 2
Senior Certificates and the Class 2-M1, Class 2-M2 and Class 2-M3 Certificates,
in each case after giving effect to distributions on such Distribution Date and
after the allocation of Deferred Interest, if any, for each Distribution Date,
and (ii) the Class Principal Amount of the Class 2-M4 Certificates after the
allocation of Deferred Interest, if any, for such Distribution Date and
immediately prior to such Distribution Date exceeds (y) the 2-M4 Target Amount.

     2-M4 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 95.00% and (y) thereafter, 96.00% and (ii) the
Pool Balance for Pool 2 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 2 for such
Distribution Date determined as of the last day of the Collection Period exceeds
(2) the Pool 2 Overcollateralization Floor.

                                       19

<PAGE>

     2-M5 Margin: As defined in footnote (25) of the Preliminary Statement under
the caption "The Certificates".

     2-M5 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 2 Stepdown Date and as long as a Pool 2 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 Pool 2
Senior Certificates and the Class 2-M1, Class 2-M2, Class 2-M3 and Class 2-M4
Certificates, in each case after giving effect to distributions on such
Distribution Date and after the allocation of Deferred Interest, if any, for
each Distribution Date, and (ii) the Class Principal Amount of the Class 2-M5
Certificates after the allocation of Deferred Interest, if any, for such
Distribution Date and immediately prior to such Distribution Date exceeds (y)
the 2-M5 Target Amount.

     2-M5 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 96.25% and (y) thereafter, 97.00% and (ii) the
Pool 2 Aggregate Loan Balance for such Distribution Date determined as of the
last day of the related Collection Period immediately prior to such Distribution
Date and (b) the amount, if any, by which (1) the Pool 2 Aggregate Loan Balance
for such Distribution Date determined as of the last day of the Collection
Period exceeds (2) the Pool 2 Overcollateralization Floor.

     2-M6 Margin: As defined in footnote (26) of the Preliminary Statement under
the caption "The Certificates".

     2-M6 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 2 Stepdown Date and as long as a Pool 2 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 Pool 2
Senior Certificates and the Class 2-M1, Class 2-M2, Class 2-M3, Class 2-M4 and
Class 2-M5 Certificates, in each case after giving effect to distributions on
such Distribution Date and after the allocation of Deferred Interest, if any,
for each Distribution Date, and (ii) the Class Principal Amount of the Class
2-M6 Certificates after the allocation of Deferred Interest, if any, for such
Distribution Date and immediately prior to such Distribution Date exceeds (y)
the 2-M6 Target Amount.

     2-M6 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 97.50% and (y) thereafter, 98.00% and (ii) the
Pool Balance for Pool 2 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 2 for such
Distribution Date determined as of the last day of the Collection Period exceeds
(2) the Pool 2 Overcollateralization Floor.

     2-M7 Margin: As defined in footnote (27) of the Preliminary Statement under
the caption "The Certificates".

     2-M7 Principal Distribution Amount: With respect to any Distribution Date
on or after the Pool 2 Stepdown Date and as long as a Pool 2 Trigger Event is
not in effect with respect to

                                       20

<PAGE>

such Distribution Date, the amount, if any, by which (x) the sum of (i) the
aggregate Class Principal Amount of the Pool 2 Senior Certificates and the Class
2-M1, Class 2-M2, Class 2-M3, Class 2-M4, Class 2-M5 and Class 2-M6
Certificates, in each case after giving effect to distributions on such
Distribution Date and after the allocation of Deferred Interest, if any, for
each Distribution Date, and (ii) the Class Principal Amount of the Class 2-M7
Certificates after the allocation of Deferred Interest, if any, for such
Distribution Date and immediately prior to such Distribution Date exceeds (y)
the 2-M7 Target Amount.

     2-M7 Target Amount: With respect to any Distribution Date, an amount equal
to the lesser of (a) the product of (i) (x) for each distribution prior to the
Distribution Date in July 2012, 98.75% and (y) thereafter, 99.00% and (ii) the
Pool Balance for Pool 2 for such Distribution Date determined as of the last day
of the related Collection Period immediately prior to such Distribution Date and
(b) the amount, if any, by which (1) the Pool Balance for Pool 2 for such
Distribution Date determined as of the last day of the Collection Period exceeds
(2) the Pool 2 Overcollateralization Floor.

     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
(as successor Master Servicer) or the Master Servicer or (y) as provided in the
applicable Servicing Agreement, to the extent applicable to the related
Servicer.

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

     Accrual Period: For the LIBOR Certificates and their Related REMIC I-2
Interests or Related REMIC II-2 Interests and the REMIC I-1 Interests and REMIC
II-1 Interests for each Distribution Date, the period beginning on the
immediately preceding Distribution Date (or on June 25, 2006, in the case of the
first Distribution Date) and ending on the day immediately preceding the related
Distribution Date. The LIBOR Certificates and their Related REMIC I-2 Interests
or Related REMIC II-2 Interests and the REMIC I-1 Interests and REMIC II-1
Interests shall accrue interest on the basis of a 360-day year and the actual
number of days in each Accrual Period.

     Accrued Certificate Interest: For each class of Certificates on any
Distribution Date, the amount of interest accrued at its Interest Rate during
the related Accrual Period on the related Class Principal Amount immediately
prior to such Distribution Date as reduced by such Class's share of (1) the
interest portion of any related excess losses for such Distribution Date and (2)
with respect to any related Mortgage Loan as to which there has been a Relief
Act Reduction, the amount of any such reduction.

     Act: As defined in Section 3.03(c).

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

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

                                       21

<PAGE>

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

     Additional Termination Event: Not applicable.

     Advance: An advance of the aggregate of payments of principal and interest
(net of the applicable Servicing Fee or, with respect to the GMACM Transferred
Mortgage Loans, the General Servicing Fee) on one or more Mortgage Loans that
were due on the 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
a Servicer (or, with respect to the GMACM Transferred Mortgage loans, the Master
Servicer) or by the Master Servicer on behalf of a Servicer (or by the Trustee
as successor master servicer) pursuant to Section 5.04.

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

     Affected Party: Not applicable.

     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 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.

     Applied Loss Amounts: The aggregate of the Pool 1 Applied Loss Amounts and
the Pool 2 Applied Loss Amounts.

     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
Custodians nor the Trustee shall be responsible for determining whether any such
assignment is in recordable form.

                                       22

<PAGE>

     Aurora: Aurora Loan Services LLC or its successors in interest.

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

     Authorized Officer: Not applicable.

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

     Balloon Mortgage Loan: Not applicable.

     Balloon Payment: Not applicable.

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

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

     Basis Risk Payment: Not applicable.

     Basis Risk Reserve Fund: Not applicable.

     Basis Risk Shortfall: With respect to any Distribution Date and any Class
of Offered Certificates, the amount by which the amount of interest calculated
at the Certificate Interest Rate applicable to such Class for such date,
determined without regard to the applicable Net Funds Cap for such date but
subject to a cap equal to the Maximum Interest Rate of the Mortgage Pool to
which such Class relates, exceeds the amount of interest calculated at the
applicable Net Funds Cap.

     Benefit Plan Opinion: Not applicable.

     Book-Entry Certificates: Beneficial interests in Certificates designated as
"Book-Entry Certificates" in this Agreement, ownership and transfers of which
shall be evidenced or made through book entries by a Clearing Agency as
described in Section 3.09; provided, that after the occurrence of a condition
whereupon book-entry registration and transfer are no longer permitted and
Definitive Certificates are to be issued to Certificate Owners, such Book-Entry
Certificates shall no longer be "Book-Entry Certificates." As of the Closing
Date, the Offered Certificates and the Class 1-M10 Certificates constitute
Book-Entry Certificates.

     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 City, New York or, if other than New York
City, the city in

                                       23

<PAGE>

which the Corporate Trust Office of the Trustee is located and the States of
Colorado, Massachusetts, Minnesota or New York, 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 Agreements, are authorized or
obligated by law or executive order to be closed.

     Cap Agreement: Each of the Interest Rate Cap Agreements dated as of June
30, 2006, entered into between the Trustee on behalf of the Trust Fund (for the
benefit of the Class 1-A2A, Class 1-A3A and Class 1-A3B Certificateholders) and
the Cap Provider, which agreements provide for the monthly payment, commencing
on the Distribution Date in July 2006 and terminating on the Distribution Date
in (x) January 2009, with respect to the Cap Agreement relating to the Class
1-A2 Certificates and (y) September 2011, with respect to the Cap Agreements
relating to the Class 1-A3A Certificates and the Class 1-A3B Certificates, by
the Cap Provider, but subject to the conditions set forth therein, together with
the confirmation and schedules relating thereto, each of which is attached
hereto as Exhibit N. The Cap Provider will be obligated to pay to the Trust Fund
at least one Business Day prior to each Distribution Date, commencing with the
Distribution Date in July 2006 and ending with the Distribution Date in (x)
January 2009, with respect to the Cap Agreement relating to the Class 1-A2
Certificates and (y) September 2011, with respect to the Cap Agreements relating
to the Class 1-A3A Certificates and the Class 1-A3B Certificates, one month's
interest calculated at an annual rate equal to the lesser of (i) 0.250% and (ii)
the excess, if any, of LIBOR over the respective strike rate (the "Strike Rate")
in effect for such Distribution Date based on a calculated notional amount as
described in the Cap Agreement, multiplied by the actual number of days in the
Accrual Period (treating, solely for purposes of such calculation, the initial
Accrual Period as beginning on the Closing Date and ending on the day
immediately preceding the initial Distribution Date), and divided by 360.

     Cap Agreement Account: The account described in Section 5.02(i) hereof.

     Cap Provider: Lehman Brothers Special Financing Inc.

     Capitalized Interest Account: Either of the Pool 1 Capitalized Interest
Account or the Pool 2 Capitalized Interest Account.

     Capitalized Interest Amount: Either of the Pool 1 Capitalized Interest
Amount or the Pool 2 Capitalized Interest Amount.

     Carryforward Interest: With respect to any Distribution Date and any Class
of Certificates (other than the Class 1-X, Class 2-X, Class 1-P, Class 2-P and
Class R Certificates), 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. Carryforward Interest shall not include amounts
attributable to an allocation of Deferred Interest.

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

                                       24

<PAGE>

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

     Certificate Group: The Pool 1 Certificates or the Pool 2 Certificates, as
applicable.

     Certificate Insurance Policy: Not applicable.

     Certificate Insurance Premium: Not applicable.

     Certificate Insurer: Not applicable.

     Certificate Insurer Default: Not applicable.

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

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

     Certificate Principal Amount: With respect to any Certificate (other than
the Class 1-X, Class 2-X, Class 1-P, Class 2-P and Class R Certificates) and any
Distribution Date, the initial Certificate Principal Amount thereof on the
Closing Date, less the amount of all principal distributions previously
distributed with respect to such Certificate prior to such Distribution Date,
and, in the case of any Pool 1 Certificate, as reduced by any Pool 1 Applied
Loss Amounts or, in the case of any Pool 2 Certificate, as reduced by any Pool 2
Applied Loss Amounts, as applicable, previously allocated thereto, as increased
by the portion of the aggregate increase, if any, in the outstanding principal
balance of the related Mortgage Loans resulting from Net Negative Amortization
allocated to that Certificate; provided, however, that on each Distribution Date
on which a Subsequent Recovery is distributed, the Certificate Principal Amount
of any Pool 1 Certificate that has been reduced by application of a Pool 1
Applied Loss Amount or the Certificate Principal Amount of any Pool 2
Certificate that has been reduced by application of a Pool 2 Applied Loss Amount
will be increased, in order of seniority, by an amount (to be applied pro rata
to all Certificates of such Class) equal to the lesser of (1) any Deferred
Amount for each such Class immediately prior to such date and (2) (a) in the
case of the holders of Pool 1 Certificates, the total amount of any Subsequent
Recovery related to Pool 1 distributed on such date to Certificateholders, after
application (for this purpose) to more senior Classes of such Certificates and
(b) in the case of holders of Pool 2 Certificates, the total amount of any
Subsequent Recovery related to Pool 2 distributed on such date to
Certificateholders, after application (for this purpose) to more senior Classes
of such Certificates. The Class 1-X, Class 2-X, Class 1-P, Class 2-P and Class R
Certificates are issued without Certificate Principal Amounts.

     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."

                                       25

<PAGE>

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

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

     Class: All Certificates and, in the case of the REMIC I-1 or REMIC II-1,
all Lower Tier Interests bearing the same Class designation.

     Class 1-X Current Interest: For any Distribution Date, the interest accrued
during the related Accrual Period on the Class 1-X Notional Balance at the Class
1-X Interest Rate.

     Class 1-X Distributable Amount: On any Distribution Date, the excess of (i)
the sum of (x) $4,119,333.67 and (y) the aggregate Class 1-X Current Interest
for such Distribution Date and all prior Distribution Dates over (ii) the sum of
(x) the aggregate Pool 1 Basis Risk Payment for such Distribution Date and all
prior Distribution Dates and (y) all prior distributions to the Class 1-X
Certificate under Section 5.02(f)(v) hereof.

     Class 1-X Interest Rate: For any Distribution Date, the excess of (i) the
weighted average of the interest rates on the REMIC I-1 Regular Interests over
(ii) two times the weighted average of the interest rates on the REMIC I-1
Regular Interests (treating for purposes of this clause (ii) the interest rate
on each of the REMIC I-1 Marker Classes as being capped at the interest rate of
the Corresponding Classes of Certificates (as adjusted, if necessary, to reflect
accruals on the basis of the actual number of days in the Accrual Period for the
LIBOR Certificates) and treating the interest rate on the Class LTI1-XI Interest
as capped at zero). The average described in the preceding sentence shall be
weighted on the basis of the respective principal balances of the REMIC I-1
Regular Interests immediately prior to such Distribution Date.

     Class 1-X Notional Balance: With respect to any Distribution Date (and the
related Accrual Period), the aggregate principal balance of the REMIC I-1
Regular Interests immediately prior to such Distribution Date.

     Class 2-X Current Interest: For any Distribution Date, the interest accrued
during the related Accrual Period on the Class 2-X Notional Balance at the Class
2-X Interest Rate.

     Class 2-X Distributable Amount: On any Distribution Date, the excess of (i)
the sum of (x) $990,884.02 and (y) the aggregate Class 2-X Current Interest for
such Distribution Date and all prior Distribution Dates over (ii) the sum of (x)
the aggregate Pool 2 Basis Risk Payment for such Distribution Date and all prior
Distribution Dates and (y) all prior distributions to the Class 2-X Certificate
under Section 5.02(g)(v) hereof.

     Class 2-X Interest Rate: For any Distribution Date, the excess of (i) the
weighted average of the interest rates on the REMIC II-1 Regular Interests over
(ii) two times the weighted average of the interest rates on the REMIC II-1
Regular Interests (treating for purposes of this clause (ii) the interest rate
on each of the REMIC II-1 Marker Classes as being capped at the interest rate of
the Corresponding Classes of Certificates (as adjusted, if necessary, to reflect
accruals on the basis of the actual number of days in the Accrual Period for the
LIBOR Certificates) and treating the interest rate on the Class LTII1-XII
Interest as capped at zero). The average described in the preceding sentence
shall be weighted on the basis of the respective principal balances of the REMIC
II-1 Regular Interests immediately prior to such Distribution Date.

                                       26

<PAGE>

     Class 2-X Notional Balance: With respect to any Distribution Date (and the
related Accrual Period), the aggregate principal balance of the REMIC II-1
Regular Interests immediately prior to such Distribution Date.

     Class CX Excess Cap Amount: Not applicable.

     Class I Shortfalls: Not applicable.

     Class M Certificates: Any of the Class 1-M1, Class 1-M2, Class 1-M3, Class
1-M4, Class 1-M5, Class 1-M6, Class 1-M7, Class 1-M8, Class 1-M9, Class 1-M10,
Class 2-M1, Class 2-M2, Class 2-M3, Class 2-M4, Class 2-M5, Class 2-M6 and Class
2-M7 Certificates.

     Class Notional Amount: Not applicable.

     Class P Interest: Not applicable. Class P Principal Amount: Not applicable.

     Class Principal Amount: With respect to each Class of Certificates other
than the Class R, Class 1-P, Class 2-P, Class 1-X and Class 2-X Certificates,
the aggregate of the Certificate Principal Amounts (or related Percentage
Interest therein aggregating to 100%) of all Certificates of such Class at the
date of determination. With respect to the Class R, Class 1-P, Class 2-P, Class
1-X and Class 2-X Certificates, zero.

     Class R Certificate: The 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 residual
interest in each REMIC created hereunder.

     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: June 30, 2006.

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

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

                                       27

<PAGE>

     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 Securities and Exchange Commission.

     Commitment Letter: Not applicable.

     Compensating Interest Payment: With respect to any Distribution Date and
prepayments in full or in part, an amount equal the aggregate amount of any
Prepayment Interest Shortfalls required to be paid by a Servicer (or the Master
Servicer with respect to GMACM Transferred Mortgage Loans) with respect to such
Distribution Date. The Master Servicer shall not be responsible to make any
Compensating Interest Payment except with respect to the GMACM Transferred
Mortgage Loans.

     Component: Not applicable.

     Component Interest Rate: Not applicable.

     Component Principal Amount: Not applicable.

     Conventional Loan: Not applicable.

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

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

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

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

     Cooperative Shares: Shares issued by a Cooperative Corporation.

                                       28

<PAGE>

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

     Corporate Trust Office: The principal corporate trust office of the Trustee
is located at U.S. Bank National Association, One Federal Street, 3rd Floor,
Boston, M.A. 02110, Attention: LXS 2006-10N.

     Corresponding Class: The Class of Certificates that corresponds to a class
of Lower Tier Interests in REMIC I-1 or REMIC II-1 and as described in the
Preliminary Statement.

     Credit Score: Not applicable.

     Cumulative Loss Trigger Event: Not applicable.

     Current Interest: With respect to any Offered Certificate and the Class
1-M10 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 (or Class Notional Amount) thereof
immediately prior to such Distribution Date.

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

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

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

     Cut-off Date: With respect to all Mortgage Loans, June 1, 2006.

     Cut-off Date Balance: Not applicable.

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

     Defaulting Party: Not applicable.

     Deferred Amount: For each Distribution Date and for each class of Offered
Certificates, the sum of (A) the amount by which (x) the aggregate of Pool 1
Applied Loss Amounts (in the case of any Pool 1 Certificate) or Pool 2 Applied
Loss Amounts (in the case of any Pool 2 Certificates) previously applied in
reduction of the Class Principal Amount thereof exceeds (y) the sum of (1) the
aggregate of amounts previously distributed in reimbursement thereof and (2) the
amount by which the Class Principal Amount of such class has been increased due
to Subsequent Recoveries and (B) for the Pool 1 Senior Certificates and Pool 2
Senior Certificates only, interest accrued on the related amount calculated
under clause (A).

                                       29

<PAGE>

     Deferred Interest: Any interest shortfall resulting from Net Negative
Amortization.

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

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

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

     Delinquency Event: Not applicable.

     Delinquency Rate: Not applicable.

     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.

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

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

     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 more than 90 days or more
without giving effect to any grace period permitted by the relevant Mortgage
Note or for which the Servicer 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 July 2006.

                                       30

<PAGE>

     DTC: The Depository Trust Company.

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

     Due for Payment: Not applicable.

     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, any NIMS Insurer and the Rating Agencies. Eligible Accounts may bear
interest.

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

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

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

                    (iii) repurchase agreements collateralized by Direct
          Obligations or securities guaranteed by Ginnie Mae, Fannie Mae or
          Freddie Mac with any registered broker/dealer subject to Securities
          Investors' Protection Corporation

                                       31

<PAGE>

          jurisdiction or any commercial bank insured by the FDIC, if such
          broker/dealer or bank has an uninsured, unsecured and unguaranteed
          obligation rated by each Rating Agency in its highest short-term
          rating category;

                    (iv) securities bearing interest or sold at a discount
          issued by any corporation incorporated under the laws of the United
          States of America or any state thereof which have a credit rating from
          each Rating Agency, at the time of investment or the contractual
          commitment providing for such investment, at least equal to one of the
          two highest short term credit rating categories of each Rating Agency;
          provided, however, that securities issued by any particular
          corporation will not be Eligible Investments to the extent that
          investment therein will cause the then outstanding principal amount of
          securities issued by such corporation and held as part of the Trust
          Fund to exceed 20% of the sum of the 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;

                    (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), approved by the NIMS Insurer and (A) rated in the
          highest rating category by each Rating Agency 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, in its capacity other than as
          Trustee, the Master Servicer or an affiliate thereof serves as an
          investment advisor, administrator, shareholder, servicing agent,
          and/or custodian or subcustodian, notwithstanding that (x) U.S. Bank
          National Association, the Trustee, the Master Servicer or any
          affiliate thereof charges and collects fees and expenses from such
          funds for services rendered, (y) U.S. Bank National Association, the
          Trustee, the Master Servicer, or any affiliate thereof charges and
          collects fees and expenses for services rendered

                                       32

<PAGE>

          pursuant to this Agreement, and (z) services performed for such funds
          and pursuant to this Agreement may converge at any time. U.S. Bank
          National Association or an affiliate thereof is hereby authorized to
          charge and collect from the Trust Fund such fees as are collected from
          all investors in such funds for services rendered to such funds (but
          not to exceed investment earnings thereon);

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, and provided further that in
order to be an Eligible Investment any such investment must be a "permitted
investment" within the meaning of Section 860G(a)(5) of the Code.

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

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

     ERISA-Restricted Certificate: Any Class 1-M10, Class 1-X, Class 2-X Class
1-P or Class 2-P Certificate, and any other Certificate, as long as the
acquisition and holding of such other Certificate is not covered by and exempt
under the Underwriter's Exemption.

     ERISA-Restricted Swap Certificate: Not applicable.

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

     Escrow Account: Any account established and maintained by the Servicers
pursuant to the Servicing Agreements.

     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).

     Excess Interest: On any Distribution Date, for each Class of LIBOR
Certificates, the excess, if any, of (1) the amount of interest such Class of
Certificates is entitled to receive on such Distribution Date (other than
amounts received from the Capitalized Interest Account) over (2) the amount of
interest such Class of Certificates would have been entitled to receive on such
Distribution Date at an interest rate equal to the REMIC Pass-Through Rate.

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

                                       33

<PAGE>

     Fannie Mae: 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 each Servicer
satisfying the requirements of the related Servicing Agreement.

     Final Scheduled Distribution Date: With respect to (i) the Pool 1
Certificates, the Distribution Date in July 2046, (ii) the Pool 2 Certificates,
the Distribution Date in July 2036 and (iii) all other Classes of Certificates,
the Latest Possible Maturity Date.

     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.

     Freddie Mac: 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.

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

     General Servicing Fee Rate: With respect to each GMACM Transferred Mortgage
Loan, 0.375% per annum.

     Ginnie Mae: Ginnie Mae, f/k/a the Government National Mortgage Association,
a wholly owned corporate instrumentality of the United States within HUD.

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

     GMACM: GMAC Mortgage Corporation.

     GMACM Transferred Mortgage Loan: The Mortgage Loans originated by SunTrust
and serviced by GMACM.

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

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

     Guaranteed Certificate: Not applicable.

     Guaranteed Distribution: Not applicable.

                                       34

<PAGE>

     Holder or Certificateholder: The registered owner of any Certificate as
recorded on the books of the Certificate Registrar except that, solely for the
purposes of taking any action or giving any consent pursuant to this Agreement,
any Certificate registered in the name of the Depositor, the Trustee, the Master
Servicer, a Servicer, the Cap Provider 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 and any NIMS Insurer 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, any Servicer or the Cap Provider, in determining whether any
Certificates are registered to an Affiliate of the Depositor, the Master
Servicer, such Servicer or the Cap Provider, respectively.

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

     Indenture: An indenture relating to the issuance of notes secured by the
Class 1-X Certificates or the Class 2-X Certificates (or any portion thereof)
which may or may not be guaranteed by a NIMS Insurer.

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

     Initial LIBOR Rate: 5.3225% per annum.

     Initial Optional Termination Date: Not applicable.

     Insurance Fee Rate: Not applicable.

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

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

     Insured Amount: Not applicable.

     Insured Payment: Not applicable.

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     Interest Remittance Amount: With respect to any Distribution Date and
either Mortgage Pool, an amount equal to (a) the sum of (1) all interest
collected (other than in connection with Payaheads and Prepayment Premiums) or
advanced in respect of Scheduled Payments on the related Mortgage Loans during
the related Collection Period by any Servicer, the Master Servicer, or the
Trustee (solely acting in its capacity as successor Master Servicer), minus (x)
the applicable Servicing Fee (or, with respect to the GMACM Transferred Mortgage
Loans, the General Servicing Fee) with respect to the related Mortgage Loans and
(y) previously unreimbursed Advances and other amounts due to any Servicer, the
Master Servicer or the Trustee (solely acting 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 the related
Mortgage Loans, (2) any Compensating Interest Payments with respect to the
related Mortgage Loans with respect to the related Prepayment Period, (3) the
portion of any Purchase Price, as applicable, or Substitution Amount paid with
respect the related Mortgage Loans during the related Prepayment Period
allocable to interest, and (4) all Net Liquidation Proceeds, Insurance Proceeds
and any other recoveries collected with respect to the related Mortgage Loans
during the related Prepayment Period (or in the case of Mortgage Loans serviced
by Aurora, the relevant Collection Period), to the extent allocable to interest,
as reduced by (b) other costs, expenses or liabilities related to such Mortgage
Pool and reimbursable to the Trustee, the Master Servicer or any Servicer to the
extent provided in this Agreement and the applicable Servicing Agreement, and
any Custodian pursuant to the applicable Custodial Agreement and as increased by
(c) the lesser of (1) all Principal Prepayments in full or in part (including
principal received in connection with the repurchase of a Mortgage Loan from the
Trust Fund and all other principal received other than scheduled monthly
payments) received during the related Prepayment Period with respect to the
Mortgage Loans in such Mortgage Pool and (2) the aggregate amount of Negative
Amortization with respect to the Mortgage Loans in such Mortgage Pool during the
related Collection Period.

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

     Late Payment Rate: Not applicable.

     Latest Possible Maturity Date: The Distribution Date occurring in July
2046.

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

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

     If on such a LIBOR Determination Date, the BBA's Interest Settlement Rate
does not appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if
the Telerate Page 3750 is not available on such date, the Trustee will obtain
such rate from Reuters' "page LIBOR 01" or Bloomberg's page "BBAM." If such rate
is not published for such LIBOR Determination Date,

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<PAGE>

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 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.

     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 Offered Certificate or any Class 1-M10 Certificate.

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

     Liquidated Mortgage Loan: Any defaulted Mortgage Loan as to which the
Master Servicer or a 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 (exclusive of any possibility of a deficiency judgment).

     Liquidation Expenses: Expenses that are incurred by the Master Servicer or
a Servicer in connection with the liquidation of any defaulted Mortgage Loan and
that are not recoverable under the applicable Primary Mortgage Insurance Policy,
if any, 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,
condemnation proceeds, Insurance Proceeds, or otherwise, or the sale of the
related Mortgaged Property if the Mortgaged Property is acquired in satisfaction
of the Mortgage Loan by foreclosure or deed in lieu of foreclosure, including
any amounts remaining in the related Escrow Account.

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

     Lower Tier Interest: Any of the REMIC I-1 Interests or REMIC II-1
Interests.

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

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

     Master Servicing Fee Rate: 0.00% per annum.

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

     Maximum Interest Rate: Either of the Pool 1 Maximum Interest Rate or Pool 2
Maximum Interest Rate.

     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: Not applicable.

     Monthly Excess Interest: Not applicable.

     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 June 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 Mortgagor's name; (iii) the street address of
the Mortgaged Property including the city, state and zip code; (iv) the original

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<PAGE>

principal amount of the Mortgage Loan; (v) the Mortgage Rate at origination;
(vi) the monthly payment of principal and interest at origination; (vii) the
Seller of such Mortgage Loan to the Depositor; (viii) the Servicer servicing
such Mortgage Loan and the applicable Servicing Fee Rate; (ix) the applicable
prepayment premium, if any, and the method of calculation and (x) the Custodian
with respect to the Mortgage File related to such Mortgage Loan. The Depositor
shall be responsible for providing the Trustee and the Master Servicer with all
amendments to the Mortgage Loan Schedule.

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

     Mortgage Pool: Either of Pool 1 or Pool 2.

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

     Negative Amortization: With respect to each Distribution Date, the amount
of interest on the Mortgage Loans that the related Mortgagors are not obligated
to pay as interest (and which shall be added to the Scheduled Principal Balance
of each such Mortgage Loan) due to the negative amortization feature of such
Mortgage Loans, in each case during the related Collection Period.

     Negative Amortization Certificate: Any Certificate other than the Class R
Certificate.

     Net Funds Cap: Either of the Pool 1 Net Funds Cap or the Pool 2 Net Funds
Cap.

     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.

     Net Mortgage Rate: With respect to any Mortgage Loan, the Mortgage Rate
thereof reduced by the Servicing Fee Rate (or, with respect to the GMACM
Transferred Mortgage Loans, the General Servicing Fee Rate).

     Net Negative Amortization: For any Distribution Date and each Mortgage
Pool, the excess, if any, of (i) the Negative Amortization with respect to all
Mortgage Loans in such Mortgage Pool for the related calendar month prior to
that Distribution Date, over (ii) the aggregate amount of prepayments in full
and partial prepayments received with respect to all Mortgage Loans in such
Mortgage Pool during the related Prepayment Period (including

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<PAGE>

principal received in connection with the repurchase of a Mortgage Loan from the
Trust Fund and all other principal received other than scheduled monthly
payments).

     Net Prepayment Interest Shortfall: With respect to any Deposit Date, the
excess, if any, of any Prepayment Interest Shortfalls with respect to the
Mortgage Loans in a Mortgage Pool for such date over (i) any Prepayment Interest
Excess with respect to such Mortgage Loans for such date and (ii) any amounts
paid with respect to such shortfalls by a Servicer pursuant to the applicable
Servicing Agreement or by the Master Servicer.

     Net Rate: Not applicable.

     Net Swap Payment: Not applicable.

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

     NIM Securities: Any net interest margin securities issued subsequent to the
Closing Date by an owner trust or other special purpose entity, the principal
assets of such trust or other entity including the Class 1-X, Class 2-X, Class
1-P and Class 2-P Certificates and the payments received thereon, which
principal assets back such securities.

     NIMS Agreement: Not applicable.

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

     Non-Book-Entry Certificate: Not applicable.

     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.

     Nonpayment: Not applicable.

     Notice: Not applicable.

     Notice of Nonpayment. Not applicable.

     Notional Amount: Not applicable.

     Notional Certificate: None.

     Offered Certificates: Collectively, the Pool 1 Certificates (other than the
Class 1-M10 Certificates) and the Pool 2 Certificates.

     Offered Subordinate Certificates: Collectively, the Pool 1 Subordinate
Certificates (other than the Class 1-M10 Certificates) and the Pool 2
Subordinate Certificates.

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<PAGE>

     Offering Document: Either of the Prospectus or the private placement
memorandum, dated June 29, 2006, relating to the Class 1-M10 Certificates.

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

     Opinion of Counsel: A written opinion of counsel, reasonably acceptable in
form and substance to the Trustee, and who may be in house or outside counsel to
the Depositor, the Master Servicer or the Servicer but which must be Independent
outside counsel with respect to any such opinion of counsel concerning the
transfer of any Residual Certificate or concerning certain matters with respect
to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
the taxation, or the federal income tax status, of each REMIC.

     Optimal Interest Remittance Amount: For each Mortgage Pool for each
Distribution Date, the product of (A) (x) the weighted average of the Net
Mortgage Rates for the Mortgage Loans in such Mortgage Pool (based on their
Scheduled Principal Balances as of the first day of the related Collection
Period) divided by (y) 12 and (B) the Pool Balance for such Mortgage Pool 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).

     Original Loan-to-Value Ratio: Not applicable.

     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.

     Overcollateralization Amount: Either of the Pool 1 Overcollateralization
Amount or the Pool 2 Overcollateralization Amount.

     Overcollateralization Deficiency: Not applicable.

     Overcollateralization Floor: Not applicable.

     Overcollateralization Release Amount: Not applicable.

     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.

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<PAGE>

     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 Certificate other than the Class 1-X, Class 2-X, Class 1-P, Class
2-P and Class R Certificates, the Percentage Interest evidenced thereby shall
equal the initial Certificate Principal Amount thereof divided by the initial
Class Principal Amount of all Certificates of the same Class. With respect to
the Class 1-X, Class 2-X, Class 1-P, Class 2-P and Class 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 a Servicing Agreement
pursuant to Section 11.03(a)(iii) hereunder in connection with any servicing
transfer or transfer of any servicing rights.

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

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

     Placement Agent: Lehman Brothers Inc.

     Plan: As defined in Section 3.03(d).

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

     Policy Payments Account: Not applicable.

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

     Pool 1 Applied Loss Amounts: With respect to any Distribution Date, the
amount, if any, by which (x) the aggregate Certificate Principal Amount of the
Pool 1 Certificates after giving effect to all Realized Losses incurred with
respect to the Pool 1 Mortgage Loans during the related Collection Period and
distributions of principal on such Distribution Date, but before giving effect
to any application of the Pool 1 Applied Loss Amount with respect to such date,
exceeds (y) the Pool Balance for Pool 1 for such Distribution Date.

     Pool 1 Assets: As defined in Section 7.01(a)(i).

     Pool 1 Basis Risk Payment: For any Distribution Date and the Pool 1
Certificates, the sum of (1) any Basis Risk Shortfall for such Classes of
Certificates for such Distribution Date not otherwise funded out of amounts
received on the Cap Agreements and (2) any Unpaid Basis Risk Shortfall for such
Classes of Certificates for such Distribution Date not otherwise funded out of
amounts received on the Cap Agreements. The amount of the Pool 1 Basis Risk
Payments for any Distribution Date with respect to the Pool 1 Certificates,
however, cannot exceed the amount of Pool 1 Monthly Excess Cashflow otherwise
distributable in respect of the Class 1-X Certificates pursuant to Section
5.02(f)(v) hereof on such Distribution Date (as determined under

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<PAGE>

the definition of "Class 1-X Distributable Amount" without regard to the Pool 1
Basis Risk Payment for such Distribution Date).

     Pool 1 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.

     Pool 1 Capitalized Interest Account: A trust account, established by the
Trustee for the benefit of the holders of the Pool 1 Certificates and the
Seller.

     Pool 1 Capitalized Interest Amount: $15,000.

     Pool 1 Certificates: The Pool 1 Senior Certificates and the Pool 1
Subordinate Certificates.

     Pool 1 Cumulative Loss Trigger Event: With respect to any Distribution
Date, a Pool 1 Cumulative Loss Trigger Event shall occur if the fraction,
expressed as a percentage, obtained by dividing (x) the aggregate amount of
cumulative Realized Losses incurred on the Pool 1 Mortgage Loans from the
Cut-off Date through the last day of the related Collection Period by (y) the
Pool 1 Cut-off Date Balance, exceeds the applicable percentages described below
with respect to such Distribution Date.

     Distribution Date                          Loss Percentage
     -----------------                          ---------------
July 2009 through June 2010   0.50% for the first month plus an additional
                              1/12th of 0.35% for each month thereafter.
July 2010 through June 2011   0.85% for the first month plus an additional
                              1/12th of 0.35% for each month thereafter.
July 2011 through June 2012   1.20% for the first month plus an additional
                              1/12th of 0.40% for each month thereafter.
July 2012 through June 2013   1.60% for the first month plus an additional
                              1/12th of 0.10% for each month thereafter.
July 2013 and thereafter      1.70%.

     Pool 1 Cut-off Date Balance: With respect to the Pool 1 Mortgage Loans in
the Trust Fund on the Closing Date, the Pool Balance for Pool 1 as of the
Cut-off Date.

     Pool 1 Delinquency Event: With respect to any Distribution Date, a "Pool 1
Delinquency Event" shall occur if the Pool 1 Rolling Three Month Delinquency
Rate as of the last day of the immediately preceding month equals or exceeds,
for Distribution Dates prior to December 2011, 32.00%, and, for Distribution
Dates during or after December 2011, 40.00% of the Pool 1 Senior Enhancement
Percentage for such Distribution Date.

     Pool 1 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 Pool 1

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Mortgage Loans and Pool 2 that are 60 or more days Delinquent (including all
foreclosures, bankruptcies and REO Properties, without duplication, as of the
close of business on the last day of such month), and the denominator of which
is the Pool Balance for Pool 1 as of the close of business on the last day of
such month.

     Pool 1 Initial Optional Termination Date: The Distribution Date occurring
in the month following the month in which the Pool Balance for Pool 1 initially
declines to less than 10.00% of the Pool 1 Cut-off Date Balance.

     Pool 1 Maximum Interest Rate: For any Distribution Date, an annual rate
equal to the Pool 1 Net Funds Cap for such Distribution Date if the Optimal
Interest Remittance Amount was computed by reference to the weighted average of
the excess of the Maximum Rates for the Pool 1 Mortgage Loans over the Servicing
Fee Rate (or, with respect to the GMACM Transferred Mortgage Loans, the General
Servicing Fee Rate).

