Document:

Exhibit 10.1

                        SEPARATION AND RELEASE AGREEMENT

This is a complete and final Agreement between PAUL C. WHITE ("you"), and
deltathree, Inc. ("deltathree") that resolves all matters between you and
deltathree. Except where otherwise specified, this Agreement supersedes and
nullifies all prior and concurrent communications, acknowledgements and
agreements between you and deltathree. In consideration for the payments and
benefits provided under this Agreement, you and deltathree agree to the
following terms of your separation from deltathree:

1. SEPARATION. You have tendered and deltathree has accepted your resignation as
an employee of deltathree effective as of February 28, 2006 (the "Separation
Date"). In connection with your resignation, your duties and responsibilities as
Chief Financial Officer, Executive Vice President of Strategy, Development and
Planning, Secretary, Treasurer and any other position of deltathree will cease
effective on the Separation Date. At deltathree's request, you shall execute any
and all documents reasonably necessary to confirm your resignation as an
employee, and/or officer of deltathree.

2. AVAILABILITY. You agree to make yourself available, via telephone or
in-person, for a reasonable time period after the Separation Date at reasonable
times and on reasonable notice to assist deltathree in effecting a smooth
transition of your responsibilities and knowledge to other employees of
deltathree.

3. PAYMENTS. deltathree will pay you as follows:

      (a) You will receive your regular base salary rate at regular payroll
intervals, less applicable state and federal payroll deductions and any other
customary deductions, between the date hereof and the Separation Date.

      (b) You will receive a lump sum separation payment ("Separation Payment")
in the amount of NINETY THOUSAND DOLLARS ($90,000).

      (c) On the Separation Date, your unvested option to purchase 21, 667
shares of common stock of deltathree granted to you on November 4, 2003 under
the 1999 Option Plan will vest. This option was scheduled to vest on November 4,
2006.

      (d) Any expense reimbursement due through the Separation Date.

The above payments are in exchange for any payments, bonuses, severance,
vacation pay or any other amounts that are, or may be, due to you under your
Executive Employment Agreement with deltathree, dated April 26, 2004, as amended
on October 6, 2005, and any other agreement between you and deltathree
(collectively, the "Employment Agreement"). You shall not be eligible for any
2005 bonus under deltathree's 1999 Performance Incentive Plan or any other bonus
for 2005. You will only be paid the amounts specifically identified in this
Agreement and will not receive any additional payments from deltathree. As of
the date hereof, neither party shall have any obligations under any terms of the
Employment Agreement other than their obligations and restrictions with respect
to non-competition, confidentiality, Company property, no disparagement and no
solicitation, and the Company obligations to indemnify Executive under Section
4(d), and the items specifically covered below.

<PAGE>

4. BENEFIT AND COMPENSATION PLANS, OTHER PERQUISITES.

(a) The effect of your separation and this Agreement upon your participation in,
coverage under, and rights to distribution or other payment from deltathree's
Retirement Plan, and the deltathree Life Insurance Plan shall be governed by the
terms of those plans, documents and agreements. deltathree is making no
guarantee, warranty or representation in this Agreement regarding any position
that may be taken by any administrator or plan regarding the effect of this
Agreement upon your rights, benefits or coverage under those plans.

(b) Welfare benefits coverage in effect on your Separation Date (as referred to
in Section 4 of your Employment Agreement, including, without limitation, each
group life, hospitalization, medical, dental, health, accident or disability
insurance or similar plan or program of the Company), shall be continued until
the earlier of (x) the date on which you will enroll in a comparable benefits
plan from other employment, or (y) a period of 6 months after your Separation
Date. You are required to notify deltathree with in 7 days after your enrollment
in a comparable benefits plan from another employer. After the total period of
medical benefit continuation provided in this Agreement, you may elect to
continue medical benefits under the Medical Plan and/or Dental Plan at your own
expense, in accordance with COBRA. The period of medical benefit continuation
described immediately above counts toward and reduces the maximum coverage under
Section 4980B of the Internal Revenue Code ("COBRA"), as described in Treasury
Regulation Section 54.4980B-7, A-7(a). The COBRA period commences on the first
of the month following the Medical Plan End Date.

5. PAYMENT IN THE EVENT OF DEATH. In the event of your death after the effective
date of this Agreement, your surviving spouse shall be paid any unpaid payment
amounts described in paragraphs 3 and 4 above, provided you had not breached
paragraphs 6, 8, 9, or 10 prior to your death.

6. NO DISPARAGEMENT. You and deltathree agree not to make disparaging comments
about the other party pursuant to the terms of your Employment Agreement
(Section 8: No Disparaging Comments).

7. COOPERATION/INDEMNIFICATION. From your Separation Date, and for as long
thereafter as shall be reasonably necessary, you agree to cooperate fully with
deltathree in any investigation, negotiation, litigation or other action arising
out of transactions in which you were involved or of which you had knowledge
during your employment by deltathree. If you incur any business expenses in the
course of performing your obligations under this paragraph, you will be
reimbursed for the full amount of all reasonable expenses upon your submission
of adequate receipts confirming that such expenses actually were incurred. Both
before and after termination of your employment, deltathree will continue to
indemnify you pursuant to the indemnification terms (Section 4(d):
Indemnification) in your Employment Agreement. You will continue to be insured
under policies of directors and officers liability insurance, to the fullest
extent permitted for former officers or directors under the applicable
policy(ies); provided, such insurance coverage may be terminated if deltathree
terminates coverage generally for all officers and directors.

<PAGE>

8. PROTECTION OF CONFIDENTIAL INFORMATION AND TRADE SECRETS. Your and the
Company's obligations to protect confidential information shall be pursuant to
the terms of your Employment Agreement (Section 7: Confidential Information).

9. RETURN OF DELTATHREE PROPERTY. You further agree, pursuant to your
obligations to deltathree under the provisions of your Employment Agreement
(Section 9: Return of Company Property), and the deltathree Code of Business
Conduct to return to deltathree by your Separation Date all deltathree property
and confidential and/or proprietary information including the originals and all
copies and excerpts of documents, drawings, reports, specifications, samples and
the like that were/are in your possession, including but not limited to
information stored electronically on computer hard drives or disks.

10. NON-COMPETITION/NO SOLICITATION. Your and the Company's obligations related
to non-competition and non-solicitation or hiring of Company employees shall be
pursuant to the terms of your Employment Agreement (Section 6: Agreement Not to
Compete With Company and Section 10: No Soliciting or Hiring Company Employees).

11. BREACH OF AGREEMENT. You acknowledge that deltathree's agreement to make the
payments set forth in Paragraph 2 above is conditioned upon your faithful
performance of your obligations under this Agreement. Any dispute regarding this
Agreement shall be handled pursuant to the terms of your Employment Agreement
(Section 12: Arbitration of All Disputes)

12. NON-ADMISSION/GENERAL RELEASE. You and deltathree agree that, in exchange
for the payments and other terms described above, deltathree is not admitting to
any wrongdoing or unlawful action in its dealing with you and you fully and
completely release deltathree and hold it harmless from any and all legal claims
of any type to date arising out of your employment or the separation of your
employment from deltathree, whether known or unknown, presently asserted or
otherwise. This includes, but is not limited to, breach of any implied or
express employment contracts or covenants; entitlement to any pay or benefits,
including insurance and any claims; claims for wrongful termination, public
policy violations, defamation, emotional distress or other common law matters;
or claims of discrimination based on race, sex, age (Age Discrimination in
Employment Act), religion, national origin, disability, veteran's status, sexual
preference, marital status or retaliation; or claims under the Family and
Medical Leave Act. You understand that by signing this General Release you are
not releasing any claims or rights under this Agreement or claims or rights that
cannot be waived by law, including the right to file an administrative charge of
discrimination.

<PAGE>

13. BINDING EFFECT. This Agreement shall be binding upon and inure to the
benefit of your executors, administrators, legal representatives, heirs and
legatees and on deltathree and its subsidiaries, affiliates, agents, employees,
officers and their respective successors and assigns.

14. CONDITIONS OF AGREEMENT. You agree that you are signing this Agreement
knowingly and voluntarily, that you have not been coerced or threatened into
signing this Agreement and that you have not been promised anything else in
exchange for signing this Agreement. You agree that if any part of this
Agreement is found to be illegal or invalid, the rest of the Agreement will
still be enforceable. You further agree that you have had sufficient time to
consider this Agreement and you were advised to consult with an attorney, if
desired, before signing below. This Agreement will not become effective or
enforceable until three days after you sign it, during which time you can revoke
it if you wish, by delivering a signed revocation letter within the three-day
period to Eugene Serban, Corporate Counsel, 75 Broad Street, New York, NY 10004.
Any alterations to this Agreement must be in writing, signed by both parties.

Paul White

/s/ Paul White
------------------

Date: February 13, 2006

deltathree, Inc.

By: /s/ Shimmy Zimels
------------------------
Name: Shimmy Zimels
Title:   Chief Executive Officer

Date:  February 13, 2006EXECUTION
      COPY

    

    STRUCTURED
      ASSET SECURITIES CORPORATION,

    as
      Depositor,

    

    AURORA
      LOAN SERVICES LLC,

    as
      Master
      Servicer,

    

    and

    

    CITIBANK,
      N.A.,

    as
      Trustee

    

    ___________________________

    

    TRUST
      AGREEMENT

    

    

    Dated
      as
      of January 1, 2006

    ___________________________

    

    LEHMAN
      XS
      TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES
      2006-1

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

    

    
      	 	
              Page

            
	
              ARTICLE
                I DEFINITIONS

            	
              15

            
	 	 
	
              Section
                1.01.

            	
              Definitions.

            	
              15

            
	
              Section
                1.02.

            	
              Calculations
                Respecting Mortgage Loans.

            	
              60

            
	
              Section
                1.03.

            	
              Calculations
                Respecting Accrued Interest.

            	
              61

            
	 	 
	
              ARTICLE
                II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

            	
              61

            
	 	 
	
              Section
                2.01.

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

            	
              61

            
	
              Section
                2.02.

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

            	
              65

            
	
              Section
                2.03.

            	
              Representations
                and Warranties of the Depositor.

            	
              66

            
	
              Section
                2.04.

            	
              Discovery
                of Breach.

            	
              68

            
	
              Section
                2.05.