     Pool 1 Monthly Excess Cashflow: With respect to any Distribution Date, the
sum of (x) the Pool 1 Monthly Excess Interest for such date, (y) Pool 1
Overcollateralization Release Amount for such date and (z) that portion, if any,
of the Principal Distribution Amount for Pool 1 for such date available for
distribution pursuant to Section 5.02(d)(i)(C) or Section 5.02(d)(ii)(L) hereof.

     Pool 1 Monthly Excess Interest: With respect to any Distribution Date, that
portion, if any, of the Interest Remittance Amount for Pool 1 available for
distribution pursuant to Section 5.02(b)(iv) hereof for such date.

     Pool 1 Mortgage Loan: A Mortgage in Pool 1 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 Pool 1 Mortgage Loan listed on
the Mortgage Loan Schedule, as amended from time to time.

     Pool 1 Net Funds Cap: With respect to any Distribution Date and the Pool 1
Certificates, an annual rate equal to (a) a fraction, expressed as a percentage,
the numerator of which is the product of (i) the Optimal Interest Remittance
Amount for Pool 1 for such date and (ii) 12, and the denominator of which is the
Pool Balance for Pool 1 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), 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 Overcollateralization Amount: With respect to any Distribution Date,
the amount, if any, by which (x) the Pool Balance for Pool 1 for such
Distribution Date determined as of the last day of the related Collection Period
exceeds (y) the aggregate Class Principal Amount of the Pool 1 Certificates,
after giving effect to distributions on such Distribution Date.

     Pool 1 Overcollateralization Deficiency: With respect to any Distribution
Date, the amount, if any, by which (x) the Pool 1 Targeted Overcollateralization
Amount for such Distribution Date exceeds (y) the Pool 1 Overcollateralization
Amount for such Distribution

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<PAGE>

Date, calculated for this purpose after giving effect to the reduction on such
Distribution Date of the aggregate Certificate Principal Amount of the Pool 1
Certificates resulting from the distribution of the Principal Distribution
Amount relating to the Pool 1 Mortgage Loans on such Distribution Date but prior
to allocation of any Pool 1 Applied Loss Amount on such Distribution Date.

     Pool 1 Overcollateralization Floor: For any Distribution Date after the
Pool 1 Stepdown Date, $5,884,077 (0.50% of the Pool 1 Cut-off Date Balance).

     Pool 1 Overcollateralization Release Amount: With respect to any
Distribution Date, the lesser of (x) the Principal Remittance Amount for Pool 1
for such Distribution Date and (y) the amount, if any, by which (1) the Pool 1
Overcollateralization Amount for such Distribution Date (calculated for this
purpose on the basis of the assumption that 100% of the Principal Remittance
Amount for Pool 1 for such date is applied on such Distribution Date in
reduction of the aggregate Certificate Principal Amount of the Pool 1
Certificates), exceeds (2) the Pool 1 Targeted Overcollateralization Amount for
such Distribution Date.

     Pool 1 Purchase Price: With respect to the purchase of a Pool 1 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) any
unreimbursed Servicing Advances with respect to such Mortgage Loan; (d) any
costs and damages incurred by the Trust Fund with respect to such Mortgage Loan
in connection with any violation of any federal, state or local predatory or
abusive lending laws or other similar laws; (e) the fair market value of all
other property being purchased (reduced, in the case of REO Property relating to
the Pool 1 Mortgage Loans, 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). The Master
Servicer, the Servicer (or the Trustee, in its capacity as successor Master
Servicer, if applicable) shall be reimbursed from the Pool 1 Purchase Price for
any Pool 1 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 hereunder in its capacity as successor Master Servicer),
together with any accrued and unpaid compensation due to the Master Servicer,
the Servicer or the Trustee hereunder or thereunder.

     Pool 1 Rolling Three Month Delinquency Rate: With respect to any
Distribution Date, the average of the Pool 1 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.

     Pool 1 Senior Certificates: The Class 1-A1A, Class 1-A1B, Class 1-A2A,
Class 1-A2B, Class 1-A3A, Class 1-A3B, Class 1-A4A, and Class 1-A4B
Certificates.

     Pool 1 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 Pool 1 Subordinate Certificates
and the Pool 1 Overcollateralization

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<PAGE>

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 Pool 1
Trigger Event has occurred) and the denominator of which is the Pool Balance for
Pool 1 for such Distribution Date, in each case after giving effect to
distributions on such Distribution Date.

     Pool 1 Senior Principal Distribution Amount: For any Distribution Date (a)
prior to the Pool 1 Stepdown Date or if a Pool 1 Trigger Event is in effect with
respect to such Distribution Date, an amount equal to the Principal Distribution
Amount for Pool 1 and (b) on or after the Pool 1 Stepdown Date and as long as a
Pool 1 Trigger Event is not in effect with respect to such Distribution Date,
the amount, if any, by which (x) the aggregate Class Principal Amount of the
Pool 1 Senior Certificates after the allocation of Deferred Interest, if any,
for each Distribution Date and immediately prior to such Distribution Date
exceeds (y) the Pool 1 Senior Target Amount.

     Pool 1 Senior Target Amount: With respect to any Distribution Date an
amount equal to the lesser of (a) the product of (i) (x) for each distribution
prior to the Distribution Date in July 2012, 77.75% and (y) thereafter, 82.20%
and (ii) the Pool Balance for Pool 1 for such Distribution Date determined as of
the last day of the related Collection Period and (b) the amount, if any, by
which (1) the Pool Balance for Pool 1 for such Distribution Date determined as
of the last day of the related Collection Period exceeds (2) the Pool 1
Overcollateralization Floor.

     Pool 1 Stepdown Date: The later to occur of (x) the Distribution Date in
July 2009 and (y) the first Distribution Date on which the Pool 1 Senior
Enhancement Percentage (calculated for this purpose after giving effect to
payments or other recoveries in respect of the Pool 1 Mortgage Loans during the
related Collection Period but before giving effect to distributions on any
Certificates on such Distribution Date) is greater than or equal to (i) prior to
the Distribution Date in July 2012, 22.25% and (ii) on or after the Distribution
Date in July 2012, 17.80%.

     Pool 1 Subordinate Certificates: The Class 1-M1, Class 1-M2, Class 1-M3,
Class 1-M4, Class 1-M5, Class 1-M6, Class 1-M7, Class 1-M8, Class 1-M9 and Class
1-M10 Certificates.

     Pool 1 Subordinate Priority: Distributions to the Class 1-M1, Class 1-M2,
Class 1-M3, Class 1-M4, Class 1-M5, Class 1-M6, Class 1-M7, Class 1-M8, Class
1-M9 and Class 1-M10 Certificates, sequentially, in that order.

     Pool 1 Swap Allocation Payment Amount: Not applicable.

     Pool 1 Swap Allocation Percentage: Not applicable.

     Pool 1 Target Amount: With respect to any Distribution Date, an amount
equal to the Pool Balance for Pool 1 as of such Distribution Date minus the Pool
1 Targeted Overcollateralization Amount for such Distribution Date.

     Pool 1 Targeted Overcollateralization Amount: For any Distribution Date (x)
prior to the Pool 1 Stepdown Date an amount equal to $5,884,077 (0.50% of the
Pool 1 Cut-off Date Balance).

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<PAGE>

     Pool 1 Trigger Event: With respect to any Distribution Date, means that
either a Pool 1 Delinquency Event or a Pool 1 Cumulative Loss Trigger Event is
in effect for such Distribution Date.

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

     Pool 2 Applied Loss Amounts: With respect to any Distribution Date, the
amount, if any, by which (x) the aggregate Certificate Principal Amount of the
Pool 2 Certificates after giving effect to all Realized Losses incurred with
respect to the Pool 2 Mortgage Loans during the related Collection Period and
distributions of principal on such Distribution Date, but before giving effect
to any application of the Pool 2 Applied Loss Amount with respect to such date,
exceeds (y) the Pool Balance for Pool 2 for such Distribution Date.

     Pool 2 Assets: As defined in Section 7.01(a)(ii).

     Pool 2 Basis Risk Payment: For any Distribution Date and the Pool 2
Certificates, the sum of (1) any Basis Risk Shortfall for such Classes of
Certificates for such Distribution Date and (2) any Unpaid Basis Risk Shortfall
for such Classes of Certificates for such Distribution Date. The amount of the
Pool 2 Basis Risk Payments for any Distribution Date with respect to the Pool 2
Certificates, however, cannot exceed the amount of Pool 2 Monthly Excess
Cashflow otherwise distributable in respect of the Class 2-X Certificates
pursuant to Section 5.02(g)(v) hereof on such Distribution Date (as determined
under the definition of "Class 2-X Distributable Amount" without regard to the
Pool 2 Basis Risk Payment for such Distribution Date).

     Pool 2 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.

     Pool 2 Certificates: The Pool 2 Senior Certificates and the Pool 2
Subordinate Certificates.

     Pool 2 Capitalized Interest Account: A trust account, established by the
Trustee for the benefit of the holders of the Pool 2 Certificates and the
Seller.

     Pool 2 Capitalized Interest Amount: $2,000.

     Pool 2 Cumulative Loss Trigger Event: With respect to any Distribution
Date, a Pool 2 Cumulative Loss Trigger Event shall occur if the fraction,
expressed as a percentage, obtained by dividing (x) the aggregate amount of
cumulative Realized Losses incurred on the Pool 2 Mortgage Loans from the
Cut-off Date through the last day of the related Collection Period by (y) the
Pool 2 Cut-off Date Balance, exceeds the applicable percentages described below
with respect to such Distribution Date.

     Distribution Date                          Loss Percentage
     -----------------                          ---------------
July 2009 through June 2010   0.35% for the first month plus an additional

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<PAGE>

                              1/12th of 0.25% for each month thereafter.

July 2010 through June 2011   0.60% for the first month plus an additional
                              1/12th of 0.25% for each month thereafter.

July 2011 through June 2012   0.85% for the first month plus an additional
                              1/12th of 0.30% for each month thereafter.

July 2012 through June 2013   1.15% for the first month plus an additional
                              1/12th of 0.10% for each month thereafter.

July 2013 and thereafter      1.25%.

     Pool 2 Cut-off Date Balance: With respect to the Pool 2 Mortgage Loans in
the Trust Fund on the Closing Date, the Pool Balance of Pool 2 as of the Cut-off
Date.

     Pool 2 Delinquency Event: With respect to any Distribution Date, a "Pool 2
Delinquency Event" shall occur if the Pool 2 Rolling Three Month Delinquency
Rate as of the last day of the immediately preceding month equals or exceeds
40.00% of the Pool 2 Senior Enhancement Percentage for such Distribution Date.

     Pool 2 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 Pool 2 Mortgage Loans that are 60 or more days
Delinquent (including all foreclosures, bankruptcies and REO Properties, without
duplication, as of the close of business on the last day of such month), and the
denominator of which is the Pool Balance for Pool 2 as of the close of business
on the last day of such month.

     Pool 2 Initial Optional Termination Date: The Distribution Date occurring
in the month following the month in which the Pool Balance for Pool 2 initially
declines to less than 10.00% of the Pool 2 Cut-off Date Balance.

     Pool 2 Maximum Interest Rate: For any Distribution Date, an annual rate
equal to the Pool 2 Net Funds Cap for such Distribution Date if the Optimal
Interest Remittance Amount was computed by reference to the weighted average of
the excess of the Maximum Rates for the Pool 2 Mortgage Loans over the Servicing
Fee Rate.

     Pool 2 Monthly Excess Cashflow: With respect to any Distribution Date, the
sum of (x) the Pool 2 Monthly Excess Interest for such date, (y) Pool 2
Overcollateralization Release Amount for such date and (z) that portion, if any,
of the Principal Distribution Amount for Pool 2 for such date available for
distribution pursuant to Section 5.02(e)(i)(C) or Section 5.02(e)(ii)(I) hereof.

     Pool 2 Monthly Excess Interest: With respect to any Distribution Date, that
portion, if any, of the Interest Remittance Amount for Pool 2 available for
distribution pursuant to Section 5.02(c)(iv) hereof for such date.

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<PAGE>

     Pool 2 Mortgage Loan: A Mortgage in Pool 2 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 Pool 2 Mortgage Loan listed on
the Mortgage Loan Schedule, as amended from time to time.

     Pool 2 Net Funds Cap: With respect to any Distribution Date and the Pool 2
Certificates, an annual rate equal to (a) a fraction, expressed as a percentage,
the numerator of which is the product of (i) the Optimal Interest Remittance
Amount for Pool 2 for such date and (ii) 12, and the denominator of which is the
Pool Balance for Pool 2 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), 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 Overcollateralization Amount: With respect to any Distribution Date,
the amount, if any, by which (x) the Pool Balance for Pool 2 for such
Distribution Date determined as of the last day of the related Collection Period
exceeds (y) the aggregate Class Principal Amount of the Pool 2 Certificates,
after giving effect to distributions on such Distribution Date.

     Pool 2 Overcollateralization Deficiency: With respect to any Distribution
Date, the amount, if any, by which (x) the Pool 2 Targeted Overcollateralization
Amount for such Distribution Date exceeds (y) the Pool 2 Overcollateralization
Amount for such Distribution Date, calculated for this purpose after giving
effect to the reduction on such Distribution Date of the aggregate Certificate
Principal Amount of the Pool 2 Certificates resulting from the distribution of
the Principal Distribution Amount relating to the Pool 2 Mortgage Loans on such
Distribution Date but prior to allocation of any Pool 2 Applied Loss Amount on
such Distribution Date.

     Pool 2 Overcollateralization Floor: For any Distribution Date after the
Pool 2 Stepdown Date, $1,414,954 (0.50% of the Pool 2 Cut-off Date Balance).

     Pool 2 Overcollateralization Release Amount: With respect to any
Distribution Date, the lesser of (x) the Principal Remittance Amount for Pool 2
for such Distribution Date and (y) the amount, if any, by which (1) the Pool 2
Overcollateralization Amount for such Distribution Date (calculated for this
purpose on the basis of the assumption that 100% of the Principal Remittance
Amount for Pool 2 for such date is applied on such Distribution Date in
reduction of the aggregate Certificate Principal Amount of the Pool 2
Certificates), exceeds (2) the Pool 2 Targeted Overcollateralization Amount for
such Distribution Date.

     Pool 2 Purchase Price: With respect to the purchase of a Pool 2 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) any
unreimbursed Servicing Advances with respect to such Mortgage Loan; (d) any
costs and damages incurred by the Trust Fund with respect to such Mortgage Loan
in connection with any

                                       49

<PAGE>

violation of any federal, state or local predatory or abusive lending laws or
other similar laws; (e) the fair market value of all other property being
purchased (reduced, in the case of REO Property relating to the Pool 2 Mortgage
Loans, 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). The Master Servicer, the Servicer (or the
Trustee, in its capacity as successor Master Servicer, if applicable) shall be
reimbursed from the Pool 2 Purchase Price for any Pool 2 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
hereunder in its capacity as successor Master Servicer), together with any
accrued and unpaid compensation due to the Master Servicer, the Servicer or the
Trustee hereunder or thereunder.

     Pool 2 Rolling Three Month Delinquency Rate: With respect to any
Distribution Date, the average of the Pool 2 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.

     Pool 2 Senior Certificates: The Class 2-A1 and Class 2-A2 Certificates.

     Pool 2 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 Pool 2 Subordinate Certificates
and the Pool 2 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 Pool 2 Trigger Event has occurred) and the denominator
of which is the Pool Balance for Pool 2 for such Distribution Date, in each case
after giving effect to distributions on such Distribution Date.

     Pool 2 Senior Principal Distribution Amount: For any Distribution Date (a)
prior to the Pool 2 Stepdown Date or if a Pool 2 Trigger Event is in effect with
respect to such Distribution Date, an amount equal to the Principal Distribution
Amount for Pool 2 and (b) on or after the Pool 2 Stepdown Date and as long as a
Pool 2 Trigger Event is not in effect with respect to such Distribution Date,
the amount, if any, by which (x) the aggregate Class Principal Amount of the
Pool 2 Senior Certificates after the allocation of Deferred Interest, if any,
for each Distribution Date and immediately prior to such Distribution Date
exceeds (y) the Pool 2 Senior Target Amount.

     Pool 2 Senior Target Amount: With respect to any Distribution Date an
amount equal to the lesser of (a) the product of (i) (x) for each distribution
prior to the Distribution Date in July 2012, 83.50% and (y) thereafter, 86.80%
and (ii) the Pool Balance for Pool 2 for such Distribution Date determined as of
the last day of the related Collection Period and (b) the amount, if any, by
which (1) the Pool Balance for Pool 2 for such Distribution Date determined as
of the last day of the related Collection Period exceeds (2) the Pool 2
Overcollateralization Floor.

     Pool 2 Stepdown Date: The later to occur of (x) the Distribution Date in
July 2009 and (y) the first Distribution Date on which the Pool 2 Senior
Enhancement Percentage (calculated

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<PAGE>

for this purpose after giving effect to payments or other recoveries in respect
of the Pool 2 Mortgage Loans during the related Collection Period but before
giving effect to distributions on any Certificates on such Distribution Date) is
greater than or equal to (i) prior to the Distribution Date in July 2012, 16.50%
and (ii) on or after the Distribution Date in July 2012, 13.20%.

     Pool 2 Subordinate Certificates: The Class 2-M1, Class 2-M2, Class 2-M3,
Class 2-M4, Class 2-M5, Class 2-M6 and Class 2-M7 Certificates.

     Pool 2 Subordinate Priority: Distributions to the Class 2-M1, Class 2-M2,
Class 2-M3, Class 2-M4, Class 2-M5, Class 2-M6 and Class 2-M7 Certificates,
sequentially, in that order.

     Pool 2 Swap Allocation Payment Amount: Not applicable.

     Pool 2 Swap Allocation Percentage: Not applicable.

     Pool 2 Target Amount: With respect to any Distribution Date, an amount
equal to the Pool Balance for Pool 2 as of such Distribution Date minus the Pool
2 Targeted Overcollateralization Amount for such Distribution Date.

     Pool 2 Targeted Overcollateralization Amount: For any Distribution Date (x)
prior to the Pool 2 Stepdown Date an amount equal to $1,414,954 (0.50% of the
Pool 2 Cut-off Date Balance).

     Pool 2 Trigger Event: With respect to any Distribution Date, means that
either a Pool 2 Delinquency Event or a Pool 2 Cumulative Loss Trigger Event is
in effect for such Distribution Date.

     Pool Balance: As to each Mortgage Pool and any Distribution Date or the
Cut-off Date, the sum of the Scheduled Principal Balance of the Mortgage Loans
included in such Mortgage Pool for that Distribution Date or the Cut-off Date,
as applicable.

     Pool Percentage: Not applicable.

     Pool Subordinate Amount: Not applicable.

     Preference Amount: Not applicable.

     Premium Percentage: Not applicable.

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

     Prepayment Interest Shortfall: With respect to any Distribution Date and
any Principal Prepayment in full, the difference between (i) one full month's
interest at the applicable Net Mortgage Rate (after giving effect to any
applicable Relief Act Reduction) on the outstanding

                                       51

<PAGE>

principal balance of such Mortgage Loan immediately prior to such prepayment and
(ii) the amount of interest actually received with respect to such Mortgage Loan
in connection with such Principal Prepayment.

     Prepayment Period: With respect to any Distribution Date and any Principal
Prepayment (including any liquidation) in full or in part (except Principal
Prepayments in full received by Aurora), the calendar month immediately
preceding the month in which such Distribution Date occurs. For each
Distribution Date and a Principal Prepayment in full (including any liquidation)
received by Aurora, the period from the seventeenth (or, in the case of the
first Distribution Date, the first) day of the month immediately preceding the
month of such Distribution Date through the sixteenth day of the month of such
Distribution Date.

     Prepayment Premiums: With respect to any Distribution Date, all premiums or
charges paid by the obligors under the related Mortgage Notes due to Principal
Prepayments and required to be remitted to the Custodial Accounts pursuant to
the Servicing Agreements and are remitted to the Collection Account during the
immediately preceding Prepayment Period, if any.

     Primary Mortgage Insurance Policy: Any mortgage guaranty insurance, if any,
on an individual Mortgage Loan as evidenced by a policy or certificate, whether
such policy is obtained by the originator, the lender or the borrower.

     Principal Distribution Amount: With respect to any Distribution Date and
for Pool 1, an amount equal to the Principal Remittance Amount for such date for
such Mortgage Pool minus the Pool 1 Overcollateralization Release Amount, if
any, for such Distribution Date. With respect to any Distribution Date and for
Pool 2, an amount equal to the Principal Remittance Amount for such date for
such Mortgage Pool minus the Pool 2 Overcollateralization Release Amount, if
any, for such Distribution Date.

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

     Principal Remittance Amount: With respect to each Mortgage Pool and any
Distribution Date, (a) the sum of (i) all principal collected (other than in
connection with Payaheads) or advanced in respect of Scheduled Payments on the
Mortgage Loans in such Mortgage Pool during the related Collection Period
whether by a Servicer, the Master Servicer or the Trustee, in its capacity as
successor master servicer (less unreimbursed Advances due to the Master
Servicer, the applicable Servicer, or the Trustee, in its capacity as successor
master servicer, with respect to the related Mortgage Loans, to the extent
allocable to principal and any unreimbursed Servicing Advances), (ii) all
Principal Prepayments in full or in part received during the related Prepayment
Period with respect to the Mortgage Loans in such Mortgage Pool, (iii) the
outstanding principal balance of each Mortgage Loan in such Mortgage Pool that
was repurchased by the Seller or the Transferor during the related Prepayment
Period, or any NIMS Insurer (in the case of certain Mortgage Loans 90 days or
more delinquent), (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,

                                       52

<PAGE>

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 (but not by
more than the sum of items (ii) through (v) above) by the aggregate amount of
Negative Amortization with respect to the Mortgage Loans in such Mortgage Pool
during the related Collection Periods reduced by (b) to the extent not
reimbursed from the Interest Remittance Amount, other costs, expenses or
liabilities reimbursable to the Trustee, the Master Servicer and any Servicer to
the extent provided in this Agreement and the applicable Servicing Agreement or
to a Custodian pursuant to the applicable Custodial Agreement, as applicable to
each Mortgage Pool.

     Proceeding: Not applicable.

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

     Prospectus: The prospectus supplement dated June 29, 2006 together with the
accompanying prospectus dated June 2, 2006, relating to the Offered
Certificates.

     Purchase Price: Either of the Pool 1 Purchase Price or the Pool 2 Purchase
Price.

     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;

     (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

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<PAGE>

     (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: Not applicable.

     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, (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 a 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 and Assignment
Agreement, (xvi) has the same or higher lien position as the Deleted Mortgage
Loan, (xvii) is covered by a Primary Mortgage Insurance Policy if the Deleted
Mortgage Loan was so covered and (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. 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, 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 Qualified Substitute Mortgage Loan or in the
aggregate, as the case may be.

     Rating Agency: Each of Moody's and S&P.

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<PAGE>

     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 the Book-Entry Certificates and any
Distribution Date, the close of business on the Business Day immediately
preceding such Distribution Date. With respect to the Class 1-X, Class 2-X,
Class 1-P, Class 2-P and Class R Certificates and 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. Sections 229.1100-229.1123, as such may be amended from time to time,
and subject to such clarification and interpretation as have been provided by
the Commission in the adopting release (Asset-Backed Securities, Securities Act
Release No. 33-8518, 70 Fed Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of
the Commission, or as may otherwise be provided by the Commission or its staff
from time to time; and all references to any rule, item, section or subsection
of, or definition or term contained in, Regulation AB mean such rule, item,
section, subsection, definition or term, as the case may be, or any successor
thereto, in each case as the same may be amended from time to time.

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

     Regulation S Global Security: As defined in Section 3.01(d).

     Reimbursement Amounts: Not applicable.

     Related Certificates: For any REMIC I-2 Interest, the Class of Certificates
set forth on the same row in the table under "REMIC I-2" in the Preliminary
Statement hereto. For any REMIC II-2 Interest, the Class of Certificates set
forth on the same row in the table under "REMIC II-2" in the Preliminary
Statement hereto.

     Related REMIC I-2 Interest: For any Related Certificates listed in the
table under "REMIC I-2" in the Preliminary Statement hereto, the REMIC I-2
Interest set forth on the same row in such table.

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<PAGE>

     Related REMIC II-2 Interest: For any Related Certificates listed in the
table under "REMIC II-2" in the Preliminary Statement hereto, the REMIC II-2
Interest set forth on the same row in such table.

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

     Relief Act: The Servicemembers Civil Relief Act and any similar state law
or regulation.

     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 Relief Act, 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 of REMIC I-1, REMIC I-2, REMIC II-1 and REMIC II-2, as
described in the Preliminary Statement hereto.

     REMIC I-1: As described in the Preliminary Statement.

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

     REMIC I-1 Marker Classes: Any of the REMIC I-1 Regular Interests other than
the Class LTI1-XI Interest.

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

     REMIC I-2: As described in the Preliminary Statement.

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

     REMIC I-2 Regular Interest: Any of the REMIC I-2 Interests other than the
Residual I Interest. Alternatively, any of the REMIC regular interests
represented by (i) the rights associated with any Class of Pool 1 Certificates
other than the rights to payments in respect of Excess Interest and (ii) the
Uncertificated Class 1-X Interest.

     REMIC II-1: As described in the Preliminary Statement.

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

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<PAGE>

     REMIC II-1 Marker Classes: Any of the REMIC II-1 Regular Interests other
than the Class LTII1-XII Interest.

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

     REMIC II-2: As described in the Preliminary Statement.

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

     REMIC II-2 Regular Interest: Any of the REMIC II-2 Interests other than the
Residual II Interest. Alternatively, any of the REMIC regular interests
represented by (i) the rights associated with any Class of Pool 2 Certificates
other than the rights to payments in respect of Excess Interest and (ii) the
Uncertificated Class 2-X Interest.

     REMIC Pass-Through Rate: For any Distribution Date, (i) for the Pool 1
Certificates and the REMIC I-2 Regular Interests, the Pool 1 Net Funds Cap for
such Distribution Date and (ii) for the Pool 2 Certificates and the REMIC II-2
Regular Interests, the Pool 2 Net Funds Cap for such Distribution Date (in each
case, as adjusted, in the case of any Class of Certificates or REMIC regular
interest that accrues interest on the basis of a 360-day year consisting of
twelve 30-day months, to reflect accruals on such basis).

     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: Not applicable.

     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.

     Replacement Receipts: Not applicable.

     Replacement Receipts Account: Not applicable.

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

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

     Required Reserve Fund Amount: Not applicable.

     Residual Certificates: The Class R Certificates.

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     Residual I Interest: An interest in REMIC I-2 that is entitled to all
distributions on the Class R Certificate relating to Pool 1 other than
distributions in respect of the Class LTI1-R Interest.

     Residual II Interest: An interest in REMIC II-2 that is entitled to all
distributions on the Class R Certificate relating to Pool 2 other than
distributions in respect of the Class LTII1-R Interest.

     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 1-X, Class 2-X, Class 1-P, Class 2-P or
Class R Certificate.

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

     Rolling Three Month Delinquency Rate: Not applicable.

     Rules: As defined in Section 6.20(c).

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

     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 or as a result of any related Deficient Valuation (in
each case, 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 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 applicable Servicer or the Master Servicer, and all amounts
received thereon which are 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 as increased by the amounts of
any Negative Amortization with respect to such Mortgage Loan after the Cut-off
Date through the Due Date in the related Collection 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

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respect to any Mortgage Loan and the Cut-off Date, as specified in the Mortgage
Loan Schedule. The Scheduled Principal Balance of a Liquidated Mortgage Loan
shall be zero.

     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 thereto.

     Senior Certificates: The Pool 1 Senior Certificates and the Pool 2 Senior
Certificates.

     Senior Enhancement Percentage: Not applicable.

     Senior Principal Distribution Amount: Not applicable.

     Senior Proportionate Percentage: Not applicable.

     Senior Target Amount: Not applicable.

     Servicer: Each Servicer that has entered into one of the Servicing
Agreements attached as Exhibit E hereto, or any successor in interest.
Initially, the Servicers are Aurora Loan Services LLC, Bank of America, National
Association, Countrywide Home Loans Servicing LP, GMAC Mortgage Corporation,
IndyMac Bank, F.S.B, SunTrust Mortgage, Inc. and Wells Fargo Bank, N.A.

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

     Servicer Remittance Date: The day in each calendar month on which the
applicable Servicer is required to remit payments to the Collection Account, as
specified in the related 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) except with respect to SunTrust and except with respect to GMACM
in its capacity as servicer of the GMACM Transferred Mortgage Loans. For
SunTrust, the Servicer Remittance Date shall be the 5th day of each calendar
month (or, if such 5th day is not a Business Day, the next succeeding Business
Day). For GMACM in its capacity as servicer of the GMACM Transferred Mortgage
Loans, the Servicer Remittance Date shall be the 10th day of each calendar month
(or, if such 10th day is not a Business Day, the next succeeding Business Day).

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

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

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

     Servicing Fee: With respect to any Servicer, and as to any Distribution
Date and each Mortgage Loan, an amount equal to the product of (a) one-twelfth
of the applicable 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, the rate specified
in the applicable Servicing Agreement.

     Servicing Function Participant: Any Subservicer, Subcontractor or any other
Person, other than each Servicer, each Custodian, the Master Servicer, the
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.

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

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

     Stepdown Date: Not applicable.

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

     Subordinate Priority: Not applicable.

     SunTrust: SunTrust Mortgage, Inc.

     Subsequent Recovery: Any amount recovered by any 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 any Servicer or an
Additional Servicer, and (iii) is responsible for the performance (whether
directly or through subservicers or Subcontractors) of material servicing
functions required to be performed by the Servicer or Master Servicer under this
Agreement, the Servicing Agreements, the Custodial Agreements or other Servicing

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agreements entered into with respect to some or all of the Mortgage Loans, that
are identified in Item 1122(d) of Regulation AB.

     Substitution Amount: The amount, if any, by which the Scheduled Principal
Balance of a Deleted Mortgage Loan exceeds the Scheduled Principal Balance of
the related Qualifying Substitute Mortgage Loan, or aggregate Scheduled
Principal Balance, if applicable, plus unpaid interest thereon, and any related
unpaid Advances or Servicing Advances or unpaid Servicing Fees (or, with respect
to the GMACM Transferred Mortgage Loans, the General Servicing Fees, plus any
costs and damages incurred by the Trust Fund associated with violation of any
federal, state or local predatory or abusive lending laws.

     Supplemental Interest Trust: Not applicable.

     Supplemental Interest Trust Account: Not applicable.

     Supplemental Interest Trust Amount: Not applicable.

     Swap Agreement: Not applicable.

     Swap Allocation Percentage: Not applicable.

     Swap Counterparty: Not applicable.

     Swap Counterparty Trigger Event: Not applicable.

     Swap Default: Not applicable.

     Swap Early Termination: Not applicable.

     Swap Fee Rate: Not applicable.

     Swap LIBOR: Not applicable.

     Swap Payment Date: Not applicable.

     SWAP REMIC: Not applicable.

     SWAP REMIC Interests: Not applicable.

     SWAP REMIC Regular Interests: Not applicable.

     Swap Termination Payment: Not applicable.

     Target Amount: Not applicable.

     Targeted Overcollateralization Amount: Not applicable.

     Tax Matters Person: Not applicable.

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

     Termination Event: Not applicable.

     Termination Receipts: Not applicable.

     Termination Receipts Account: Not applicable.

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

     Total Distribution Amount: With respect to any Distribution Date, the sum
of (i) the Interest Remittance Amount for all three Mortgage Pools for such
date; (ii) the Principal Remittance Amount for all three Mortgage Pools for such
date; and (iii) the Prepayment Premiums.

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

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

     Trigger Event: Not applicable.

     Trust Fund: The corpus of the trust created pursuant to this Agreement
(Lehman XS Trust, Series 2006-10N), consisting of the Mortgage Loans, the
assignment of the Depositor's rights under the Transfer Agreements, the Mortgage
Loan Sale Agreement, the Servicing Agreements and the Cap Agreements, such
amounts as shall from time to time be held in the Pool 1 Basis Risk Reserve Fund
and the Pool 2 Basis Risk Reserve Fund, the Pool 1 Capitalized Interest Account,
the Pool 2 Capitalized Interest Account, Collection Account, Certificate
Account, any Custodial Account and any Escrow Account, the Cap Agreement Account
(other than certain amounts excluded as described in Section 5.02), the
Insurance Policies, any REO Property and the other items referred to in, and
conveyed to the Trustee under, Section 2.01(a).

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

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

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

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     Uncertificated Class 1-X Interest: An uncertificated regular interest in
REMIC I-2 with an initial principal balance equal to the excess of (i) the Pool
1 Cut-off Date Balance over (ii) the aggregate initial principal amounts of the
Pool 1 Certificates and bearing interest on a each Distribution Date in an
amount equal to the Class 1-X Current Interest for such Distribution Date;
provided, however, that such interest shall have no obligation or right to make
or receive any payments treated as paid or received by the Class 1-X
Certificates pursuant to interest rate cap agreements or notional principal
contracts under Section 10.01 and shall have no rights to receive payments in
respect of Class 1-X Shortfall Amounts from the Master Servicer as described in
Section 10.01 and shall have no rights to receive any payments with respect to
the Cap Agreements.

     Uncertificated Class 2-X Interest: An uncertificated regular interest in
REMIC II-2 with an initial principal balance equal to the excess of (i) the Pool
2 Cut-off Date Balance over (ii) the aggregate initial principal amounts of the
Pool 2 Certificates and bearing interest on a each Distribution Date in an
amount equal to the Class 2-X Current Interest for such Distribution Date;
provided, however, that such interest shall have no obligation or right to make
or receive any payments treated as paid or received by the Class 2-X
Certificates pursuant to interest rate cap agreements or notional principal
contracts under Section 10.01 and shall have no rights to receive payments in
respect of Class 2-X Shortfall Amounts from the Master Servicer as described in
Section 10.01 and shall have no rights to receive any payments with respect to
the Cap Agreements.

     Uncertificated Class X Interest: Not applicable.

     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
Class of Offered Certificates, the aggregate of all Basis Risk Shortfalls with
respect to such Class remaining unpaid from previous Distribution Dates, plus
interest accrued thereon at the applicable Certificate Interest Rate (calculated
without giving effect to the applicable Net Funds Cap but limited to a rate no
greater than the Maximum Interest Rate of the Mortgage Pool to which such Class
relates).

     Upper Tier REMIC: Not applicable.

     Voting Interests: The portion of the voting rights of all the Certificates
that is allocated to any Certificate for purposes of the voting provisions of
this Agreement. At all times during the term of this Agreement, 95% of all
Voting Interests shall be allocated to the Class 1-A1A, Class 1-A1B, Class
1-A2A, Class 1-A2B, Class 1-A3A, Class 1-A3B, Class 1-A4A, Class 1-A4B, Class
2-A1, Class 2-A2, Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5,
Class 1-M6, Class 1-M7, Class 1-M8, Class 1-M9, Class 1-M10, Class 2-M1, Class
2-M2, Class 2-M3, Class 2-M4, Class 2-M5, Class 2-M6 and Class 2-M7 Certificates
and the Class 1-X, Class 2-X, Class 1-P, Class 2-P and Class R Certificates will
each be allocated 1% of all Voting Interests.

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Voting Interests shall be allocated among such Classes of Certificates (other
than the Class 1-X, Class 2-X, Class 1-P and Class 2-P and Class R Certificates)
in proportion to their Class Principal Amounts or Class Notional Amounts and
among the Certificates of each Class in proportion to their Percentage
Interests.

     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 or any Servicer.

     Section 1.03. Calculations Respecting Accrued Interest

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

     Section 1.04. Rights of the NIMS Insurer

     Each of the rights of any NIMS Insurer set forth in this Agreement shall
exist so long as (i) the NIMS Insurer has undertaken to guarantee certain
payments of NIM Securities issued pursuant to the Indenture and (ii) the NIM
Securities issued pursuant to the Indenture remain outstanding or the NIMS
Insurer is owed amounts in respect of its guarantee of payment on such notes;
provided, however, the NIMS Insurer shall not have any rights hereunder (except
pursuant to Section 11.03 and any rights to indemnification hereunder in the
case of clause (ii) below) so long as (i) the NIMS Insurer has not undertaken to
guarantee certain payments of notes issued pursuant to the Indenture or (ii) any
default has occurred and is continuing under the insurance policy issued by the
NIMS Insurer with respect to such notes.

                                   ARTICLE II

                              DECLARATION OF TRUST;
                            ISSUANCE OF CERTIFICATES

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

     (a) Concurrently with the execution and delivery of this Agreement, the
Depositor does hereby transfer, assign, set over, deposit with and otherwise
convey to the Trustee, without recourse, subject to Sections 2.02, 2.04, 2.05
and 2.06, in trust, all the right, title and interest of the Depositor in and to
the Mortgage Loans. Such conveyance includes, without limitation, the right to
all 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, the Cap Agreement Account, the
Certificate Account and all amounts from time to time credited to and the
proceeds of the Certificate

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Account, any Custodial Accounts, any Escrow Account established pursuant to
Section 9.06, the Pool 1 Basis Risk Reserve Fund and the Pool 2 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
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 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 Sellers under the
Servicing Agreements and each related Transfer Agreement but, in each case, only
to the extent assigned under the Mortgage Loan Sale Agreement. The Trustee
hereby accepts such assignment and delegation, 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. The foregoing sale, transfer,
assignment, set-over, deposit, delegation 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 Sellers or any other Person in connection with
the Mortgage Loans or any other agreement or instrument relating thereto except
as specifically set forth herein.

     (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 a 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,
     as shown on Exhibit B-4 hereto, 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) if applicable, the original of any guarantee, security
     agreement or pledge agreement executed in connection with the Mortgage
     Note, assigned to the Trustee;

               (iii) with respect to 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

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<PAGE>

     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 applicable 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 its 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 delivered 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 applicable Custodian) is a true
     copy and that the original of such agreement has been forwarded to the
     public recording office;

               (v) with respect to each Non-MERS Mortgage Loan, an original
     Assignment of Mortgage, in form and substance acceptable for recording. The
     related Mortgage shall be assigned either (A) in blank, without recourse or
     (B) to "U.S. Bank National Association, as Trustee of the Lehman XS Trust
     Mortgage Pass-Through Certificates, Series 2006-10N," 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 delivered to
     the Trustee that such original Intervening Assignment is not required to
     enforce the Trustee's interest in the Mortgage Loans;

               (vii) with respect to any Mortgage Loan other than a Cooperative
     Loan, the original mortgagee title insurance policy or attorney's opinion
     of title and abstract of title, and, if applicable, the original Primary
     Mortgage Insurance Policy or certificate;

               (viii) 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,

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<PAGE>

     pending delivery of the original thereof, together with an Officer's
     Certificate of the Depositor certifying that the copy of such security
     agreement, chattel mortgage or their equivalent instrument delivered to the
     Trustee (or the applicable Custodian) is a true copy and that the original
     of such document has been forwarded to the public recording office;

               (ix) with respect to any manufactured housing contract, any
     related manufactured housing sales contract, installment loan agreement or
     participation interest; and

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

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

     (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, the
Rating Agencies and any NIMS Insurer, 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 cause 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 applicable Servicer,
shall cause to be properly recorded by such Servicer in each public recording
office where the related Mortgages are recorded each Assignment of Mortgage
referred to in subsection (b)(v) above with respect to each Non-MERS Mortgage
Loan. With respect to each Cooperative Loan, the Master Servicer, at the expense
of the Depositor and with the cooperation of the applicable Servicer, shall
cause such Servicer to take such actions as are necessary under applicable law
in order to perfect the interest of the Trustee in the related Mortgaged
Property.

               (ii) With respect to each MERS Mortgage Loan, the Master
     Servicer, at the expense of the Depositor and with the cooperation of the
     Servicer, shall cause the Servicer 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.

     (d) In instances where a Title Insurance Policy is required to be delivered
to the Trustee or the applicable 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 applicable Custodian on
behalf of the Trustee, as promptly as practicable after the execution and
delivery hereof, but in any case within 180 days of the Closing Date.

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

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

     (a) The Trustee, by execution and delivery hereof, acknowledges receipt by
it or by the applicable 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 applicable Custodian on behalf of the Trustee,
under this Section 2.02. The Trustee, or the applicable Custodian on behalf of
the Trustee, will execute and deliver to the Trustee, the Depositor, the Master
Servicer 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 applicable
Custodial Agreement as Exhibit B-1, as applicable).

     (b) Within 45 days after the Closing Date, the Trustee or the applicable
Custodian on behalf of the Trustee, will, for the benefit of Holders of the
Certificates and any NIMS Insurer, 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 applicable
Custodial Agreement as Exhibit B-2, as applicable) to the effect that, as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
Loan prepaid in full or any specifically identified in such certification as not
covered by such certification), (i) all of the applicable documents specified in
Section 2.01(b) are in its possession and (ii) such documents have been reviewed
by it and appear to relate to such Mortgage Loan. The Trustee, or the applicable
Custodian on behalf of the Trustee, shall 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
applicable Custodian shall have any responsibility for verifying the genuineness
or the legal effectiveness of or authority for any signatures of or on behalf of
any party or endorser.

     (c) If in the course of the review described in paragraph (b) above the
Trustee or the applicable Custodian discovers any document or documents
constituting a part of a Mortgage File that is missing, does not appear regular
on its face (i.e., is mutilated, damaged, defaced, torn or otherwise physically
altered) or appears to be unrelated to the Mortgage Loans identified in the
Mortgage Loan Schedule (each, a "Material Defect"), the Trustee, or the
applicable Custodian on behalf of the Trustee, discovering such Material Defect
shall promptly identify the

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Mortgage Loan to which such Material Defect relates in the Interim Certification
delivered to the Trustee, the Depositor, the Master Servicer and any NIMS
Insurer. Within 90 days of its receipt of such notice, the Transferor, or, if
the Transferor does not do so, the Depositor shall be required to cure such
Material Defect (and, in such event, the Depositor shall provide the Trustee
with an Officer's Certificate confirming that such cure has been effected). If
the applicable Transferor or the Depositor, as applicable, does not so cure such
Material Defect, 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 applicable
Custodian to give the notice contemplated herein within 45 days after the
Closing Date shall not affect or relieve the Depositor of its obligation to
repurchase any Mortgage Loan pursuant to this Section 2.02 or any other Section
of this Agreement requiring the repurchase of Mortgage Loans from the Trust
Fund.

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

     (e) Nothing in this Agreement shall be construed to constitute an
assumption by the Trust Fund, the Trustee, any 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 applicable Custodian
shall perform the applicable review of the Mortgage Loans and respective
certifications thereof as provided in this Section 2.02 and in the applicable
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.

     Section 2.03. Representations and Warranties of the Depositor.

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

               (i) the Depositor is a corporation duly organized, validly
     existing and in good standing under the laws governing its creation and
     existence and has full

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     corporate power and authority to own its property, to carry on its business
     as presently conducted, to enter into and perform its obligations under
     this Agreement, and to create the trust pursuant hereto;

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

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

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

               (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

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     attorney's opinion of title and abstract of title delivered to the
     originator of such Mortgage Loan, and (3) such other matters to which like
     properties are commonly subject which do not, individually or in the
     aggregate, materially interfere with the benefits of the security intended
     to be provided by the Mortgage, of any encumbrance, equity, participation
     interest, lien, pledge, charge, claim or security interest, and had full
     right and authority, subject to no interest or participation of, or
     agreement with, any other party, to sell and assign each Mortgage Loan
     pursuant to this Agreement.

     (b) The representations and warranties of the Transferor with respect to
the related Mortgage Loans in the applicable Transfer Agreement, which have been
assigned to the Trustee hereunder, were made as of the date specified in the
applicable Transfer Agreement (or underlying agreement, if such Transfer
Agreement is in the form of an assignment of a prior agreement). To the extent
that any fact, condition or event with respect to a Mortgage Loan constitutes a
breach of both (i) a representation or warranty of the applicable Transferor
under the applicable Transfer Agreement and (ii) a representation or warranty of
the Seller under the Mortgage Loan Sale Agreement, the only right or remedy of
the Trustee or any Certificateholder hereunder (other than a breach by the
Seller of the representations made pursuant to Sections 1.04(b)(xii),
1.04(b)(xvii), 1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) of the Mortgage Loan
Sale Agreement) shall be their rights to enforce the obligations of the
applicable Transferor under any applicable representation or warranty made by
it. Pursuant to the terms of the Mortgage Loan Sale Agreement, the
representations and warranties made by the Seller pursuant to Sections
1.04(b)(xii), 1.04(b)(xvii), 1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) of the
Mortgage Loan Sale Agreement shall be the direct obligations of the Seller. With
the exception of the immediately proceeding sentence, the Seller shall not have
any other 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 applicable Transferor in the applicable
Transfer Agreement, without regard to whether such Transferor fulfills its
contractual obligations in respect of such representation or warranty. The
Depositor shall have no obligation or liability with respect to any breach of
any representation or warranty with respect to the Mortgage Loans (except as set
forth in Section 2.03(a)(vi)) under any circumstances.

     Section 2.04. Discovery of Breach.

     It is understood and agreed that the representations and warranties (i) set
forth in Section 2.03, (ii) of 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, any NIMS
Insurer, the Master Servicer or the Trustee of a breach of any of such
representations and warranties that materially and adversely 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 a Transferor or the Seller and assigned to the Trustee, the
Depositor, such Transferor or the Seller, as applicable,

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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, with respect to Mortgage Loans as to which there is a
breach of a representation or warranty set forth in Section 1.04(b)(v) of the
Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller
under the Mortgage Loan Sale Agreement) 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 a Transferor assigned to the Trustee, the Trustee
shall enforce its rights under the applicable Transfer Agreement and the
Mortgage Loan Sale Agreement for the benefit of Certificateholders. As provided
in the Mortgage Loan Sale Agreements, if a 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.

     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 applicable Transfer Agreement, the
principal portion of the funds received by the Master Servicer in respect of
such repurchase of a Mortgage Loan will be considered a Principal Prepayment and
the Purchase Price 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 applicable
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 applicable
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
each Certificateholder harmless against any and all taxes, claims, losses,
penalties, fines, forfeitures, reasonable legal fees and related costs,
judgments, and any other costs, fees and expenses that the Trust Fund, the
Trustee, the Master Servicer, the Depositor and any Certificateholder may
sustain in connection with any actions of the Seller relating to a repurchase of
a Mortgage Loan other than in compliance with the terms of this Section 2.05 and
the Mortgage Loan Sale Agreement, to the extent that any such action causes an
Adverse REMIC Event.

     (b) With respect to each Qualifying Substitute Mortgage Loan to be
delivered to the Trustee (or the applicable Custodian) pursuant to the terms of
this Article II in exchange for a

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Deleted Mortgage Loan: (i) the Depositor, the Transferor or the Seller, as
applicable, must deliver to the Trustee (or the applicable Custodian) the
Mortgage File for the Qualifying Substitute Mortgage Loan containing the
documents set forth in Section 2.01(b) along with a written certification
certifying as to the delivery of such Mortgage File and containing the granting
language set forth in Section 2.01(a); and (ii) the Depositor will be deemed to
have made, with respect to such Qualifying Substitute Mortgage Loan, each of the
representations and warranties made by it with respect to the related Deleted
Mortgage Loan. As soon as practicable after the delivery of any Qualifying
Substitute Mortgage Loan hereunder, the Master Servicer, at the expense of the
Depositor and with the cooperation of the applicable Servicer, shall (i) with
respect to a Qualifying Substitute Mortgage Loan that is a Non-MERS Mortgage
Loan, cause the Assignment of Mortgage to be recorded by the applicable 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).

     (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 the NIMS
Insurer have received an Opinion of Counsel (at the expense of the party seeking
to make the substitution) that, under current law, such substitution will not
result in 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 in all of the Depositor's right, title and
interest in, to and under, whether now owned or hereafter acquired, the Trust
Fund and all proceeds of any and all property constituting the Trust Fund to
secure payment of the Certificates and (3) this Agreement shall constitute a
security agreement under applicable law. If such conveyance is deemed to be in
respect of a loan and the trust created by this Agreement terminates prior to
the satisfaction of the claims of any Person holding any Certificate, the
security interest created hereby shall continue in full force and effect and the
Trustee shall be deemed to be the collateral agent for the benefit of such
Person, and all proceeds shall be distributed as herein provided.

     (b) The Depositor shall, to the extent consistent with this Agreement, take
such reasonable actions as may be necessary to ensure that, if this Agreement
were deemed to create a security interest in the Mortgage Loans and the other
property described above, such security interest would be deemed to be a
perfected security interest of first priority under applicable law and shall be
maintained as such throughout the term of this Agreement. The Depositor shall,
at

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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 mediate transferees, including the Trustee,
in the Mortgage Loans. In connection with the transactions contemplated by this
Agreement, the Seller and the Depositor authorizes its immediate or mediate
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 Notional Amount), or in the Percentage
Interests, specified herein. Each Class of Offered Certificates will be issued
in the minimum denominations in Certificate Principal Amount (or Notional
Amount) specified in the Preliminary Statement hereto and in integral multiples
of $1 in excess thereof. The Class 1-X, Class 2-X, Class 1-P and Class 2-P
Certificates shall be maintained in definitive, fully registered form in a
minimum denomination equal to 10% of the Percentage Interest of the Class. The
Class 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.

     (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 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

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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 1-M10 Certificates offered and sold in reliance on the
exemption from registration under Rule 144A under the Act shall be issued
initially in the form of one or more permanent global Certificates in
definitive, fully registered form without interest coupons with the applicable
legends set forth in Exhibit A added to the forms of such Certificates (each, a
"Restricted Global Security"), which shall be deposited on behalf of the
subscribers for such Certificates represented thereby with the Trustee, as
custodian for 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 1-M10 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 1-M10 Certificates sold to an "accredited investor" under
Rule 501(a)(1), (2), (3) or (7) under the Act shall be issued initially in the
form of one or more Definitive Certificates.

     Section 3.02. Registration.

     The Trustee is hereby appointed, and hereby accepts its appointment as,
Certificate Registrar in respect of the Certificates and shall maintain books
for the registration and for the transfer of Certificates (the "Certificate
Register"). The Trustee may appoint a bank or trust company to act as
Certificate Registrar. A registration book shall be maintained for the
Certificates collectively. The Certificate Registrar may resign or be discharged
or removed and a new successor may be appointed in accordance with the
procedures and requirements set forth in Sections 6.06 and 6.07 hereof with
respect to the resignation, discharge or removal of the Trustee and the
appointment of a successor trustee. The Certificate Registrar may appoint, by a
written instrument delivered to the Holders and the Master Servicer, any bank or
trust company to act as co registrar under such conditions as the Certificate
Registrar may prescribe; provided, however,

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<PAGE>

that the Certificate Registrar shall not be relieved of any of its duties or
responsibilities hereunder by reason of such appointment.

     Section 3.03. Transfer and Exchange of Certificates.

     (a) A Certificate (other than 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.

     (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 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

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"qualified institutional buyer" (a "QIB") as defined in Rule 144A under the Act,
that is purchasing such Certificates for its own account or for the account of a
qualified institutional buyer to which notice is given that the transfer is
being made in reliance on Rule 144A or (B) in an offshore transaction (as
defined in Regulation S) in compliance with the provisions of Regulation S, in
each case in compliance with the requirements of this Agreement; and it will
notify such transferee of the transfer restrictions specified in this Section.

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

               (i) The Certificate Registrar shall register the transfer of a
     Restricted Certificate if the requested transfer is (x) to the Depositor or
     the Placement Agent, an affiliate (as defined in Rule 405 under the Act) of
     the Depositor or the Placement Agent or (y) being made to a "qualified
     institutional buyer" (a "QIB") as defined in Rule 144A under the 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 of 1933, as amended (the "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) No Transfer of an ERISA-Restricted Certificate or a Class R Certificate
will be registered unless the Trustee, the Certificate Registrar and the
Depositor receive (A) a representation as set forth in Exhibit D-1 for Class R
Certificates or Exhibit H for ERISA-Restricted Certificates to the effect that
such transferee is not an employee benefit plan or other arrangement subject to
Title I of ERISA, a plan subject to Section 4975 of the Code or a plan subject
to any provisions under any federal, state, local, non-U.S. or other laws or
regulations that are substantively similar to the foregoing provisions of ERISA
or the Code ("Similar Law") (collectively, a "Plan"), and is not directly or
indirectly acquiring the Class R Certificate for, on behalf of, or with any
assets of any such Plan, or (B) solely in the case of an ERISA-Restricted
Certificate (I) a representation as set forth in Exhibit H for ERISA-Restricted
Certificates that, if the Certificate has been the subject of an
ERISA-Qualifying Underwriting, such transferee is an insurance company that is
acquiring the Certificate with assets contained in an "insurance company general
account," as defined in Section V(e) of Prohibited Transaction Class Exemption
("PTCE") 95-60, and the acquisition and holding of the Certificate are covered
and exempt under Sections I and III of PTCE 95-60, or (II) solely in the case of
an ERISA-Restricted Certificate that is a Definitive Certificate, an Opinion of
Counsel satisfactory to the Trustee, the Certificate Registrar and the
Depositor, and upon which the Trustee, the Certificate Registrar and the
Depositor shall be entitled to rely, to the effect that the acquisition and
holding of such Certificate will not constitute or result in a nonexempt
prohibited transaction under ERISA or the Code, or a violation of Similar Law,
and will not subject the Trustee, the Certificate Registrar, the Master
Servicer, any Servicer or the Depositor to any obligation in addition to those

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expressly undertaken in this Agreement, which Opinion of Counsel shall not be an
expense of the Trustee, the Certificate Registrar, the Master Servicer, any
Servicer or the Depositor.

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

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

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

     (f) Notwithstanding anything to the contrary contained herein, no Residual
Certificate may be owned, pledged or transferred, directly or indirectly, by or
to (i) a Disqualified Organization or (ii) an individual, corporation or
partnership or other person unless, in the case of clause (ii), such person is
(A) not a Non-U.S. Person or (B) is a Non-U.S. Person that holds a Residual
Certificate in connection with the conduct of a trade or business within the
United States and has furnished the transferor and the Trustee with an effective
Internal Revenue

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Service Form W-8ECI or successor form at the time and in the manner required by
the Code (any such person who is not covered by clause (A) or (B) above is
referred to herein as a "Non-permitted Foreign Holder").

     Prior to and as a condition of the registration of any transfer, sale or
other disposition of a Residual Certificate, the proposed transferee shall
deliver to the Trustee 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.

     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

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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 1-M10 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).

               (i) Subject to clauses (ii) and (iii) of this Section 3.03(h),
     transfers of a Global Security representing any Class 1-M10 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.

               (ii) Restricted Global Security to Regulation S Global Security.
     If a holder of a beneficial interest in a Restricted Global Security
     deposited with or on behalf of DTC wishes at any time to exchange its
     interest in such Restricted Global Security for an interest in a Regulation
     S Global Security, or to transfer its interest in such Restricted Global
     Security to a Person who wishes to take delivery thereof in the form of an
     interest in a Regulation S Global Security, such holder, provided such
     holder is not a U.S. person, may, subject to the rules and procedures of
     DTC, exchange or cause the exchange of such interest for an equivalent
     beneficial interest in the Regulation S Global Security. Upon receipt by
     the 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 U-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.

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               (iii) Regulation S Global Security to Restricted Global Security.
     If a holder of a beneficial interest in a Regulation S Global Security
     deposited with or on behalf of DTC wishes at any time to transfer its
     interest in such Regulation S Global Security to a Person who wishes to
     take delivery thereof in the form of an interest in a Restricted Global
     Security, such holder may, subject to the rules and procedures of DTC,
     exchange or cause the exchange of such interest for an equivalent
     beneficial interest in a Restricted Global Security. Upon receipt by the
     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 U-2 hereto given by the holder of such beneficial interest
     and stating, among other things, that the Person transferring such interest
     in such Regulation S Global Security reasonably believes that the Person
     acquiring such interest in a Restricted Global Security is a QIB, is
     obtaining such beneficial interest in a transaction meeting the
     requirements of Rule 144A under the Act and in accordance with any
     applicable securities laws of any State of the United States or any other
     jurisdiction, then the 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.

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

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

     Section 3.04. Cancellation of Certificates.

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

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     Section 3.05. Replacement of Certificates.

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

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

     Section 3.07. Temporary Certificates.

     (a) Pending the preparation of Definitive Certificates, upon the order of
the Depositor, the Trustee shall execute and 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.

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     Section 3.08. Appointment of Paying Agent.

     The Trustee may appoint a Paying Agent (which may be the Trustee),
acceptable to the NIMS Insurer, for the purpose of making distributions to
Certificateholders hereunder. The Trustee shall cause such Paying Agent 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. A Paying Agent shall
comply with its reporting obligations under Regulation AB with respect to the
Trust Fund in form and substance similar to those of the Trustee pursuant to
Section 6.21, and the related assessment of compliance shall cover, at a
minimum, the matters indicated as obligations with respect to the Paying Agent
on Exhibit R attached hereto. In addition, the Paying Agent (other than the
Trustee) shall notify the Sponsor, the Master Servicer and the Depositor within
five (5) calendar days of knowledge thereof (i) of any legal proceedings pending
against the Paying Agent of the type described in Item 1117 (Section 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 S hereto or any of their Affiliates.

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

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

                                   ARTICLE IV

                        ADMINISTRATION OF THE TRUST FUND

     Section 4.01. Collection Account.

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     (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 Lehman XS Trust Mortgage
Pass-Through Certificates, Series 2006-10N" or its nominee. The Collection
Account shall relate solely to the Certificates issued by the Trust Fund
hereunder, and funds in such Collection Account shall not be commingled with any
other monies.

     (b) The Collection Account shall be an Eligible Account. If an existing
Collection Account ceases to be an Eligible Account, the Master Servicer shall
establish a new Collection Account that is an Eligible Account within 15 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 and any NIMS Insurer
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. No later than
2:00 p.m. New York City time on each Deposit Date, the entire amount on deposit
in the Collection Account (subject to permitted withdrawals set forth in Section
4.02), 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 (but with prior notice to the Trustee), may choose to
make daily remittances from the Collection Account to the Trustee for deposit
into the Certificate Account.

     (d) The Master Servicer shall deposit or cause to be deposited into the
Collection Account, no later than the second Business Day following the Closing
Date, any amounts received with respect to the Mortgage Loans representing
Scheduled 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 Deposit
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, late collections, and any Prepayment Premiums, on the Mortgage
     Loans;

               (ii) all payments on account of interest on the Mortgage Loans,
     in all cases, net of the Servicing Fee (or, with respect to the GMACM
     Transferred Mortgage Loans, the General Servicing Fee) with respect to each
     such Mortgage Loan, but only to the extent of the amount permitted to be
     withdrawn or withheld from the Collection Account in accordance with
     Sections 5.04 and 9.21;

               (iii) any unscheduled payment or other recovery with respect to a
     Mortgage Loan not otherwise specified in this paragraph (d), including any
     Subsequent Recovery, all Net Liquidation Proceeds with respect to the
     Mortgage Loans and REO

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     Property, and all amounts received in connection with the operation of any
     REO Property, net of (x) any unpaid Servicing Fees (or, with respect to the
     GMACM Transferred Mortgage Loans, the General Servicing Fee) 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 applicable
     Servicer with respect to such Mortgage Loan under the related Servicing
     Agreement and retained by such Servicer;

               (iv) all Insurance Proceeds;

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

               (vi) all amounts paid by the applicable Servicer or Master
     Servicer with respect to Prepayment Interest Shortfalls; and

               (vii) the 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.

     (e) Funds in the Collection Account may be invested in Eligible Investments
selected by and at the written direction of the Master Servicer, which shall
mature not later than one Business Day prior to the Deposit Date (except that if
such Eligible Investment is an obligation of the Trustee, then such Eligible
Investment shall mature not later than such applicable Deposit Date) and any
such Eligible Investment shall not be sold or disposed of prior to its maturity.
All such Eligible Investments shall be made in the name of the Master Servicer
in trust for the benefit of the Trustee and the Holders of Lehman XS Trust
Mortgage Pass-Through Certificates, Series 2006-10N. 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 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, prepayment penalties with respect to mortgages for which the
Seller does not own the servicing rights, 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 applicable Servicer as additional servicing
compensation. If the Master Servicer deposits in the Collection Account any
amount not required to be deposited therein, it may at any time withdraw such
amount from such Collection Account.

     Section 4.02. Application of Funds in the Collection Account.

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

               (i) to reimburse itself or any Servicer for Advances or Servicing
     Advances made by it or by such Servicer pursuant to Section 5.04 or the
     applicable Servicing Agreement; such right to reimbursement pursuant to
     this sub-clause (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 or, with respect to the GMACM Transferred
     Mortgage Loans, the General Servicing Fee) of payments of principal or
     interest respecting which any such Advance was made, it being understood,
     in the case of any such reimbursement, that the Master Servicer's or
     Servicer's right thereto shall be prior to the rights of the
     Certificateholders;

               (ii) to reimburse itself or any Servicer, following a final
     liquidation of a Mortgage Loan (except as otherwise provided in the
     applicable Servicing Agreement) for any previously unreimbursed Advances or
     Servicing Advances made by it or by such Servicer (A) that it or such
     Servicer determines in good faith will not be recoverable from amounts
     representing late recoveries of payments of principal or interest
     respecting the particular Mortgage Loan as to which such Advance or
     Servicing Advance was made or from Liquidation Proceeds or Insurance
     Proceeds with respect to such Mortgage Loan 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 any Servicer from Liquidation
     Proceeds for Liquidation Expenses and for amounts expended by it pursuant
     to Sections 9.20 and 9.22(c) or the applicable Servicing Agreement in good
     faith in connection with the restoration of damaged property and, to the
     extent that Liquidation Proceeds after such reimbursement exceed the unpaid
     principal balance of the related Mortgage Loan, together with accrued and
     unpaid interest thereon at the applicable Mortgage Rate less the applicable
     Servicing Fee Rate (or, with respect to the GMACM Transferred Mortgage
     Loans, the General 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;

               (iv) [Reserved];

               (v) to reimburse itself or any Servicer for expenses incurred by
     and recoverable by or reimbursable to it or such Servicer pursuant to
     Sections 9.04, 9.05, 9.06, 9.07(a), 9.16, 9.30 or 11.15 or pursuant to the
     applicable Servicing Agreement;

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               (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;

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

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

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

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

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

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

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

     If provided in its applicable Servicing Agreement, a Servicer shall be
entitled to retain as additional servicing compensation any Prepayment Interest
Excess (to the extent not offset by Prepayment Interest Shortfalls).

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

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     In connection with withdrawals pursuant to sub-clauses (i), (ii), (iii),
and (vi) above, the Master Servicer's, any 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 from the Collection Account it maintains pursuant to
such sub-clause (i), (ii), (iii) and (vi).

     Any withdrawals described in this section shall be allocated and limited to
collections or other recoveries on the related Mortgage Pool and shall be
accounted for in such manner.

     (b) The Trustee shall afford the NIMS Insurer upon reasonable notice,
during normal business hours, access to all records maintained by the Trustee in
respect of its duties hereunder and access to officers of the Trustee
responsible for performing such duties. The Trustee shall cooperate fully with
the NIMS Insurer and shall make available to the NIMS Insurer for review and
copying at the expense of the NIMS Insurer, such books, documents or records as
may be requested with respect to the Trustee's duties hereunder. The NIMS
Insurer shall not have any responsibility or liability for any action or failure
to act by the Trustee and are not obligated to supervise the performance of the
Trustee under this Agreement or otherwise. The Trustee shall also afford the
NIMS Insurer, upon reasonable notice, during normal business hours, access to
the Mortgage Files and shall cause the Master Servicer and the Servicer to
provide such access to the Mortgage Files.

     Section 4.03. Reports to Certificateholders.

     (a) On each Distribution Date, the Trustee shall prepare (based solely on
information provided by the Master Servicer or any Cap Provider) and shall make
available to the Certificateholders and any NIMS Insurer a written report
setting forth the following information by Mortgage Pool (on the basis of
Mortgage Loan level information obtained from the applicable Servicer).

               (i) the aggregate amount of the distribution to be made on such
     Distribution Date to the Holders of each Class of Offered Certificates,
     other than any Class of Notional Certificates, 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 in each Mortgage Pool;

               (ii) the aggregate amount of the distribution to be made on such
     Distribution Date to the Holders of each Class of Offered Certificates
     allocable to interest and the calculation thereof;

               (iii) the amount, if any, of any distributions to the Holders of
     the Class 1-X, Class 2-X and Class R Certificates on such Distribution
     Date, stated separately, and the aggregate amounts, if any, of
     distributions to the Holders of the Class 1-X, Class 2-X and Class R
     Certificates on all Distribution Dates, stated separately;

               (iv) by Mortgage Pool and in (A) the aggregate amount of any
     Advances required to be made as of the end of the month immediately
     preceding the

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     month in which such Distribution Date occurs by the Master Servicer (with
     respect to the GMACM Transferred Mortgage Loans) or by or on behalf of any
     Servicer (or, if applicable, the Trustee, solely in its capacity as Master
     Servicer) with respect to such Distribution Date, (B) the aggregate amount
     of such Advances actually made, and (C) the amount, if any, by which (A)
     above exceeds (B) above;

               (v) 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;

               (vi) the Class Principal Amount (or Class Notional Amount) of
     each Class of Certificates, to the extent applicable, as of such
     Distribution Date after giving effect to payments allocated to principal
     reported under clause (i) above, separately identifying any reduction of
     any of the foregoing Certificate Principal Amounts due to Pool 1 Applied
     Loss Amounts or Pool 2 Applied Loss Amounts, as applicable;

               (vii) 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;

               (viii) by Mortgage Pool and in the aggregate, the amount of the
     Servicing Fees and General Servicing Fees paid during the Collection Period
     to which such distribution relates;

               (ix) 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
     one month, (c) delinquent two months, (d) delinquent three or more months,
     (e) as to which foreclosure proceedings have been commenced as of the close
     of business on the last Business Day of the calendar month immediately
     preceding the month in which such Distribution Date occurs, (f) in
     bankruptcy and (g) that are REO Properties;

               (x) by Mortgage Pool and in the aggregate, 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;

               (xi) 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;

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

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               (xiii) the Certificate Interest Rate applicable to such
     Distribution Date with respect to each Class of Certificates (with a
     notation if such Certificate Interest Rate reflects the application of the
     applicable Net Funds Cap);

               (xiv) the Interest Remittance Amount, the Principal Remittance
     Amount, the Principal Distribution Amount, the Pool 1 Overcollateralization
     Release Amount and the Pool 2 Overcollateralization Release Amount
     applicable to such Distribution Date;

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

               (xvi) the Pool 1 Overcollateralization Amount and Pool 2
     Overcollateralization Amount after giving effect to the distributions made
     on such Distribution Date;

               (xvii) the amount of any Pool 1 Overcollateralization Deficiency
     and Pool 2 Overcollateralization Deficiency after giving effect to the
     distributions made in such Distribution Date;

               (xviii) the level of LIBOR and the Certificate Interest Rate of
     each of the Offered Certificates;

               (xix) the amount of any payments made to each Class of
     Certificates that are treated as payments received in respect of a REMIC
     I-2 Regular Interest or REMIC II-2 Regular Interest and the amount of any
     payments to each Class of Certificates that are not treated as payments
     received in respect of a REMIC I-2 Regular Interest or REMIC II-2 Regular
     Interest; and

               (xx) the amount of any payments made by the Cap Provider to the
     Trust Fund under the Cap Agreements.

     In the case of information furnished pursuant to sub-clauses (i), (ii) and
(vi) above, the amounts shall (except with respect to the Class 1-X and Class
2-X Certificates) be expressed as a dollar amount per $1,000 of original
principal amount of Certificates.

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

     The Trustee will make such report and 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 Certificateholders, any NIMS Insurer, and the Rating Agencies via the
Trustee's internet website. The Trustee's internet website shall initially be
located at http://trustinvestorreporting.com and assistance in using the website
can be obtained by emailing the Trustee's customer service desk at
ct.information.delivery@usbank.com. Such parties that are unable to use the
website are entitled

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to have a paper copy mailed to them via first class mail by calling the customer
service desk and indicating such. The Trustee shall have the right to change the
way such statements are distributed in order to make such distribution more
convenient and/or more accessible to the above parties and the Trustee shall
provide timely and adequate notification to all above parties regarding any such
changes.

     The Trustee shall provide a "zero settlement file" to Bloomberg L.P. within
seven (7) calendar days after the receipt of the collateral data file from the
Depositor, but in no event later than the first Distribution Date, which shall
contain all of the information in the initial Monthly Report (without giving
effect to any distributions); provided, however, that in no event will such zero
settlement file contain any mortgagor-specific information.

     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 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 as set forth in Section 9.23(c). In
preparing or furnishing the foregoing information, 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 Master Servicer by the Servicer and to the Trustee by the Master
Servicer and (ii) regarding the Cap Agreement that has been provided to the
Trustee by the Cap Provider, 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.

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

     (c) Within 90 days, or such shorter period as may be required by statute or
regulation, after the end of each calendar year, the Trustee shall, upon written
request, have prepared and shall make available to each Person who at any time
during the calendar year was a Certificateholder of record, and to any NIMs
Insurer, 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 the Certificateholders pursuant to Section 4.03(a)(i) and
(ii) on an annual basis as may be required to enable such Holders to prepare
their federal income tax returns; provided, however that this Section 4.03(c)
shall not be applicable where relevant reports or summaries are required
elsewhere in this Agreement. Such information shall include

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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.

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

     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 Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-10N" 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.
If the existing Certificate Account ceases to be an Eligible Account, the
Trustee shall establish a new Certificate Account that is an Eligible Account
within 20 Business Days and transfer all funds and investment property on
deposit in such existing Certificate Account into such new Certificate Account.
The Certificate Account shall relate solely to the Certificates issued hereunder
and funds in the Certificate Account shall be held separate and apart from and
shall not be commingled with any other monies including, without limitation,
other monies of the Trustee held under this Agreement. The Trustee shall give to
the Depositor, Master Servicer and any NIMS Insurer prior written notice of the
name and address of the depository institution at which the Certificate Account
is maintained and the account number of such Certificate Account.

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

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               (ii) to make payment to itself pursuant to any provision of this
     Agreement, or to reimburse itself or its agents for any amounts
     reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that
     such payments are for "unanticipated expenses" within the meaning of
     Treasury Regulation Section 1.860G-1(b)(3)(ii);

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

               (iv) to make payments to itself and others pursuant to any
     provision of this Agreement;

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

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

     Any withdrawals described in the preceding sentence shall be allocated and
limited to collections or other recoveries on the related Mortgage Pool and
shall be accounted for in such manner.

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

     Except as otherwise expressly provided in this Agreement, if any default
occurs in the making of a payment due under any Eligible Investment, or if a
default occurs in any other performance required under any Eligible Investment,
the Trustee may and, subject to Section 6.01 and Section 6.02(a)(iv), upon the
request of the NIMS Insurer, shall take such action as may be appropriate to
enforce such payment or performance, including the institution and prosecution
of appropriate proceedings.

                                   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, on each Distribution Date the Trustee or the Paying Agent shall
make distributions in accordance with this Article V. Such distributions shall
be made by wire transfer if the Certificateholder has

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provided the Trustee with wire instructions or by check mailed to the address of
such Certificateholder as it appears in the books of the Trustee if the
Certificateholder has not provided the Trustee with wire instructions in
immediately available funds to an account specified in the request and at the
expense of such Certificateholder; provided, however, that the final
distribution in respect of any Certificate shall be made only upon presentation
and surrender of such Certificate at the Corporate Trust Office; provided,
further, that the foregoing provisions shall not apply to any Class of
Certificates as long as such Certificate remains a Book-Entry Certificate in
which case all payments made shall be made through the Clearing Agency and its
Clearing Agency Participants. Notwithstanding such final 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 is to be made on a day that is not a
Business Day, then such payment will be made on the next succeeding Business
Day.

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

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

     Section 5.02. Distributions from the Certificate Account.

     (a) On each Distribution Date, the Trustee (or the Paying Agent on behalf
of the Trustee) shall withdraw from the Certificate Account the Total
Distribution Amount (excluding all Prepayment Premiums) and shall allocate such
amount to the interests issued in respect of each REMIC and shall distribute
such amount as specified in this Section.