            	
              Repurchase,
                Purchase or Substitution of Mortgage Loans.

            	
              69

            
	
              Section
                2.06.

            	
              Grant
                Clause.

            	
              70

            
	 	 
	
              ARTICLE
                III THE CERTIFICATES

            	
              71

            
	 	 
	
              Section
                3.01.

            	
              The
                Certificates.

            	
              71

            
	
              Section
                3.02.

            	
              Registration.

            	
              72

            
	
              Section
                3.03.

            	
              Transfer
                and Exchange of Certificates.

            	
              73

            
	
              Section
                3.04.

            	
              Cancellation
                of Certificates.

            	
              77

            
	
              Section
                3.05.

            	
              Replacement
                of Certificates.

            	
              77

            
	
              Section
                3.06.

            	
              Persons
                Deemed Owners.

            	
              77

            
	
              Section
                3.07.

            	
              Temporary
                Certificates.

            	
              77

            
	
              Section
                3.08.

            	
              Appointment
                of Paying Agent.

            	
              78

            
	
              Section
                3.09.

            	
              Book-Entry
                Certificates.

            	
              78

            
	 	 
	
              ARTICLE
                IV ADMINISTRATION OF THE TRUST FUND

            	
              80

            
	 	 
	
              Section
                4.01.

            	
              Collection
                Account.

            	
              80

            
	
              Section
                4.02.

            	
              Application
                of Funds in the Collection Account.

            	
              82

            
	
              Section
                4.03.

            	
              Reports
                to Certificateholders.

            	
              84

            
	
              Section
                4.04.

            	
              Certificate
                Account.

            	
              88

            
	 	 	 
	
              ARTICLE
                V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

            	
              89

            
	 	 
	
              Section
                5.01.

            	
              Distributions
                Generally.

            	
              89

            
	
              Section
                5.02.

            	
              Distributions
                from the Certificate Account.

            	
              90

            
	
              Section
                5.03.

            	
              Allocation
                of Losses.

            	
              103

            
	
              Section
                5.04.

            	
              Advances
                by Master Servicer, Servicers and Trustee.

            	
              104

            
	
              Section
                5.05.

            	
              Compensating
                Interest Payments.

            	
              105

            
	
              Section
                5.06.

            	
              Basis
                Risk Reserve Funds.

            	
              105

            
	
              Section
                5.07.

            	
              [Reserved].

            	
              106

            
	
              Section
                5.08.

            	
              Supplemental
                Interest Trust.

            	
              106

            

    

     

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                5.09.

            	
              Rights
                of Swap Counterparty.

            	
              107

            
	
              Section
                5.10.

            	
              Termination
                Receipts .

            	
              108

            
	
              Section
                5.11.

            	
              Class
                X Account.

            	
              109

            
	 	 
	
              ARTICLE
                VI CONCERNING THE TRUSTEE EVENTS OF DEFAULT

            	
              110

            
	 	 
	
              Section
                6.01.

            	
              Duties
                of Trustee.

            	
              110

            
	
              Section
                6.02.

            	
              Certain
                Matters Affecting the Trustee.

            	
              113

            
	
              Section
                6.03.

            	
              Trustee
                Not Liable for Certificates.

            	
              115

            
	
              Section
                6.04.

            	
              Trustee
                May Own Certificates.

            	
              115

            
	
              Section
                6.05.

            	
              Eligibility
                Requirements for Trustee.

            	
              115

            
	
              Section
                6.06.

            	
              Resignation
                and Removal of Trustee.

            	
              116

            
	
              Section
                6.07.

            	
              Successor
                Trustee.

            	
              117

            
	
              Section
                6.08.

            	
              Merger
                or Consolidation of Trustee.

            	
              117

            
	
              Section
                6.09.

            	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian.

            	
              118

            
	
              Section
                6.10.

            	
              Authenticating
                Agents.

            	
              119

            
	
              Section
                6.11.

            	
              Indemnification
                of Trustee.

            	
              120

            
	
              Section
                6.12.

            	
              Fees
                and Expenses of Trustee and Custodians.

            	
              121

            
	
              Section
                6.13.

            	
              Collection
                of Monies.

            	
              121

            
	
              Section
                6.14.

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

            	
              121

            
	
              Section
                6.15.

            	
              Additional
                Remedies of Trustee Upon Event of Default.

            	
              125

            
	
              Section
                6.16.

            	
              Waiver
                of Defaults.

            	
              126

            
	
              Section
                6.17.

            	
              Notification
                to Holders.

            	
              126

            
	
              Section
                6.18.

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

            	
              126

            
	
              Section
                6.19.

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

            	
              127

            
	
              Section
                6.20.

            	
              Preparation
                of Tax Returns and Reports to the Commission.

            	
              127

            
	
              Section
                6.21.

            	
              Compliance
                with Regulation AB.

            	
              134

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

            	
              135

            
	 	 
	
              Section
                7.01.

            	
              Purchase
                of Mortgage Loans; Termination of a Mortgage Pool or the Trust Fund
                Upon
                Purchase or Liquidation of Mortgage Loans; Purchase of the Pooling
                REMIC 1
                Regular Interests or the Pooling REMIC 2 Regular
                Interests.

            	
              135

            
	
              Section
                7.02.

            	
              Procedure
                Upon Termination of Trust Fund or Purchase of Pooling REMIC 1 Regular
                Interests or Pooling REMIC 2 Regular Interests.

            	
              138

            
	
              Section
                7.03.

            	
              Additional
                Requirements for any Trust Fund Termination Event or Purchase of
                the
                Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular
                Interests.

            	
              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.

            	
              143

            

    

     

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

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

            	
              144

            
	 	 
	
              Section
                9.01.

            	
              Duties
                of the Master Servicer.

            	
              144

            
	
              Section
                9.02.

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

            	
              144

            
	
              Section
                9.03.

            	
              Master
                Servicer’s Financial Statements and Related Information.

            	
              145

            
	
              Section
                9.04.

            	
              Power
                to Act; Procedures.

            	
              145

            
	
              Section
                9.05.

            	
              Enforcement
                of Servicer’s 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.

            	
              149

            
	
              Section
                9.08.

            	
              Master
                Servicer Liable for Enforcement.

            	
              149

            
	
              Section
                9.09.

            	
              No
                Contractual Relationship Between Any Servicer and Trustee or
                Depositor.

            	
              150

            
	
              Section
                9.10.

            	
              Assumption
                of Servicing Agreement by Trustee.

            	
              150

            
	
              Section
                9.11.

            	
              Due-on-Sale
                Clauses; Assumption Agreements; Easements.

            	
              151

            
	
              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.

            	
              156

            
	
              Section
                9.16.

            	
              Standard
                Hazard and Flood Insurance Policies.

            	
              156

            
	
              Section
                9.17.

            	
              Presentment
                of Claims and Collection of Proceeds.

            	
              156

            
	
              Section
                9.18.

            	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            	
              157

            
	
              Section
                9.19.

            	
              Trustee
                To Retain Possession of Certain Insurance Policies and
                Documents.

            	
              157

            
	
              Section
                9.20.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	
              158

            
	
              Section
                9.21.

            	
              Compensation
                to the Master Servicer.

            	
              158

            
	
              Section
                9.22.

            	
              REO
                Property.

            	
              159

            
	
              Section
                9.23.

            	
              [Reserved]

            	
              159

            
	
              Section
                9.24.

            	
              Reports
                to the Trustee.

            	
              159

            
	
              Section
                9.25.

            	
              Assessment
                of Compliance and Attestation Reports.

            	
              160

            
	
              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.

            	
              163

            
	
              Section
                9.31.

            	
              Indemnification;
                Third-Party Claims.

            	
              164

            
	 	 
	
              ARTICLE
                X REMIC ADMINISTRATION

            	
              165

            
	 	 
	
              Section
                10.01.

            	
              REMIC
                Administration.

            	
              165

            
	
              Section
                10.02.

            	
              Prohibited
                Transactions and Activities.

            	
              168

            
	
              Section
                10.03.

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

            	
              168

            
	
              Section
                10.04.

            	
              REO
                Property.

            	
              169

            
	 	 
	
              ARTICLE
                XI MISCELLANEOUS PROVISIONS

            	
              169

            
	 	 
	
              Section
                11.01.

            	
              Binding
                Nature of Agreement; Assignment.

            	
              169

            

    

     

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                11.02.

            	
              Entire
                Agreement.

            	
              170

            
	
              Section
                11.03.

            	
              Amendment.

            	
              170

            
	
              Section
                11.04.

            	
              Voting
                Rights.

            	
              172

            
	
              Section
                11.05.

            	
              Provision
                of Information.

            	
              172

            
	
              Section
                11.06.

            	
              Governing
                Law.

            	
              172

            
	
              Section
                11.07.

            	
              Notices.

            	
              172

            
	
              Section
                11.08.

            	
              Severability
                of Provisions.

            	
              173

            
	
              Section
                11.09.

            	
              Indulgences;
                No Waivers.

            	
              173

            
	
              Section
                11.10.

            	
              Headings
                Not To Affect Interpretation.

            	
              173

            
	
              Section
                11.11.

            	
              Benefits
                of Agreement.

            	
              173

            
	
              Section
                11.12.

            	
              Special
                Notices to the Rating Agencies.

            	
              173

            
	
              Section
                11.13.

            	
              Conflicts.

            	
              174

            
	
              Section
                11.14.

            	
              Counterparts.

            	
              174

            
	
              Section
                11.15.

            	
              Transfer
                of Servicing.

            	
              175

            
	 	 	 

    

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    ATTACHMENTS

    

    
      	
              Exhibit
                A

            	 	
              Forms
                of Certificates

            
	
              Exhibit
                B-1

            	 	
              Form
                of Initial Certification

            
	
              Exhibit
                B-2

            	 	
              Form
                of Interim Certification

            
	
              Exhibit
                B-3

            	 	
              Form
                of Final Certification

            
	
              Exhibit
                B-4

            	 	
              Form
                of Endorsement

            
	
              Exhibit
                C

            	 	
              Request
                for Release of Documents and Receipt

            
	
              Exhibit
                D-l

            	 	
              Form
                of Residual Certificate Transfer Affidavit (Transferee)

            
	
              Exhibit
                D-2

            	 	
              Form
                of Residual Certificate Transfer Affidavit (Transferor)

            
	
              Exhibit
                E

            	 	
              Servicing
                Agreements for Aurora Loan Services LLC, SunTrust Mortgage Inc. and
                Wells
                Fargo Bank, N.A. 

            
	
              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 for LaSalle Bank National Association, U.S. Bank National
                Association and Wells Fargo Bank, N.A.

            
	
              Exhibit
                L

            	 	
              [Reserved]

            
	
              Exhibit
                M

            	 	
              Form
                of Back-up Certification to be Provided by the Trustee to the Depositor
                

            
	
              Exhibit
                N-1

            	 	
              Class
                1-A1 Cap Agreement

            
	
              Exhibit
                N-2

            	 	
              Swap
                Agreement

            
	
              Exhibit
                O

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

            
	
              Exhibit
                P

            	 	
              Transaction
                Parties

            
	 	 	 
	
              Schedule
                A

            	 	
              Mortgage
                Loan Schedule (by Mortgage Pool)

            

    

    

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    This
      TRUST AGREEMENT (“Trust Agreement”), dated as of January 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 CITIBANK, N.A., a national
      banking association, as trustee (the “Trustee”).

    

    PRELIMINARY
      STATEMENT

    

    The
      Depositor has acquired the Mortgage Loans from the Seller, and at the Closing
      Date is the owner of the Mortgage Loans and the other property being conveyed
      by
      it to the Trustee hereunder for inclusion in the Trust Fund. On the Closing
      Date, the Depositor will acquire the Certificates from the Trust Fund as
      consideration for its transfer to the Trust Fund of the Mortgage Loans and
      the
      other property constituting the Trust Fund. The Depositor has duly authorized
      the execution and delivery of this Agreement to provide for the conveyance
      to
      the Trustee of the Mortgage Loans and the other property constituting the Trust
      Fund. All covenants and agreements made by the Seller in the Mortgage Loan
      Sale
      Agreement and by the Depositor, the Master Servicer and the Trustee herein
      with
      respect to the Mortgage Loans and the other property constituting the Trust
      Fund
      are for the benefit of the Holders from time to time of the Certificates. 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 (exclusive of
      (i)
      the Pool 1 Basis Risk Reserve Fund, (ii) the Pool 2 Basis Risk Reserve Fund,
      (iii) the Class X Account, (iv) the Class 1-A1 Cap Agreement, (v) the Swap
      Agreement, (vi) the Supplemental Interest Trust (vii) the obligation to pay
      Class I Shortfalls, and (viii) the rights to receive (and the obligations to
      pay) Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls (collectively,
      the
“Excluded Trust Assets”) be treated for federal income tax purposes as
      comprising seven real estate mortgage investment conduits (each, a “REMIC”).
      There shall be four REMICs related to Pool 1: Pooling REMIC 1, Lower-Tier REMIC
      1, Middle-Tier REMIC 1, and Upper-Tier REMIC 1. There shall be three REMICs
      related to Pool 2: the Pooling REMIC 2, the Lower-Tier REMIC 2, and the
      Upper-Tier REMIC 2. 

     

    Pooling
      REMIC 1 shall hold the assets of the Trust Fund related to Pool 1, other than
      any Excluded Trust Assets, and shall issue several uncertificated interests
      and
      shall also issue the Class LT-R-1 Certificate, which is hereby designated as
      the
      sole residual interest in Pooling REMIC 1. Each uncertificated interest in
      Pooling REMIC 1 is hereby designated as a REMIC regular interest. 

     

    Lower-Tier
      REMIC 1 shall hold the uncertificated interests issued by Pooling REMIC 1 and
      shall issue several uncertificated interests. Each such interest, other than
      the
      LT1-R Interest, is hereby designated as a REMIC regular interest. The LT1-R
      Interest is hereby designated as the sole residual interest in Lower-Tier REMIC
      1.

     

    Middle-Tier
      REMIC 1 shall hold the uncertificated interests issued by Lower-Tier REMIC
      1,
      other than the LT1-R Interest, and shall issue several uncertificated interests.
      Each such interest, other than the Class MT1-R Interest, is hereby designated
      as
      a REMIC regular interest. The Class MT1-R Interest is hereby designated as
      the
      sole residual interest in Middle-Tier REMIC 1.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    Upper-Tier
      REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC
      1,
      other than the Class MT1-R Interest. Each of the Group 1 Certificates represent
      ownership of regular interests in Upper-Tier REMIC 1. Each of the Group 1
      Certificates also represent (i) the right to receive Basis Risk Shortfalls
      or
      Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls.
      For federal income tax purposes, the Class 1-X Certificates represent ownership
      of regular interests in Upper-Tier REMIC 1 and also represent the obligation
      to
      make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk
      Shortfalls to the Group 1 Certificates and beneficial ownership of the Pool
      1
      Basis Risk Reserve Fund, and the Class 1-A1 Cap Agreement and the Supplemental
      Interest Trust. The Class 1-P Certificates represent ownership of regular
      interests in Upper-Tier REMIC 1. The Class R-1 Certificate represents ownership
      of the sole class of residual interest in Upper-Tier REMIC 1 as well as
      ownership of the LT1-R and Class MT1-R Interests.

     

    Pooling
      REMIC 2 shall hold the assets of the Trust Fund related to Pool 2, other than
      any Excluded Trust Assets, and shall issue several uncertificated interests
      and
      shall also issue the Class LT-R-2 Certificate, which is hereby designated as
      the
      sole residual interest in Pooling REMIC 2. Each uncertificated interest in
      Pooling REMIC 2 is hereby designated as a REMIC regular interest. 

     

    Lower-Tier
      REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and
      shall issue several uncertificated interests. Each such interest, other than
      the
      Class LT2-R Interest, is hereby designated as a REMIC regular interest. The
      Class LT2-R Interest is hereby designated as the sole residual interest in
      Lower-Tier REMIC 2.

     

    Upper-Tier
      REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC
      2,
      other than the Class LT2-R Interest. Each of the Group 2 Certificates represent
      ownership of regular interests in Upper-Tier REMIC 2. Each of the Group 2
      Certificates also represent the right to receive Basis Risk Shortfalls or Unpaid
      Basis Risk Shortfalls. For federal income tax purposes, the Class 2-X
      Certificates represent ownership of a regular interests in Upper-Tier REMIC
      2
      and also represent the obligation to make payments in respect of Basis Risk
      Shortfalls or Unpaid Basis Risk Shortfalls to the Group 2 Certificates and
      beneficial ownership of the Pool 2 Basis Risk Reserve Fund. The Class 2-P
      Certificates represent ownership of regular interests in Upper-Tier REMIC 2.
      The
      Class R-2 Certificate represents ownership of the sole class of residual
      interest in Upper-Tier REMIC 2 as well as ownership of the Class LT2-R Interest.
      

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Pooling
      REMIC 1

    

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

     

    On
      each
      Distribution Date, the Trustee shall first pay or charge as an expense of
      Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with
      respect to the Swap Agreement) that are deducted in computing the Interest
      Remittance Amount for Pool 1 for such Distribution Date.

     

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

     

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

     

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

     

    Lower-Tier
      REMIC 1

     

    The
      following table sets forth (or describes) the designation, interest rate, and
      initial principal balance for each interest in Lower-Tier REMIC 1, each of
      which, other than the LT1-R Lower-Tier Interest) is hereby designated as a
      regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular
      Interests):

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    

    

      
        	
                Designation

              	 	
                Initial
                  Principal Balance

              	 	
                 

                Interest
                  Rate

              	 
	
                LT1-A

              	 	
                $

              	
                3,768.92

              	 	 	
                (1)

              	 
	
                LT1-F1

              	 	
                $

              	
                11,693,934.50

              	 	 	
                (2)

              	 
	
                LT1-V1

              	 	
                $

              	
                11,693,934.50

              	 	 	
                (3)

              	 
	
                LT1-F2

              	 	
                $

              	
                11,466,663.00

              	 	 	
                (2)

              	 
	
                LT1-V2

              	 	
                $

              	
                11,466,663.00

              	 	 	
                (3)

              	 
	
                LT1-F3

              	 	
                $

              	
                10,944,858.50

              	 	 	
                (2)

              	 
	
                LT1-V3

              	 	
                $

              	
                10,944,858.50

              	 	 	
                (3)

              	 
	
                LT1-F4

              	 	
                $

              	
                10,319,259.50

              	 	 	
                (2)

              	 
	
                LT1-V4

              	 	
                $

              	
                10,319,259.50

              	 	 	
                (3)

              	 
	
                LT1-F5

              	 	
                $

              	
                9,903,955.00

              	 	 	
                (2)

              	 
	
                LT1-V5

              	 	
                $

              	
                9,903,955.00

              	 	 	
                (3)

              	 
	
                LT1-F6

              	 	
                $

              	
                9,609,693.00

              	 	 	
                (2)

              	 
	
                LT1-V6

              	 	
                $

              	
                9,609,693.00

              	 	 	
                (3)

              	 
	
                LT1-F7

              	 	
                $

              	
                9,324,588.00

              	 	 	
                (2)

              	
                 

              
	
                LT1-V7

              	 	
                $

              	
                9,324,588.00

              	 	 	
                (3)

              	 
	
                LT1-F8

              	 	
                $

              	
                9,047,968.00

              	 	 	
                (2)

              	 
	
                LT1-V8

              	 	
                $

              	
                9,047,968.00

              	 	 	
                (3)

              	 
	
                LT1-F9

              	 	
                $

              	
                8,779,532.50

              	 	 	
                (2)

              	 
	
                LT1-V9

              	 	
                $

              	
                8,779,532.50

              	 	 	
                (3)

              	 
	
                LT1-F10

              	 	
                $

              	
                8,519,040.00

              	 	 	
                (2)

              	 
	
                LT1-V10

              	 	
                $

              	
                8,519,040.00

              	 	 	
                (3)

              	 
	
                LT1-F11

              	 	
                $

              	
                8,266,255.00

              	 	 	
                (2)

              	 
	
                LT1-V11

              	 	
                $

              	
                8,266,255.00

              	 	 	
                (3)

              	 
	
                LT1-F12

              	 	
                $

              	
                8,020,927.00

              	 	 	
                (2)

              	 
	