     (b) On each Distribution Date, the Trustee shall distribute the Interest
Remittance Amount for Pool 1 as follows:

               (i) concurrently, to the Pool 1 Senior Certificates, Current
     Interest and any Carryforward Interest for such classes for such
     Distribution Date; provided, however, that if funds available are
     insufficient to pay such amounts, any resulting shortfalls will be
     allocated pro rata on the basis of Current Interest and Carryforward
     Interest due such classes on such Distribution Date; provided, further,
     however, any interest shortfall resulting from Deferred Interest on the
     Pool 1 Mortgage Loans will be allocated to the Pool 1 Certificates, pro
     rata, according to the Certificate Principal Amount of each such class of
     Certificates, in reduction of the amount of interest otherwise
     distributable to such

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     class of Certificates; provided, further, however, that to the extent the
     amount of Net Negative Amortization otherwise allocable to the Pool 1
     Certificates exceeds the amount of Accrued Certificate Interest (as reduced
     by each such class's share of any Net Prepayment Interest Shortfalls for
     such Distribution Date) accrued on each such class of Certificates, then
     such excess Net Negative Amortization shall be allocated to the Class 1-X
     Certificates to the extent payments would otherwise be made to the Class
     1-X Certificates, and then, if necessary, among the Pool 1 Certificates in
     proportion to, and up to, the amount of any remaining interest otherwise
     distributable on such Certificates;

               (ii) to each class of Pool 1 Subordinate Certificates, in
     accordance with the Pool 1 Subordinate Priority, Current Interest and any
     Carryforward Interest for such classes for such Distribution Date;
     provided, however, any interest shortfall resulting from Deferred Interest
     on the Pool 1 Mortgage Loans will be allocated to the Pool 1 Certificates,
     pro rata, according the Certificate Principal Amount of each such Pool 1
     Certificate, in reduction of the amount of interest otherwise distributable
     to such classes of Certificates; provided, further, however, that to the
     extent the amount of Net Negative Amortization otherwise allocable to a
     class of the Pool 1 Certificates exceeds the amount of Accrued Certificate
     Interest (as reduced by each such class's share of any Net Prepayment
     Interest Shortfalls for such Distribution Date) accrued on such class of
     Pool 1 Certificates, then such excess Net Negative Amortization shall be
     allocated to the Class 1-X Certificates to the extent payments would
     otherwise be made to the Class 1-X Certificates, and then, if necessary,
     among the Pool 1 Certificates in proportion to, and up to, the amount of
     any remaining interest otherwise distributable on such Certificates;

               (iii) to the Trustee, previously unreimbursed extraordinary
     costs, liabilities and expenses related to the Pool 1 Certificates; and

               (iv) for application as part of Pool 1 Monthly Excess Cashflow
     for such Distribution Date, pursuant to Section 5.02(f), any Pool 1 Monthly
     Excess Interest for such Distribution Date.

     (c) On each Distribution Date, the Interest Remittance Amount for Pool 2
for such date will be distributed in the following order of priority:

               (i) concurrently, to the Pool 2 Senior Certificates, Current
     Interest and any Carryforward Interest for such classes for such
     Distribution Date; provided, however, that if funds available are
     insufficient to pay such amounts, any resulting shortfalls will be
     allocated pro rata on the basis of Current Interest and Carryforward
     Interest due such classes on such Distribution Date; provided, further,
     however, any interest shortfall resulting from Deferred Interest on the
     Pool 2 Mortgage Loans will be allocated to the Pool 2 Certificates, pro
     rata, according the Certificate Principal Amount of each such class of
     Certificates, in reduction of the amount of interest otherwise
     distributable to such classes of Certificates; provided, further, however,
     that to the extent the amount of Net Negative Amortization otherwise
     allocable to the Pool 2 Certificates exceeds the amount of Accrued
     Certificate Interest (as reduced by each such class's share of any Net
     Prepayment Interest Shortfalls for such Distribution Date) accrued on each
     such class of Certificates, then such excess Net Negative Amortization
     shall be allocated to the Class

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     2-X Certificates to the extent payments would otherwise be made to the
     Class 2-X Certificates, and then, if necessary, among the Pool 2
     Certificates in proportion to, and up to, the amount of any remaining
     interest otherwise distributable on such Certificates;

               (ii) to each class of Pool 2 Subordinate Certificates, in
     accordance with the Pool 2 Subordinate Priority, Current Interest and any
     Carryforward Interest for such classes for such Distribution Date;
     provided, however, any interest shortfall resulting from Deferred Interest
     on the Pool 2 Mortgage Loans will be allocated to the Pool 2 Certificates,
     pro rata, according the Certificate Principal Amount of each such Pool 2
     Certificate, in reduction of the amount of interest otherwise distributable
     to such classes of Certificates; provided, further, however, that to the
     extent the amount of Net Negative Amortization otherwise allocable to a
     class of the Pool 2 Certificates exceeds the amount of Accrued Certificate
     Interest (as reduced by each such class's share of any Net Prepayment
     Interest Shortfalls for such Distribution Date) accrued on such class of
     Pool 2 Certificates, then such excess Net Negative Amortization shall be
     allocated to the Class 2-X Certificates to the extent payments would
     otherwise be made to the Class 2-X Certificates, and then, if necessary,
     among the Pool 2 Certificates in proportion to, and up to, the amount of
     any remaining interest otherwise distributable on such Certificates;

               (iii) to the Trustee, previously unreimbursed extraordinary
     costs, liabilities and expenses related to the Pool 2 Certificates; and

               (iv) for application as part of Pool 2 Monthly Excess Cashflow
     for such Distribution Date, as provided in Section 5.02(g), any Pool 2
     Monthly Excess Interest for such Distribution Date.

     (d) The Principal Distribution Amount for Pool 1 will be distributed on
each Distribution Date as follows:

               (i) On each Distribution Date (a) prior to the Pool 1 Stepdown
     Date or (b) with respect to which a Pool 1 Trigger Event is in effect,
     until the aggregate Certificate Principal Amount of the Pool 1 Certificates
     equals the Pool 1 Target Amount for such Distribution Date, the Trustee
     shall distribute the Principal Distribution Amount for Pool 1 in the
     following order of priority:

                    (A) sequentially as follows: (i) first, pro rata, to the
          Class 1-A1A and Class 1-A1B Certificates; (ii) second, pro rata, to
          the Class 1-A2A and Class 1-A2B Certificates; (iii) third, pro rata,
          to the Class 1-A3A and Class 1-A3B Certificates; and (iv) fourth, pro
          rata, to the Class 1-A4A and Class 1-A4B Certificates, until the Class
          Principal Amount of each such class has been reduced to zero;

                    (B) to the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4,
          Class 1-M5, Class 1-M6, Class 1-M7, Class 1-M8, Class 1-M9 and Class
          1-M10 Certificates, sequentially, in that order, until the Class
          Principal Amount of each such class has been reduced to zero; and

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                    (C) for application as part of Pool 1 Monthly Excess
          Cashflow for such Distribution Date, as described in Section 5.02(f),
          any such Principal Distribution Amount remaining after application
          pursuant to clauses (A) and (B) above.

               (ii) On each Distribution Date (a) on or after the Stepdown Date
     and (b) with respect to which a Pool 1 Trigger Event is not in effect, the
     Principal Distribution Amount for Pool 1 for such date will be distributed
     in the following order of priority:

                    (A) (I) so long as any of the Pool 1 Subordinate
          Certificates are outstanding, to the Pool 1 Senior Certificates (from
          amounts in Pool 1), in accordance with Section 5.02(d)(i), in an
          amount equal to the lesser of (x) the Principal Distribution Amount
          for the related Mortgage Pool for such Distribution Date and (y) the
          Pool 1 Senior Principal Distribution Amount for the related Mortgage
          Pool for such Distribution Date until the Class Principal Amount of
          each such class has been reduced to zero; or (II) otherwise to the
          Pool 1 Senior Certificates in accordance with Section 5.02(d)(i), pro
          rata, the Principal Distribution Amount for Pool 1 for such
          Distribution Date;

                    (B) the Class 1-M1 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 1 for such Distribution Date over (b) the amount distributed to
          the Pool 1 Senior Certificates on such Distribution Date pursuant to
          clause (A) above, and (y) the 1-M1 Principal Distribution Amount for
          such Distribution Date, until the Class Principal Amount of such class
          has been reduced to zero;

                    (C) the Class 1-M2 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 1 for such Distribution Date over (b) the amount distributed to
          the Pool 1 Senior Certificates and the Class 1-M1 Certificates on such
          Distribution Date pursuant to clauses (A) and (B) above, and (y) the
          1-M2 Principal Distribution Amount for such Distribution Date, until
          the Class Principal Amount of such class has been reduced to zero;

                    (D) the Class 1-M3 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 1 for such Distribution Date over (b) the amount distributed to
          the Pool 1 Senior Certificates and the Class 1-M1 and Class 1-M2
          Certificates on such Distribution Date pursuant to clauses (A) through
          (C) above, and (y) the 1-M3 Principal Distribution Amount for such
          Distribution Date, until the Class Principal Amount of such class has
          been reduced to zero;

                    (E) the Class 1-M4 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 1 for such Distribution Date over (b) the amount distributed to
          the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2 and
          Class 1-M3 Certificates on such Distribution

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          Date pursuant to clauses (A) through (D) above, and (y) the 1-M4
          Principal Distribution Amount for such Distribution Date, until the
          Class Principal Amount of such class has been reduced to zero;

                    (F) the Class 1-M5 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 1 such Distribution Date over (b) the amount distributed to the
          Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class 1-M3
          and Class 1-M4 Certificates on such Distribution Date pursuant to
          clauses (A) through (E) above, and (y) the 1-M5 Principal Distribution
          Amount for such Distribution Date, until the Class Principal Amount of
          such class has been reduced to zero; and

                    (G) the Class 1-M6 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 1 for such Distribution Date over (b) the amount distributed to
          the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class
          1-M3, Class 1-M4 and Class 1-M5 Certificates on such Distribution Date
          pursuant to clauses (A) through (F) above, and (y) the 1-M6 Principal
          Distribution Amount for such Distribution Date, until the Class
          Principal Amount of such class has been reduced to zero;

                    (H) the Class 1-M7 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 1 for such Distribution Date over (b) the amount distributed to
          the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class
          1-M3, Class 1-M4, Class 1-M5 and Class 1-M6 Certificates on such
          Distribution Date pursuant to clauses (A) through (G) above, and (y)
          the 1-M7 Principal Distribution Amount for such Distribution Date,
          until the Class Principal Amount of such class has been reduced to
          zero;

                    (I) the Class 1-M8 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 1 for such Distribution Date over (b) the amount distributed to
          the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class
          1-M3, Class 1-M4, Class 1-M5, Class 1-M6 and Class 1-M7 Certificates
          on such Distribution Date pursuant to clauses (A) through (H) above,
          and (y) the 1-M8 Principal Distribution Amount for such Distribution
          Date, until the Class Principal Amount of such class has been reduced
          to zero;

                    (J) the Class 1-M9 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 1 for such Distribution Date over (b) the amount distributed to
          the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class
          1-M3, Class 1-M4, Class 1-M5, Class 1-M6, Class 1-M7 and Class 1-M8
          Certificates on such Distribution Date pursuant to clauses (A) through
          (I) above, and (y) the 1-M9 Principal Distribution Amount for such
          Distribution Date, until the Class Principal Amount of such class has
          been reduced to zero;

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                    (K) the Class 1-M10 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 1 for such Distribution Date over (b) the amount distributed to
          the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class
          1-M3, Class 1-M4, Class 1-M5, Class 1-M6, Class 1-M7, Class 1-M8 and
          Class 1-M9 Certificates on such Distribution Date pursuant to clauses
          (A) through (J) above, and (y) the 1-M10 Principal Distribution Amount
          for such Distribution Date, until the Class Principal Amount of such
          class has been reduced to zero; and

                    (L) for application as part of Pool 1 Monthly Excess
          Cashflow for such Distribution Date, as described in Section 5.02(f),
          any such Principal Distribution Amount remaining after application
          pursuant to clauses (A) through (K) above.

     (e) The Principal Distribution Amount for Pool 2 will be distributed on
each Distribution Date as follows:

               (i) On each Distribution Date (a) prior to the Pool 2 Stepdown
     Date or (b) with respect to which a Pool 2 Trigger Event is in effect,
     until the aggregate Certificate Principal Amount of the Pool 2 Certificates
     equals the Pool 2 Target Amount for such Distribution Date, the Trustee
     shall distribute the Principal Distribution Amount for Pool 2 in the
     following order of priority:

                    (A) sequentially: (a) to the Class 2-A2 Certificates, the
          lesser of (x) $3,400,000 and (y) the Pool 2 Senior Principal
          Distribution Amount for such Distribution Date, until the Class
          Principal Amount of such class has been reduced to zero; (b) to the
          Class 2-A1 Certificates until the Class Principal Amount of such class
          has been reduced to zero; and (c) to the Class 2-A2 Certificates,
          until the Class Principal Amount of such class has been reduced to
          zero;

                    (B) to the Class 2-M1, Class 2-M2, Class 2-M3, Class 2-M4,
          Class 2-M5, Class 2-M6 and Class 2-M7 Certificates, sequentially, in
          that order, until the Class Principal Amount of each such class has
          been reduced to zero; and

                    (C) for application as part of Pool 2 Monthly Excess
          Cashflow for such Distribution Date, as described in Section 5.02(g),
          any such Principal Distribution Amount remaining after application
          pursuant to clauses (A) and (B) above.

               (ii) On each Distribution Date (a) on or after the Stepdown Date
     and (b) with respect to which a Pool 2 Trigger Event is not in effect, the
     Principal Distribution Amount for Pool 2 for such date will be distributed
     in the following order of priority:

                    (A) (I) so long as any of the Pool 2 Subordinate
          Certificates are outstanding, to the Pool 2 Senior Certificates (from
          amounts in Pool 2), in accordance with Section 5.02(e)(i), in an
          amount equal to the lesser of (x) the

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          Principal Distribution Amount for the related Mortgage Pool for such
          Distribution Date and (y) the Pool 2 Senior Principal Distribution
          Amount for the related Mortgage Pool for such Distribution Date until
          the Class Principal Amount of each such class has been reduced to
          zero; or (II) otherwise to the Pool 2 Senior Certificates in
          accordance with Section 5.02(e)(i), pro rata, the Principal
          Distribution Amount for the related Mortgage Pool for such
          Distribution Date;

                    (B) the Class 2-M1 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 2 for such Distribution Date over (b) the amount distributed to
          the Pool 2 Senior Certificates on such Distribution Date pursuant to
          clause (i) above, and (y) the 2-M1 Principal Distribution Amount for
          such Distribution Date, until the Class Principal Amount of such class
          has been reduced to zero;

                    (C) the Class 2-M2 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 2 for such Distribution Date over (b) the amount distributed to
          the Pool 2 Senior Certificates and the Class 2-M1 Certificates on such
          Distribution Date pursuant to clauses (A) and (B) above, and (y) the
          2-M2 Principal Distribution Amount for such Distribution Date, until
          the Class Principal Amount of such class has been reduced to zero;

                    (D) the Class 2-M3 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 2 for such Distribution Date over (b) the amount distributed to
          the Pool 2 Senior Certificates and the Class 2-M1 and Class 2-M2
          Certificates on such Distribution Date pursuant to clauses (A) through
          (C) above, and (y) the 2-M3 Principal Distribution Amount for such
          Distribution Date, until the Class Principal Amount of such class has
          been reduced to zero;

                    (E) the Class 2-M4 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 2 for such Distribution Date over (b) the amount distributed to
          the Pool 2 Senior Certificates and the Class 2-M1, Class 2-M2 and
          Class 2-M3 Certificates on such Distribution Date pursuant to clause
          (A) through (D) above, and (y) the 2-M4 Principal Distribution Amount
          for such Distribution Date, until the Class Principal Amount of such
          class has been reduced to zero;

                    (F) the Class 2-M5 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 2 such Distribution Date over (b) the amount distributed to the
          Pool 2 Senior Certificates and the Class 2-M1, Class 2-M2, Class 2-M3
          and Class 2-M4 Certificates on such Distribution Date pursuant to
          clause (A) through (E) above, and (y) the 2-M5 Principal Distribution
          Amount for such Distribution Date, until the Class Principal Amount of
          such class has been reduced to zero; and

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                    (G) the Class 2-M6 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 2 for such Distribution Date over (b) the amount distributed to
          the Pool 2 Senior Certificates and the Class 2-M1, Class 2-M2, Class
          2-M3, Class 2-M4 and Class 2-M5 Certificates on such Distribution Date
          pursuant to clause (A) through (F) above, and (y) the 2-M6 Principal
          Distribution Amount for such Distribution Date, until the Class
          Principal Amount of such class has been reduced to zero;

                    (H) the Class 2-M7 Certificates, an amount equal to the
          lesser of (x) the excess of (a) the Principal Distribution Amount for
          Pool 2 for such Distribution Date over (b) the amount distributed to
          the Pool 2 Senior Certificates and the Class 2-M1, Class 2-M2, Class
          2-M3, Class 2-M4, Class 2-M5 and Class 2-M6 Certificates on such
          Distribution Date pursuant to clause (A) through (G) above, and (y)
          the 2-M7 Principal Distribution Amount for such Distribution Date,
          until the Class Principal Amount of such class has been reduced to
          zero; and

                    (I) for application as part of Pool 2 Monthly Excess
          Cashflow for such Distribution Date, as described in Section 5.02(g),
          any such Principal Distribution Amount remaining after application
          pursuant to clauses (A) through (H) above.

     (f) Any Pool 1 Monthly Excess Cashflow will, on each Distribution Date, be
distributed in the following order of priority:

               (i) for each Distribution Date occurring (a) before the Pool 1
     Stepdown Date or (b) on or after the Pool 1 Stepdown Date but for which a
     Pool 1 Trigger Event is in effect, then until the aggregate Certificate
     Principal Amount of the Pool 1 Certificates equals the Pool 1 Target Amount
     for such Distribution Date, in the following order of priority:

                    (A) after giving effect to principal distributions on such
          Distribution Date, to the Pool 1 Senior Certificates, in accordance
          with Section 5.02(d)(i), 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 the Pool 1 Subordinate Certificates, in accordance
          with the Pool 1 Subordinate Priority, until the Class Principal Amount
          of each such class has been reduced to zero;

               (ii) for each Distribution Date occurring on or after the Pool 1
     Stepdown Date and for which a Pool 1 Trigger Event is not in effect, in the
     following order of priority:

                    (A) after giving effect to principal distributions on such
          Distribution Date, to the Pool 1 Senior Certificates, in accordance
          with Section 5.02(d)(i), in reduction of their respective Class
          Principal Amounts, until the aggregate Class Principal Amount of the
          such Pool 1 Senior Certificates, after

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          giving effect to distributions on such Distribution Date, equals the
          Pool 1 Senior Target Amount;

                    (B) to the Class 1-M1 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 1 Senior Certificates and the Class 1-M1 Certificates, after
          giving effect to distributions on such Distribution Date, equals the
          1-M1 Target Amount;

                    (C) to the Class 1-M2 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 1 Senior Certificates and the Class 1-M1 and Class 1-M2
          Certificates, after giving effect to distributions on such
          Distribution Date, equals the 1-M2 Target Amount;

                    (D) to the Class 1-M3 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2 and
          Class 1-M3 Certificates, after giving effect to distributions on such
          Distribution Date, equals the 1-M3 Target Amount;

                    (E) to the Class 1-M4 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class
          1-M3 and Class 1-M4 Certificates, after giving effect to distributions
          on such Distribution Date, equals the 1-M4 Target Amount;

                    (F) to the Class 1-M5 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class
          1-M3, Class 1-M4 and Class 1-M5 Certificates, after giving effect to
          distributions on such Distribution Date, equals the 1-M5 Target
          Amount;

                    (G) to the Class 1-M6 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class
          1-M3, Class 1-M4, Class 1-M5 and Class 1-M6 Certificates, after giving
          effect to distributions on such Distribution Date, equals the 1-M6
          Target Amount;

                    (H) to the Class 1-M7 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class
          1-M3, Class 1-M4, Class 1-M5, Class 1-M6 and Class 1-M7 Certificates,
          after giving effect to distributions on such Distribution Date, equals
          the 1-M7 Target Amount;

                    (I) to the Class 1-M8 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class
          1-M3, Class 1-M4, Class 1-M5, Class 1-M6, Class 1-M7 and Class 1-M8
          Certificates, after giving effect to distributions on such
          Distribution Date, equals the 1-M8 Target Amount;

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                    (J) to the Class 1-M9 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class
          1-M3, Class 1-M4, Class 1-M5, Class 1-M6, Class 1-M7, Class 1-M8 and
          Class 1-M9 Certificates, after giving effect to distributions on such
          Distribution Date, equals the 1-M9 Target Amount; and

                    (K) to the Class 1-M10 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 1 Certificates, after giving effect to distributions on such
          Distribution Date, equals the 1-M10 Target Amount;

               (iii) (a) first, in proportion to their respective Deferred
     Amounts, to the Pool 1 Senior Certificates and (b) second, to the Pool 1
     Subordinate Certificates, in accordance with the Pool 1 Subordinate
     Priority, any Deferred Amount for each such class and such Distribution
     Date;

               (iv) to the Pool 1 Basis Risk Reserve Fund, the amount of any
     Pool 1 Basis Risk Payment and then from the Pool 1 Basis Risk Reserve Fund,
     in the following order of priority:

                    (A) pro rata, to the Pool 1 Senior Certificates, any
          applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for
          each such class and such Distribution Date (in the case of the Class
          1-A2A, Class 1-A3A and Class 1-A3B Certificates, as reduced by amounts
          paid to such Class on such Distribution Date out of amounts received
          on the related Cap Agreement), in proportion to such shortfalls;

                    (B) to the Pool 1 Subordinate Certificates, in accordance
          with the Pool 1 Subordinate Priority, any applicable Basis Risk
          Shortfalls and Unpaid Basis Risk Shortfalls for each such class and
          such Distribution Date; and

                    (C) to the Class 1-X Certificates, any amounts remaining in
          the Pool 1 Basis Risk Reserve Fund in excess of amounts required to be
          on deposit therein after satisfying Sections 5.02(f)(iv)(A) and (B)
          above for such Distribution Date;

               (v) to the Class 1-X Certificates, the Class 1-X Distributable
     Amount; and

               (vi) to the Residual Certificate, any remaining amount.

     (g) Any Pool 2 Monthly Excess Cashflow will, on each Distribution Date, be
distributed in the following order of priority:

               (i) for each Distribution Date occurring (a) before the Pool 2
     Stepdown Date or (b) on or after the Pool 2 Stepdown Date but for which a
     Pool 2 Trigger Event is in effect, then until the aggregate Certificate
     Principal Amount of the

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     Pool 2 Certificates equals the Pool 2 Target Amount for such Distribution
     Date, in the following order of priority:

                    (A) after giving effect to principal distributions on such
          Distribution Date, to the Pool 2 Senior Certificates, in accordance
          with Section 5.02(e)(i), 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 the Pool 2 Subordinate Certificates, in accordance
          with the Pool 2 Subordinate Priority, until the Class Principal Amount
          of each such class has been reduced to zero;

               (ii) for each Distribution Date occurring on or after the Pool 2
     Stepdown Date and for which a Pool 2 Trigger Event is not in effect, in the
     following order of priority:

                    (A) after giving effect to principal distributions on such
          Distribution Date, to the Pool 2 Senior Certificates, in accordance
          with Section 5.02(e)(i), in reduction of their respective Class
          Principal Amounts, until the aggregate Class Principal Amount of the
          such Pool 2 Senior Certificates, after giving effect to distributions
          on such Distribution Date, equals the Pool 2 Senior Target Amount;

                    (B) to the Class 2-M1 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 2 Senior Certificates and the Class 2-M1 Certificates, after
          giving effect to distributions on such Distribution Date, equals the
          2-M1 Target Amount;

                    (C) to the Class 2-M2 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 2 Senior Certificates and the Class 2-M1 and Class 2-M2
          Certificates, after giving effect to distributions on such
          Distribution Date, equals the 2-M2 Target Amount;

                    (D) to the Class 2-M3 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 2 Senior Certificates and the Class 2-M1, Class 2-M2 and
          Class 2-M3 Certificates, after giving effect to distributions on such
          Distribution Date, equals the 2-M3 Target Amount;

                    (E) to the Class 2-M4 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 2 Senior Certificates and the Class 2-M1, Class 2-M2, Class
          2-M3 and Class 2-M4 Certificates, after giving effect to distributions
          on such Distribution Date, equals the 2-M4 Target Amount;

                    (F) to the Class 2-M5 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 2 Senior Certificates and the Class 2-M1, Class 2-M2, Class
          2-M3, Class 2-M4 and

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          Class 2-M5 Certificates, after giving effect to distributions on such
          Distribution Date, equals the 2-M5 Target Amount;

                    (G) to the Class 2-M6 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 2 Senior Certificates and the Class 2-M1, Class 2-M2, Class
          2-M3, Class 2-M4, Class 2-M5 and Class 2-M6 Certificates, after giving
          effect to distributions on such Distribution Date, equals the 2-M6
          Target Amount; and

                    (H) to the Class 2-M7 Certificates, in reduction of their
          Class Principal Amount, until the aggregate Class Principal Amount of
          the Pool 2 Senior Certificates and the Class 2-M1, Class 2-M2, Class
          2-M3, Class 2-M4, Class 2-M5, Class 2-M6 and Class 2-M7 Certificates,
          after giving effect to distributions on such Distribution Date, equals
          the 2-M7 Target Amount;

               (iii) (a) first, in proportion to their respective Deferred
     Amounts, to the Pool 2 Senior Certificates and (b) second, to the Pool 2
     Subordinate Certificates, in accordance with the Pool 2 Subordinate
     Priority, any Deferred Amount for each such class and such Distribution
     Date;

               (iv) to the Pool 2 Basis Risk Reserve Fund, the amount of any
     Pool 2 Basis Risk Payment and then from the Pool 2 Basis Risk Reserve Fund,
     in the following order of priority:

                    (A) pro rata, to the Pool 2 Senior Certificates, any
          applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for
          each such class and such Distribution Date, in proportion to such
          shortfalls;

                    (B) to the Pool 2 Subordinate Certificates, in accordance
          with the Pool 2 Subordinate Priority, any applicable Basis Risk
          Shortfalls and Unpaid Basis Risk Shortfalls for each such class and
          such Distribution Date; and

                    (C) to the Class 2-X Certificates, any amounts remaining in
          the Pool 2 Basis Risk Reserve Fund in excess of amounts required to be
          on deposit therein after satisfying Sections 5.02(g)(iv)(A) through
          (B) above for such Distribution Date;

               (v) to the Class 2-X Certificates, the Class 2-X Distributable
     Amount; and

               (vi) to the Residual Certificate, any remaining amount.

     (h) On each Distribution Date, the Trustee shall distribute

               (i) to the Class 1-P Certificates any Prepayment Premiums paid by
     borrowers upon voluntary full or partial prepayment of the Pool 1 Mortgage
     Loans; and

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               (ii) to the Class 2-P Certificates any Prepayment Premiums paid
     by borrowers upon voluntary full or partial prepayment of the Pool 2
     Mortgage Loans.

     (i) On the Closing Date, the Trustee shall establish and maintain in its
name, in trust for the benefit of the holders of the Class 1-A2A, Class 1-A3A
and Class 1-A3B Certificates, a Cap Agreement Account. The Trustee shall deposit
all amounts received on each Cap Agreement into the Cap Agreement Account. The
Cap Agreement 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 moneys, including, without limitation, other moneys of the Trustee held
pursuant to this Agreement. On each Distribution Date, each Class of LIBOR
Certificates shall only be entitled to receive amounts from the Cap Agreement
related to such Class. Subject to the preceding sentence, on each Distribution
Date, the Trustee shall distribute the amounts in the Cap Agreement Account to
the Class 1-A2A, Class 1-A3A and Class 1-A3B Certificates, as applicable, up to
the amount of any applicable Basis Risk Shortfall and Unpaid Basis Risk
Shortfall for each such Class on such Distribution Date prior to distributions
pursuant to Section 5.02(f)(iv) hereof. All remaining amounts in the Cap
Agreement Account shall be distributed on each Distribution Date to the Class
1-X Certificates.

Funds in the Cap Agreement Account shall remain uninvested. The Class 1-X
Certificates shall evidence ownership of the Cap Agreement Account for federal
income tax purposes.

The Depositor hereby directs the Trustee to enter into and execute the Cap
Agreements on the Closing Date on behalf of the Trust Fund (for the benefit of
the Certificateholders). The Depositor, the Master Servicer and the
Certificateholders (by their acceptance of such Certificates) acknowledge that
U.S. Bank National Association is entering into the Cap Agreements solely in its
capacity as Trustee of the Trust Fund and not in its individual capacity.

     Section 5.03. Allocation of Losses.

     (a) On each Distribution Date, the aggregate Class Principal Amount of the
Pool 1 Certificates shall be reduced by the amount of any Pool 1 Applied Loss
Amount for such date, in the following order of priority:

               (i) to the Class 1-M10 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

               (ii) to the Class 1-M9 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

               (iii) to the Class 1-M8 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

               (iv) to the Class 1-M7 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

               (v) to the Class 1-M6 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

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               (vi) to the Class 1-M5 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

               (vii) to the Class 1-M4 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

               (viii) to the Class 1-M3 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

               (ix) to the Class 1-M2 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

               (x) to the Class 1-M1 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero; and

               (xi) concurrently (i) first, to the Class 1-A4B Certificates and
     second, to the Class 1-A4A Certificates until their Class Principal Amounts
     have been reduced to zero, (ii) first, to the Class 1-A3B Certificates and
     second, to the Class 1-A3A Certificates until their Class Principal Amounts
     have been reduced to zero, (iii) first, to the Class 1-A2B Certificates and
     second, to the Class 1-A2A Certificates until their Class Principal Amounts
     have been reduced to zero and (iv) first, to the Class 1-A1B Certificates
     and second, to the Class 1-A1A Certificates until their Class Principal
     Amounts have been reduced to zero.

     (b) On each Distribution Date, the aggregate Class Principal Amount of the
Pool 2 Certificates shall be reduced by the amount of any Pool 2 Applied Loss
Amount for such date, in the following order of priority:

               (i) to the Class 2-M7 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

               (ii) to the Class 2-M6 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

               (iii) to the Class 2-M5 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

               (iv) to the Class 2-M4 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero

               (v) to the Class 2-M3 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

               (vi) to the Class 2-M2 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero;

               (vii) to the Class 2-M1 Certificates, until the Class Principal
     Amount of such Class has been reduced to zero; and

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               (viii) pro rata, to the Class 2-A1 and Class 2-A2 Certificates,
     until the Class Principal Amounts of such Classes have been reduced to
     zero.

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

     (a) Subject to Section 9.07, Advances shall be made in respect of each
Determination Date as provided herein. If, on any Determination Date, any
Servicer determines that any Scheduled Payments due during the related
Collection Period (other than Balloon Payments) and relating to any of the
Mortgage Loans that it services have not been received, such Servicer shall
advance such amount to the extent provided in the related Servicing Agreement;
provided, however, that with respect to the GMACM Transferred Mortgage Loans the
Master Servicer shall advance any such amounts. If the applicable Servicer fails
to remit Advances required to be made under the related Servicing Agreement, the
Master Servicer shall itself make, or shall cause the successor Servicer to
make, such Advance on the Deposit Date immediately following such Determination
Date; provided, however, that required Advances remitted by the applicable
Servicer or the Master Servicer may be reduced by an amount, if any, to be set
forth in an Officer's Certificate to be delivered to the Trustee on such
Determination Date, which if advanced the Master Servicer or the applicable
Servicer has determined would not be recoverable from amounts received with
respect to such Mortgage Loan, including late payments, Liquidation Proceeds,
Insurance Proceeds or otherwise. If the Master Servicer determines that an
Advance is required, it shall on the Deposit Date immediately following such
Determination Date either (i) remit to the Trustee from its own funds (or funds
advanced by the applicable Servicer) for deposit in the Certificate Account
immediately available funds in an amount equal to such Advance, (ii) cause to be
made an appropriate entry in the records of the Collection Account that funds in
such account being held for future distribution or withdrawal have been, as
permitted by this Section 5.04, used by the Master Servicer to make such
Advance, and remit such immediately available funds to the Trustee for deposit
in the Certificate Account or (iii) make Advances in the form of any combination
of clauses (i) and (ii) aggregating the amount of such Advance. Any funds being
held in the Collection Account for future distribution to Certificateholders and
so used shall be replaced by the Master Servicer from its own funds by
remittance to the Trustee for deposit in the Certificate Account on or before
any future Deposit Date to the extent that funds in the Certificate Account on
such Deposit Date shall be less than payments to Certificateholders required to
be made on the related Distribution Date. The Master Servicer and the Servicers
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. The Trustee shall be entitled to conclusively
rely upon any determination by the Master Servicer that an Advance, if made,
would constitute a non-recoverable Advance.

     (b) In the event that the Master Servicer or any Servicer fails for any
reason to make an Advance required to be made pursuant to this Section 5.04 on
or before the Deposit Date, the Trustee, solely in its capacity as successor
Master Servicer pursuant to Section 6.14, shall, on or before the related
Distribution Date, deposit in the Certificate Account an amount equal to the
excess of (a) Advances required to be made by the Master Servicer or any
Servicer that would have been deposited in such Certificate Account over (b) the
amount of any Advance made by the Master Servicer or such Servicer with respect
to such Distribution Date; provided, however,

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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 be responsible for making Compensating Interest
Payments with respect tp the GMACM Transferred Mortgage Loans, but shall not
otherwise be responsible for making any Compensating Interest Payments not made
by the Servicers. Any Compensating Interest Payments made by the Servicers or
the Master Servicer shall be a component of the Interest Remittance Amount.

     Section 5.06. Pool 1 Basis Risk Reserve Fund and Pool 2 Basis Risk Reserve
                   Fund.

     (a) On the Closing Date, the Trustee shall establish and maintain in its
name, in trust (i) for the benefit of the holders of the Pool 1 Certificates, a
Pool 1 Basis Risk Reserve Fund and (ii) for the benefit of the holders of the
Pool 2 Certificates, a Pool 2 Basis Risk Reserve Fund. The Pool 1 Basis Risk
Reserve Fund and Pool 2 Basis Risk Reserve Fund shall each be an Eligible
Account, and funds on deposit therein shall be held separate and apart from, and
shall not be commingled with, any other moneys, including, without limitation,
other moneys of the Trustee held pursuant to this Agreement.

     (b) [Reserved]

     (c) Funds in the Pool 1 Basis Risk Reserve Fund and Pool 2 Basis Risk
Reserve Fund shall be invested in Eligible Investments. The Class 1-X
Certificates shall evidence ownership of the Pool 1 Basis Risk Reserve Fund and
the Class 2-X Certificates shall evidence ownership of the Pool 2 Basis Risk
Reserve Fund for federal income tax purposes and LBH, on behalf of the Holders
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
funds on deposit in the Pool 1 Basis Risk Reserve Fund or Pool 2 Basis Risk
Reserve Fund, such funds shall remain uninvested.

     Section 5.07. [Reserved]

     Section 5.08. [Reserved]

     Section 5.09. [Reserved]

     Section 5.10. Capitalized Interest Accounts.

     (a) No later than the Closing Date, the Trustee shall establish and
maintain two segregated trust accounts that are each Eligible Accounts, which
shall be titled "Pool 1 Capitalized Interest Account, U.S. Bank National
Association, as trustee for the registered holders of Lehman XS Trust Mortgage
Pass-Through Certificates Series 2006-10N" (the "Pool 1

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Capitalized Interest Account") and "Pool 2 Capitalized Interest Account, U.S.
Bank National Association, as trustee for the registered holders of Lehman XS
Trust Mortgage Pass-Through Certificates Series 2006-10N" (the "Pool 2
Capitalized Interest Account"). The Trustee shall, promptly upon receipt,
deposit in the Pool 1 Capitalized Interest Account and retain therein the Pool 1
Capitalized Interest Amount remitted on the Closing Date to the Trustee by the
Depositor. Similarly, the Trustee shall, promptly upon receipt, deposit in the
Pool 2 Capitalized Interest Account and retain therein the Pool 2 Capitalized
Interest Amount remitted on the Closing Date to the Trustee by the Depositor.
Funds deposited in the Capitalized Interest Accounts shall be held in trust by
the Trustee on behalf of the Certificateholders for the uses and purposes set
forth herein. With respect to each Distribution Date up to and including the
Distribution Date in September 2006, the Trustee will withdraw funds from the
Pool 1 Capitalized Interest Account and such funds shall be used to pay (i)
first, to the Pool 1 Senior Certificates, the amount of any Basis Risk
Shortfalls and Unpaid Basis Risk Shortfalls for each such class and such
Distribution Date, in proportion to the amount of such shortfalls and (ii)
second, to the Pool 1 Subordinate Certificates, in accordance with the Pool 1
Subordinate Priority, any applicable Basis Risk Shortfalls and Unpaid Basis Risk
Shortfalls for each such class and such Distribution Date, in each case, after
giving effect (x) to distributions under Section 5.02(f) and (y) in the case of
the Class 1-A2A, Class 1-A3A and Class 1-A3B Certificates, amounts paid to such
Class on such Distribution Date out of amounts received on the related Cap
Agreement. With respect to each Distribution Date up to and including the
Distribution Date in September 2006, the Trustee will withdraw funds from the
Pool 2 Capitalized Interest Account and such funds shall be used to pay (i)
first, to the Pool 2 Senior Certificates, the amount of any Basis Risk
Shortfalls and Unpaid Basis Risk Shortfalls for each such class and such
Distribution Date, in proportion to the amount of such shortfalls and (ii)
second, to the Pool 2 Subordinate Certificates, in accordance with the Pool 2
Subordinate Priority, any applicable Basis Risk Shortfalls and Unpaid Basis Risk
Shortfalls for each such class and such Distribution Date, in each case, after
giving effect to distributions under Section 5.02(g).

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

     (c) On the Distribution Date in September 2006, any amount remaining on
deposit in the Capitalized Interest Accounts after withdrawals pursuant to
paragraph (a) above shall be withdrawn by the Trustee and paid to the Depositor
or its designee.