                LT1-V12

              	 	
                $

              	
                8,020,927.00

              	 	 	
                (3)

              	 
	
                LT1-F13

              	 	
                $

              	
                7,782,884.50

              	 	 	
                (2)

              	 
	
                LT1-V13

              	 	
                $

              	
                7,782,884.50

              	 	 	
                (3)

              	 
	
                LT1-F14

              	 	
                $

              	
                7,551,886.00

              	 	 	
                (2)

              	 
	
                LT1-V14

              	 	
                $

              	
                7,551,886.00

              	 	 	
                (3)

              	 
	
                LT1-F15

              	 	
                $

              	
                7,327,725.50

              	 	 	
                (2)

              	
                 

              
	
                LT1-V15

              	 	
                $

              	
                7,327,725.50

              	 	 	
                (3)

              	 
	
                LT1-F16

              	 	
                $

              	
                7,110,199.50

              	 	 	
                (2)

              	 
	
                LT1-V16

              	 	
                $

              	
                7,110,199.50

              	 	 	
                (3)

              	 
	
                LT1-F17

              	 	
                $

              	
                6,899,113.50

              	 	 	
                (2)

              	 
	
                LT1-V17

              	 	
                $

              	
                6,899,113.50

              	 	 	
                (3)

              	
                 

              
	
                LT1-F18

              	 	
                $

              	
                6,694,276.00

              	 	 	
                (2)

              	
                 

              
	
                LT1-V18

              	 	
                $

              	
                6,694,276.00

              	 	 	
                (3)

              	 
	
                LT1-F19

              	 	
                $

              	
                6,495,503.50

              	 	 	
                (2)

              	 
	
                LT1-V19

              	 	
                $

              	
                6,495,503.50

              	 	 	
                (3)

              	 
	
                LT1-F20

              	 	
                $

              	
                6,302,615.50

              	 	 	
                (2)

              	 
	
                LT1-V20

              	 	
                $

              	
                6,302,615.50

              	 	 	
                (3)

              	 
	
                LT1-F21

              	 	
                $

              	
                6,115,440.00

              	 	 	
                (2)

              	 
	
                LT1-V21

              	 	
                $

              	
                6,115,440.00

              	 	 	
                (3)

              	 

      

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	
                Designation

              	 	 	
                Initial
                  Principal Balance

              	 	 	
                
                

                Interest
                  Rate

              	 
	
                LT1-F22

              	 	
                $

              	
                9,120,098.50

              	 	
                 

              	
                (2)

              	 
	
                LT1-V22

              	 	
                $

              	
                9,120,098.50

              	 	
                 

              	
                (3)

              	 
	
                LT1-F23

              	 	
                $

              	
                8,840,246.00

              	 	 	
                (2)

              	 
	
                LT1-V23

              	 	
                $

              	
                8,840,246.00

              	 	 	
                (3)

              	 
	
                LT1-F24

              	 	
                $

              	
                8,491,850.00

              	 	 	
                (2)

              	 
	
                LT1-V24

              	 	
                $

              	
                8,491,850.00

              	 	 	
                (3)

              	 
	
                LT1-F25

              	 	
                $

              	
                8,063,509.50

              	 	 	
                (2)

              	 
	
                LT1-V25

              	 	
                $

              	
                8,063,509.50

              	 	 	
                (3)

              	 
	
                LT1-F26

              	 	
                $

              	
                7,658,459.00

              	 	 	
                (2)

              	 
	
                LT1-V26

              	 	
                $

              	
                7,658,459.00

              	 	 	
                (3)

              	 
	
                LT1-F27

              	 	
                $

              	
                7,275,222.50

              	 	 	
                (2)

              	 
	
                LT1-V27

              	 	
                $

              	
                7,275,222.50

              	 	 	
                (3)

              	 
	
                LT1-F28

              	 	
                $

              	
                5,957,078.00

              	 	 	
                (2)

              	 
	
                LT1-V28

              	 	
                $

              	
                5,957,078.00

              	 	 	
                (3)

              	 
	
                LT1-F29

              	 	
                $

              	
                5,684,961.00

              	 	 	
                (2)

              	 
	
                LT1-V29

              	 	
                $

              	
                5,684,961.00

              	 	 	
                (3)

              	 
	
                LT1-F30

              	 	
                $

              	
                5,401,227.50

              	 	 	
                (2)

              	 
	
                LT1-V30

              	 	
                $

              	
                5,401,227.50

              	 	 	
                (3)

              	 
	
                LT1-F31

              	 	
                $

              	
                5,189,011.50

              	 	 	
                (2)

              	 
	
                LT1-V31

              	 	
                $

              	
                5,189,011.50

              	 	 	
                (3)

              	 
	
                LT1-F32

              	 	
                $

              	
                5,019,223.00

              	 	 	
                (2)

              	 
	
                LT1-V32

              	 	
                $

              	
                5,019,223.00

              	 	 	
                (3)

              	 
	
                LT1-F33

              	 	
                $

              	
                5,038,172.50

              	 	 	
                (2)

              	
                 

              
	
                LT1-V33

              	 	
                $

              	
                5,038,172.50

              	 	 	
                (3)

              	 
	
                LT1-F34

              	 	
                $

              	
                5,040,940.50

              	 	 	
                (2)

              	 
	
                LT1-V34

              	 	
                $

              	
                5,040,940.50

              	 	 	
                (3)

              	 
	
                LT1-F35

              	 	
                $

              	
                4,874,621.00

              	 	 	
                (2)

              	
                 

              
	
                LT1-V35

              	 	
                $

              	
                4,874,621.00

              	 	 	
                (3)

              	 
	
                LT1-F36

              	 	
                $

              	
                105,673,561.50

              	 	 	
                (2)

              	 
	
                LT1-V36

              	 	
                $

              	
                105,673,561.50

              	 	 	
                (3)

              	 
	
                LT1-R

              	 	 	
                (4)

              	
                 

              	 	
                (4)

              	 

      

    

     

     

    
      	
              (1)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for the LT1-A Interest shall be the Pool 1 Net WAC Rate.
                

            

    

     

    
      	
              (2)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower-Tier Interests shall be the lesser of (i)
                the
                REMIC Swap Rate for such Distribution Date, and (ii) the product
                of (a)
                the Pool 1 Net WAC Rate and (b) 2.

            

    

     

    
      	
              (3)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower-Tier Interests shall be the excess, if any,
                of (i)
                the product of (a) the Pool 1 Net WAC Rate and (b) 2, over (ii) the
                REMIC
                Swap Rate for such Distribution
                Date.

            

    

     

    
      	
              (4)

            	
              The
                LT1-R interest shall not have a principal amount and shall not bear
                interest. The LT1-R interest is hereby designated as the sole class
                of
                residual interest in Lower-Tier REMIC
                1.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

     

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

     

    On
      each
      Distribution Date, the Trustee shall distribute the aggregate Principal
      Remittance Amount for Pool 1 with respect to the Lower-Tier REMIC 1 Interests,
      first to the LT1-A Interest until its principal balance is reduced to zero,
      and
      then sequentially, to the other Lower-Tier Interests in Lower-Tier REMIC 1
      in
      ascending order of their numerical designation, and, with respect to each pair
      of Lower-Tier Interests having the same numerical designation, in equal amounts
      to each such Lower-Tier Interest, until the principal balance of each is reduced
      to zero. All losses on the Pool 1 Mortgage Loans shall be allocated among the
      Lower-Tier Interests in Lower-Tier REMIC 1 in the same manner that principal
      distributions are allocated.

     

    On
      each
      Distribution Date, the Trustee shall distribute the Prepayment Premiums with
      respect to Pool 1 collected during the preceding Prepayment Period, in the
      case
      of Principal Prepayments in full, or during the related Collection Period,
      in
      the case of Principal Prepayments in part, to the LT1-F36 and LT1-V36 Lower-Tier
      Interests, respectively.

     

    Middle-Tier
      REMIC 1:

     

    The
      following table sets forth the designations, principal balances and interest
      rates for each interest in Middle-Tier REMIC 1, each of which (other than the
      Class MT1-R Interest) is hereby designated as a regular interest in Middle-Tier
      REMIC 1 (the “Middle-Tier REMIC 1 Regular Interests”):

     

    
      	
              Middle-Tier
                

              REMIC
                1

              Designation

            	 	
              Middle-Tier
                REMIC 1

              Interest
                Rate

            	 	
              Initial
                Class 

              Principal
                Amount

            	 	
              Corresponding
                Class of Certificate(s) or Components

            
	
              MT1-A1

            	 	
              (1)

            	 	
              (3)

            	 	
              1-A1

            
	
              MT1-A2

            	 	
              (1)

            	 	
              (3)

            	 	
              1-A2

            
	
              MT1-M1

            	 	
              (1)

            	 	
              (3)

            	 	
              1-M1

            
	
              MT1-M2

            	 	
              (1)

            	 	
              (3)

            	 	
              1-M2

            
	
              MT1-M3

            	 	
              (1)

            	 	
              (3)

            	 	
              1-M3

            
	
              MT1-M4

            	 	
              (1)

            	 	
              (3)

            	 	
              1-M4

            
	
              MT1-M5

            	 	
              (1)

            	 	
              (3)

            	 	
              1-M5

            
	
              MT1-M6

            	 	
              (1)

            	 	
              (3)

            	 	
              1-M6

            
	
              MT1-M7

            	 	
              (1)

            	 	
              (3)

            	 	
              1-M7

            
	
              MT1-Q

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            
	
              MT1-IO

            	 	
              (2)

            	 	
              (2)

            	 	
              N/A

            
	
              MT1-R

            	 	
              (5)

            	 	
              (5)

            	 	
              R

            

    

    ___________________________

    
      	 	
              (1)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Interests in Middle-Tier REMIC 1 is a per annum
                rate
                equal to the weighted average of the interest rates on the Lower-Tier
                Interests in Lower-Tier REMIC 1 for such Distribution Date, provided,
                however, that
                for any Distribution Date on which the Class MT1-IO Interest is entitled
                to a portion of the interest accruals on a Lower-Tier Interest in
                Lower-Tier REMIC 1 having an “F” in its class designation, as described in
                footnote two below, such weighted average shall be computed by first
                subjecting the rate on such Lower-Tier Interest in REMIC 1 to a cap
                equal
                to Swap LIBOR for such Distribution Date.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (2)

            	
              The
                Class MT1-IO is an interest only class that does not have a principal
                balance. For only those Distribution Dates listed in the first column
                in
                the table below, the Class MT1-IO shall be entitled to interest accrued
                on
                the Lower-Tier Interest in Lower-Tier REMIC 1 listed in second column
                in
                the table below at a per annum rate equal to the excess, if any,
                of (i)
                the interest rate for such Lower-Tier Interest in Lower-Tier REMIC
                1 for
                such Distribution Date over (ii) Swap LIBOR for such Distribution
                Date.

            

    

     

    
      	
              Distribution
                Dates

            	 	
              Lower-Tier
                REMIC 

              1
                Designation

            
	
              1

            	 	
              LT1-F1

            
	
              1-2

            	 	
              LT1-F2

            
	
              1-3

            	 	
              LT1-F3

            
	
              1-4

            	 	
              LT1-F4

            
	
              1-5

            	 	
              LT1-F5

            
	
              1-6

            	 	
              LT1-F6

            
	
              1-7

            	 	
              LT1-F7

            
	
              1-8

            	 	
              LT1-F8

            
	
              1-9

            	 	
              LT1-F9

            
	
              1-10

            	 	
              LT1-F10

            
	
              1-11

            	 	
              LT1-F11

            
	
              1-12

            	 	
              LT1-F12

            
	
              1-13

            	 	
              LT1-F13

            
	
              1-14

            	 	
              LT1-F14

            
	
              1-15

            	 	
              LT1-F15

            
	
              1-16

            	 	
              LT1-F16

            
	
              1-17

            	 	
              LT1-F17

            
	
              1-18

            	 	
              LT1-F18

            
	
              1-19

            	 	
              LT1-F19

            
	
              1-20

            	 	
              LT1-F20

            
	
              1-21

            	 	
              LT1-F21

            
	
              1-22

            	 	
              LT1-F22

            
	
              1-23

            	 	
              LT1-F23

            
	
              1-24

            	 	
              LT1-F24

            
	
              1-25

            	 	
              LT1-F25

            
	
              1-26

            	 	
              LT1-F26

            
	
              1-27

            	 	
              LT1-F27

            
	
              1-28

            	 	
              LT1-F28

            
	
              1-29

            	 	
              LT1-F29

            
	
              1-30

            	 	
              LT1-F30

            
	
              1-31

            	 	
              LT1-F31

            
	
              1-32

            	 	
              LT1-F32

            
	
              1-33

            	 	
              LT1-F33

            
	
              1-34

            	 	
              LT1-F34

            
	
              1-35

            	 	
              LT1-F35

            
	
              1-36

            	 	
              LT1-F36

            

    

    

     

    
      	 	
              (3)

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

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (4)

            	
              This
                interest shall have an initial principal balance equal to the excess
                of
                (i) the aggregate Pool 1 Balance as of the Cut-off Date, over (ii)
                the
                aggregate initial class principal amount of each other regular interest
                in
                Middle-Tier REMIC 1.

            

    

     

    
      	 	
              (5)

            	
              The
                Class MT1-R interest is the sole class of residual interests in
                Middle-Tier REMIC 1. It does not have an interest rate or a principal
                balance.

            

    

     

    On
      each
      Distribution Date, interest shall be distributed on the Lower-Tier Interests
      in
      Middle-Tier REMIC 1 based on the above-described interest rates,
      provided,
      however,
      that
      interest that accrues on the Class MT1-Q Interest shall be deferred in an amount
      equal to one-half of the increase, if any, in the Overcollateralization Amount
      for such Distribution Date. Any interest so deferred shall itself bear interest
      at the interest rate for the Class MT1-Q Interest. An amount equal to the
      interest so deferred shall be distributed as additional principal on the other
      interests in Middle-Tier REMIC 1 having a principal balance in the manner
      described under priority (a) below.

     

    On
      each
      Distribution Date principal shall be distributed, and Realized Losses shall
      be
      allocated, among the interests in Middle-Tier REMIC 1 in the following order
      of
      priority:

     

    (a)
      First, to the Class MT1-A1, Class MT1-A2, Class MT1-M1, Class MT1-M2, Class
      MT1-M3, Class MT1-M4, Class MT1-M5, Class MT1-M6 and Class MT1-M7 Interests
      until the principal balance of each such interest equals one-half of the Class
      Principal Amount of the Corresponding Class of Certificates immediately after
      such Distribution Date; and

     

    (b)
      Second, to the Class MT1-Q Interests, any remaining amounts.

     

    On
      each
      Distribution Date, the Trustee shall be deemed to have distributed the
      Prepayment Premiums passed through with respect to the LT1-F36 and LT1-V36
      Lower-Tier Interests in Lower-Tier REMIC 1 on such Distribution Date to the
      Class MT1-Q Interest.

     

    Pooling
      REMIC 2

    

    Pooling
      REMIC 2 shall issue one uncertificated interest in respect of each Pool 2
      Mortgage Loan held by the Trust on the Closing Date, each of which is hereby
      designated as a regular interest in Pooling REMIC 2 (the “Pooling REMIC 2
      Regular Interests”). Pooling REMIC 2 shall also issue the Class LT-R-2
      Certificate, which shall represent the sole class of residual interest in
      Pooling REMIC 2. Each Pooling REMIC 2 Regular Interest shall have an initial
      principal balance equal to the Scheduled Principal Balance of the Mortgage
      Loan
      to which it relates and shall bear interest at a per annum rate equal to the
      Net
      Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute
      Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage
      Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be
      distributed on such Pooling REMIC 2 Regular Interest at a rate in excess of
      the
      Net Mortgage Rate of the Original Mortgage Loan.

     

    On
      each
      Distribution Date, the Trustee shall first pay or charge as an expense of
      Pooling REMIC 2 all expenses of the Trust Fund that are deducted in computing
      the Interest Remittance Amount for Pool 2 for such Distribution
      Date.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

     

    On
      each
      Distribution Date the Trustee shall distribute the Interest Remittance Amount
      for Pool 2 with respect to each of the Lower-Tier Interests in Pooling REMIC
      2
      based on the above-described interest rates.

     

    On
      each
      Distribution Date, the Trustee shall distribute the Principal Remittance Amount
      for Pool 2 among the Pooling REMIC 2 Regular Interests in accordance with the
      amount of the Principal Remittance Amount attributable to the Mortgage Loan
      corresponding to each such Pooling REMIC 2 Regular Interest. All losses on
      the
      Mortgage Loans shall be allocated among the Pooling REMIC 2 Regular Interest
      in
      the same manner that principal distributions are allocated.

     

    On
      each
      Distribution Date, the Trustee shall distribute the Prepayment Premiums with
      respect to Pool 2 collected during the preceding Prepayment Period, in the
      case
      of Principal Prepayments in full, or during the related Collection Period,
      in
      the case of Principal Prepayments in part, to the Pooling REMIC 2 Regular
      Interest corresponding to the Mortgage Loan with respect to which such amounts
      were received.

     

    Lower-Tier
      REMIC 2

    

    The
      following table sets forth (or describes) the designation, interest rate, and
      initial principal balance of each Lower-Tier Interest in Lower-Tier REMIC 2,
      each of which, other than the LT2-R Lower-Tier Interest) is hereby designated
      as
      a regular interest in Lower-Tier REMIC 2 (the “Lower-Tier REMIC 2 Regular
      Interests).

    

    
      	
               

              Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                

              Principal
                Amount

            	 	
              Corresponding
                Class of Certificates 

            
	
              LT2-A1

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A1

            
	
              LT2-M1

            	 	
              (1)

            	 	
              (2)

            	 	
              2-M1

            
	
              LT2-M2

            	 	
              (1)

            	 	
              (2)

            	 	
              2-M2

            
	
              LT2-M3

            	 	
              (1)

            	 	
              (2)

            	 	
              2-M3

            
	
              LT2-M4

            	 	
              (1)

            	 	
              (2)

            	 	
              2-M4

            
	
              LT2-M5

            	 	
              (1)

            	 	
              (2)

            	 	
              2-M5

            
	
              LT2-M6

            	 	
              (1)

            	 	
              (2)

            	 	
              2-M6

            
	
              LT2-Q

            	 	
              (1)

            	 	
              (3)

            	 	
              N/A

            
	
              LT2-R

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            

    

     

     

      
        

      

    

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower-Tier Interests in Lower-Tier
                REMIC
                2 is a per annum rate equal to the weighted average of the Net Mortgage
                Rates on the Mortgage Loans in Pool 2 as of the first day of the
                related
                Collection Period (not including for this purpose Mortgage Loans
                in Pool 2
                for which payments in full have been received and distributed in
                the month
                prior to that Distribution Date).

            

    

    

    
      	
              (2)

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

            

    

     

    
      	
              (3)

            	
              This
                interest shall have an initial principal balance amount equal to
                the
                excess of (i) the aggregate Pool 2 Balance as of the Cut-off Date,
                over
                (ii) the aggregate initial class principal amount of each other regular
                interest in Lower-Tier REMIC 2.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (4)

            	
              The
                LT2-R Interest
                is
                the sole Class of residual interest in Lower-Tier REMIC 2. It does
                not
                have an interest rate or a principal balance.

            

    

    

    On
      each
      Distribution Date, the Trustee shall distribute the interest received from
      Pooling REMIC 2 in respect of the Lower-Tier Interests in Lower-Tier REMIC
      2
      based on the above-described interest rates; provided,
      however,
      that
      interest that accrues on the LT2-Q Interest shall be deferred to the extent
      necessary to make the principal distributions described in paragraph (i) below
      for such Distribution Date on the other classes of Lower-Tier Interests. Any
      interest so deferred shall itself bear interest at the interest rate for the
      LT2-Q Interest. 

    

    On
      each
      Distribution Date, the Trustee shall distribute the principal received from
      Pooling REMIC 2 (together with an amount equal to the interest deferred on
      the
      LT2-Q Interest for such Distribution Date) in the following order of
      priority:

    

    (i) First,
      to
      the LT2-A1, LT2-M1, LT2-M2, LT2-M3, LT2-M4, LT2-M5 and LT2-M6 Interests until
      the principal balance of each such interest equals 50% of the Class Principal
      Amount of the Corresponding Class of Certificates immediately after such
      Distribution Date;

    

    (ii) Second,
      to the LT2-Q Interest, any remaining amounts.