     Section 5.11. [Reserved]

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                                   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.

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

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

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

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

     (d) The Trustee shall have no duty hereunder with respect to any complaint,
claim, demand, notice or other document it may receive or which may be alleged
to have been delivered to or served upon it by the parties as a consequence of
the assignment of any Mortgage Loan hereunder; provided, however, that the
Trustee shall 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 any Servicer under this
Agreement or any Servicing Agreement except during such time, if any, as the
Trustee shall be the successor to, and be vested with the rights, duties, powers
and privileges of, the Master Servicer in accordance with the terms of this
Agreement, except with respect to the Trustee, during such time, if any, as the
Trustee shall be the successor to, and be vested with the rights, duties, powers
and privileges of, the Master Servicer in accordance with the terms of this
Agreement.

     (g) The Trustee shall not be held liable by reason of any insufficiency in
any account (including without limitation the Collection Account, the Cap
Agreement Account and the Certificate Account) held by or on behalf of the
Trustee resulting from any investment loss on

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any Eligible Investment included therein (except to the extent that the Trustee
is the obligor and has defaulted thereon).

     (h) Except as otherwise provided herein, the Trustee shall not have any
duty (A) to see to any recording, filing, or depositing of this Agreement or any
agreement referred to herein or any financing statement or continuation
statement evidencing a security interest, or to see to the maintenance of any
such recording or filing or depositing or to any rerecording, refiling or
redepositing of any thereof, (B) to see to any insurance, (C) to see to the
payment or discharge of any tax, assessment, or other governmental charge or any
lien or encumbrance of any kind owing with respect to, assessed or levied
against, any part of the Trust Fund other than from funds available in the
Collection Account or the Certificate Account, or (D) to confirm or verify the
contents of any reports or certificates of the Master Servicer, any Servicer,
the Cap Provider or the Depositor 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.

     (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) For so long as the Depositor is subject to Exchange Act reporting
requirements for the Lehman XS Trust Mortgage Pass-Through Certificates, Series
2006-10N 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.

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

     Section 6.02. Certain Matters Affecting the Trustee.

     Except as otherwise provided in Section 6.01:

               (i) The Trustee may request, and may rely upon and shall be
     protected in acting or refraining from acting upon any resolution,
     Officer's Certificate, certificate of auditors or any other certificate,
     statement, instrument, opinion, report, notice, request,

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     consent, order, approval, bond or other paper or document believed by it to
     be genuine and to have been signed or presented by the proper party or
     parties;

               (ii) 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;

               (iii) 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;

               (iv) 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;

               (v) 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;

               (vi) 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;

               (vii) 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

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     be answerable for other than its negligence or willful misconduct in the
     performance of such act; and

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

     Section 6.03. Trustee Not Liable for Certificates.

     The Trustee makes no representations as to the validity or sufficiency of
this Agreement, the Cap Agreements or of the Certificates (other than the
certificate of authentication on the Certificates) 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 or the
validity, priority, perfection or sufficiency of the security for the
Certificates issued or intended to be issued hereunder. Except as otherwise
provided herein, the Trustee shall have no responsibility for filing any
financing or continuation statement in any public office at any time or to
otherwise perfect or maintain the perfection of any security interest or lien
granted to it hereunder or to record this Agreement.

     Section 6.04. Trustee May Own Certificates.

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

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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 Depositor, 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.

     (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 or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, (iii) a
tax is imposed or threatened with respect to the Trust Fund by any state in
which the Trustee or the Trust Fund held by the Trustee is located, (iv) the
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, or (v) the Trustee
shall fail to provide the information required pursuant to Section 6.01(k) or
(l) or Section 9.25 hereof, then the Depositor, any NIMS Insurer or the Master
Servicer 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 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 and one copy 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 and 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.

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     Section 6.07. Successor Trustee.

     (a) Any successor trustee appointed as provided in Section 6.06 shall
execute, acknowledge and deliver to the Depositor and the Master Servicer and
any NIMS Insurer and to its predecessor trustee an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee shall become effective and such successor trustee without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with like
effect as if originally named as trustee herein. The predecessor trustee (or its
custodian) shall deliver to the successor trustee (or assign to the Trustee its
interest under each Custodial Agreement, to the extent permitted thereunder) all
Mortgage Files and documents and statements related to each Mortgage File held
by it hereunder, and shall duly assign, transfer, deliver and pay over to the
successor trustee the entire Trust Fund, together with all necessary instruments
of transfer and assignment or other documents properly executed necessary to
effect such transfer and such of the 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.

     (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.

     Section 6.08. Merger or Consolidation of Trustee.

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

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

     (a) Notwithstanding any other provisions hereof, at any time, the Trustee,
the Depositor or the Certificateholders evidencing more than 50% of the Class
Principal Amount (or Percentage Interest) of every Class of Certificates shall
have the power from time to time to appoint one or more Persons, approved by the
Trustee 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 shall not be affected or assigned by the appointment of a co
trustee. Prior to the appointment hereunder of any co-trustee, separate trustee,
or custodian pursuant to this Section 6.09, such Person shall enter into an
agreement, in form and substance satisfactory to the Depositor, the Master
Servicer and the Trustee, relating to the satisfaction of such Person of its
reporting obligations under Regulation AB with respect to any servicing
performed by it in connection with the Trust Fund. The Trustee shall not be
responsible for any action or omission of any separate trustee, co-trustee or
custodian. Notwithstanding the foregoing, if such co-custodian or co-trustee is
determined to be a Servicing Function Participant, no such co-custodian or
co-trustee shall be vested with any powers, rights and remedies under this
Agreement unless such party has agreed to comply with all Regulation AB
requirements set forth under this Agreement or each Custodial Agreement, as
applicable.

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

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

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

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

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

     (c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee, co trustee or custodian shall refer to this Agreement and the
conditions of this Article VI. Each separate trustee and co trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Trustee or
separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to
the conduct of, affecting the liability of, or affording protection to, the
Trustee. Every such instrument shall be filed with the Trustee and a copy given
to the Master Servicer 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 and the Depositor and (b) requiring
any such Subcontractor to provide to the Trustee an assessment report as
provided in Section 9.25(a) and an attestation report as provided in Section
9.25(b), which reports the Trustee shall include in its assessment and
attestation reports. The Trustee shall indemnify the Depositor and

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the Master Servicer and any director, officer, employee or agent of each of the
Depositor and the Master Servicer and hold them harmless against any and all
claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary
legal fees and related costs, judgments, and any other costs, fees and expenses
that any of them may sustain in any way related to any failure by the Trustee
(i) to give notice of the engagement of any Subcontractor or (ii) to require any
Subcontractor to provide the Trustee an assessment of compliance as provided in
Section 9.25(a) and an attestation report as provided in Section 9.25(b). This
indemnity shall survive the termination of this Agreement or the earlier
resignation or removal of the Trustee.

     Section 6.10. Authenticating Agents.

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

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     The Trustee and its respective directors, officers, employees and agents
shall be entitled to indemnification from the Trust Fund for any loss, liability
or expense incurred in connection with any legal proceeding or incurred without
negligence or willful misconduct on their part (it being understood that the
negligence or willful misconduct of any Custodian shall not constitute
negligence or willful misconduct on the part of the Trustee or its directors,
officers, employees or agents for such purpose), arising out of, or in
connection with, the acceptance or administration of the trusts created
hereunder or in connection with the performance of their duties hereunder, the
Mortgage Loan Sale Agreement, the Cap Agreements, any Transfer Agreement, any
Servicing Agreement or any 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:

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

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

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

     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 Custodians.

     The Trustee shall be entitled to (i) receive, and is authorized to pay
itself, the amount of income or gain earned from investment of funds in the
Certificate Account and (ii) 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 Regulations 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

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compensation or reimbursement from amounts on deposit in the Certificate Account
prior to any distributions to Certificateholders pursuant to Section 5.02
hereof.

     Section 6.13. Collection of Monies.

     Except as otherwise expressly provided in this Agreement, the Trustee may
demand payment or delivery of, and shall receive and collect, all money and
other property payable to or receivable by 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 amount, 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) 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 any NIMS Insurer or Holders of not less than
     25% of the Class Principal Amount of each Class of Certificates affected
     thereby; or

               (ii) Any failure on the part of the Master Servicer duly to
     observe or perform in any material respect any other of the covenants or
     agreements on the part of the Master Servicer contained in this Agreement
     which continues unremedied for a period of 30 days (or 15 days, in the case
     of failure to maintain any Insurance Policy required to be maintained
     pursuant to this Agreement) 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
     any NIMS Insurer or Holders of not less than 25% of the Class Principal
     Amount (or Class Notional Amount) of each Class of Certificates affected
     thereby or by any NIMS Insurer; or

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

               (iv) The Master Servicer shall consent to the appointment of a
     conservator or receiver or liquidator in any insolvency, readjustment of
     debt, marshalling

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     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

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

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

               (vii) If a representation or warranty set forth in Section 9.14
     hereof shall prove to be incorrect as of the time made in any respect that
     materially and adversely affects the interests of the Certificateholders,
     and the circumstance or condition in respect of which such representation
     or warranty was incorrect shall not have been eliminated or cured within 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

               (viii) 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

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

               (x) After any 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 Deposit Date, which failure continues unremedied for a
     period of one Business Day after the date upon which such written 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 (ix) of this
Section 6.14 shall occur, then, in each and every case, subject to applicable
law, so long as any such Event of Default shall not have been remedied within
any period of time prescribed by this Section, the Trustee, by notice in writing
to the Master Servicer may, and shall, if so directed by

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

     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
therefor, such reimbursement shall be an expense of the Trust Fund and the
Trustee shall be entitled to withdraw such reimbursement from amounts on deposit
in the Certificate Account pursuant to Section 4.04(b); provided that the
terminated Master Servicer shall reimburse the Trust Fund for any such expense
incurred by the Trust Fund.

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

     If any Event of Default shall occur of which a Responsible Officer of the
Trustee has actual knowledge, the Trustee, shall promptly notify any NIMS
Insurer 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 Deposit Date.

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

     (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 or if any NIMS Insurer
so requests in writing to the Trustee, request the Depositor to appoint,
petition a court of competent jurisdiction to appoint, or appoint on its own
behalf any established housing and home finance institution servicer, master
servicer, servicing or mortgage servicing institution acceptable to the NIMS
Insurer having a net worth of not less than $15,000,000 and meeting such other
standards for a successor master servicer as are set forth in this Agreement, as
the successor to such Master Servicer in the assumption of all of the
responsibilities, duties or liabilities of a master servicer, like the Master
Servicer 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

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requirements and other standards set forth herein for a successor master
servicer, the Trustee in its individual capacity shall agree, at the time of
such designation, to be and remain liable to the Trust Fund for such Affiliate's
actions and omissions in performing its duties hereunder. In connection with
such appointment and assumption, the Trustee may make such arrangements for the
compensation of such successor out of payments on Mortgage Loans as it and such
successor shall agree; provided, however, that no such compensation shall be in
excess of that permitted to the Master Servicer hereunder. The Trustee and such
successor shall take such actions, consistent with this Agreement, as shall be
necessary to effectuate any such succession and may make other arrangements with
respect to the servicing to be conducted hereunder which are not inconsistent
herewith. The Master Servicer shall cooperate with the Trustee and any successor
master servicer in effecting the termination of the Master Servicer's
responsibilities and rights hereunder including, without limitation, notifying
Mortgagors of the assignment of the master servicing functions and providing the
Trustee and successor master servicer, as applicable, all documents and records
in electronic or other form reasonably requested by it to enable it to assume
the Master Servicer's functions hereunder and the transfer to the Trustee or
such successor master servicer, as applicable, all amounts which shall at the
time be or should have been deposited by the Master Servicer in the Collection
Account and any other account or fund maintained with respect to the
Certificates or thereafter be received with respect to the Mortgage Loans.
Neither the Trustee nor any other successor master servicer shall be deemed to
be in default hereunder by reason of any failure to make, or any delay in
making, any distribution hereunder or any portion thereof caused by (i) the
failure of the Master Servicer to deliver, or any delay in delivering, cash,
documents or records to it, (ii) the failure of the Master Servicer to cooperate
as required by this Agreement, (iii) the failure of the Master Servicer to
deliver the Mortgage Loan data to the Trustee as required by this Agreement or
(iv) restrictions imposed by any regulatory authority having jurisdiction over
the Master Servicer. No 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
terminated Master Servicer to deliver, or any delay in delivering cash,
documents or records to it, or (ii) the failure of the terminated Master
Servicer to cooperate as required by this Agreement.

     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.

     Section 6.16. Waiver of Defaults.

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     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 and any NIMS Insurer.
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, determines that the action or proceeding so directed
may not lawfully be taken or if the Trustee in good faith determines that the
action or proceeding so directed would involve it in personal liability for
which it is not indemnified to its satisfaction or be unjustly prejudicial to
the non assenting Certificateholders.

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

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

     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. The Trustee shall
prepare and file required 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 Form 1099 supplemental tax information and such other information
within the control of the Trustee as the Depositor may reasonably request in
writing, and shall distribute to each Certificateholder such forms and furnish
such information within the control of the Trustee as are required by the Code
and the REMIC Provisions to be furnished to them, and will prepare and
distribute to Certificateholders Form 1099 (supplemental tax information) (or
otherwise furnish information within the control of the Trustee) to the extent
required by applicable law. The Master Servicer shall indemnify the Trustee for
any liability of or assessment against the Trustee resulting from any error in
any of such tax or information returns directly resulting from 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 each REMIC created hereby, an application on IRS Form
SS-4. The Trustee, upon receipt from the IRS of the Notice of Taxpayer
Identification Number Assigned for each REMIC, shall promptly forward copies of
such notices to the Master Servicer and the Depositor. The Trustee will file an
IRS Form 8811 for all REMICs created hereunder. The Trustee shall have no
obligation to verify the information in any Form 8811 or Form SS-4 filing.

     (c) Reports Filed on Form 10-D.

          (i) Within 15 days after each Distribution Date (or, if applicable,
within such shorter period of time as is required under the rules of the
Commission as in effect from time to time (the "Rules")), the Trustee shall
prepare and file on behalf of the Trust Fund any Form 10-D required by the
Exchange Act, in form and substance as required by the Exchange Act. The Trustee
shall file each Form 10-D with a copy of the related Distribution Date Statement
attached thereto. Any disclosure in addition to the Distribution Date Statement
that is required to be included on Form 10-D ("Additional Form 10-D Disclosure")
shall be determined and prepared by and at the direction of the Depositor
pursuant to the following paragraph and the Trustee will have no duty or
liability for any failure hereunder to determine or prepare any Additional Form
10-D Disclosure, except as set forth in the next paragraph.

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          (ii) As set forth on Exhibit Q-1 hereto, within five calendar days
after the related Distribution Date, (A) certain parties to the Lehman XS Trust
Mortgage Pass-Through Certificates, Series 2006-10N transaction shall be
required to provide to 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 included with such Additional Form 10-D
Disclosure, an Additional Disclosure Notification in the form attached hereto as
Exhibit Q-4, (B) the Trustee shall forward to the Depositor, the form and
substance of the Additional Form 10-D Disclosure, and (C) the Depositor will
approve, as to form and substance, or disapprove, as the case may be, the
inclusion of the Additional Form 10-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 senior officer of the Exchange Act Signing
Party shall sign the Form 10-D and return an electronic or fax copy of such
signed Form 10-D (with an original executed hard copy to follow by overnight
mail) to the 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 (f)(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. Each
party to this Agreement acknowledges that the performance by the Trustee of its
duties under this Section 6.20(c) 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(c). 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.

     (d) 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,

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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, 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.

          (ii) As set forth on Exhibit Q-2 hereto, no later than March 15 of
each year that the Trust Fund is subject to the Exchange Act reporting
requirements, commencing in 2007, (A) certain parties to the Lehman XS Trust
Mortgage Pass-Through Certificates, Series 2006-10N transaction shall be
required to provide to 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 Q-4, (B) the Trustee shall forward to the Depositor, the form and
substance of the Additional Form 10-K Disclosure, and (C) the Depositor will
approve, as to form and substance, or disapprove, as the case may be, the
inclusion of the Additional Form 10-K Disclosure on Form 10-K. The Trustee has
no duty under this Agreement to monitor or enforce the performance by the
parties listed on Exhibit Q-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

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review and approval. No later than the close of business New York City time on
the 4th Business Day prior to the 10-K Filing Deadline, a senior officer of the
Exchange Act Signing Party shall sign the Form 10-K and return an electronic or
fax copy of such signed Form 10-K (with an original executed hard copy to follow
by overnight mail) to the Trustee. If a Form 10-K cannot be filed on time or if
a previously filed Form 10-K needs to be amended, the Trustee will follow the
procedures set forth in subsection (f) 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.
The parties to this Agreement acknowledge 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-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(d), 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.

          (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 T (or, in the
case of the Trustee and the Paying Agent, such other form as agreed to between
the Trustee, the Paying Agent and the Exchange Act Signing Party), 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(d)(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.

     (e) 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

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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 paragraphs 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.

          (ii) As set forth on Exhibit Q-3 hereto, for so long as the Trust Fund
is subject to the Exchange Act reporting requirements, no later than Noon New
York City time on the 2nd Business Day after the occurrence of a Reportable
Event (A) certain parties to the Lehman XS Trust Mortgage Pass-Through
Certificates, Series 2006-10N transaction shall be required to provide to 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 Q-4,
(B) the Trustee shall forward to the Depositor, the form and substance of the
Form 8-K Disclosure Information, and (C) the Depositor will approve, as to form
and substance, or disapprove, as the case may be, the inclusion of the Form 8-K
Disclosure Information. The Trustee has no duty under this Agreement to monitor
or enforce the performance by the parties listed on Exhibit Q-3 of their duties
under this paragraph or proactively solicit or procure from such parties any
Form 8-K Disclosure Information. The Sponsor will be responsible for any
reasonable fees and expenses assessed or incurred by the Trustee in connection
with including any Form 8-K Disclosure Information on Form 8-K pursuant to this
paragraph.

          (iii) After preparing the Form 8-K, the Trustee shall forward
electronically, no later than Noon New York city time on the 3rd Business Day
after the Reportable Event, a draft copy of the Form 8-K to the Exchange Act
Signing Party for review and approval. If the Master Servicer is the Exchange
Act Signing Party, then the Form 8-K shall also be electronically distributed to
the Depositor for review and approval. No later than Noon New York City time on
the 4th Business Day after the Reportable Event, a 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 (f) 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.
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 8-K is contingent upon such parties strictly observing all
applicable deadlines in the performance of their duties under this Section
6.20(e). 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

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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.

     (f) Delisting; Amendments; Late Filings.

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

          (ii) In the event that the Trustee becomes aware that it will be
unable to timely file with the Commission all or any required portion of any
Form 8-K, 10-D or 10-K required to be filed by this Agreement because required
disclosure information was either not delivered to it or delivered to it after
the delivery deadlines set forth in this Agreement or for any other reason, the
Trustee will immediately 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, the Trustee will notify the Depositor and the Servicer and such
parties will cooperate to prepare any necessary 8-K/A, 10-D/A or 10-K/A. Any
Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed
by a senior officer of the Exchange Act Signing Party. The parties to this
Agreement acknowledge that the performance by the Trustee of its duties under
this Section 6.20(f) 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.

     (g) 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.

     (h) 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

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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.

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

     Section 6.21. Reporting Requirements of the Commission.

Each of the parties hereto acknowledges and agrees that the purpose of Sections
6.01, 6.20, 9.25(a) and 9.25(b) of this Agreement is to facilitate compliance by
the Sponsor, the Master Servider 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 Depositor, the Master Servicer or
the Trustee for delivery of additional or different information as the Sponsor,
the Depositor, the Master Servicer or the Trustee may determine in good faith is
necessary to comply with the provisions of Regulation AB, provided that such
information is available without unreasonable effort or expense and within such
timeframe as may be reasonably requested.

     Section 6.22. Indemnification by the Trustee.

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

     Section 6.23. Allocation to Related Mortgage Pool.

     Payments described in this Article VI made from the Trust Fund shall be
allocated and limited to collections or other recoveries on the related Mortgage
Pool or Mortgage Pools and shall be accounted for in such manner.

                                  ARTICLE VII

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                         PURCHASE OF MORTGAGE LOANS AND
                          TERMINATION OF THE TRUST FUND

     Section 7.01. Purchase of Mortgage Loans; Termination of the Trust Fund
                   Upon Purchase or Liquidation of Mortgage Loans.

     (a) The respective obligations and responsibilities of the Trustee and the
Master Servicer created hereby (other than the obligation of the Trustee to make
payments to Certificateholders as set forth in Section 7.02, the obligation of
the Master Servicer to make a final remittance to the Trustee pursuant to
Section 4.01, and the obligations of the Master Servicer to the Trustee pursuant
to Sections 9.10 and 9.14) shall terminate on the 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; provided, however, that in no event shall the Trust Fund
created hereby continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the Court of St. James's, living on the date hereof. Any
termination of the Trust Fund shall be carried out in such a manner so that the
termination of each REMIC included therein shall qualify as a "qualified
liquidation" under the REMIC Provisions.

          (i) For Pool 1, on any Distribution Date occurring on or after the
Pool 1 Initial Optional Termination Date, the Master Servicer, with the prior
written consent of any NIMS Insurer and the Seller, which consent shall not be
unreasonably withheld, has the option to cause each of REMIC I-1 and REMIC I-2
to adopt a plan of complete liquidation and to purchase the Pool 1 Mortgage
Loans and any REO Property related to Pool 1 (the "Pool 1 Assets") for a price
equal to the Pool 1 Purchase Price, pursuant to Section 7.03(a) hereof. Upon
exercise of such option, the property of Pool 1 shall be sold to the Master
Servicer at a price (the "Pool 1 Purchase Price") equal to the sum of (i) 100%
of the unpaid principal balance of each Pool 1 Mortgage Loan on the day of such
purchase plus interest accrued thereon at the Mortgage Rate with respect to such
Mortgage Loan to the Due Date in the Collection Period immediately preceding the
Distribution Date on which the proceeds of such sale will be distributed to the
holders of the Pool 1 Certificates, (ii) the fair market value of any REO
Property related to the Pool 1 Mortgage Loans and any other property related to
the Pool 1 Mortgage Loans 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) and (iii) any
unreimbursed Servicing Advances and other amounts to be reimbursed pursuant to
the immediately following sentence related to the Pool 1 Mortgage Loans;
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 Pool 1
Purchase Price shall also include an amount equal to the sum of (1) any accrued
interest on the NIM Securities related to Pool 1, (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"). If the Master
Servicer fails to exercise such right, the NIMS Insurer will have the option to
direct the Master

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Servicer to exercise such option so long as it is insuring the NIMS Securities
or it is owed any amounts in connection with its guaranty of the NIM Securities.
Following receipt of such notice from the NIMS Insurer, the Master Servicer
shall advise the NIMS Insurer whether it will exercise the option under this
Section 7.01(b) for its own account and using its own funds, or whether it will
exercise such option in its own name but for the NIMS Insurer's account and
utilizing the NIMS Insurer's funds. If the Master Servicer exercises such option
for the NIMS Insurer's account, the NIMS Insurer will remit the Pool 1 Purchase
Price to the Master Servicer one Business Day prior to the day the Master
Servicer is required to remit the Pool 1 Purchase Price to the Trustee.
Following its receipt from the NIMS Insurer of the entire Pool 1 Purchase Price
and its subsequent remittance to the Trustee of the entire Pool 1 Purchase
Price, the Master Servicer will convey to the NIMS Insurer all of the rights it
receives from the Trustee with respect to the related Mortgage Loans as a result
of such remittance. The Master Servicer, the Servicer, the Trustee and the
Custodian shall be reimbursed from the Pool 1 Purchase Price for any Mortgage
Loan or related REO Property for any Advances made or other amounts advanced
with respect to the Pool 1 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,
to the extent such amounts relate to the Pool 1 Mortgage Loans. Subject to
Section 7.03, the Trustee shall distribute the assets of the Trust Fund related
to Pool 1 on the Distribution Date on which the repurchase occurred. If the NIMS
Insurer directs the Master Servicer to exercise such right as described above,
then (i) the Master Servicer shall cause REMIC I-1 and REMIC I-2 to adopt a plan
of complete liquidation as described above and (ii) the NIMS Insurer shall remit
the Pool 1 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. The NIMS Insurer shall be obligated to
reimburse the Master Servicer and the Trustee for their reasonable out-of-pocket
expenses incurred in connection with the exercise the purchase of the Pool 1
Assets at the direction of the NIMS Insurer 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 directly resulting
from or relating to the Master Servicer's or Trustee's purchase of the Pool 1
Assets 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 or
Trustee's, as the case may be, negligence, bad faith or willful misconduct.

          (ii) For Pool 2, on any Distribution Date occurring on or after the
Pool 2 Initial Optional Termination Date, the Master Servicer, with the prior
written consent of any NIMS Insurer and the Seller, which consent shall not be
unreasonably withheld, has the option to cause each of REMIC II-1 and REMIC II-2
to adopt a plan of complete liquidation and to purchase the Pool 2 Mortgage
Loans and any REO Property related to Pool 2 (the "Pool 2 Assets") for a price
equal to the Pool 2 Purchase Price, pursuant to Section 7.03(a) hereof. Upon
exercise of such option, the property of Pool 2 shall be sold to the Master
Servicer at a price (the "Pool 2 Purchase Price") equal to the sum of (i) 100%
of the unpaid principal balance of each Pool 2 Mortgage Loan on the day of such
purchase plus interest accrued thereon at the Mortgage Rate with respect to such
Mortgage Loan to the Due Date in the Collection Period immediately preceding the
Distribution Date on which the proceeds of such sale will be distributed to the
holders of the Pool 2 Certificates, (ii) the fair market value of any REO
Property related to the Pool 2 Mortgage Loans and any other property related to
the Pool 2 Mortgage Loans held by any

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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) and (iii) any unreimbursed Servicing Advances and other amounts
to be reimbursed pursuant to the immediately following sentence related to the
Pool 2 Mortgage Loans; 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 Pool 2 Purchase Price shall also include an amount equal
to the sum of (1) any accrued interest on the NIM Securities related to Pool 2,
(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"). If the Master Servicer fails to exercise such right, the
NIMS Insurer will have the option to direct the Master Servicer to exercise such
option so long as it is insuring the NIMS Securities or it is owed any amounts
in connection with its guaranty of the NIM Securities. Following receipt of such
notice from the NIMS Insurer, the Master Servicer shall advise the NIMS Insurer
whether it will exercise the option under this Section 7.01(b) for its own
account and using its own funds, or whether it will exercise such option in its
own name but for the NIMS Insurer's account and utilizing the NIMS Insurer's
funds. If the Master Servicer exercises such option for the NIMS Insurer's
account, the NIMS Insurer will remit the Pool 2 Purchase Price to the Master
Servicer one Business Day prior to the day the Master Servicer is required to
remit the Pool 2 Purchase Price to the Trustee. Following its receipt from the
NIMS Insurer of the entire Pool 2 Purchase Price and its subsequent remittance
to the Trustee of the entire Pool 2 Purchase Price, the Master Servicer will
convey to the NIMS Insurer all of the rights it receives from the Trustee with
respect to the related Mortgage Loans as a result of such remittance. The Master
Servicer, the Servicer, the Trustee and the Custodian shall be reimbursed from
the Pool 2 Purchase Price for any Mortgage Loan or related REO Property for any
Advances made or other amounts advanced with respect to the Pool 2 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, to the extent such amounts
relate to the Pool 2 Mortgage Loans. Subject to Section 7.03, the Trustee shall
distribute the assets of the Trust Fund related to Pool 2 on the Distribution
Date on which the repurchase occurred. If the NIMS Insurer directs the Master
Servicer to exercise such right as described above, then (i) the Master Servicer
shall cause REMIC II-1 and REMIC II-2 to adopt a plan of complete liquidation as
described above and (ii) the NIMS Insurer shall remit the Pool 2 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. The NIMS Insurer shall be obligated to reimburse the Master
Servicer and the Trustee for their reasonable out-of-pocket expenses incurred in
connection with the exercise the purchase of the Pool 2 Assets at the direction
of the NIMS Insurer 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 directly resulting from or relating to the
Master Servicer's or Trustee's purchase of the Pool 2 Assets at the direction of
the NIMS Insurer, except to the extent such losses, liabilities or expenses
arise out of or result from

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the Master Servicer's or Trustee's, as the case may be, negligence, bad faith or
willful misconduct.

          (iii) Upon the later of the exercise by the Master Servicer of the
initial purchase option with respect to (a) Pool 1 or (b) Pool 2, the Trust Fund
will be terminated.

     Section 7.02. Procedure Upon Termination of Trust Fund.

     (a) Notice of any termination pursuant to the provisions of Section 7.01
(or the retirement of Certificates related to Pool 1 or Pool 2, as applicable),
specifying the Distribution Date upon which the final distribution shall be
made, shall be given promptly by the Trustee by first class mail to the
Certificateholders and any NIMS Insurer, mailed upon (x) no later than five
Business Days after the Trustee has received notice from the Master Servicer of
its intent to exercise its right to cause the termination of the Trust Fund
pursuant to Section 7.01(b) (or the retirement of the Certificates related to
Pool 1 or Pool 2, as applicable, to the extent the other such Mortgage Pool is
not terminated pursuant to such Section 7.01(b)) or (y) upon final payment or
other liquidation of the last Mortgage Loan or REO Property in the Trust Fund.
Such notice shall specify (A) the Distribution Date upon which final
distribution on the Certificates of all amounts required to be distributed to
Certificateholders pursuant to Section 5.02 will be made upon presentation and
surrender of the related 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
related Certificates at the office or agency of the Trustee therein specified.
The Trustee shall give such notice to the Master Servicer and the Certificate
Registrar at the time such notice is given to Holders of the related
Certificates. Upon any termination pursuant to Section 7.01(b), the duties of
the Certificate Registrar with respect to the applicable Certificates shall
terminate and the Trustee shall terminate or request the Master Servicer to
terminate, the Collection Account it maintains, the Certificate Account and any
other account or fund maintained with respect to the related Certificates,
subject to the Trustee's obligation hereunder to hold all amounts payable to
Certificateholders in trust without interest pending such payment.

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

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     (c) Any reasonable expenses incurred by the Trustee in connection with any
termination or liquidation of the Trust Fund (or a Mortgage Pool thereof) shall
be reimbursed from proceeds received from the liquidation of the related
Mortgage Pool or Mortgage Pools.

     Section 7.03. Additional Trust Fund Termination Requirements.

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

               (i) On the date specified for final payment of the Certificates,
     the Trustee shall make final distributions of principal and interest on the
     Certificates in accordance with Section 5.02 and, after payment of, or
     provision for any outstanding expenses, 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;

               (ii) In the case of a sale of the assets of Pool 1:

                              The Trustee shall sell all of the assets of Pool 1
                    for cash and, within 90 days of such sale, shall distribute
                    the proceeds of such sale to the Pool 1 Certificateholders
                    and Class 1-X Certificateholders in complete liquidation of
                    REMIC I-1 and REMIC I-2; and

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

               (iii) In the case of a sale of the assets of Pool 2:

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

                         (B) The Trustee shall attach a statement to the final
                    Federal income tax return for each of REMIC II-1 and REMIC
                    II-2 stating that pursuant to Treasury Regulation Section
                    1.860F-1, the first

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                    day of the 90-day liquidation period for each such REMIC was
                    the date on which the Trustee sold such assets.

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

     Section 7.04. Optional Purchase Right of NIMS Insurer.

     The NIMS Insurer may purchase 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, Servicing Fees, General Servicing Fees or Trustee
Fees and any unreimbursed expenses of the Trustee allocable to such Distressed
Mortgage Loan. Any such purchase shall be accomplished by the NIM Insurer's
remittance of the purchase price for the Distressed Mortgage Loan to the Master
Servicer for deposit into the Collection Account.

                                  ARTICLE VIII

                          RIGHTS OF CERTIFICATEHOLDERS

     Section 8.01. Limitation on Rights of Holders.

     (a) The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or this Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or
take any action or proceeding in any court for a partition or winding up of this
Trust Fund, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them. Except as otherwise expressly provided herein, no
Certificateholder, solely by virtue of its status as a Certificateholder, shall
have any right to vote or in any manner otherwise control the Master Servicer or
the operation and management of the Trust Fund, or the obligations of the
parties hereto, nor shall anything herein set forth, or contained in the terms
of the Certificates, be construed so as to constitute the Certificateholders
from time to time as partners or members of an association, nor shall any
Certificateholder be under any liability to any third person by reason of any
action taken by the parties to this Agreement pursuant to any provision hereof.

     (b) No Certificateholder, solely by virtue of its status as
Certificateholder, shall have any right by virtue or by availing of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a written notice of an Event
of Default and of the continuance thereof, as hereinbefore provided, and unless
also the Holders of Certificates evidencing not less than 25% of the Class
Principal Amount or Class Notional Amount (or Percentage Interest) of
Certificates of each Class affected thereby shall have made written request upon
the Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the cost, expenses and liabilities to be
incurred therein or thereby, and the Trustee, for

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sixty days after its receipt of such notice, request and offer of indemnity,
shall have neglected or refused to institute any such action, suit or proceeding
and no direction inconsistent with such written request has been given such
Trustee during such sixty day period by such Certificateholders; it being
understood and intended, and being expressly covenanted by each
Certificateholder with every other Certificateholder and the Trustee, that no
one or more Holders of Certificates shall have any right in any manner whatever
by virtue or by availing of any provision of this Agreement to affect, disturb
or prejudice the rights of the Holders of any other of such Certificates, or to
obtain or seek to obtain priority over or preference to any other such Holder,
or to enforce any right under this Agreement, except in the manner herein
provided and for the benefit of all Certificateholders. For the protection and
enforcement of the provisions of this Section, each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law
or in equity.

     Section 8.02. Access to List of Holders.

     (a) If the Trustee is not acting as Certificate Registrar, the Certificate
Registrar will furnish or cause to be furnished to the Trustee, within fifteen
days after receipt by the Certificate Registrar of a request by the Trustee in
writing, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Certificateholders of each Class as of the most
recent Record Date.

     (b) If three or more Holders or Certificate Owners (hereinafter referred to
as "Applicants") apply in writing to the 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, the Certificate Registrar and the Trustee, that none of the Depositor,
the Master Servicer, the Certificate Registrar, the Paying Agent or the Trustee
shall be held accountable by reason of the disclosure of any such information as
to the names and addresses of the Certificateholders hereunder, regardless of
the source from which such information was derived.

     Section 8.03. Acts of Holders of Certificates.

     (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Agreement to be given or taken by Holders or
Certificate Owner, if the Holder is a Clearing Agency, may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by agent duly appointed in writing; and, except as
herein otherwise expressly provided, such action shall become effective when
such instrument or instruments are delivered to the Trustee, the Certificate
Registrar and the Paying Agent and, where expressly required herein, to the
Master Servicer. Such instrument

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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 other of receipt of any such instrument by it, and
shall promptly forward a copy of such instrument to the other.

     (b) The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by
the certificate of any notary public or other officer authorized by law to take
acknowledgments or deeds, certifying that the individual signing such instrument
or writing acknowledged to him the execution thereof. Whenever such execution is
by an officer of a corporation or a member of a partnership on behalf of such
corporation or partnership, such certificate or affidavit shall also constitute
sufficient proof of his authority. The fact and date of the execution of any
such instrument or writing, or the authority of the individual executing the
same, may also be proved in any other manner which the Trustee deems sufficient.

     (c) The ownership of Certificates (whether or not such Certificates shall
be overdue and notwithstanding any notation of ownership or other writing
thereon made by anyone other than the Trustee) shall be proved by the
Certificate Register, and none of the Trustee, the Master Servicer, the Paying
Agent or the Depositor shall be affected by any notice to the contrary.

     (d) Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Holder of any Certificate shall bind every future Holder
of the same Certificate and the Holder of every Certificate issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof, in
respect of anything done, omitted or suffered to be done by the Trustee or the
Master Servicer in reliance thereon, whether or not notation of such action is
made upon such Certificate.

                                   ARTICLE IX

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
                             BY THE MASTER SERVICER

     Section 9.01. Duties of the Master Servicer.

     The Certificateholders, by their purchase and acceptance of the
Certificates, appoint Aurora Loan Services LLC, as Master Servicer. For and on
behalf of the Depositor, the Trustee and the Certificateholders, the Master
Servicer shall master service the Mortgage Loans in accordance with the
provisions of this Agreement and the provisions of the Servicing Agreements.