    

    For
      any
      Distribution Date, after all distributions have been made, Realized Losses
      for
      Pool 2 shall be allocated among the interests in Lower-Tier REMIC 2 in the
      order
      of priority in which principal is distributed to such interests. Any Prepayment
      Premiums with respect to Pool 2 received from Pooling REMIC 2 shall be
      distributed in respect of the LT2-Q Interest.

    

    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. 

    

    

      

        
          	
                   

                  Class
                    Designation

                	 	
                  Interest
                    Rate

                	 	
                  Initial
                    Class

                  Principal
                    Amount

                  or
                    Class Notional Amount ($)

                	 	
                  Minimum
                    Denominations

                	 
	
                   

                	 	
                   

                	 	
                   

                	 	
                   

                	 
	
                  Class
                    1-A1

                	 	 	
                  (1)

                	 	
                  $

                	
                  618,383,700.00

                	 	
                  $

                	
                  25,000

                	 
	
                  Class
                    1-A2

                	 	 	
                  (2)

                	 	
                  $

                	
                  68,709,300.00

                	 	
                  $

                	
                  25,000

                	 
	
                  Class
                    2-A1

                	 	 	
                  (3)

                	 	
                  $

                	
                  236,233,000.00

                	 	
                  $

                	
                  25,000

                	 
	
                  Class
                    1-M1

                	 	 	
                  (4)

                	 	
                  $

                	
                  20,508,000.00

                	 	
                  $

                	
                  100,000

                	 
	
                  Class
                    1-M2

                	 	 	
                  (5)

                	 	
                  $

                	
                  13,518,000.00

                	 	
                  $

                	
                  100,000

                	 
	
                  Class
                    1-M3

                	 	 	
                  (6)

                	 	
                  $

                	
                  5,631,000.00

                	 	
                  $

                	
                  100,000

                	 
	
                  Class
                    1-M4

                	 	 	
                  (7)

                	 	
                  $

                	
                  9,990,000.00

                	 	
                  $

                	
                  100,000

                	 
	
                  Class
                    1-M5

                	 	 	
                  (8)

                	 	
                  $

                	
                  4,506,000.00

                	 	
                  $

                	
                  100,000

                	 
	
                  Class
                    1-M6

                	 	 	
                  (9)

                	 	
                  $

                	
                  6,008,000.00

                	 	
                  $

                	
                  100,000

                	 
	
                  Class
                    1-M7

                	 	 	
                  (10)

                	 	
                  $

                	
                  3,755,000.00

                	 	
                  $

                	
                  100,000

                	 
	
                  Class
                    2-M1

                	 	 	
                  (11)

                	 	
                  $

                	
                  9,550,000.00

                	 	
                  $

                	
                  100,000

                	 
	
                  Class
                    2-M2

                	 	 	
                  (12)

                	 	
                  $

                	
                  2,076,000.00

                	 	
                  $

                	
                  100,000

                	 
	
                  Class
                    2-M3

                	 	 	
                  (13)

                	 	
                  $

                	
                  3,504,000.00

                	 	
                  $

                	
                  100,000

                	 
	
                  Class
                    2-M4

                	 	 	
                  (14)

                	 	
                  $

                	
                  1,427,000.00

                	 	
                  $

                	
                  100,000

                	 
	
                  Class
                    2-M5

                	 	 	
                  (15)

                	 	
                  $

                	
                  2,725,000.00

                	 	
                  $

                	
                  100,000

                	 
	
                  Class
                    2-M6

                	 	 	
                  (16)

                	 	
                  $

                	
                  2,076,000.00

                	 	
                  $

                	
                  100,000

                	 
	
                  Class
                    C

                	 	 	
                  (17)

                	 	 	
                  (17)

                	 	 	
                  (26)

                	 
	
                  Class
                    1-P

                	 	 	
                  (18)

                	 	 	
                  (18)

                	 	 	
                  (26)

                	 
	
                  Class
                    2-P

                	 	 	
                  (19)

                	 	 	
                  (19)

                	 	 	
                  (26)

                	 
	
                  Class
                    1-X

                	 	 	
                  (20)

                	 	 	
                  (20)

                	 	 	
                  (26)

                	 
	
                  Class
                    2-X

                	 	 	
                  (21)

                	 	 	
                  (21)

                	 	 	
                  (26)

                	 
	
                  Class
                    R-1

                	 	 	
                  (22)

                	 	 	
                  (22)

                	 	 	
                  (26)

                	 
	
                  Class
                    R-2

                	 	 	
                  (23)

                	 	 	
                  (23)

                	 	 	
                  (26)

                	 
	
                  Class
                    LT-R-1

                	 	 	
                  (24)

                	 	 	
                  (24)

                	 	 	
                  (26)

                	 
	
                  Class
                    LT-R-2

                	 	 	
                  (25)

                	 	 	
                  (25)

                	 	 	
                  (26)

                	 

        

      

    

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

      
        

      

    

    
      	
              (1)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.250% (the “1-A1 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 1 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-A1 Certificates will be LIBOR plus 0.500%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-A1 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have payable on such Certificates
                if the
                REMIC 1 Net Funds Cap were substituted for the Pool 1 Net Funds Cap
                over
                the amount actually payable thereon shall be treated as having been
                paid
                to the owners of the Class 1-A1 Certificates and then deposited by
                such
                owners into the Supplemental Interest Trust pursuant to Section 10.01(n)
                hereof. 

            

    

     

    
      	
              (2)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.310% (the “1-A2 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans in Pool 1 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-A2 Certificates will be LIBOR plus 0.620%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-A2 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have payable on such Certificates
                if the
                REMIC 1 Net Funds Cap were substituted for the Pool 1 Net Funds Cap
                over
                the amount actually payable thereon shall be treated as having been
                paid
                to the owners of the Class 1-A2 Certificates and then deposited by
                such
                owners into the Supplemental Interest Trust pursuant to Section 10.01(n)
                hereof. 

            

    

    

    
      	
              (3)

            	
              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) 6.500% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date.

            

    

    

    
      	
              (4)

            	
              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 0.450% (the “1-M1 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date, provided,
                that if the Mortgage Loans in Pool 1 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 0.675%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-M1 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have payable on such Certificates
                if the
                REMIC 1 Net Funds Cap were substituted for the Pool 1 Net Funds Cap
                over
                the amount actually payable thereon shall be treated as having been
                paid
                to the owners of the Class 1-M1 Certificates and then deposited by
                such
                owners into the Supplemental Interest Trust pursuant to Section 10.01(n)
                hereof. 

            

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (5)

            	
              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 0.500% (the “1-M2 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date, provided,
                that if the Mortgage Loans in Pool 1 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 0.750%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-M2 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have payable on such Certificates
                if the
                REMIC 1 Net Funds Cap were substituted for the Pool 1 Net Funds Cap
                over
                the amount actually payable thereon shall be treated as having been
                paid
                to the owners of the Class 1-M2 Certificates and then deposited by
                such
                owners into the Supplemental Interest Trust pursuant to Section 10.01(n)
                hereof. 

            

    

     

    
      	
              (6)

            	
              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 0.550% (the “1-M3 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date, provided,
                that if the Mortgage Loans in Pool 1 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 0.825%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-M3 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have payable on such Certificates
                if the
                REMIC 1 Net Funds Cap were substituted for the Pool 1 Net Funds Cap
                over
                the amount actually payable thereon shall be treated as having been
                paid
                to the owners of the Class 1-M3 Certificates and then deposited by
                such
                owners into the Supplemental Interest Trust pursuant to Section 10.01(n)
                hereof.

            

    

     

    
      	
              (7)
                

            	
              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 0.700% (the “1-M4 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date, provided,
                that if the Mortgage Loans in Pool 1 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-M4 Certificates will be LIBOR plus 1.050%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-M4 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have payable on such Certificates
                if the
                REMIC 1 Net Funds Cap were substituted for the Pool 1 Net Funds Cap
                over
                the amount actually payable thereon shall be treated as having been
                paid
                to the owners of the Class 1-M4 Certificates and then deposited by
                such
                owners into the Supplemental Interest Trust pursuant to Section 10.01(n)
                hereof. 

            

    

     

    
      	
              (8)

            	
              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 0.800% (the “1-M5 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date, provided,
                that if the Mortgage Loans in Pool 1 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 1.200%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-M5 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have payable on such Certificates
                if the
                REMIC 1 Net Funds Cap were substituted for the Pool 1 Net Funds Cap
                over
                the amount actually payable thereon shall be treated as having been
                paid
                to the owners of the Class 1-M5 Certificates and then deposited by
                such
                owners into the Supplemental Interest Trust pursuant to Section 10.01(n)
                hereof. 

            

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    
      	
              (9)

            	
              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 1.400% (the “1-M6 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date, provided,
                that if the Mortgage Loans in Pool 1 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 2.100%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-M6 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have payable on such Certificates
                if the
                REMIC 1 Net Funds Cap were substituted for the Pool 1 Net Funds Cap
                over
                the amount actually payable thereon shall be treated as having been
                paid
                to the owners of the Class 1-M6 Certificates and then deposited by
                such
                owners into the Supplemental Interest Trust pursuant to Section 10.01(n)
                hereof. 

            

    

    

     

    
      	
              (10)

            	
              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 1.400% (the “1-M7 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date, provided,
                that if the Mortgage Loans in Pool 1 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 2.100%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-M7 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have payable on such Certificates
                if the
                REMIC 1 Net Funds Cap were substituted for the Pool 1 Net Funds Cap
                over
                the amount actually payable thereon shall be treated as having been
                paid
                to the owners of the Class 1-M7 Certificates and then deposited by
                such
                owners into the Supplemental Interest Trust pursuant to Section 10.01(n)
                hereof. 

            

    

    

    
      	
              (11)

            	
              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) 6.140% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date.

            

    

    

    
      	
              (12)

            	
              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) 6.140% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date.

            

    

    

    
      	
              (13)

            	
              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) 6.400% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date.

            

    

    

    
      	
              (14)

            	
              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) 6.400% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date.

            

    

    

    
      	
              (15)

            	
              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) 6.400% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date.

            

    

    

    
      	
              (16)

            	
              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) 6.400% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date.

            

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    
      	
              (17)

            	
              The
                Class C Certificates will be issued without a Certificate Principal
                Amount
                and will not bear interest at a stated rate. The Class C Certificates
                shall be entitled to receive the Class C Distributable
                Amount.

            

    

    

    
      	
              (18)

            	
              The
                Class 1-P Certificates will not bear interest at a stated rate. The
                Class
                1-P Certificates shall have a Class 1-P Principal Amount equal to
                $100 and
                shall be entitled to receive all Prepayment Premiums paid with respect
                to
                the Mortgage Loans in Pool 1 for which the Seller has retained the
                servicing rights as provided in Section
                5.02(f)(vii).

            

    

    

    
      	
              (19)

            	
              The
                Class 2-P Certificates will not bear interest at a stated rate. The
                Class
                2-P Certificates shall have a Class 2-P Principal Amount equal to
                $100 and
                shall be entitled to receive all Prepayment Premiums paid with respect
                to
                the Mortgage Loans in Pool 2 for which the Seller has retained the
                servicing rights as provided in Section
                5.02(g)(vii).

            

    

    

     

    
      	
              (20)

            	
              The
                Class 1-X Certificates shall have an initial principal balance of
                $3,668.92 (initial overcollateralization of $3,768.92 minus
                $100.00 allocated to the Class 1-P Certificates to create the $100
                Class
                1-P Principal Amount), but shall not accrue interest on that balance.
                In
                addition to the right to receive ultimately the initial principal
                balance,
                which right represents a regular interest Upper-Tier REMIC 1, the
                Class
                1-X Certificate shall also comprise 2 notional components, each of
                which
                represents a regular interest in the Upper Tier REMIC 1. The first
                such
                component has a notional balance that will at all times equal the
                aggregate of the principal balances of the regular interests in
                Middle-Tier REMIC 1, and, for each Distribution Date (and the related
                Accrual Period) this notional component shall bear interest at a
                per annum
                rate equal to the excess, if any, of (i) the difference between (a)
                the
                weighted average of the interest rates on the regular interests in
                Middle-Tier REMIC 1 (other than the Class MT1-IO Interest) over (ii)
                the
                Adjusted Middle-Tier 1 WAC. The second notional component represents
                the
                right to receive all distributions in respect of the Class MT1-IO
                Interest
                in Middle-Tier REMIC 1 (the “Class I” interest). In addition, for purposes
                of the REMIC Provisions, the Class 1-X Certificate shall represent
                beneficial ownership of (i) the Pool 1 Basis Risk Reserve Fund; (ii)
                the
                Supplemental Interest Trust Account, including the Swap Agreement,
                and
                (iii) an interest in the notional principal contracts described in
                Section
                10.01(n) hereof.

            

    

    

    
      	
              (21)

            	
              The
                Class 2-X Certificates shall have an initial principal balance of
                $
                2,003,425.04 (initial overcollateralization of $ 2,003,525.04 minus
                $100.00 allocated to the Class 2-P Certificates to create the $100
                Class
                2-P Principal Amount), but shall not accrue interest on that balance.
                In
                addition to the right to receive ultimately the initial principal
                balance,
                which right represents a regular interest in Upper-Tier REMIC 2,
                the Class
                2-X Certificate also comprises a notional component, which is also
                a
                regular interest in Upper-Tier REMIC 2. The notional component has
                a
                notional principal balance that at all times will equal the aggregate
                of
                the principal balances of the regular interests in Lower-Tier REMIC
                2. For
                each Distribution Date (and the related Accrual Period), the notional
                component shall bear interest at a rate equal to the excess of (a)
                the
                weighted average of the interest rates on the regular interests in
                Lower-Tier REMIC 2, weighted on the basis of the principal balance
                of each
                such Lower-Tier Interest over (b) the Adjusted Lower-Tier 2 WAC.
                For any
                Distribution Date, interest that accrues on the notional component
                of the
                Class 2-X Certificate shall be deferred to the extent such interest
                is
                used to make principal distributions to other Classes or Certificates
                on
                such date. Such deferred interest shall not itself bear
                interest.

            

    

    

    
      	
              (22)

            	
              The
                Class R-1 Certificate will be issued without a Certificate Principal
                Amount and will not bear interest at a stated rate. The Class R-1
                Certificate represents ownership of the residual interest in Upper-Tier
                REMIC 1, as well as ownership of the LT1-R Interest and the MT1-R
                Interest.

            

    

     

    
      	
              (23)

            	
              The
                Class R-2 Certificate will be issued without a Certificate Principal
                Amount and will not bear interest at a stated rate. The Class R-2
                Certificate represents ownership of the residual interest in Upper-Tier
                REMIC 2, as well as ownership of the Class LT2-R
                Interest.

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

     

     

    
      	
              (24)

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

            

    

     

    
      	
              (25)

            	
              The
                Class LT-R-2 Certificate will be issued without a Class Principal
                Amount
                and will not bear interest at a stated rate. The Class LT-R-2 Certificate
                represents ownership of the residual interest in Pooling REMIC 2.
                The
                Class LT-R-2 Certificate will be issued as a single Certificate evidencing
                the entire Percentage Interest in such
                Class.

            

    

     

    

    
      	
              (26)

            	
              The
                Class 1-X, Class 2-X, Class 1-P and Class 2-P Certificates will each
                be
                issued in minimum Percentage Interests of 10.00%. The Class C, Class
                LT-R-1, Class LT-R-2, Class R-1 and Class R-2 Certificate will each
                be
                issued as a single Certificate evidencing the entire Percentage Interest
                in each such Class.

            

    

     

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $1,010,607,293.

    

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

    

    

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01. Definitions. 

     

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

    

    1-A1
      Margin:
      As
      defined in footnote (1) of the Preliminary Statement under the caption “The
      Certificates.”

     

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

     

    1-M1
      Margin:
      As
      defined in footnote (4) 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 Group 1 Senior Certificates, in each case after
      giving effect to distributions on such Distribution Date and (ii) the Class
      Principal Amount of the Class 1-M1 Certificates immediately prior to such
      Distribution Date exceeds (y) the 1-M1 Target Amount.

     

    1-M1
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 87.54% and (ii) the Pool Balance of 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 of Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor. 

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

     

    1-M2
      Margin:
      As
      defined in footnote (5) 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 Group 1 Senior Certificates and the Class 1-M1
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and (ii) the Class Principal Amount of the Class 1-M2
      Certificates 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) 91.14% and (ii) the Pool Balance of 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 of 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 (6) 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 the aggregate
      Class Principal Amount of the Group 1 Senior Certificates, the Class 1-M1
      Certificates and Class 1-M2 Certificates, in each case after giving effect
      to
      distributions on such Distribution Date and (ii) the Class Principal Amount
      of
      the Class 1-M3 Certificates 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) 92.64% and (ii) the Pool Balance of 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 of 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-M4
      Margin:
      As
      defined in footnote (7) 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 the aggregate
      Class Principal Amount of the Group 1 Senior Certificates, the Class 1-M1
      Certificates, Class 1-M2 Certificates and Class 1- M3 Certificates, in each
      case
      after giving effect to distributions on such Distribution Date and (ii) the
      Class Principal Amount of the Class 1-M4 Certificates immediately prior to
      such
      Distribution Date exceeds (y) the 1-M4 Target Amount.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

     

    1-M4
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 95.30% and (ii) the Pool Balance of 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 of 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-M5
      Margin:
      As
      defined in footnote (8) 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 the aggregate
      Class Principal Amount of the Group 1 Senior Certificates, the Class 1-M1
      Certificates, Class 1-M2 Certificates, Class 1-M3 Certificates and Class 1-M4
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and (ii) the Class Principal Amount of the Class 1-M5
      Certificates 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) 96.50% and (ii) the Pool Balance of 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 of 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-M6
      Margin:
      As
      defined in footnote (9) of the Preliminary Statement under the caption “The
      Certificates.”

     

    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 the aggregate
      Class Principal Amount of the Group 1 Senior Certificates, the Class 1-M1
      Certificates, Class 1-M2 Certificates, Class 1-M3 Certificates, Class 1-M4
      Certificates and the Class 1-M5 Certificates, in each case after giving effect
      to distributions on such Distribution Date and (ii) the Class Principal Amount
      of the Class 1-M6 Certificates 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) 98.10% and (ii) the Pool Balance of 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 of 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-M7
      Margin:
      As
      defined in footnote (10) 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 the aggregate
      Class Principal Amount of the Group 1 Senior Certificates, the Class 1-M1
      Certificates, Class 1-M2 Certificates, Class 1-M3 Certificates, Class 1-M4
      Certificates, Class 1-M5 Certificates and Class 1-M6 Certificates, in each
      case
      after giving effect to distributions on such Distribution Date and (ii) the
      Class Principal Amount of the Class 1-M7 Certificates immediately prior to
      such
      Distribution Date exceeds (y) the 1-M7 Target Amount.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

     

    1-M7
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 99.10% and (ii) the Pool Balance of 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 of Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    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 Group 2 Senior Certificates, in each case after
      giving effect to distributions on such Distribution Date and (ii) the Class
      Principal Amount of the Class 2-M1 Certificates 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) 88.20% and (ii) the Pool Balance of 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 of 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
      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 Group 2 Senior Certificates and the Class 2-M1
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and (ii) the Class Principal Amount of the Class 2-M2
      Certificates 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) 89.80% and (ii) the Pool Balance of 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 of 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
      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 the aggregate
      Class Principal Amount of the Group 2 Senior Certificates, the Class 2-M1
      Certificates and the Class 2-M2 Certificates, in each case after giving effect
      to distributions on such Distribution Date and (ii) the Class Principal Amount
      of the Class 2-M3 Certificates immediately prior to such Distribution Date
      exceeds (y) the 2-M3 Target Amount.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

     

    2-M3
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 92.50% and (ii) the Pool Balance of 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 of 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-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 the aggregate
      Class Principal Amount of the Group 2 Senior Certificates, the Class 2-M1
      Certificates, Class 2-M2 Certificates and Class 2-M3 Certificates, in each
      case
      after giving effect to distributions on such Distribution Date and (ii) the
      Class Principal Amount of the Class 2-M4 Certificates 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) 93.60% and (ii) the Pool Balance of 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 of 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-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 the aggregate
      Class Principal Amount of the Group 2 Senior Certificates, the Class 2-M1
      Certificates, Class 2-M2 Certificates, Class 2-M3 Certificates and Class 2-M4
      Certificates in each case after giving effect to distributions on such
      Distribution Date and (ii) the Class Principal Amount of the Class 2-M5
      Certificates 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) 95.70% and (ii) the Pool Balance of 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 of 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-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 the aggregate
      Class Principal Amount of the Group 2 Senior Certificates, the Class 2-M1
      Certificates, Class 2-M2 Certificates, Class 2-M3 Certificates, Class 2-M4
      Certificates and Class 2-M5 Certificates in each case after giving effect to
      distributions on such Distribution Date and (ii) the Class Principal Amount
      of
      the Class 2-M6 Certificates 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) 97.30% and (ii) the Pool Balance of 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 of Pool 2 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 2 Overcollateralization Floor.