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

     (a) The Master Servicer, at its expense, shall maintain in effect a Master
Servicer Fidelity Bond and a Master Servicer Errors and Omissions Insurance
Policy, affording coverage

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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 meet the requirements of Fannie Mae
or Freddie Mac if it were the purchaser of the Mortgage Loans, and if the Master
Servicer receives notice that such policy is or shall be cancelled, it shall
immediately notify the NIMs Insurer. 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 each Servicer to maintain
an Errors and Omissions Insurance Policy and the Servicer Fidelity Bond in
accordance with the provisions of the applicable Servicing Agreement, (ii) cause
each Servicer to provide to the Master Servicer certificates evidencing that
such policy and bond is in effect and to furnish to the Master Servicer any
notice of cancellation, non-renewal or modification of the policy or bond
received by it, as and to the extent provided in the applicable Servicing
Agreement, and (iii) furnish copies of such policies and of the certificates and
notices referred to in clause (ii) to the Trustee upon request. The Fidelity
Bond and Errors and Omissions Insurance Policy may be obtained and maintained in
blanket form.

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

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

     For each year this Agreement is in effect, the Master Servicer shall submit
to the Trustee, each Rating Agency, any NIMS Insurer, 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.

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     (a) The Master Servicer shall master service the Mortgage Loans and shall
have full power and authority, subject to the REMIC Provisions and the
provisions of Article X hereof, and each Servicer shall have full power and
authority (to the extent provided in the applicable Servicing Agreement) to do
any and all things that it may deem necessary or desirable in connection with
the servicing and administration of the Mortgage Loans, including but not
limited to the power and authority (i) to execute and deliver, on behalf of the
Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents, (ii) to consent to transfers of any Mortgaged
Property and assumptions of the Mortgage Notes and related Mortgages, (iii) to
collect any Insurance Proceeds and Liquidation Proceeds, and (iv) to effectuate
foreclosure or other conversion of the ownership of the Mortgaged Property
securing any Mortgage Loan, in each case, in accordance with the provisions of
this Agreement and the applicable Servicing Agreement, as applicable; provided
that the Master Servicer shall not take, or knowingly permit any Servicer to
take, any action that is inconsistent with or prejudices the interests of the
Trust Fund or the Certificateholders in any Mortgage Loan or the rights and
interests of the Depositor, the Trustee, or the Certificateholders under this
Agreement. The Master Servicer further is authorized and empowered by the
Trustee, on behalf of the Certificateholders and the Trustee, in its own name or
in the name of any Servicer (to the extent permitted in the applicable Servicing
Agreement), when the Master Servicer or a Servicer, as the case may be, believes
it is appropriate in its best judgment to register any Mortgage Loan with MERS,
or cause the removal from the registration of any Mortgage Loan on the MERS
system, to execute and deliver, on behalf of the Trustee and the
Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re-recording of
a Mortgage in the name of MERS, solely as nominee for the Trustee and its
successors and assigns. The Master Servicer shall represent and protect the
interests of the Trust Fund in the same manner as it protects its own interests
in mortgage loans in its own portfolio in any claim, proceeding or litigation
regarding a Mortgage Loan and shall not make or knowingly permit any Servicer to
make any modification, waiver or amendment of any term of any Mortgage Loan that
would cause an Adverse REMIC Event. Without limiting the generality of the
foregoing, the Master Servicer in its own name or in the name of a Servicer, and
each Servicer, to the extent such authority is delegated to such Servicer under
the applicable Servicing Agreement, is hereby authorized and empowered by the
Trustee when the Master Servicer or a Servicer, as the case may be, believes it
appropriate in its best judgment and in accordance with Accepted Servicing
Practices and the applicable Servicing Agreement, to execute and deliver, on
behalf of itself and the Certificateholders, the Trustee or any of them, any and
all instruments of satisfaction or cancellation, or of partial or full release
or discharge and all other comparable instruments, with respect to the Mortgage
Loans and with respect to the Mortgaged Properties. The Trustee shall execute,
upon request, any powers of attorney furnished to it by the Master Servicer
empowering the Master Servicer or such Servicer to execute and deliver
instruments of satisfaction or cancellation, or of partial or full release or
discharge, and to foreclose upon or otherwise liquidate Mortgaged Property, and
to appeal, prosecute or defend in any court action relating to the Mortgage
Loans or the Mortgaged Property, in accordance with the applicable Servicing
Agreement and this Agreement, and the Trustee shall execute and deliver such
other documents, as the Master Servicer may request, necessary or appropriate to
enable the Master Servicer to master service the Mortgage Loans and carry out
its duties hereunder and to allow each Servicer to service the Mortgage Loans,
in each case in accordance with Accepted Servicing Practices (and the Trustee
shall have no liability for

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misuse of any such powers of attorney by the Master Servicer or the applicable
Servicer). If the Master Servicer or the Trustee has been advised that it is
likely that the laws of the state in which action is to be taken prohibit such
action if taken in the name of the Trustee or that the Trustee would be
adversely affected under the "doing business" or tax laws of such state if such
action is taken in its name, then upon request of the Trustee the Master
Servicer shall join with the Trustee in the appointment of a co trustee pursuant
to Section 6.09 hereof. In the performance of its duties hereunder, the Master
Servicer shall be an independent contractor and shall not, except in those
instances where it is taking action in the name of the Trustee, be deemed to be
the agent of the Trustee. Notwithstanding anything to the contrary, the Master
Servicer shall not without the Trustee's written consent: (i) initiate any
action, suit or proceeding solely under the Trustee's name without indicating
the Master Servicer's representative capacity or (ii) take any action with the
intent to cause, and which actually does cause, the Trustee to be registered to
do business in any state.

     (b) In master servicing and administering the Mortgage Loans, the Master
Servicer shall employ procedures, and shall exercise the same care that it
customarily employs and exercises 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 applicable Servicer (if required by the related
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 applicable Servicer, reasonably foreseeable, (2) in the case of
a waiver of a Prepayment Premium if (a) such Mortgage Loan is in default or
default by the related Mortgagor is, in the reasonable judgment of the Master
Servicer or 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 refinancing by the Servicer or any of its Affiliates and (i) such Mortgage
Loan is in default or default by the related Mortgagor is, in the reasonable
judgment of the Master Servicer or the applicable Servicer, reasonably
foreseeable, and such waiver would maximize recovery of total proceeds taking
into account the value of such Prepayment Premium and the related Mortgage Loan
or (ii) the collection of the Prepayment Premium would be in violation of
applicable laws or (iii) the collection of such Prepayment Premium would be
considered "predatory" pursuant to written guidance published or issued by any
applicable federal, state or local regulatory authority acting in its official
capacity and having jurisdiction over such matters, and (3) the Master Servicer
shall have provided or caused to be provided to the Trustee an Opinion of
Counsel 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(a)(v))

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in writing to the effect that such modification, waiver or amendment would not
cause an Adverse REMIC Event; provided, in no event shall an Opinion of Counsel
be required for the waiver of a Prepayment Premium under clause (2) above.

     Section 9.05. Enforcement of Servicers' and Master Servicer's Obligations.

     (a) Each Servicing Agreement requires the applicable Servicer to service
the Mortgage Loans in accordance with the provisions thereof. References in this
Agreement to actions taken or to be taken by the Master Servicer include actions
taken or to be taken by a Servicer on behalf of the Master Servicer. Any fees,
costs, expenses and other amounts payable to such Servicer shall be deducted
from amounts remitted to the Master Servicer by the Servicer to the extent
permitted by the applicable Servicing Agreement and shall not be an obligation
of the Trust Fund, the Trustee or the Master Servicer.

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

     (c) The Master Servicer, for the benefit of the Trustee and the
Certificateholders, shall use its reasonable best efforts to enforce the
obligations of each Servicer under the related Servicing Agreement, and shall,
upon obtaining actual knowledge of the failure of a Servicer to perform its
obligations in accordance therewith, to the extent that such non-performance of
such obligations would have a material adverse effect on a Mortgage Loan, the
Trust Fund or the Certificateholders, terminate the rights and obligations of
such 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 Servicing Agreements
and the pursuit of other appropriate remedies, shall be in such form and carried
out to such an extent and at such time as the Master Servicer, in its good faith
business judgment, would require were it the owner of the related Mortgage
Loans. The Master Servicer shall pay the costs of such enforcement at its own
expense, and shall be reimbursed therefor initially (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 Servicers under the terms of
the applicable Servicing Agreement, in its preparation of any certifications,
notifications, filings or reports, in accordance with the terms hereof or as may
be required by applicable law or regulation.

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     Section 9.06. Collection of Taxes, Assessments and Similar Items.

     (a) To the extent provided in the applicable Servicing Agreement, the
Master Servicer shall cause each Servicer to establish and maintain one or more
custodial accounts at a depository institution (which may be a depository
institution with which the Master Servicer or 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 Agreements. Each Servicer shall be entitled to all investment
income not required to be paid to Mortgagors on any Escrow Account maintained by
such Servicer. The Master Servicer shall make (or cause to be made) to the
extent provided in the applicable Servicing Agreement advances to the extent
necessary in order to effect timely payment of taxes, water rates, assessments,
Standard Hazard Insurance Policy premiums or comparable items in connection with
the related Mortgage Loan (to the extent that the Mortgagor is required, but
fails, to pay such items), provided that it or the applicable Servicer has
determined that the funds so advanced are recoverable from escrow payments,
reimbursement pursuant to Section 4.02 or otherwise.

     (b) Costs incurred by the Master Servicer or by the Servicers in effecting
the timely payment of taxes and assessments on the properties subject to the
Mortgage Loans may be added to the amount owing under the related Mortgage Note
where the terms of the Mortgage Note so permit; provided, however, that the
addition of any such cost shall not be taken into account for purposes of
calculating the distributions to be made to Certificateholders. Such costs, to
the extent that they are unanticipated, extraordinary costs, and not ordinary or
routine costs shall be recoverable as a Servicing Advance by the Master Servicer
pursuant to Section 4.02.

     Section 9.07. Termination of Servicing Agreements; Successor Servicers.

     (a) The Master Servicer shall be entitled to terminate the rights and
obligations of any Servicer under the applicable Servicing Agreement in
accordance with the terms and conditions of such Servicing Agreement and without
any limitation by virtue of this Agreement; provided, however, that in the event
of termination of any Servicing Agreement by the Master Servicer or a related
Servicer, the Master Servicer shall either act as Servicer of the related
Mortgage Loans or provide for the servicing of the Mortgage Loans by a successor
Servicer to be appointed as provided in the related 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 each Servicer (or by the Trust Fund, if such
Servicer is unable to fulfill its obligations hereunder) for all costs
associated with the transfer of servicing from the predecessor servicer,
including without limitation, any costs or expenses associated with the complete
transfer of all servicing data and the completion, correction or manipulation of
such servicing data, as may be required by the Master Servicer to

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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, that
it replaces. The Master Servicer shall use reasonable efforts to have the
successor Servicer assume liability for the representations and warranties made
by the terminated Servicer in the related 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 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 applicable
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 and the Trustee.

     Section 9.08. Master Servicer Liable for Enforcement.

     Notwithstanding any Servicing Agreement, the Master Servicer shall remain
obligated and liable to the Trustee and the Certificateholders in accordance
with the provisions of this Agreement, to the extent of its obligations
hereunder, without diminution of such obligation or liability by virtue of such
Servicing Agreements. The Master Servicer shall use commercially reasonable
efforts to ensure that the Mortgage Loans are serviced in accordance with the
provisions of this Agreement and shall use commercially reasonable efforts to
enforce the provisions of each Servicing Agreement for the benefit of the
Certificateholders. The Master Servicer shall be entitled to enter into any
agreement with the Servicers for indemnification of the Master Servicer and
nothing contained in this Agreement shall be deemed to limit or modify such
indemnification. Except as expressly set forth herein, the Master Servicer shall
have no liability for the acts or omissions of any Servicer in the performance
by such Servicer of its obligations under the related Servicing Agreement.

     Section 9.09. No Contractual Relationship Between the Servicer, Any NIMS
                   Insurer and Trustee or Depositor.

     Any Servicing Agreement and any other transactions or services relating to
the Mortgage Loans involving a Servicer in its capacity as such and not as an
originator shall be deemed to be between such Servicer, the Seller and the
Master Servicer, and the Trustee and the Depositor shall not be deemed parties
thereto and shall have no obligations, duties or liabilities with respect to
such Servicer except as set forth in Section 9.10 hereof, but shall have rights
thereunder as third party beneficiaries.

     Section 9.10. Assumption of Servicing Agreement by the Trustee.

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     (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, or a successor master servicer appointed by it in accordance with
Section 6.14, shall assume all of the rights and obligations of such Master
Servicer hereunder and under each Servicing Agreement entered into with respect
to the Mortgage Loans. The Trustee, its designee or any successor master
servicer appointed by the Trustee shall be deemed to have assumed all of the
Master Servicer's interest herein and therein to the same extent as if such
Servicing Agreement had been assigned to the assuming party, except that the
Master Servicer shall not thereby be relieved of any liability or obligations of
the Master Servicer under such Servicing Agreement accruing prior to its
replacement as Master Servicer, and shall be liable to the Trustee, and hereby
agrees to indemnify and hold harmless the Trustee from and against all costs,
damages, expenses and liabilities (including reasonable attorneys' fees)
incurred by the Trustee as a result of such liability or obligations of the
Master Servicer and in connection with the Trustee's assumption (but not its
performance, except to the extent that costs or liability of the Trustee are
created or increased as a result of negligent or wrongful acts or omissions of
the Master Servicer prior to its replacement as Master Servicer) of the Master
Servicer's obligations, duties or responsibilities thereunder; provided that the
Master Servicer shall not indemnify or hold harmless the Trustee against
negligent or willful misconduct of the Trustee.

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

     Section 9.11. Due-on-Sale Clauses; Assumption Agreements; Easements.

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

     (b) The Master Servicer or the related Servicer, as the case may be, shall
be entitled to approve a request from a Mortgagor for the granting of an
easement thereon in favor of another Person or any alteration or demolition of
the related Mortgaged Property if it has determined, exercising its good faith
business judgment in the same manner as it would if it were the owner of the
related Mortgage Loan, that the security for, and the timely and full
collectability of, such Mortgage Loan would not be materially adversely affected
thereby. Any fee collected by the Master Servicer or the related Servicer for
processing such a request will be retained by the Master Servicer or such
Servicer as additional servicing compensation.

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     Section 9.12. Release of Mortgage Files.

     (a) Upon (i) becoming aware of the payment in full of any Mortgage Loan or
(ii) the receipt by the 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 shall, or shall cause the applicable Servicer to, promptly notify the
Trustee (or the applicable Custodian) by a certification (which certification
shall include a statement to the effect that all amounts received 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 hereof 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 applicable Custodial
Agreement) the Trustee or the applicable Custodian, to deliver to the applicable
Servicer the related Mortgage File; provided, however, that in lieu of sending a
hard copy certification of a Servicing Officer, the Master Servicer may, or may
cause the applicable Servicer to, deliver the request for release in a mutually
agreeable electronic format, and to the extent that such a request, on its face,
originates from a Servicing Officer, no original signature shall be required.
Upon receipt of such certification and request, the Trustee or the applicable
Custodian, shall promptly release the related Mortgage File to the Servicer and
neither the Trustee nor such Custodian shall have any further responsibility
with regard to such Mortgage File. Upon any such payment in full, the Master
Servicer is authorized, and the applicable Servicer, to the extent such
authority is provided for under the related Servicing Agreement, is authorized,
to give, as agent for the Trustee, as the mortgagee under the Mortgage that
secured the Mortgage Loan, an instrument of satisfaction (or assignment of
mortgage without recourse) regarding the Mortgaged Property subject to the
Mortgage, which instrument of satisfaction or assignment, as the case may be,
shall be delivered to the Person or Persons entitled thereto against receipt
therefor of such payment, it being understood and agreed that no expenses
incurred in connection with such instrument of satisfaction or assignment, as
the case may be, shall be chargeable to the Collection Account.

     (b) From time to time and as appropriate for the servicing or foreclosure
of any Mortgage Loan and in accordance with Accepted Servicing Practices and the
applicable Servicing Agreement, the Trustee shall execute such documents as
shall be prepared and furnished to the Trustee by the Master Servicer, or by the
applicable Servicer (in form reasonably acceptable to the Trustee) and as are
necessary to the prosecution of any such proceedings. The Trustee or the
applicable Custodian, shall, upon request of the Master Servicer, or of the
applicable Servicer, and delivery to the Trustee or such Custodian, of a trust
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 applicable Servicer). Such trust receipt shall obligate
the Master Servicer or applicable Servicer to return the Mortgage File to the
Trustee or the applicable Custodian, as applicable, when the need therefor by
the Master Servicer or applicable Servicer no longer exists unless (i) the
Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate
of a Servicing Officer similar to that hereinabove specified, the trust receipt
shall be released by the Trustee or the Custodian, as applicable, to the Master
Servicer (or the applicable Servicer) or (ii) the Mortgage File has been
delivered directly or through a Servicer to an attorney, or to a public trustee
or other public official as required by law, for purposes of initiating or
pursuing legal action or other proceedings for the foreclosure of the Mortgaged
Property either judicially or non-judicially, and the Master Servicer has
delivered directly or through a Servicer to the Trustee a certificate of a
Servicing Officer certifying as to

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the name and address of the Person to which such Mortgage File or such document
was delivered and the purpose of such delivery.

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

     (a) The Master Servicer shall transmit, or shall cause the applicable
Servicer to transmit, to the Trustee such documents and instruments coming into
the possession of the Master Servicer or such Servicer from time to time as are
required by the terms hereof or of the related Servicing Agreement to be
delivered to the Trustee or the applicable Custodian. Any funds received by the
Master Servicer or by a Servicer in respect of any Mortgage Loan or which
otherwise are collected by the Master Servicer or a Servicer as a Subsequent
Recovery, Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage
Loan shall be held for the benefit of the Trustee and the Certificateholders
subject to the Master Servicer's right to retain or withdraw from the Collection
Account the Master Servicing Fee, the General Servicing Fee and other amounts
provided in this Agreement and to the right of each Servicer to retain its
Servicing Fee and other amounts as provided in the Servicing Agreement. The
Master Servicer shall, and shall (to the extent provided in the applicable
Servicing Agreement) cause each Servicer to, provide access to information and
documentation regarding the Mortgage Loans to the Trustee, its respective agents
and accountants and to any NIMS Insurer, 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. The Master Servicer shall
afford the NIMS Insurer, and shall (to the extent provided in the Servicing
Agreement) cause the Servicer to afford the NIMS Insurer, upon reasonable
advance notice, during normal business hours access to all records related to
their respective rights and obligations hereunder and access to officers of the
Master Servicer and the Servicer responsible for such obligations.

     (b) All Mortgage Files and funds collected or held by, or under the control
of, the Master Servicer, or any Servicer, in respect of any Mortgage Loans,
whether from the collection of principal and interest payments or from a
Subsequent Recovery, Liquidation Proceeds or Insurance Proceeds, shall be held
by the Master Servicer, or by such Servicer, for and on behalf of the Trustee
and the Certificateholders and shall be and remain the sole and exclusive
property of the Trustee; provided, however, that the Master Servicer and each
Servicer shall be entitled to setoff against, and deduct from, any such funds
any amounts that are properly due and payable to the Master Servicer or such
Servicer under this Agreement or the applicable Servicing Agreement and shall be
authorized to remit such funds to the Trustee in accordance with this Agreement.

     (c) The Master Servicer hereby acknowledges that concurrently with the
execution of this Agreement, the Trustee shall own or, to the extent that a
court of competent jurisdiction shall

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deem the conveyance of the Mortgage Loans from the Seller to the Depositor not
to constitute a sale, the Trustee shall have a security interest in the Mortgage
Loans and in all Mortgage Files representing such Mortgage Loans and in all
funds and investment property now or hereafter held by, or under the control of,
a Servicer or the Master Servicer that are collected by such Servicer or the
Master Servicer in connection with the Mortgage Loans, whether as scheduled
installments of principal and interest or as full or partial prepayments of
principal or interest or as a Subsequent Recovery, Liquidation Proceeds or
Insurance Proceeds or otherwise, and in all proceeds of the foregoing and
proceeds of proceeds (but excluding any fee or other amounts to which such
Servicer is entitled under the applicable Servicing Agreement, or the Master
Servicer or the Depositor is entitled to hereunder); and the Master Servicer
agrees that so long as the Mortgage Loans are assigned to and held by the
Trustee or the any Custodian, all documents or instruments constituting part of
the Mortgage Files, and such funds relating to the Mortgage Loans which come
into the possession or custody of, or which are subject to the control of, the
Master Servicer or any Servicer shall be held by the Master Servicer or such
Servicer for and on behalf of the Trustee as the Trustee's agent and bailee for
purposes of perfecting the Trustee's security interest therein as provided by
the applicable Uniform Commercial Code or other applicable laws.

     (d) The Master Servicer agrees that it shall not, and shall not authorize
any Servicer to, create, incur or subject any Mortgage Loans, or any funds that
are deposited in any Custodial Account, Escrow Account or the Collection
Account, or any funds that otherwise are or may become due or payable to the
Trustee, to any claim, lien, security interest, judgment, levy, writ of
attachment or other encumbrance, nor assert by legal action or otherwise any
claim or right of setoff against any Mortgage Loan or any funds collected on, or
in connection with, a Mortgage Loan.

     Section 9.14. Representations and Warranties of the Master Servicer.

     (a) The Master Servicer hereby represents and warrants to the Depositor 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 Delaware, and as Master Servicer has full power and authority
     to transact any and all business contemplated by this Agreement and to
     execute, deliver and comply with its obligations under the terms of this
     Agreement, the execution, delivery and performance of which have been duly
     authorized by all necessary corporate action on the part of the Master
     Servicer;

               (ii) the execution and delivery of this Agreement by the Master
     Servicer and its performance and compliance with the terms of this
     Agreement will not (A) violate the Master Servicer's charter or bylaws, (B)
     violate any law or regulation or any administrative decree or order to
     which it is subject or (C) constitute a default (or an event which, with
     notice or lapse of time, or both, would constitute a default) under, or
     result in the breach of, any material contract, agreement or other
     instrument to which the Master Servicer is a party or by which it is bound
     or to which any of its assets are subject, which violation, default or
     breach would materially and adversely affect the Master Servicer's ability
     to perform its obligations under this Agreement;

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               (iii) this Agreement constitutes, assuming due authorization,
     execution and delivery hereof by the other respective parties hereto, a
     legal, valid and binding obligation of the Master Servicer, enforceable
     against it in accordance with the terms hereof, except as such enforcement
     may be limited by bankruptcy, insolvency, reorganization, moratorium and
     other laws affecting the enforcement of creditors' rights in general, and
     by general equity principles (regardless of whether such enforcement is
     considered in a proceeding in equity or at law);

               (iv) the Master Servicer is not in default with respect to any
     order or decree of any court or any order or regulation of any federal,
     state, municipal or governmental agency to the extent that any such default
     would materially and adversely affect its performance hereunder;

               (v) the Master Servicer is not a party to or bound by any
     agreement or instrument or subject to any charter provision, bylaw or any
     other corporate restriction or any judgment, order, writ, injunction,
     decree, law or regulation that may materially and adversely affect its
     ability as Master Servicer to perform its obligations under this Agreement
     or that requires the consent of any third person to the execution of this
     Agreement or the performance by the Master Servicer of its obligations
     under this Agreement;

               (vi) no litigation is pending or, to the best of the Master
     Servicer's knowledge, threatened against the Master Servicer which would
     prohibit its entering into this Agreement or performing its obligations
     under this Agreement;

               (vii) the Master Servicer, or an Affiliate thereof the primary
     business of which is the servicing of conventional residential mortgage
     loans, is 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

               (xi) the information about the Master Servicer under the heading
     "The Master Servicer" in the Offering Document 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.

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     (b) It is understood and agreed that the representations and warranties set
forth in this Section 9.14 shall survive the execution and delivery of this
Agreement. The Master Servicer shall indemnify the Depositor and the Trustee and
hold them harmless against any loss, damages, penalties, fines, forfeitures,
legal fees and related costs, judgments, and other costs and expenses resulting
from any claim, demand, defense or assertion based on or grounded upon, or
resulting from, a breach of the Master Servicer's representations and warranties
contained in Section 9.14(a). It is understood and agreed that the enforcement
of the obligation of the Master Servicer set forth in this Section to indemnify
the Depositor and the Trustee as provided in this Section constitutes the sole
remedy (other than as set forth in Section 6.14) of the Depositor and the
Trustee, respecting a breach of the foregoing representations and warranties.
Such indemnification shall survive any termination of the Master Servicer as
Master Servicer hereunder, and any termination of this Agreement.

     Any cause of action against the Master Servicer relating to or arising out
of the breach of any representations and warranties made in this Section shall
accrue upon discovery of such breach by any of the Depositor, the Master
Servicer, any NIMS Insurer or the Trustee 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).

     (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.

     Any cause of action against the Depositor relating to or arising out of the
breach of the representations and warranties made in Sections 2.03(a)(i) through
(vi) hereof shall accrue upon discovery of such breach by either the Depositor
or the Master Servicer or notice thereof by any one of such parties to the other
parties.

     Section 9.15. Opinion.

     On or before the Closing Date, the Master Servicer shall cause to be
delivered to the Depositor, the Seller and the Trustee 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.

     Section 9.16. Standard Hazard and Flood Insurance Policies.

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

     Pursuant to Section 4.01, any amounts collected by the Master Servicer, or
by any Servicer, under any insurance policies maintained pursuant to this
Section 9.16 or the applicable 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 such 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 any
Servicer in maintaining any such insurance if the Mortgagor defaults in its
obligation to do so shall be added to the amount owing under the Mortgage Loan
where the terms of the Mortgage Loan so permit; provided, however, that the
addition of any such cost shall not be taken into account for purposes of
calculating the distributions to be made to Certificateholders and shall be
recoverable by the Master Servicer or such Servicer pursuant to Section 4.02.

     Section 9.17. Presentment of Claims and Collection of Proceeds.

     The Master Servicer shall cause each Servicer (to the extent provided in
the applicable Servicing Agreement) to, prepare and present on behalf of the
Trustee and the Certificateholders all claims under the Insurance Policies with
respect to the Mortgage Loans, and take such actions (including the negotiation,
settlement, compromise or enforcement of the insured's claim) as shall be
necessary to realize recovery under such policies. Any proceeds disbursed to the
Master Servicer (or disbursed to the Servicer and remitted to the Master
Servicer) in respect of such policies or bonds shall be promptly deposited in
the Collection Account or any Custodial Account upon receipt, except that any
amounts realized that are to be applied to the repair or restoration of the
related Mortgaged Property or released to the related Mortgagor in accordance
with the Master Servicer's or the applicable Servicer's normal servicing
procedures need not be so deposited (or remitted).

     Section 9.18. Maintenance of the Primary Mortgage Insurance Policies.

     (a) The Master Servicer shall not take, or knowingly permit any Servicer
(consistent with the applicable Servicing Agreement) to take, any action that
would result in noncoverage under any applicable Primary Mortgage Insurance
Policy of any loss which, but for the actions of such Master Servicer or such
Servicer, would have been covered thereunder. To the extent that coverage is
available, the Master Servicer shall use its best reasonable efforts to keep in
force and effect, or to cause each Servicer to keep in force and effect (to the
extent that the Mortgage Loan requires the Mortgagor to maintain such
insurance), primary mortgage insurance applicable to each Mortgage Loan in
accordance with the provisions of this Agreement and the applicable Servicing
Agreement, as applicable. The Master Servicer shall not, and shall not knowingly

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permit any Servicer to, cancel or refuse to renew any such Primary Mortgage
Insurance Policy that is in effect at the date of the initial issuance of the
Certificates and is required to be kept in force hereunder except in accordance
with the provisions of this Agreement and the applicable Servicing Agreement, as
applicable.

     (b) The Master Servicer agrees, to the extent provided in the related
Servicing Agreement, to cause each Servicer to present, on behalf of the Trustee
and the Certificateholders, claims to the insurer under any Primary Mortgage
Insurance Policies and, in this regard, to take such reasonable action as shall
be necessary to permit recovery under any Primary Mortgage Insurance Policies
respecting defaulted Mortgage Loans. Pursuant to Section 4.01, any amounts
collected by the Master Servicer or any Servicer under any Primary Mortgage
Insurance Policies shall be deposited in the Collection Account, subject to
withdrawal pursuant to Section 4.02.

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

     The Trustee (or the applicable Custodian) shall retain possession and
custody of the originals of the Primary Mortgage Insurance Policies or
certificate of insurance if applicable and any certificates of renewal as to the
foregoing as may be issued from time to time as contemplated by this Agreement.
Until all amounts distributable in respect of the Certificates have been
distributed in full and the Master Servicer otherwise has fulfilled its
obligations under this Agreement, the Trustee (or the applicable Custodian)
shall also retain possession and custody of each Mortgage File in accordance
with and subject to the terms and conditions of this Agreement. The Master
Servicer shall promptly deliver or cause the applicable Servicer to deliver to
the Trustee (or the applicable Custodian), upon the execution or receipt thereof
the originals of the Primary Mortgage Insurance Policies and any certificates of
renewal thereof, and such other documents or instruments that constitute
portions of the Mortgage File that come into the possession of the Master
Servicer or a Servicer from time to time.

     Section 9.20. Realization Upon Defaulted Mortgage Loans.

     (a) The Master Servicer shall use its reasonable best efforts to, or to
cause the applicable Servicer to, foreclose upon, repossess or otherwise
comparably convert the ownership of Mortgaged Properties securing such of the
Mortgage Loans as come into and continue in default and as to which no
satisfactory arrangements can be made for collection of delinquent payments, all
in accordance with the applicable Servicing Agreement. Alternatively, the Master
Servicer may take, or authorize the applicable Servicer to take, other actions
in respect of a defaulted Mortgage Loan, which may include (i) accepting a short
sale (a payoff of the Mortgage Loan for an amount less than the total amount
contractually owed in order to facilitate a sale of the Mortgaged Property by
the Mortgagor) or permitting a short refinancing (a payoff of the Mortgage Loan
for an amount less than the total amount contractually owed in order to
facilitate refinancing transactions by the Mortgagor not involving a sale of the
Mortgaged Property), (ii) arranging for a repayment plan or (iii) agreeing to a
modification in accordance with Section 9.04. In connection with such
foreclosure or other conversion or action, the Master Servicer shall, consistent
with Section 9.18, follow such practices and procedures as it shall reasonably
determine to be in the best interests of the Trust Fund and the
Certificateholders and which shall be consistent with its customary practices in
performing its general mortgage servicing activities;

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provided that the Master Servicer shall not be liable in any respect hereunder
if the Master Servicer is acting in connection with any such foreclosure or
other conversion or action in a manner that is consistent with the provisions of
this Agreement. Neither the Master Servicer, nor any Servicer, shall be required
to expend its own funds or incur other reimbursable charges in connection with
any foreclosure, or attempted foreclosure which is not completed, or toward the
correction of any default on a related senior mortgage loan, or towards the
restoration of any property unless it shall determine (i) that such restoration
and/or foreclosure will increase the proceeds of liquidation of the Mortgage
Loan to the Certificateholders after reimbursement to itself for such expenses
or charges and (ii) that such expenses and charges will be recoverable to it
through Liquidation Proceeds or Insurance Proceeds (as provided in Section
4.02).

     (b) Notwithstanding the foregoing provisions of this Section 9.20 or any
other provision of this Agreement, with respect to any Mortgage Loan as to which
the Master Servicer has received actual notice of, or has actual knowledge of,
the presence of any toxic or hazardous substance on the related Mortgaged
Property, the Master Servicer shall not, on behalf of the Trustee, either (i)
obtain title to such Mortgaged Property as a result of or in lieu of foreclosure
or otherwise, or (ii) otherwise acquire possession of, or take any other action
with respect to, such Mortgaged Property, if, as a result of any such action,
the Trustee, the Trust Fund or the Certificateholders would be considered to
hold title to, to be a "mortgagee-in-possession" of, or to be an "owner" or
"operator" of such Mortgaged Property within the meaning of the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended from
time to time, or any comparable law, unless the Master Servicer has obtained the
prior written consent of the NIMS Insurer.

     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 applicable Servicer) and shall not be deposited in the Collection Account.
If the Master Servicer does not retain or withdraw the Master Servicing Fee from
the Collection Account as provided herein, the Master Servicer shall be entitled
to direct the Trustee to pay the Master Servicing Fee to such Master Servicer by
withdrawal from the Certificate Account to the extent that payments have been
received with respect to the applicable Mortgage Loan. The Master Servicer shall
be required to pay all expenses incurred by it in connection with its activities
hereunder and shall not be entitled to reimbursement 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 compensation. The provisions of this Section 9.21 are
subject to the provisions of Section 6.14.

     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 applicable
Servicer, to the extent provided in the related Servicing

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Agreement, to sell any REO Property as expeditiously as possible and in
accordance with the provisions of this Agreement and such Servicing Agreement,
as applicable, but in all events within the time period, and subject to the
conditions set forth in Article X hereof. Pursuant to its efforts to sell such
REO Property, the Master Servicer shall protect and conserve, or cause the
applicable Servicer to protect and conserve, such REO Property in the manner and
to such extent required by the related 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 applicable 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, General Servicing Fee or Servicing Fees from
Liquidation Proceeds received in connection with the final disposition of such
REO Property; provided, that (without limitation of any other right of
reimbursement that the Master Servicer or any Servicer shall have hereunder) any
such unreimbursed Advances as well as any unpaid Net Master Servicing Fees,
General Servicing Fees or Servicing Fees may be reimbursed or paid, as the case
may be, prior to final disposition, out of any net rental income or other net
amounts derived from such REO Property.

     (d) The Liquidation Proceeds from the final disposition of the REO
Property, net of any payment to the Master Servicer and the applicable Servicer
as provided above, shall be deposited in the Collection Account on or prior to
the Determination Date in the month following receipt thereof (and the Master
Servicer shall provide written notice to the Trustee upon such deposit) and be
remitted by wire transfer in immediately available funds to the Trustee for
deposit into the Certificate Account on the next succeeding Deposit Date.

     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 (Section 229.1117) of Regulation AB.

     (b) On or before March 1st of each year, the Depositor shall distribute the
information in Exhibit S to the Master Servicer. If the Master Servicer shall
become at any time an affiliate of any of the parties listed on Exhibit S hereto
or any of their affiliates who have been identified to the Master Servicer in
writing, the Master Servicer shall notify the Trustee, the Sponsor and the
Depositor of such affiliation by March 15 of each year (but only to the extent
that the Master Servicer has not previously notified the Trustee, the Sponsor or
the Depositor of such affiliation.)

     (c) Not later than two Business Days prior to the Distribution Date of each
month, the Master Servicer shall provide to the Trustee, the Sponsor and the
Depositor notice of the occurrence of any material modifications, extensions or
waivers of terms, fees, penalties or payments relating to the Mortgage Loans
during the related Collection Period or that have cumulatively become material
over time (Item 1121(a)(11) of Regulation AB) along with all information, data,
and materials related thereto as may be required to be included in the related

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Distribution Report on Form 10-D, in each case solely as reported to the Master
Servicer by the applicable Servicer. The parties to this Agreement acknowledge
that the performance by the Master Servicer of its duties under this Section
9.23(c) related to the timely preparation and delivery of such information is
contingent upon each applicable Servicer strictly observing all requirements and
deadlines in the performance of their duties under their related Servicing
Agreements. The Master Servicer shall have no liability for any loss, expense,
damage or claim arising out of or with respect to any failure to properly
prepare and/or timely deliver all such information where such failure results
from the Master Servicer's inability or failure to obtain or receive, on a
timely basis, any information from any Servicer needed to prepare or deliver
such information, which failure does not result from the Master Servicer's own
negligence, bad faith or willful misconduct.

     Section 9.24. Reports to the Trustee.

     (a) Not later than 30 days after each Distribution Date, the Master
Servicer shall, upon request, forward to the Trustee and any NIMS Insurer a
statement, deemed to have been certified by a Servicing Officer, setting forth
the status of the Collection Account maintained by the Master Servicer as of the
close of business on the related Distribution Date, indicating that all
distributions required by this Agreement to be made by the Master Servicer have
been made (or if any required distribution has not been made by the Master
Servicer, specifying the nature and status thereof) and showing, for the period
covered by such statement, the aggregate of deposits into and withdrawals from
the Collection Account maintained by the Master Servicer. Copies of such
statement shall be provided by the Master Servicer, upon request, to the
Depositor, Attention: Contract Finance and to 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 Servicers or by the Depositor.

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

     (d) The Master Servicer shall provide the Trustee with such information as
the Trustee may reasonably request in connection with its responsibilities under
Section 10.01 hereof.

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     Section 9.25. Assessment of Compliance and Attestation Reports.

     (a) Assessment of Compliance

          (i) By March 15 of each year, commencing in March 2007, the Master
Servicer, the Paying Agent (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(d), including, if there has been any material instance
of noncompliance with the Relevant Servicing Criteria, a discussion of each such
failure and the nature and status thereof, and (D) a statement that a registered
public accounting firm has issued an attestation report on such party's
assessment of compliance with the Relevant Servicing Criteria as of and for such
period.

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

          (iii) Promptly after receipt of each report on assessment of
compliance, the Trustee shall confirm that the assessments, taken as a whole,
address all applicable Servicing Criteria and taken individually address the
Relevant Servicing Criteria (and disclose the inapplicability of the Servicing
Criteria not determined to be Relevant Servicing Criteria) for each party as set
forth on Exhibit R and on any similar exhibit set forth in the applicable
Servicing Agreement in respect of any Servicer, and the applicable Custodial
Agreement in respect of any Custodian, and shall notify the Depositor of any
exceptions.

     (b) Attestation Reports

          (i) On or before March 15th of each calendar year in which the
Depositor is required to file reports with respect to the Trust Fund in
accordance with the Exchange Act and the rules and regulations of the
Commission, beginning with March 15, 2007, the Master Servicer, the Paying Agent
(if other than the Trustee) and the Trustee shall, at its own expense, cause a
firm of independent public accountants (who may also render other services to
the Master Servicer, Paying Agent or Trustee), which is a member of the American
Institute of Certified Public Accountants, to furnish to the Sponsor, the Master
Servicer, the Trustee and the Depositor a report to the effect that such firm
attests to, and reports on, the assessment made by such asserting party pursuant
to Section 6.01(l) above, which report shall be made in accordance with
standards for attestation engagements issued or adopted by the PCAOB. In
addition, on or before March 15th of each calendar year in which the Depositor
is required to file reports with

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respect to the Trust Fund in accordance with the Exchange Act and the rules and
regulations of the Commission, beginning with March 15, 2007, the Master
Servicer, the Paying Agent (if other than the Trustee) and the Trustee shall
cause any Subservicer or Subcontractor with respect to the Trustee to furnish to
the Sponsor and the Depositor an assessment of compliance and attestation.

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

     (c) The Trustee's, the Paying Agent's and the Master Servicer's obligation
to provide assessments of compliance and attestations under this Section 9.25
shall terminate upon the filing of a Form 15 suspension notice on behalf of the
Trust Fund. After the occurrence of such event, and provided the Depositor is
not otherwise provided with such reports or copies of such reports, the Trustee,
the Paying Agent and the Master Servicer 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. Notwithstanding the foregoing, as a
condition to the succession to the Master Servicer under this Agreement by any
Person (i) into which the Master Servicer may be merged or consolidated, or (ii)
which may be appointed as a successor to the Master Servicer, the Master
Servicer shall notify the Depositor, at least 15 calendar days prior to the
effective date of such succession or

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appointment, of such succession or appointment and shall furnish to the
Depositor in writing and in form and substance reasonably satisfactory to the
Depositor, all information reasonably necessary for the Trustee to accurately
and timely report, pursuant to Section 6.20, the event under Item 6.02 of Form
8-K pursuant to the Exchange Act (if such reports under the Exchange Act are
required to be filed under the Exchange Act).

     Section 9.28. Resignation of Master Servicer.

     Except as otherwise provided in Sections 9.27 and 9.29 hereof, the Master
Servicer shall not resign from the obligations and duties hereby imposed on it
unless it or the Trustee determines that the Master Servicer's duties hereunder
are no longer permissible under applicable law or are in material conflict by
reason of applicable law with any other activities carried on by it and cannot
be cured. Any such determination permitting the resignation of the Master
Servicer shall be evidenced by an Opinion of Counsel that shall be Independent
to such effect delivered to the Trustee and the NIMS Insurer. No such
resignation shall become effective until a period of time not to exceed 90 days
after the Trustee and the NIMS Insurer receives written notice thereof from the
Master Servicer and until the Trustee shall have assumed, or a successor master
servicer shall have been appointed by the Trustee, such successor master
servicer being acceptable to the NIMS Insurer, 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.

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

     Except as expressly provided herein, the Master Servicer shall not assign
or transfer any of its rights, benefits or privileges hereunder to any other
Person, or delegate to or subcontract with, or authorize or appoint any 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 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 shall be given promptly by the
Master Servicer to the Depositor and the Trustee. If, pursuant to any provision
hereof, the duties of the Master Servicer are transferred to a successor master
servicer, the entire amount of the Master Servicing Fees and other compensation
payable to the Master Servicer pursuant hereto, including amounts payable to or
permitted to be retained or withdrawn by the Master Servicer pursuant to Section
9.21 hereof, shall thereafter be payable to such successor master servicer.

     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

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9.25(b) and an assessment report as provided in Section 9.25(a), which reports
the Master Servicer shall include in its attestation and assessment reports.

     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, any NIMS Insurer 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, any NIMS
Insurer or the Depositor or any such person against any liability that would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in its performance of its duties or by reason of reckless disregard for its
obligations and duties under this Agreement. The Master Servicer, the Seller,
any NIMS Insurer and the Depositor and any director, officer, employee or agent
of any of them shall be entitled to indemnification by the Trust Fund and will
be held harmless against any loss, liability or expense incurred in connection
with any legal action relating to this Agreement or the Certificates other than
any loss, liability or expense incurred by reason of willful misfeasance, bad
faith or negligence in the performance of his or its duties hereunder or by
reason of reckless disregard of his or its obligations and duties hereunder. The
Master Servicer, the Seller, any NIMS Insurer and the Depositor and any
director, officer, employee or agent of any of them may rely in good faith on
any document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising hereunder. The Master Servicer shall be
under no obligation to appear in, prosecute or defend any legal action that is
not incidental to its duties to master service the Mortgage Loans in accordance
with this Agreement and that in its opinion may involve it in any expenses or
liability; provided, however, that the Master Servicer may in its sole
discretion undertake any such action that it may deem necessary or desirable in
respect to this Agreement and the rights and duties of the parties hereto and
the interests of the Certificateholders hereunder. In such event, the legal
expenses and costs of such action and any liability resulting therefrom shall be
expenses, costs and liabilities of the Trust Fund and the Master Servicer shall
be entitled to be reimbursed therefor out of the Collection Account it maintains
as provided by Section 4.02.

     Section 9.31. Indemnification; Third Party Claims.

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     The Master Servicer agrees to indemnify the Depositor, the Sponsor, the
Certificate Registrar, the Paying Agent and the Trustee (and each of their
respective directors, officers, employees and agents) 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 Certificate
Registrar, the Paying Agent or the Trustee may sustain as a result of (a) any
material breach by the Master Servicer of any of its obligations hereunder,
including particularly its obligations to provide any report under Section
9.25(a), Section 9.25(b) or Section 9.26 or any information, data or materials
required to be included in any Exchange Act report, provided, however, that in
no event shall the Master Servicer be liable for any special, consequential,
indirect or punitive damages pursuant to this Section 9.31, even if advised of
the possibility of such damages, (b) any material misstatement or omission on
any information, data, or materials provided by the Master Servicer, or (c) the
negligence, bad faith or willful misconduct of the Master Servicer in connection
with its performance hereunder. The Depositor, the Sponsor, the Certificate
Registrar, the Paying Agent and the Trustee shall immediately notify the Master
Servicer if a claim is made by a third party with respect to this Agreement or
the Mortgage Loans entitling the Depositor, the Sponsor or the Trustee to
indemnification hereunder, whereupon the Master Servicer shall assume the
defense of any such claim and pay all expenses in connection therewith,
including counsel fees, and promptly pay, discharge and satisfy any judgment or
decree which may be entered against it or them in respect of such claim. This
indemnification shall survive the termination of this Agreement or the
termination of the Master Servicer as a party to this Agreement.

     Section 9.32. Special Servicing of Delinquent Mortgage Loans.

     If permitted under the terms of any Servicing Agreement, the Seller may
appoint, pursuant to the terms of such Servicing Agreement and with the written
consent of the Depositor, the Master Servicer, the Trustee and the 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. Any fees paid
to any such Special Servicer shall not exceed the applicable Servicing Fee Rate
(or, with respect to the GMACM Transferred Mortgage Loans, the General Servicing
Fee Rate).

     Section 9.33. Allocation to Related Mortgage Pool.

     Payments described in this Article IX made from the Trust Fund shall be
allocated and limited to collections or other recoveries on the related Mortgage
Pool or Mortgage Pools and shall be accounted for in such manner.

                                   ARTICLE X

                              REMIC ADMINISTRATION

     Section 10.01. REMIC Administration.

     (a) REMIC elections as set forth in the Preliminary Statement and this
Section 10.01 shall be made on Forms 1066 or other appropriate federal tax or
information return for the

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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 and this Section
10.01. 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 to take into account 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) and (iii) the amount
of such expense was not taken into account in computing the interest rate of a
more junior Class of regular interests.

     (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 and Grantor Trust,
including but not limited to any professional fees or expenses related to audits
or any administrative or judicial proceedings with respect to such REMIC or
Grantor Trust that involve the Internal Revenue Service or state tax
authorities, but only to the extent that (i) such expenses are ordinary or
routine expenses, including expenses of a routine audit but not expenses of
litigation (except as described in (ii)); or (ii) such expenses or liabilities
(including taxes and penalties) are attributable to the negligence or willful
misconduct of the Trustee in fulfilling its duties hereunder (including its
duties as tax return preparer). The Trustee shall be entitled to reimbursement
from the Certificate Account of the expenses to the extent (x) provided in
clause (i) above and (y) with respect to each REMIC, such expenses are
"unanticipated expenses" within the meaning of Treasury Regulation Section
1.860G-1(b)(3)(ii). Any reimbursement described in the preceding sentence shall
be allocated and limited to collections or other recoveries on the related
Mortgage Pool and shall be accounted for in such manner.

     (d) The Trustee shall prepare, the Trustee shall sign, and the Trustee will
file, all of each REMIC's federal and state tax and information returns as such
REMIC's direct representative. The Trustee shall prepare, sign and file all of
the tax or information returns in respect of each Grantor Trust. The Trustee
shall comply with such requirement by filing Form 1041. The expenses of
preparing and filing such returns shall be borne by the Trustee.

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

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     (f) The Trustee, the Master Servicer and the Holders of Certificates shall
take any action, within their respective control and scope of their duties, or
cause any REMIC 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, within their respective control and scope of their duties,
that, under the REMIC Provisions, if taken or not taken, as the case may be,
could result in an Adverse REMIC Event unless the Trustee, the NIMS Insurer and
the Master Servicer have received an Opinion of Counsel (at the expense of the
party seeking to take such action) to the effect that the contemplated action
will not 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 NIMS Insurer, the Master Servicer or their respective designees, in writing,
with respect to whether such action could cause an Adverse REMIC Event to occur
with respect to any REMIC, and no such Person shall take any such action or
cause any REMIC to take any such action as to which the Trustee, the NIMS
Insurer or the Master Servicer has advised it in writing that an Adverse REMIC
Event could occur.

     (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 with respect to Qualifying
Substitute Mortgage Loans.

     (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) Upon the request of any Rating Agency or any NIMS Insurer, the Trustee
shall deliver an Officer's Certificate to the Rating Agency and to the NIMS
Insurer 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 Class 1-P and Class 2-P Certificates shall be neither regular
interests nor residual interests in any REMIC created hereunder. It is the
intention of the parties hereto that the segregated pool of assets consisting of
any collections of Prepayment Premiums related to the Mortgage Loans in Pool 1
shall constitute a grantor trust for federal income tax purposes. The Trustee,
by its execution and delivery hereof, acknowledges the assignment to it of the
rights to receive such Prepayment Premiums and declares that it holds and will
hold such assets in trust

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for the exclusive use and benefit of all present and future Holders of the Class
1-P Certificates. It is the intention of the parties hereto that the segregated
pool of assets consisting of any collections of Prepayment Premiums related to
the Mortgage Loans in Pool 2 shall constitute a grantor trust for federal income
tax purposes. The Trustee, by its execution and delivery hereof, acknowledges
the assignment to it of the rights to receive such Prepayment Premiums and
declares that it holds and will hold such assets in trust for the exclusive use
and benefit of all present and future Holders of the Class 2-P Certificates. The
rights of Holders of the Class 1-P and Class 2-P Certificates to receive
distributions from the proceeds of such Prepayment Premiums, and all ownership
interests of such Holders in and to such distributions, shall be as set forth in
this Agreement.

     (m) REMIC I-1 shall consist of all of the assets of the Trust Fund relating
to Pool 1 (other than (i) the interests issued by REMIC I-1, (ii) the grantor
trusts described in Section 10.01 hereof, (iii) the Cap Agreements, (iv) the Cap
Agreement Account, (v) the Pool 1 Basis Risk Reserve Fund, (vi) the Pool 1
Capitalized Interest Account and (vii) the rights to receive Prepayment Premiums
distributable to the Class 1-X Certificates). The REMIC I-1 Regular Interests
shall be designated as the regular interests in REMIC I-1, and the Class LTI1-R
Interest shall be designated as the sole class of residual interest in REMIC
I-1. Each of the REMIC I-1 Regular Interests shall have the characteristics set
forth in the Preliminary Statement.

     The assets of REMIC I-2 shall be the REMIC I-1 Regular Interests. The REMIC
I-2 Regular Interests shall be designated as the regular interests in REMIC I-2
and the Residual I Interest shall be designated as the sole class of residual
interest in REMIC I-2. For federal income tax purposes, the interest rate on
each REMIC I-2 Regular Interest (other than the Uncertificated Class 1-X
Interest) shall be subject to a cap equal to the REMIC Pass-Through Rate.

     REMIC II-1 shall consist of all of the assets of the Trust Fund relating to
Pool 2 (other than (i) the interests issued by REMIC II-1, (ii) the grantor
trusts described in Section 10.01 hereof, (iii) the Pool 2 Basis Risk Reserve
Fund, (iv) the Pool 2 Capitalized Interest Account and (v) the rights to receive
Prepayment Premiums distributable to the Class 2-X Certificates). The REMIC II-1
Regular Interests shall be designated as the regular interests in REMIC II-1,
and the Class LTII1-R Interest shall be designated as the sole class of residual
interest in REMIC II-1. Each of the REMIC II-1 Regular Interests shall have the
characteristics set forth in the Preliminary Statement.

     The assets of REMIC II-2 shall be the REMIC II-1 Regular Interests. The
REMIC II-2 Regular Interests shall be designated as the regular interests in
REMIC II-2 and the Residual II Interest shall be designated as the sole class of
residual interest in REMIC II-2. For federal income tax purposes, the interest
rate on each REMIC II-2 Regular Interest (other than the Uncertificated Class
2-X Interest) shall be subject to a cap equal to the REMIC Pass-Through Rate.

     The beneficial ownership of the Class LTI1-R Interest, the Class LTII1-R
Interest, the Residual I Interest and the Residual II Interest shall be
represented by the Class R Certificate. None of the Class LTI1-R Interest, the
Class LTII1-R Interest, the Residual I Interest and the Residual II Interest
shall have a principal balance or bear interest.

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     (n) It is intended that the rights of each Class of Pool 1 Certificates to
receive payments in respect of Excess Interest shall be treated as a right in
interest rate cap contracts written by the holders of the Class 1-X Certificates
in favor of the holders of each Class of the Pool 1 Certificates and such shall
be accounted for as property held separate and apart from the regular interests
in REMIC I-2 held by the holders of the Pool 1 Certificates. This provision is
intended to satisfy the requirements of Treasury Regulations Section 1.860G-2(i)
for the treatment of property rights coupled with REMIC interests to be
separately respected and shall be interpreted consistently with such regulation.
On each Distribution Date, to the extent that any of the Pool 1 Certificates
receive payments in respect of Excess Interest, such amounts, to the extent not
derived from payments on the Cap Agreements or from payments in respect of Class
1-X Shortfalls as set forth in Section 10.01(p), will be treated as distributed
by REMIC I-2 to the Class 1-X Certificates in respect of the Uncertificated
Class 1-X Interest pro rata and then paid to the relevant Class of Certificates
pursuant to the related interest cap agreement. The Trustee is hereby directed
to perform its duties and obligations in accordance with this Section 10.01(n).

     It is intended that the rights of each Class of Pool 1 Certificates to
receive payments from the Pool 1 Capitalized Interest Account shall be treated
as a right in interest rate cap contracts written by the Depositor in favor of
the holders of each Class of the Pool 1 Certificates and such shall be accounted
for as property held separate and apart from the regular interests in REMIC I-2
held by the holders of the Pool 1 Certificates. This provision is intended to
satisfy the requirements of Treasury Regulations Section 1.860G-2(i) for the
treatment of property rights coupled with REMIC interests to be separately
respected and shall be interpreted consistently with such regulation. The
Trustee is hereby directed to perform its duties and obligations in accordance
with this Section 10.01(n).

     It is intended that the rights of each Class of Pool 2 Certificates to
receive payments in respect of Excess Interest shall be treated as a right in
interest rate cap contracts written by the holders of the Class 2-X Certificates
in favor of the holders of each Class of the Pool 2 Certificates and such shall
be accounted for as property held separate and apart from the regular interests
in REMIC II-2 held by the holders of the Pool 2 Certificates. This provision is
intended to satisfy the requirements of Treasury Regulations Section 1.860G-2(i)
for the treatment of property rights coupled with REMIC interests to be
separately respected and shall be interpreted consistently with such regulation.
On each Distribution Date, to the extent that any of the Pool 2 Certificates
receive payments in respect of Excess Interest, such amounts, to the extent not
derived from payments in respect of Class 2-X Shortfalls as set forth in Section
10.01(p), will be treated as distributed by REMIC II-2 to the Class 2-X
Certificates in respect of the Uncertificated Class 2-X Interest pro rata and
then paid to the relevant Class of Certificates pursuant to the related interest
cap agreement. The Trustee is hereby directed to perform its duties and
obligations in accordance with this Section 10.01(n).

     It is intended that the rights of each Class of Pool 2 Certificates to
receive payments from the Pool 2 Capitalized Interest Account shall be treated
as a right in interest rate cap contracts written by the Depositor in favor of
the holders of each Class of the Pool 2 Certificates and such shall be accounted
for as property held separate and apart from the regular interests in REMIC II-2
held by the holders of the Pool 2 Certificates. This provision is intended to
satisfy the requirements of Treasury Regulations Section 1.860G-2(i) for the
treatment of property rights

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coupled with REMIC interests to be separately respected and shall be interpreted
consistently with such regulation. The Trustee is hereby directed to perform its
duties and obligations in accordance with this Section 10.01(n).

     (o) The parties hereto intend that the Uncertificated Class 1-X Interest,
the Cap Agreements and the Cap Agreement Account, the Pool 1 Basis Risk Reserve
Fund, the right to receive payments in respect of Class 1-X Shortfalls as set
forth in Section 10.01(p) and the obligation of the holders of the Class 1-X
Certificates to pay amounts of Excess Interest to the holders of the Pool 1
Certificates shall be treated as a "grantor trust" under the Code, and the
provisions hereof shall be interpreted consistently with this intention. In
furtherance of such intention, the Trustee shall (i) furnish or cause to be
furnished to the holders of the Class 1-X Certificates information regarding
their allocable share, if any, of the income with respect to such grantor trust,
(ii) file or cause to be filed with the Internal Revenue Service Form 1041
(together with any necessary attachments) and such other forms as may be
applicable and (iii) comply with such information reporting obligations with
respect to payments from such grantor trust to the holders of Pool 1
Certificates as may be applicable under the Code. The Trustee is hereby directed
to perform its duties and obligations in accordance with this Section 10.01(o).

     The parties hereto intend that the Uncertificated Class 2-X Interest, the
Pool 2 Basis Risk Reserve Fund, the right to receive payments in respect of
Class 2-X Shortfalls as set forth in Section 10.01(p) and the obligation of the
holders of the Class 2-X Certificates to pay amounts of Excess Interest to the
holders of the Pool 2 Certificates shall be treated as a "grantor trust" under
the Code, and the provisions hereof shall be interpreted consistently with this
intention. In furtherance of such intention, the Trustee shall (i) furnish or
cause to be furnished to the holders of the Class 2-X Certificates information
regarding their allocable share, if any, of the income with respect to such
grantor trust, (ii) file or cause to be filed with the Internal Revenue Service
Form 1041 (together with any necessary attachments) and such other forms as may
be applicable and (iii) comply with such information reporting obligations with
respect to payments from such grantor trust to the holders of Pool 2
Certificates as may be applicable under the Code. The Trustee is hereby directed
to perform its duties and obligations in accordance with this Section 10.01(o).

     (p) The excess, if any, of amounts payable with respect to the REMIC
regular interests held by REMIC I-2 over the amounts payable with respect to the
REMIC I-2 Regular Interests with respect to each Accrual Period shall, solely
for purposes of the REMIC Provisions, be deemed earned by the Master Servicer as
an additional fee, which amount shall be deemed paid by the Master Servicer to
the holders of the Class 1-X Certificates. It is intended that the rights of the
holders of the Class 1-X Certificates to receive such deemed payments ("Class
1-X Shortfalls") shall be treated as rights in respect of an interest rate cap
contract written by the Master Servicer in favor of the holders of the Class 1-X
Certificates and shall be accounted for as property separate and apart from the
REMIC regular interest represented by the Class 1-X Certificates. This provision
is intended to comply with the requirements of Treasury Regulations Section
1.860G-2(i) for the treatment of property rights coupled with regular interests
to be separately respected and shall be interpreted consistently with such
regulation. The holders of the Class 1-X Certificates agree by their acceptance
of such Certificates, that they will take tax reporting positions that allocate
no more than a nominal value to the right to receive deemed payments in respect
of Class 1-X Shortfalls. The Master Servicer and Trustee shall agree to take

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tax reporting positions consistent with the allocations by the holders of the
Class 1-X Certificates of no more than a nominal value to the right to receive
deemed payments in respect of Class 1-X Shortfalls. For information reporting
purposes, it will be assumed that such rights have no value. Each payment deemed
made to the Class 1-X Certificates in respect of Class 1-X Shortfalls shall be
treated for federal income tax purposes or having been paid to the Master
Servicer as an additional servicing fee and then paid by the Master Servicer to
the Holders of the Class 1-X Certificates. The Trustee and Master Servicer agree
and each holder or beneficial owner of a Class 1-X Certificate agrees, by virtue
of its acquisition of such Certificate or beneficial interest, to adopt tax
reporting positions consistent with the payments deemed made to the Class 1-X
Certificates in respect of Class 1-X Shortfalls as payments in respect of
interest rate cap agreements written by the Master Servicer. The Trustee is
hereby directed to perform its duties and obligations in accordance with this
Section 10.01(p).

     The excess, if any, of amounts payable with respect to the REMIC regular
interests held by REMIC II-2 over the amounts payable with respect to the REMIC
II-2 Regular Interests with respect to each Accrual Period shall, solely for
purposes of the REMIC Provisions, be deemed earned by the Master Servicer as an
additional fee, which amount shall be deemed paid by the Master Servicer to the
holders of the Class 2-X Certificates. It is intended that the rights of the
holders of the Class 2-X Certificates to receive such deemed payments ("Class
2-X Shortfalls") shall be treated as rights in respect of an interest rate cap
contract written by the Master Servicer in favor of the holders of the Class 2-X
Certificates and shall be accounted for as property separate and apart from the
REMIC regular interest represented by the Class 2-X Certificates. This provision
is intended to comply with the requirements of Treasury Regulations Section
1.860G-2(i) for the treatment of property rights coupled with regular interests
to be separately respected and shall be interpreted consistently with such
regulation. The holders of the Class 2-X Certificates agree by their acceptance
of such Certificates, that they will take tax reporting positions that allocate
no more than a nominal value to the right to receive deemed payments in respect
of Class 2-X Shortfalls. The Master Servicer and Trustee shall agree to take tax
reporting positions consistent with the allocations by the holders of the Class
2-X Certificates of no more than a nominal value to the right to receive deemed
payments in respect of Class 2-X Shortfalls. For information reporting purposes,
it will be assumed that such rights have no value. Each payment deemed made to
the Class 2-X Certificates in respect of Class 2-X Shortfalls shall be treated
for federal income tax purposes or having been paid to the Master Servicer as an
additional servicing fee and then paid by the Master Servicer to the Holders of
the Class 2-X Certificates. The Trustee and Master Servicer agree and each
holder or beneficial owner of a Class 2-X Certificate agrees, by virtue of its
acquisition of such Certificate or beneficial interest, to adopt tax reporting
positions consistent with the payments deemed made to the Class 2-X Certificates
in respect of Class 2-X Shortfalls as payments in respect of interest rate cap
agreements written by the Master Servicer. The Trustee is hereby directed to
perform its duties and obligations in accordance with this Section 10.01(p).

     (q) Payments in the nature of expenses, reimbursements and indemnifications
made from the Trust Fund shall be allocated and limited to collections or other
recoveries on the related Mortgage Pool or Mortgage Pools (if applicable) and
shall be accounted for in such manner.

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     REMIC I-1: On each Distribution Date, the Trustee shall first pay or charge
as an expense of REMIC I-1 all expenses of the Trust Fund relating to Pool 1 for
such Distribution Date. All payments of principal and interest at the Net
Mortgage Rate on each of the Pool 1 Mortgage Loans received with respect to the
Pool 1 Mortgage Loans (net of payments in the nature of expenses, reimbursements
and indemnifications related to such Mortgage Pool made from the Trust Fund
(which payments shall be limited to collections or other recoveries on such
Mortgage Loans and shall be accounted for in such manner)) shall be paid to the
REMIC I-1 Regular Interests until the principal balance of all such interests
have been reduced to zero and any losses allocated to such interests have been
reimbursed. Any excess amounts shall be distributed to the Class LTI1-R
Interest.

     On each Distribution Date,

               (i) interest shortfalls with respect to the Pool 1 Mortgage Loans
     (other than interest shortfalls attributable to Negative Amortization)
     shall be allocated to the REMIC I-1 Regular Interests pro rata based on the
     principal amounts of such interests immediately prior to such Distribution
     Date;

               (ii) the principal balance of each REMIC I-1 Regular Interest
     shall be increased by the amount of interest accrued thereon (net of
     interest shortfalls allocated thereto pursuant to the immediately preceding
     clause (i));

               (iii) cash received by REMIC I-1 with respect to the Pool 1
     Mortgage Loans shall be distributed to, and losses with respect to the Pool
     1 Mortgage Loans shall be allocated to:

                    first, to the Class LTI1-1M10 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    second, to the Class LTI1-1M9 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    third, to the Class LTI1-1M8 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    fourth, to the Class LTI1-1M7 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    fifth, to the Class LTI1-1M6 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

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                    sixth, to the Class LTI1-1M5 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    seventh, to the Class LTI1-1M4 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    eighth, to the Class LTI1-1M3 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    ninth, to the Class LTI1-1M2 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    tenth, to the Class LTI1-1A4B Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    eleventh, to the Class LTI1-1M1 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    twelfth, to the Class LTI1-1A4A Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    thirteenth, to the Class LTI1-1A3B Interest in reduction of
          its principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    fourteenth, to the Class LTI1-1A2B Interest in reduction of
          its principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    fifteenth, to the Class LTI1-1A3A Interest in reduction of
          its principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    sixteenth, to the Class LTI1-1A2A Interest in reduction of
          its principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    seventeenth, to the Class LTI1-1A1B Interest in reduction of
          its principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

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                    eighteenth, to the Class LTI1-1A1A Interest in reduction of
          its principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;
          and

                    nineteenth, to the Class LTI1-XI Interest in reduction of
          its principal balance so that its principal balance is as close as
          possible to the sum of (x) 50% of the aggregate Scheduled Principal
          Balance of the Pool 1 Mortgage Loans and (y) 50% of the Pool 1
          Overcollateralization Amount.

     If on any Distribution Date there is an increase in the Certificate
Principal Amount of any Pool 1 Certificate as a result of the proviso in the
definition of Certificate Principal Amount, then there shall be a corresponding
increase in the principal amount of the REMIC I-1 Regular Interests allocated as
follows:

     first, to each of the REMIC I-1 Regular Interests (other than the Class
LTI1-XI Interest) so that the principal balance of each such interest is as
close as possible to 50% of the principal balances of its Corresponding Class;
and

     second, to the Class LTI1-XI Interest so that the principal balance of such
interest is as close as possible to the sum of (x) 50% of the aggregate
Scheduled Principal Balance of the Pool 1 Mortgage Loans and (y) 50% of the Pool
1 Overcollateralization Amount.

     REMIC II-1: On each Distribution Date, the Trustee shall first pay or
charge as an expense of REMIC II-1 all expenses of the Trust Fund relating to
Pool 2 for such Distribution Date. All payments of principal and interest at the
Net Mortgage Rate on each of the Pool 2 Mortgage Loans received with respect to
the Pool 2 Mortgage Loans (net of payments in the nature of expenses,
reimbursements and indemnifications related to such Mortgage Pool made from the
Trust Fund (which payments shall be limited to collections or other recoveries
on such Mortgage Loans and shall be accounted for in such manner)) shall be paid
to the REMIC II-1 Regular Interests until the principal balance of all such
interests have been reduced to zero and any losses allocated to such interests
have been reimbursed. Any excess amounts shall be distributed to the Class
LTII1-R Interest.

     On each Distribution Date,

               (i) interest shortfalls with respect to the Pool 2 Mortgage Loans
     (other than interest shortfalls attributable to Negative Amortization)
     shall be allocated to the REMIC II-1 Regular Interests pro rata based on
     the principal amounts of such interests immediately prior to such
     Distribution Date;

               (ii) the principal balance of each REMIC II-1 Regular Interest
     shall be increased by the amount of interest accrued thereon (net of
     interest shortfalls allocated thereto pursuant to the immediately preceding
     clause (i));

               (iii) cash received by REMIC II-1 with respect to the Pool 2
     Mortgage Loans shall be distributed to, and losses with respect to the Pool
     2 Mortgage Loans shall be allocated to:

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                    first, to the Class LTII1-2M7 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    second, to the Class LTII1-2M6 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    third, to the Class LTII1-2M5 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    fourth, to the Class LTII1-2M4 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    fifth, to the Class LTII1-2M3 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    sixth, to the Class LTII1-2M2 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    seventh, to the Class LTII1-2M1 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    eighth, to the Class LTII1-2A1 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;

                    ninth, to the Class LTII1-2A2 Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to 50% of the principal balance of its Corresponding Class;
          and

                    tenth, to the Class LTII1-XII Interest in reduction of its
          principal balance so that its principal balance is as close as
          possible to the sum of (x) 50% of the aggregate Scheduled Principal
          Balance of the Pool 2 Mortgage Loans and (y) 50% of the Pool 2
          Overcollateralization Amount.

     If on any Distribution Date there is an increase in the Certificate
Principal Amount of any Pool 2 Certificate as a result of the proviso in the
definition of Certificate Principal Amount, then there shall be a corresponding
increase in the principal amount of the REMIC II-1 Regular Interests allocated
as follows:

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     first, to each of the REMIC II-1 Regular Interests (other than the Class
LTII1-XII Interest) so that the principal balance of each such interest is as
close as possible to 50% of the principal balances of its Corresponding Class;
and

     second, to the Class LTII1-XII Interest so that the principal balance of
such interest is as close as possible to the sum of (x) 50% of the aggregate
Scheduled Principal Balance of the Pool 2 Mortgage Loans and (y) 50% of the Pool
2 Overcollateralization Amount.

     (r) Notwithstanding the priority and sources of payments set forth in
Article 5 hereof or otherwise, the Trustee shall account for all distributions
with respect to a Class of Certificates in amounts that differ from those
payable pursuant to the regular interest in REMIC I-2 or REMIC II-2
corresponding to such Class as amounts paid or received (as appropriate)
pursuant to the interest rate cap contracts or notional principal contracts
provided for in this Section. In no event shall any such amounts 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.

     None of the Depositor, the Master Servicer or the Trustee shall sell,
dispose of, or substitute for any of the Mortgage Loans, except in a disposition
pursuant to (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the
Trust Fund, (iii) the termination of the REMIC holding such Mortgage Loan
pursuant to Article VII of this Agreement, (iv) a substitution pursuant to
Article II of this Agreement or (v) a repurchase of Mortgage Loans pursuant to
Article II of this Agreement, nor acquire any assets for any REMIC, nor sell or
dispose of any investments in the Certificate Account for gain, nor accept any
contributions to any REMIC after the Closing Date, unless it has received an
Opinion of Counsel (at the expense of the party causing such sale, disposition,
or substitution),a copy of which shall be provided to any NIMS Insurer, 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).

     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 the 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 1-X, Class 2-X or Class R Certificateholder, as applicable,
nor for any such Losses resulting from misinformation provided by the Holder of
such Residual Certificate on which the Trustee has relied. The foregoing shall
not be deemed to limit or restrict the rights and remedies of the Holder of such
Residual Certificate now or hereafter existing at law or in equity.
Notwithstanding the foregoing, however, in no event shall the Trustee have any
liability (1) for any action or omission that is taken in accordance with and in
compliance with the express terms of, or which is expressly permitted by the
terms of, this Agreement or any Servicing Agreement,

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(2) for any Losses other than arising out of a negligent performance by the
Trustee of its duties and obligations set forth herein, and (3) for any special
or consequential damages to Certificateholders (in addition to payment of
principal and interest on the Certificates).

     Section 10.04. REO Property.

     (a) Notwithstanding any other provision of this Agreement, the Master
Servicer, acting on behalf of the Trustee hereunder, shall not, except to the
extent provided in the applicable Servicing Agreement, knowingly permit any
Servicer to, rent, lease, or otherwise earn income 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 such Servicer to advise, the Trustee
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 applicable Servicer (to the extent
provided in the related 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 applicable Servicer 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 Master Servicer, acting
on the Trustee's 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 Master Servicer has not received such an extension and the
Master Servicer or the applicable 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 such 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 such 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 such 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.

                                   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

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agreements, understandings, inducements and conditions, express or implied, oral
or written, of any nature whatsoever with respect to the subject matter hereof.
The express terms hereof control and supersede any course of performance and/or
usage of the trade inconsistent with any of the terms hereof.

     Section 11.03. Amendment.

     (a) This Agreement may be amended from time to time by the Depositor, the
Master Servicer and the Trustee, with the consent of the NIMS Insurer 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 any Servicing Agreement, (iii) to
make any other provisions with respect to matters or questions arising under
this Agreement or (iv) to add, delete, or amend any provisions to the extent
necessary or desirable to comply with any requirements imposed by the Code and
the REMIC Provisions. 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 and the NIMS Insurer shall be provided with an
Opinion of Counsel addressed to the Trustee and the NIMS Insurer (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 and the NIMS
Insurer receive written confirmation from each Rating Agency that such amendment
will not cause such Rating Agency to reduce the then current rating assigned to
the Certificates (and any Opinion of Counsel requested by the Trustee in
connection with any such amendment may rely expressly on such confirmation as
the basis therefor).

     (b) This Agreement may also be amended from time to time by the Depositor,
the Master Servicer, the NIMS Insurer and the Trustee with the consent of the
Holders of not less than 66 2/3% of the Class Principal Amount or Class Notional
Amount (or Percentage Interest) of each Class of Certificates affected thereby
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Holders; provided, however, that no such amendment
shall be made unless the Trustee 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 Class Notional Amount (or Percentage
Interest) of each Class of Certificates affected thereby. For purposes of this
paragraph, references to "Holder" or "Holders" shall be deemed to include, in
the case of any Class of Book-Entry Certificates, the related Certificate
Owners.

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     (c) Promptly after the execution of any such amendment, the Trustee shall
furnish written notification of the substance of such amendment to each Holder,
the NIMS Insurer, the Depositor and to the Rating Agencies.

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

     (e) Notwithstanding anything to the contrary in any Servicing Agreement,
the Trustee shall not consent to any amendment of any Servicing Agreement unless
(i) such amendment is effected pursuant to the standards provided in this
Section with respect to amendment of this Agreement and (ii) except for a
Permitted Servicing Amendment, any such amendment pursuant to Section
11.03(a)(iii) shall not be materially inconsistent with the provisions of such
Servicing Agreement.

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

     Section 11.04. Voting Rights.

     Except to the extent that the consent of all affected Certificateholders is
required pursuant to this Agreement, with respect to any provision of this
Agreement requiring the consent of Certificateholders representing specified
percentages of aggregate outstanding Certificate Principal Amount or Class
Notional Amount (or Percentage Interest), Certificates owned by the Depositor,
the Master Servicer, the Trustee, the Servicer or Affiliates thereof are not to
be counted so long as such Certificates are owned by the Depositor, the Master
Servicer, the Trustee, any Servicer 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, 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
Trustee in providing such information shall be reimbursed by the Depositor.

     (b) The Trustee shall make available to any person to whom a Prospectus was
delivered, upon the request of such person specifying the document or documents
requested, (i) a copy (excluding exhibits) of any report on Form 8-K, Form 10-D
or Form 10-K filed with the Commission pursuant to Section 6.20(c), (d) or (e)
and (ii) a copy of any other document incorporated by reference in the
Prospectus (to the extent that the Trustee has such documents in

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its possession or such documents are reasonably obtainable 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.

     (c) On each Distribution Date, the Trustee shall make available on its
website or otherwise deliver to the Depositor 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, New York 10019, Attention: Mortgage Finance, LXS 2006-10N, (b)
in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh Avenue,
7th Floor, New York, New York 10019, Attention: Mortgage Finance, LXS 2006-10N,
(c) in the case of the Trustee, U.S. Bank National Association, One Federal
Street, Boston, M.A. 02110, Attention: Corporate Trust Services, (d) in the case
of the NIMS Insurer, if any, as set forth in the Indenture, and (e) in the case
of the Master Servicer, Aurora Loan Services LLC, 327 Inverness Drive South,
Englewood, Colorado 80112; Attention: Master Servicing, LXS 2006-10N 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.

     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

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partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any other right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege with respect to
any occurrence be construed as a waiver of such right, remedy, power or
privilege with respect to any other occurrence. No waiver shall be effective
unless it is in writing and is signed by the party asserted to have granted such
waiver.

     Section 11.10. Headings Not To Affect Interpretation.

     The headings contained in this Agreement are for convenience of reference
only, and they shall not be used in the interpretation hereof.

     Section 11.11. Benefits of Agreement.

     Nothing in this Agreement or in the Certificates, express or implied, shall
give to any Person, other than the parties to this Agreement and their
successors hereunder, the Holders of the Certificates, any benefit or any legal
or equitable right, power, remedy or claim under this Agreement, except to the
extent specified in Section 5.08 and in Section 11.15.

     Section 11.12. Special Notices to the Rating Agencies and NIMS Insurer.

     (a) The Depositor shall give prompt notice to the Rating Agencies and the
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;

               (vi) the making of a final payment pursuant to Section 7.02; and

               (vii) any termination of the rights and obligations of any
     Servicer under any 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 Moody's, to:

     Moody's Investors Service, Inc.
     99 Church Street
     New York, New York 10007

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     Attention: Residential Mortgages

     If to S&P, to:

     Standard & Poor's Ratings Services, a division of The McGraw-Hill
     Companies, Inc.
     55 Water Street
     New York, New York 10014
     Attention: Residential Mortgages

     (c) The Trustee shall provide or make available to the Rating Agencies and
the NIMS Insurer 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
any Servicing Agreement, such Servicing Agreement shall govern unless such
provisions shall adversely affect the Trustee, the Trust Fund or the status of
any REMIC created hereunder as a REMIC, provided that nothing in this Section
11.13 shall be construed to limit the rights or obligations of the Master
Servicer under Section 9.05 of this Agreement.

     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.

     Section 11.15. Transfer of Servicing.

     The Seller agrees that it shall provide written notice to the Master
Servicer, the NIMS Insurer and the Trustee thirty days prior to any proposed
transfer or assignment by the Seller of its rights under any Servicing Agreement
or of the servicing thereunder from time to time with respect to any Mortgage
Loan or group of Mortgage Loans, or delegation of its rights or duties
thereunder or any portion thereof to any other Person other than the initial
Servicer under such Servicing Agreement; provided, however, that the Seller
shall not be required to provide prior notice of any transfer of servicing that
occurs within three months following the Closing Date to an entity that is a
Servicer on the Closing Date. In addition, the ability of the Seller to transfer
or assign its rights and delegate its duties under a Servicing Agreement or to
transfer the servicing thereunder, from time to time with respect to any
Mortgage Loan or group of Mortgage Loans, to a successor servicer shall be
subject to the following conditions:

               (i) Satisfaction of the conditions to such transfer as set forth
     in the Servicing Agreement including, without limitation, receipt of
     written consent of the Master Servicer to such transfer;

               (ii) Receipt of the written consent of the NIMS Insurer, such
     consent not to be unreasonably withheld;

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               (iii) 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;

               (iv) Such successor servicer must satisfy the seller/servicer
     eligibility standards in the applicable Servicing Agreement, exclusive of
     any experience in mortgage loan origination and must be reasonably
     acceptable to the Master Servicer, whose approval shall not be unreasonably
     withheld;

               (v) Such successor servicer must execute and deliver to the
     Trustee and the Master Servicer an agreement, in form and substance
     reasonably satisfactory to the Trustee and the Master Servicer, that
     contains an assumption by such successor servicer of the due and punctual
     performance and observance of each covenant and condition to be performed
     and observed by the applicable Servicer under the related Servicing
     Agreement or such successor servicer shall execute and deliver to the
     Trustee and Master Servicer a servicing agreement which contains customary
     and reasonable servicing provisions and which will not cause either Rating
     Agency to qualify, withdraw or downgrade the then-current rating of any of
     the Certificates or, (i) in the case of a transfer of servicing to a party
     that is already a Servicer pursuant to this Agreement, an agreement to add
     the related Mortgage Loans to the Servicing Agreement already in effect
     with such Servicer and (ii) in the case of a transfer of servicing to a
     Special Servicer pursuant to Section 9.32 herein, a special servicing
     agreement in the form of that attached to the applicable Servicing
     Agreement;

               (vi) If the successor servicer is not a Servicer of Mortgage
     Loans at the time of the transfer, 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

               (vii) The Seller shall, at its cost and expense, take such steps,
     or cause the transferring Servicer to take such steps, as may be necessary
     or appropriate to effectuate and evidence the transfer of the servicing of
     the specified Mortgage Loans to such successor or replacement 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
     or replacement 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 or replacement 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 or replacement
     servicer, or, if such transfer occurs after a Servicer Remittance Date but
     before the next succeeding Deposit Date, to the Trustee, 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

                                       183

<PAGE>

     the transfer of servicing to the successor or replacement servicer,
     continue to forward to such successor or replacement 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 or replacement
     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 or replacement
     servicer, continue to cooperate with the successor or replacement servicer
     to facilitate such transfer in such manner and to such extent as the
     successor or replacement 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 applicable Servicing Agreement.

     Section 11.16. Third Party Rights.

     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 have the
right to enforce the provisions of this Agreement.

                      [SIGNATURE PAGE IMMEDIATELY FOLLOWS]

                                       184

<PAGE>

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

                                          STRUCTURED ASSET SECURITIES
                                             CORPORATION, as Depositor

                                          By:
                                              ----------------------------------
                                              Name: Michael C. Hitzmann
                                              Title: Senior Vice President

                                          U.S. BANK NATIONAL ASSOCIATION, not in
                                             its individual capacity, but solely
                                             as Trustee

                                          By:
                                              ----------------------------------
                                              Name: Maryellen Hunter
                                              Title: Assistant Vice President

                                          AURORA LOAN SERVICES LLC,
                                             as Master Servicer

                                          By:
                                              ----------------------------------
                                              Name: Jerald W. Dreyer
                                              Title: Vice President

Solely for purposes of Section 11.15, accepted and agreed to by:

LEHMAN BROTHERS HOLDINGS INC.

By:
    ------------------------------------
    Name: Ellen Kiernan
    Title: Authorized Signatory

<PAGE>

                                    EXHIBIT A

                              FORMS OF CERTIFICATES

                             [Intentionally Omitted]

                                       A-1

<PAGE>

                                   EXHIBIT B-1

                          FORM OF INITIAL CERTIFICATION

                                                        Date

U.S. Bank National Association
1 Federal Street
Boston, M.A. 02110
Attention: Corporate Trust Services

Aurora Loan Services LLC, as Master Servicer
327 Inverness Drive South
Englewood, Colorado 80112

Structured Asset Securities Corporation, as Depositor
745 Seventh Avenue, 7th Floor
New York, New York 10019
Attention: Mortgage Finance, LXS 2006-10N

[NIMS Insurer, if applicable]

     Re:  Trust Agreement dated as of June 1, 2006 (the "Trust Agreement"), by
          and among Structured Asset Securities Corporation, as Depositor,
          Aurora Loan Services LLC, as Master Servicer and U.S. Bank National
          Association, as Trustee with respect to Lehman XS Trust Mortgage
          Pass-Through Certificates, Series 2006-10N

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

<PAGE>

                                   EXHIBIT B-2

                          FORM OF INTERIM CERTIFICATION

                                                        Date

U.S. Bank National Association
1 Federal Street
Boston, M.A. 02110
Attention: Corporate Trust Services

Aurora Loan Services LLC, as Master Servicer
327 Inverness Drive South
Englewood, Colorado 80112

Structured Asset Securities Corporation, as Depositor
745 Seventh Avenue, 7th Floor
New York, New York 10019
Attention: Mortgage Finance, LXS 2006-10N

[NIMS Insurer, if applicable]

     Re:  Trust Agreement dated as of June 1, 2006 (the "Trust Agreement"), by
          and among Structured Asset Securities Corporation, as Depositor,
          Aurora Loan Services LLC, as Master Servicer and U.S. Bank National
          Association, as Trustee with respect to Lehman XS Trust Mortgage
          Pass-Through Certificates, Series 2006-10N

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 (or its custodian) has received the applicable documents
listed in Section 2.01(b) of the Trust Agreement.

     The undersigned hereby certifies that as to each Mortgage Loan identified
on the Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
hereto, it has reviewed the documents listed 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

<PAGE>

                                   EXHIBIT B-3

                           FORM OF FINAL CERTIFICATION

                                                        Date

U.S. Bank National Association
1 Federal Street
Boston, M.A. 02110
Attention: Corporate Trust Services

Aurora Loan Services LLC, as Master Servicer
327 Inverness Drive South
Englewood, Colorado 80112

Structured Asset Securities Corporation, as Depositor
745 Seventh Avenue, 7th Floor
New York, New York 10019
Attention: Mortgage Finance, LXS 2006-10N

[NIMS Insurer, if applicable]

     Re:  Trust Agreement dated as of June 1, 2006 (the "Trust Agreement"), by
          and among Structured Asset Securities Corporation, as Depositor,
          Aurora Loan Services LLC, as Master Servicer and U.S. Bank National
          Association, as Trustee with respect to Lehman XS Trust Mortgage
          Pass-Through Certificates, Series 2006-10N

Ladies and Gentlemen:

     In accordance with Section 2.02(d) of the Trust Agreement, the undersigned,
as Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in
full or listed on Schedule I hereto) it (or its custodian) has received the
applicable documents listed in Section 2.01(b) of the Trust Agreement.

     The undersigned hereby certifies that as to each Mortgage Loan identified
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 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

<PAGE>

                                   EXHIBIT B-4

                               FORM OF ENDORSEMENT

Pay to the order of U.S. Bank National Association, as trustee (the "Trustee"),
under a Trust Agreement dated as of June 1, 2006, among Structured Asset
Securities Corporation, as depositor, Aurora Loan Services LLC, as master
servicer, and the Trustee, relating to Lehman XS Trust Mortgage Pass-Through
Certificates, Series 2006-10N, without recourse.

                                          --------------------------------------
                                          [current signatory on note]

                                          By:
                                              ----------------------------------
                                          Name:
                                          Title:

                                      B-4-1

<PAGE>

                                    EXHIBIT C

                  REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT

                                                        Date

[Addressed to Trustee
or, if applicable, Custodian]

     In connection with the administration of the mortgages held by you as
Trustee under a certain Trust Agreement dated as of June 1, 2006 by and among
Structured Asset Securities Corporation, as Depositor, U.S. Bank National
Association, as Trustee, and Aurora Loan Services LLC, as Master Servicer (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
applicable 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

<PAGE>

     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

<PAGE>

                                   EXHIBIT D 1

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

STATE OF  )
          ) ss.:
COUNTY OF )

     [NAME OF OFFICER], _________________ being first duly sworn, deposes and
says:

     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 is not, and on _______________ [date of transfer]
          will not be, an employee benefit plan or other arrangement subject to
          Title I of the Employee Retirement Income Security Act of 1974, as
          amended ("ERISA"), a plan subject to Section 4975 of the Internal
          Revenue Code of 1986, as amended (the "Code") or a plan subject to any
          provisions under any federal, state, local, non-U.S. or other laws or
          regulations that are substantively similar to the foregoing provisions
          of ERISA or the Code (collectively, a "Plan"), and is not directly or
          indirectly acquiring a Residual Certificate for, on behalf of or with
          any assets of any such Plan.

                                      D-1-1

<PAGE>

     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, Aurora Loan Services LLC, as
          Master Servicer, and U.S. Bank National Association, as Trustee, dated
          as of June 1, 2006, relating to Lehman XS Trust Mortgage Pass-Through
          Certificates, Series 2006-10N, no transfer of the Residual
          Certificates 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, and
          that the Purchaser has provided financial statements or other
          financial information requested by the transferor in connection with
          the transfer of the Residual Certificate in order to permit the
          transferor to assess the financial capability of the Purchaser to pay
          such taxes.

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

                                      D-1-2

<PAGE>

          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.

     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

<PAGE>

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

                                        ----------------------------------------
                                        [name of Purchaser]

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

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

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

NOTARY PUBLIC

COUNTY OF _____________________

STATE OF ______________________

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

                                      D-1-4

<PAGE>

                                   EXHIBIT D 2

              RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

                                        ___________________________________
                                        Date

     Re:  Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-10N

          _______________________ (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

<PAGE>

                                    EXHIBIT E

                              SERVICING AGREEMENTS

                         See Exhibits 99.2 through 99.16

                                       E-1

<PAGE>

                                    EXHIBIT F

                     FORM OF RULE 144A TRANSFER CERTIFICATE

     Re:  Lehman XS Trust Mortgage Pass Through Certificates, Series 2006-10N

     Reference is hereby made to the Trust Agreement dated as of June 1, 2006
(the "Trust Agreement") by and among Structured Asset Securities Corporation, as
Depositor, Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National
Association, as Trustee. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust Agreement.

     This letter relates to $__________ initial Certificate 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 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 Depositor.

                                        ----------------------------------------
                                        [Name of Transferor]

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

Dated:
       ---------, ----

                                       F-1

<PAGE>

                                    EXHIBIT G

                         FORM OF PURCHASER'S LETTER FOR
                        INSTITUTIONAL ACCREDITED INVESTOR

                                                              Date

Dear Sirs:

     In connection with our proposed purchase of $______________ principal
amount of Lehman XS Trust Mortgage Pass Through Certificates, Series 2006-10N
(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 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 June 1, 2006 by and among the Depositor, Aurora
          Loan Services LLC, as Master Servicer, and U.S. Bank National
          Association, as Trustee (the "Trustee"), a signed letter in the form
          of this letter; and we further agree, in the capacities stated above,
          to provide to any person purchasing any of the Privately Offered
          Certificates from us a notice advising such purchaser that resales of
          the Privately Offered Certificates are restricted as stated herein.

     (2)  We understand that, in connection with any proposed resale of any
          Privately Offered Certificates to an Institutional Accredited
          Investor, we will be required to furnish to the Trustee and the
          Depositor a certification from such transferee in the form hereof to
          confirm that the proposed sale is being made pursuant to an exemption
          from, or in a transaction not subject to, the registration
          requirements of the Securities Act. We further understand that the
          Privately Offered Certificates purchased by us will bear a legend to
          the foregoing effect.

     (3)  We are acquiring the Privately Offered Certificates for investment
          purposes and not with a view to, or for offer or sale in connection
          with, any distribution in

                                       G-1

<PAGE>

          violation of the Securities Act. We have such knowledge and experience
          in financial and business matters as to be capable of evaluating the
          merits and risks of our investment in the Privately Offered
          Certificates, and we and any account for which we are acting are each
          able to bear the economic risk of such investment.

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

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

     (6)  If we are acquiring an ERISA-Restricted Certificate, we are not a Plan
          and we are not acquiring the ERISA-Restricted Certificate for, on
          behalf of or with any assets of a Plan, except as may be permitted
          pursuant to Section 3.03(d) of the Trust Agreement.

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

                                       G-2

<PAGE>

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

<PAGE>

                                    EXHIBIT H

                        FORM OF ERISA TRANSFER AFFIDAVIT

STATE OF NEW YORK  )
                   ) ss.:
COUNTY OF NEW YORK )

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

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

     2. The Investor in an ERISA-Restricted Certificate (A) is not, and on
_______________ [date of transfer] will not be, an employee benefit plan or
arrangement subject to Title I of the Employee Retirement Income Security Act of
1974, as amended ("ERISA"), a plan subject to Section 4975 of the Internal
Revenue Code of 1986, as amended (the "Code") or a plan subject to any
provisions under any federal, state, local, non-U.S. or other laws or
regulations that are substantively similar to the foregoing provisions of ERISA
or the Code ("Similar Law") (collectively, a "Plan"), and is not directly or
indirectly acquiring the Certificate for, on behalf of or with any assets of any
such Plan, (B) if the Certificate has been the subject of an ERISA-Qualifying
Underwriting, is an insurance company that is acquiring the Certificate with
assets of an "insurance company general account" as defined in Section V(E) of
Prohibited Transaction Class Exemption ("PTCE") 95-60 and the acquisition and
holding of the Certificate are covered and exempt under Sections I and III of
PTCE 95-60, or (C) solely in the case of a Definitive Certificate, shall
herewith deliver an Opinion of Counsel satisfactory to the Certificate
Registrar, the Trustee and the Depositor, and upon which the Trustee, the
Certificate Registrar and the Depositor shall be entitled to rely, to the effect
that the acquisition and holding of such Certificate by the Investor will not
result in a nonexempt prohibited transaction under Title I of ERISA or Section
4975 of the Code, or a violation of Similar Law, and will not subject the
Trustee, the Master Servicer, the Certificate Registrar, any Servicer or the
Depositor to any obligation in addition to those undertaken by such entities in
the Trust Agreement, which Opinion of Counsel shall not be an expense of the
Trustee, the Master Servicer, the Certificate Registrar, any Servicer or the
Depositor.

     3. The Investor hereby acknowledges that under the terms of the Trust
Agreement (the "Agreement") by and among Structured Asset Securities
Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer, and
U.S. Bank National Association, as Trustee, dated as of June 1, 2006, regarding
Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-10N, no transfer
of the ERISA-Restricted Certificates shall be permitted to be made to any person
unless the Depositor and Trustee have received a certificate from such
transferee in the form hereof.

                                       H-1

<PAGE>

     IN WITNESS WHEREOF, the Investor has caused this instrument to be executed
on its behalf, pursuant to proper authority, by its duly authorized officer,
duly attested, this ____ day of _______________, 20___.

                                        ---------------------------------
                                        [Investor]

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

ATTEST:

STATE OF  )
          ) ss:
COUNTY OF )

     Personally appeared before me the above-named ________________, known or
proved to me to be the same person who executed the foregoing instrument and to
be the ____________________ of the Investor, and acknowledged that he executed
the same as his free act and deed and the free act and deed of the Investor.

     Subscribed and sworn before me this _____ day of _________ 20___.

                                        ----------------------------------------
                                        NOTARY PUBLIC

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

                                       H-2

<PAGE>

                                    EXHIBIT I

                                   [RESERVED]

                                       I-1

<PAGE>

                                    EXHIBIT J

                                   [RESERVED]

                                       J-1

<PAGE>

                                    EXHIBIT K

                               CUSTODIAL AGREEMENT

                             [Intentionally Omitted]

                                       K-1

<PAGE>

                                    EXHIBIT L

                                   [RESERVED]

                                       L-1

<PAGE>

                                    EXHIBIT M

                                   [RESERVED]

                                       M-1

<PAGE>

                                    EXHIBIT N

                              FORM OF CAP AGREEMENT

                                See Exhibit 99.17

                                       N-1

<PAGE>

                                    EXHIBIT O

                                   [RESERVED]

                                       O-1

<PAGE>

                                    EXHIBIT P

                                   [RESERVED]

                                       P-1

<PAGE>

                                   EXHIBIT Q-1

                         ADDITIONAL FORM 10-D DISCLOSURE

          ITEM ON FORM 10-D                         PARTY RESPONSIBLE
--------------------------------------------------------------------------------
Item 1: Distribution and Pool           Master Servicer (as to any Servicer, to
Performance Information                 the extent provided by such Servicer),
                                        Trustee (if Paying Agent) and Paying
                                        Agent

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

Item 2: Legal Proceedings               (i) All parties to the Trust Agreement
per Item 1117 of Reg AB                 (as to themselves), (ii) the Trustee as
                                        to the issuing entity, (iii) the
                                        Depositor as to the sponsor, any 1110(b)
                                        originator, any 1100(d)(1) party and
                                        (iv) the Master Servicer, as to any
                                        Servicer, to the extent provided by such
                                        Servicer

Item 3: Sale of Securities and Use of   Depositor
Proceeds

Item 4: Defaults Upon Senior            Trustee
Securities

Item 5: Submission of Matters to a      Trustee
Vote of Security Holders

Item 6: Significant Obligors of Pool    Depositor
Assets

Item 7: Significant Enhancement         Depositor
Provider Information

Item 8: Other Information               Any party responsible for disclosure
                                        items on Form 8-K

Item 9: Exhibits                        Depositor and Master Servicer (on behalf
                                        of any Servicer or on its own behalf if
                                        acting as a Servicer)

                                      Q-1-1

<PAGE>

                                   EXHIBIT Q-2

                         ADDITIONAL FORM 10-K DISCLOSURE

          ITEM ON FORM 10-K                         PARTY RESPONSIBLE
--------------------------------------------------------------------------------
Item 1B: Unresolved Staff Comments      Depositor

Item 9B: Other Information              Any party responsible for disclosure
                                        items on Form 8-K

Item 15: Exhibits, Financial            Depositor, Servicer, Master Servicer,
Statement Schedules                     Subservicer

Additional Item:                        (i) All parties to the Trust Agreement
Disclosure per Item 1117 of Reg AB      (as to themselves), (ii) the Trustee as
                                        to the issuing entity, (iii) the
                                        Depositor as to the sponsor, any 1110(b)
                                        originator, any 1100(d)(1) party and
                                        (iv) the Master Servicer, as to any
                                        Servicer, to the extent provided by such
                                        Servicer

Additional Item:                        (i) All parties to the Trust Agreement
Disclosure per Item 1119 of Reg AB      as to themselves, (ii) the Depositor as
                                        to he sponsor, originator, significant
                                        obligor, enhancement or support provider
                                        and (iii) the Master Servicer, as to any
                                        Servicer, to the extent provided by such
                                        Servicer

Additional Item:
Disclosure per Item 1112(b) of Reg AB   Depositor

Additional Item:                        Depositor
Disclosure per Items 1114(b) and
1115(b) of Reg AB

                                      Q-2-1

<PAGE>

                                   EXHIBIT Q-3

                         ADDITIONAL FORM 8-K DISCLOSURE

           ITEM ON FORM 8-K                           PARTY RESPONSIBLE
--------------------------------------------------------------------------------
Item 1.01- Entry into a Material        Any party to the Trust Agreement which
Definitive Agreement                    is a party to such agreement

Item 1.02- Termination of a Material    Any party to the Trust Agreement which
Definitive Agreement                    is a party to such agreement

Item 1.03- Bankruptcy or Receivership   Depositor

Item 2.04- Triggering Events that       Depositor
Accelerate or Increase a Direct
Financial Obligation or an Obligation
under an Off-Balance Sheet
Arrangement

Item 3.03- Material Modification to     Trustee and Depositor
Rights of Security Holders

Item 5.03- Amendments of Articles of    Depositor
Incorporation or Bylaws; Change of
Fiscal Year

Item 6.01- ABS Informational and        Depositor
Computational Material

Item 6.02- Change of Servicer or        Master Servicer (as to itself and as to
Trustee                                 any Servicer, to the extent provided by
                                        such Servicer), Trustee, Seller

Item 6.03- Change in Credit             Depositor
Enhancement or External Support

Item 6.04- Failure to Make a Required   Trustee
Distribution

Item 6.05- Securities Act Updating      Depositor
Disclosure

Item 7.01- Reg FD Disclosure            Depositor

Item 8.01                               Depositor

Item 9.01                               Depositor

                                      Q-3-1

<PAGE>

                                   EXHIBIT Q-4

                       ADDITIONAL DISCLOSURE NOTIFICATION

U.S. Bank National Association,
as Trustee to Lehman XS Trust Mortgage
Pass-Through Certificates, Series 2006-10N
One Federal Street
3rd Floor
Boston, Massachusetts 02110

RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required

Ladies and Gentlemen:

In accordance with Section [________] of the Trust Agreement, dated as of
February 1, 2006, by and among Structured Asset Securities Corporation, as
Depositor, Aurora Loan Services LLC, as Master Servicer, 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:

                                      Q-4-1

<PAGE>

                                    EXHIBIT R

                       SERVICING CRITERIA TO BE ADDRESSED
                           IN ASSESSMENT OF COMPLIANCE

KEY: X - obligation

WHERE THERE ARE MULTIPLE CHECKS FOR CRITERIA THE ATTESTING PARTY WILL IDENTIFY
IN THEIR MANAGEMENT ASSERTION THAT THEY ARE ATTESTING ONLY TO THE PORTION OF THE
DISTRIBUTION CHAIN THEY ARE RESPONSIBLE FOR IN THE RELATED TRANSACTION
AGREEMENTS. CAPITALIZED TERMS USED HEREIN BUT NOT DEFINED HEREIN SHALL HAVE THE
MEANINGS ASSIGNED TO THEM IN THE TRUST AGREEMENT DATED AS OF JUNE 1, 2006 (THE
"TRUST AGREEMENT"), BY AND AMONG U.S. BANK NATIONAL ASSOCIATION, (THE
"TRUSTEE"), AURORA LOAN SERVICES LLC, AS MASTER SERVICER (THE "MASTER
SERVICER"), AND STRUCTURED ASSET SECURITIES CORPORATION, AS DEPOSITOR (THE
"DEPOSITOR").

<TABLE>
<CAPTION>
                                                                     PAYING AGENT
                                                                     (INCLUDING
                                                                     THE TRUSTEE
                                                                     IF ACTING AS
     REG AB                                                            PAYING
    REFERENCE                    SERVICING CRITERIA                     AGENT)        TRUSTEE       MASTER SERVICER
---------------------------------------------------------------------------------------------------------------------
<S>                <C>                                              <C>             <C>             <C>
                   GENERAL SERVICING CONSIDERATIONS
1122(d)(1)(i)      Policies and procedures are instituted to                                                X
                   monitor any performance or other triggers and
                   events of default in accordance with the
                   transaction agreements.

1122(d)(1)(ii)     If any material servicing activities are         IF APPLICABLE   IF APPLICABLE   IF APPLICABLE FOR
                   outsourced to third parties, policies and           FOR THE         FOR THE       THE TRANSACTION
                   procedures are instituted to monitor the          TRANSACTION     TRANSACTION       PARTICIPANT
                   third party's performance and compliance with     PARTICIPANT     PARTICIPANT
                   such servicing activities.

1122(d)(1)(iii)    Any requirements in the transaction                                                      X
                   agreements to maintain a back-up servicer for
                   the pool assets are maintained.

1122(d)(1)(iv)     A fidelity bond and errors and omissions                                                 X
                   policy is in effect on the party
                   participating in the servicing function
                   throughout the reporting period in the amount
                   of coverage required by and otherwise in
                   accordance with the terms of the transaction
                   agreements.

                   CASH COLLECTION AND ADMINISTRATION

1122(d)(2)(i)      Payments on pool assets are deposited into
                   the appropriate custodial bank accounts and            X                                 X
                   related bank clearing accounts no more than
                   two business days following receipt, or such
                   other
</TABLE>

                              R-1

<PAGE>

<TABLE>
<CAPTION>
                                                                     PAYING AGENT
                                                                     (INCLUDING
                                                                     THE TRUSTEE
                                                                     IF ACTING AS
     REG AB                                                            PAYING
    REFERENCE                    SERVICING CRITERIA                     AGENT)        TRUSTEE       MASTER SERVICER
---------------------------------------------------------------------------------------------------------------------
<S>                <C>                                                    <C>             <C>               <C>
                   number of days specified in the transaction
                   agreements.

1122(d)(2)(ii)     Disbursements made via wire transfer on                X                                 X
                   behalf of an obligor or to an investor are
                   made only by authorized personnel.

1122(d)(2)(iii)    Advances of funds or guarantees regarding                                                X
                   collections, cash flows or distributions, and
                   any interest or other fees charged for such
                   advances, are made, reviewed and approved as
                   specified in the transaction agreements.

1122(d)(2)(iv)     The related accounts for the transaction,              X               X                 X
                   such as cash reserve accounts or accounts
                   established as a form of over
                   collateralization, are separately maintained
                   (e.g., with respect to commingling of cash)
                   as set forth in the transaction agreements.

1122(d)(2)(v)      Each custodial account is maintained at a                                                X
                   federally insured depository institution as
                   set forth in the transaction agreements. For
                   purposes of this criterion, "federally
                   insured depository institution" with respect
                   to a foreign financial institution means a
                   foreign financial institution that meets the
                   requirements of Rule 13k-1(b)(1) of the
                   Securities Exchange Act.

1122(d)(2)(vi)     Unissued checks are safeguarded so as to               X                                 X
                   prevent unauthorized access.

1122(d)(2)(vii)    Reconciliations are prepared on a monthly              X                                 X
                   basis for all asset-backed securities related
                   bank accounts, including custodial accounts
                   and related bank clearing accounts. These
                   reconciliations are (A) mathematically
                   accurate; (B) prepared within 30 calendar
                   days after the bank statement cutoff date, or
                   such other number of days specified in the
                   transaction agreements; (C) reviewed and
                   approved by someone other than the person who
                   prepared the reconciliation; and (D) contain
                   explanations for reconciling items. These
                   reconciling items are resolved within 90
                   calendar days of their original
                   identification, or such other number of days
                   specified in the transaction agreements.

                   INVESTOR REMITTANCES AND REPORTING

1122(d)(3)(i)      Reports to investors, including those to be                            X                 X
                   filed with the Commission, are maintained in
                   accordance with the
</TABLE>

                              R-2

<PAGE>

<TABLE>
<CAPTION>
                                                                     PAYING AGENT
                                                                     (INCLUDING
                                                                     THE TRUSTEE
                                                                     IF ACTING AS
     REG AB                                                            PAYING
    REFERENCE                    SERVICING CRITERIA                     AGENT)        TRUSTEE       MASTER SERVICER
---------------------------------------------------------------------------------------------------------------------
<S>                <C>                                                    <C>             <C>               <C>
                   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.

1122(d)(3)(ii)     Amounts due to investors are allocated and                             X                 X
                   remitted in accordance with timeframes,
                   distribution priority and other terms set
                   forth in the transaction agreements.

1122(d)(3)(iii)    Disbursements made to an investor are posted           X                                 X
                   within two business days to the Servicer's
                   investor records, or such other number of
                   days specified in the transaction agreements.

1122(d)(3)(iv)     Amounts remitted to investors per the                  X                                 X
                   investor reports agree with cancelled checks,
                   or other form of payment, or custodial bank
                   statements.

                   POOL ASSET ADMINISTRATION

1122(d)(4)(i)      Collateral or security on pool assets is
                   maintained as required by the transaction
                   agreements or related pool asset documents.

1122(d)(4)(ii)     Pool assets and related documents are
                   safeguarded as required by the transaction
                   agreements

1122(d)(4)(iii)    Any additions, removals or substitutions to                            X
                   the asset pool are made, reviewed and
                   approved in accordance with any conditions or
                   requirements in the transaction agreements.

1122(d)(4)(iv)     Payments on pool assets, including any
                   payoffs, made in accordance with the related
                   pool asset documents are posted to the
                   Servicer's obligor records maintained no more
                   than two business days after receipt, or such
                   other number of days specified in the
                   transaction agreements, and allocated to
                   principal, interest or other items (e.g.,
                   escrow) in accordance with the related pool
                   asset documents.

1122(d)(4)(v)      The Servicer's records regarding the
</TABLE>

                              R-3

<PAGE>

<TABLE>
<CAPTION>
                                                                     PAYING AGENT
                                                                     (INCLUDING
                                                                     THE TRUSTEE
                                                                     IF ACTING AS
     REG AB                                                            PAYING
    REFERENCE                    SERVICING CRITERIA                     AGENT)        TRUSTEE       MASTER SERVICER
---------------------------------------------------------------------------------------------------------------------
<S>                <C>                                               <C>            <C>                     <C>
                   pool assets agree with the Servicer's records
                   with respect to an obligor's unpaid principal
                   balance.

1122(d)(4)(vi)     Changes with respect to the terms or status                                              X
                   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.

1122(d)(4)(vii)    Loss mitigation or recovery actions (e.g.,                                               X
                   forbearance plans, modifications and deeds in
                   lieu of foreclosure, foreclosures and
                   repossessions, as applicable) are initiated,
                   conducted and concluded in accordance with
                   the timeframes or other requirements
                   established by the transaction agreements.

1122(d)(4)(viii)   Records documenting collection efforts are
                   maintained during the period a pool asset is
                   delinquent in accordance with the transaction
                   agreements. Such records are maintained on at
                   least a monthly basis, or such other period
                   specified in the transaction agreements, and
                   describe the entity's activities in
                   monitoring delinquent pool assets including,
                   for example, phone calls, letters and payment
                   rescheduling plans in cases where delinquency
                   is deemed temporary (e.g., illness or
                   unemployment).

1122(d)(4)(ix)     Adjustments to interest rates or rates of
                   return for pool assets with variable rates
                   are computed based on the related pool asset
                   documents.

1122(d)(4)(x)      Regarding any funds held in trust for an
                   obligor (such as escrow accounts): (A) such
                   funds are analyzed, in accordance with the
                   obligor's pool asset documents, on at least
                   an annual basis, or such other period
                   specified in the transaction agreements; (B)
                   interest on such funds is paid, or credited,
                   to obligors in accordance with applicable
                   pool asset documents and state laws; and (C)
                   such funds are returned to the obligor within
                   30 calendar days of full repayment of the
                   related pool assets, or such other number of
                   days specified in the transaction agreements.

1122(d)(4)(xi)     Payments made on behalf of an obligor (such
                   as tax or insurance payments) are
</TABLE>

                              R-4

<PAGE>

<TABLE>
<CAPTION>
                                                                     PAYING AGENT
                                                                     (INCLUDING
                                                                     THE TRUSTEE
                                                                     IF ACTING AS
     REG AB                                                            PAYING
    REFERENCE                    SERVICING CRITERIA                     AGENT)        TRUSTEE       MASTER SERVICER
---------------------------------------------------------------------------------------------------------------------
<S>                <C>                                               <C>                  <C>               <C>
                   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                                             X
                   accounts are recognized and recorded in
                   accordance with the transaction agreements.

1122(d)(4)(xv)     Any external enhancement or other support,                             X
                   identified in Item 1114(a)(1) through (3) or
                   Item 1115 of Regulation AB, is maintained as
                   set forth in the transaction agreements.
---------------------------------------------------------------------------------------------------------------------
</TABLE>

                              R-5

<PAGE>

                                    EXHIBIT S

                               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

SERVICER(S): AURORA LOAN SERVICES LLC, BANK OF AMERICA, NATIONAL ASSOCIATION,
COUNTRYWIDE HOME LOANS SERVICING LP, GMAC MORTGAGE CORPORATION, INDYMAC BANK,
F.S.B, SUNTRUST MORTGAGE, INC. AND WELLS FARGO BANK, N.A.

ORIGINATOR(S): AURORA LOAN SERVICES LLC, BANK OF AMERICA, NATIONAL ASSOCIATION,
COUNTRYWIDE HOME LOANS, INC., GMAC MORTGAGE CORPORATION, INDYMAC BANK, F.S.B,
SUNTRUST MORTGAGE, INC. AND WELLS FARGO BANK, N.A.

CUSTODIAN(S): DEUTSCHE BANK NATIONAL TRUST COMPANY, LASALLE BANK NATIONAL
ASSOCIATION, U.S. BANK NATIONAL ASSOCIATION AND WELLS FARGO BANK, N.A.

                                      S-1

<PAGE>

                                    EXHIBIT T

                  FORM OF BACK-UP SARBANES-OXLEY CERTIFICATION

[_______]
[_______]
[_______]

Re: Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-10N

[_______], 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");

(1)  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;

(2)  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;

(3)  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

(4)  [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

                                      T-1

<PAGE>

     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 June 1, 2006 (the "Trust Agreement") by and
among Structured Asset Securities Corporation, as Depositor, Aurora Loan
Services LLC, as Master Servicer and U.S. Bank National Association, as Trustee.
Capitalized terms used but not defined herein shall have the meanings given to
them in the Trust Agreement.

                                        [_______]
                                        as [_______]

                                        By:
                                           Name:
                                           Title:
                                           Date:

                                      T-2

<PAGE>

                                   EXHIBIT U-1

                          FORM OF TRANSFER CERTIFICATE
                  FOR TRANSFER FROM RESTRICTED GLOBAL SECURITY
                         TO REGULATION S GLOBAL SECURITY
                     (Transfers pursuant to Section 3.03(h)(ii)
                                of the Agreement)

     Re: Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-10N

     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, and U.S. Bank National Association, as
Trustee, dated as of June 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).

                                     U-1-1

<PAGE>

     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:____________________,_______

                                     U-1-2

<PAGE>

                                   EXHIBIT U-2

                    FORM OF TRANSFER CERTIFICATE FOR TRANSFER
                        FROM REGULATION S GLOBAL SECURITY
                          TO RESTRICTED GLOBAL SECURITY
                      (Transfers pursuant to Section 3.03(h)(C)
                                of the Agreement)

     Re: Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-10N

     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, and U.S. Bank National Association, as
Trustee, dated as of June 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:____________________,_______

                                     U-2-1

<PAGE>

                                   SCHEDULE A

                             MORTGAGE LOAN SCHEDULE

                             [Intentionally Omitted]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]