     

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

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    

     

    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:
      With
      respect to any Distribution Date and the Group 1 Certificates, the period
      beginning on the immediately preceding Distribution Date (or on January 25,
      2006, in the case of the first Accrual Period for the Group 1 Certificates)
      and
      ending on the day immediately preceding the related Distribution Date. With
      respect to any Distribution Date and the Group 2 Certificates, the Class 1-X
      and
      Class 2-X Certificates and each Lower-Tier Interest, the calendar month
      preceding the month of such Distribution Date.

     

    Act:
      As
      defined in Section 3.03(c).

     

    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:
      As
      defined in the Swap Agreement.

     

    Adjusted
      Middle-Tier 1 WAC:
      For any
      Distribution Date (and the related Accrual Period), an amount equal to (i)
      two,
      multiplied by (ii) the weighted average of the interest rates for such
      Distribution Date for each regular interest in Middle-Tier REMIC 1 (other than
      any interest-only regular interest), weighted in proportion to their Class
      Principal Amounts as of the beginning of the related Accrual Period and computed
      by subjecting the rate on the Class LMT1-Q Interest to a cap of 0.00% and by
      subjecting the rate on each remaining regular interest to a cap that corresponds
      to the Certificate Interest Rate for the Corresponding Class of Certificates,
      provided,
      however,
      that
      for each Class of Certificates for which interest is accrued on the basis of
      a
      360-day year and the actual number of days in the related Accrual Period, the
      Certificate Interest Rate shall be multiplied by an amount equal to (a) the
      actual number of days in the Accrual Period, divided by (b) 30.

     

    Adjusted
      Lower-Tier 2 WAC:
      For any
      Distribution Date (and the related Accrual Period), an amount equal to (i)
      two,
      multiplied by (ii) the weighted average of the interest rates for such
      Distribution Date for each regular interest in Lower-Tier REMIC 2 (other than
      any interest-only regular interest), weighted in proportion to their Class
      Principal Amounts as of the beginning of the related Accrual Period and computed
      by subjecting the rate on the Class LT2-Q Interest to a cap of 0.00% and by
      subjecting the rate on each remaining regular interest to a cap that corresponds
      to the Certificate Interest Rate for the Corresponding Class of Certificates,
      provided,
      however,
      that
      for each Class of Certificates for which interest is accrued on the basis of
      a
      360-day year and the actual number of days in the related Accrual Period, the
      Certificate Interest Rate shall be multiplied by an amount equal to (a) the
      actual number of days in the Accrual Period, divided by (b) 30.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    

     

    Advance:
      An
      advance of the aggregate of payments of principal and interest (net of the
      applicable 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 the related
      Servicer or by the Master Servicer on behalf of the related 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
      to
      the extent such tax would be payable from assets held as part of the Trust
      Fund.

     

    Affected
      Party:
      As
      defined in the Swap Agreement.

     

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

     

    Aggregate
      Loan Balance:
      As of
      any date of determination, the aggregate of the Scheduled Principal Balances
      of
      all Mortgage Loans in Pool 1 and Pool 2.

     

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

     

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

     

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

     

    Applied
      Loss Amounts:
      A Pool
      1 Applied Loss Amount or Pool 2 Applied Loss Amount, as applicable.

     

    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
      none of the Custodians nor the Trustee shall be responsible for determining
      whether any such assignment is in recordable form.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    

     

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

     

    Available
      Basis Risk Amount:
      For any
      Distribution Date and the Group 1 Certificates, the lesser of:

     

    (i)
      the
      product of (a) the excess, if any of (1) the weighted average of the Certificate
      Interest Rates on the Group 1 Certificates computed without regard to the Pool
      1
      Net Funds Cap, weighted based on the relative Class Principal Amounts for each
      class of Group 1 Certificates, over (2) the Pool 1 Net Funds Cap, multiplied
      by
      (b) the Scheduled Notional Amount for such Distribution Date, multiplied by
      (c)
      a fraction, the numerator of which is the actual number of days in the Accrual
      Period and the denominator of which is 360, and 

    

    (ii)
      the
      amount on deposit in the Supplemental Interest Trust after all required
      distributions have been made on such Distribution Date pursuant to Section
      5.02(h)(i) through (iv).

    

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

    

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

     

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

     

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

     

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

     

    Basis
      Risk 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, exceeds the amount of interest
      calculated at the applicable Net Funds Cap.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

     

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

     

    Book-Entry
      Certificates:
      Beneficial interests in Certificates
      designated as “Book-Entry Certificates” in this Agreement, ownership and
      transfers of which shall be evidenced or made through book entries by a Clearing
      Agency as described in Section 3.09; provided, that after the occurrence of
      a
      condition whereupon book-entry registration and transfer are no longer permitted
      and Definitive Certificates are to be issued to Certificate Owners, such
      Book-Entry Certificates shall no longer be “Book-Entry Certificates.” As of the
      Closing Date, each Class of Offered Certificates constitutes 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 the States of Colorado or New York or the city in which the Corporate Trust
      Office of the Trustee is located are closed, or (iii) with respect to any
      Servicer Remittance Date or any Servicer reporting date, a day on which banking
      institutions in the States specified in the definition of “Business Day” in the
      related Servicing Agreement, are authorized
      or
      obligated by law or executive order to be closed.

     

    Cap
      Counterparty:
      In the
      case of the Class 1-A1 Cap Agreement, Lehman Brothers Special Financing
      Inc.

     

    Carryforward
      Interest:
      With
      respect to any Distribution Date and any Class of Certificates (other than
      the
      Class C, Class 1-X, Class 2-X, Class 1-P, Class 2-P, Class R-1, Class R-2,
      Class
      LT-R-1 and Class LT-R-2 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.

     

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

     

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

     

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

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    

     

    Certificate
      Principal Amount:
      With
      respect to any Certificate (other than the Class C, Class 1-X, Class 2-X, Class
      1-P, Class 2-P, Class R-1, Class R-2, Class LT-R-1 and Class LT-R-2
      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 the Group 1 Certificates, as reduced
      by any Pool 1 Applied Loss Amount previously allocated thereto, or, in the
      case
      of the Group 2 Certificates, as reduced by any Pool 2 Applied Loss Amount
      previously allocated thereto; provided,
      however,
      that on
      each Distribution Date on which a Subsequent Recovery is distributed, the
      Certificate Principal Amount of any Group 1 Certificates whose Certificate
      Principal Amount has previously been reduced by application of Pool 1 Applied
      Loss Amounts or the Certificate Principal Amount of any Group 2 Certificates
      whose Certificate Principal Amount has previously been reduced by application
      of
      Pool 2 Applied Loss Amounts, as applicable, 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) in the case of holders
      of
      the Group 1 Certificates and the Group 2 Certificates, the total amount of
      any
      Subsequent Recovery from the related Mortgage Pool distributed on such
      Distribution Date after application (for this purpose) to any more senior
      Classes of such Certificates. The Class C, Class 1-X, Class 2-X, Class R-1
      and
      Class R-2 Certificates are issued without Certificate Principal Amounts. The
      Class 1-P Certificates are issued with an initial Class 1-P Principal Amount
      of
      $100.00 and the Class 2-P Certificates are issued with an initial Class 2-P
      Principal Amount of $100.00. 

     

    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.”

     

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

    

    Class:
      All
      Certificates and, in the case of each of Lower-Tier REMIC 1, Middle-Tier REMIC
      1
      and Lower-Tier REMIC 2, all Lower Tier Interests bearing the same Class
designation.
      

     

    Class
      1-A1 Cap Agreement:
      The Cap
      Agreement dated as of January 31, 2006, entered into between the Trustee on
      behalf of the Trust Fund (for the benefit of the Class
      1-A1 Certificateholders)
      and the Cap Counterparty, which agreement provides for the monthly payment
      specified therein, to the Trustee (for the benefit of the Class
      1-A1 Certificateholders)
      commencing with the Distribution Date in February 2006 and terminating in (but
      including the Distribution Date in) January 2008, by the Cap Counterparty,
      but
      subject to the conditions set forth therein, including the 1992 ISDA Master
      Swap
      Agreement (Multi-Currency Cross Border), together with the confirmation and
      schedules relating thereto, in the form of Exhibit N-1 hereto.

     

    Class
      1-P Interest:
      An
      interest in Upper-Tier REMIC 1, as described in footnote (18) to the table
      entitled “The Certificates” in the Preliminary Statement, which interest shall
      be evidenced by the rights of the holders of the Class 1-P Certificates to
      receive Prepayment Premiums with respect to Pool 1 Mortgage Loans.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    

     

    Class
      1-P Principal Amount:
      As of
      the Closing Date, $100.00.

     

    Class
      1-X Distributable Amount:
      On any
      Distribution Date, the amount of interest that has accrued on the notional
      balance of the Class 1-X Certificates (as described in the Preliminary Statement
      in footnote (20) under the caption “The Certificates,” but that has not been
      distributed prior to such date. In addition, such amount shall include the
      Class
      1-X Principal Amount to the extent such amount has not been distributed on
      an
      earlier Distribution Date as part of the Pool 1 Overcollateralization Release
      Amount.

     

    Class
      1-X Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period) the aggregate
      of the Class Principal Amount of the interests in Middle-Tier REMIC 1, as
      described in the Preliminary Statement.

     

    Class
      1-X Principal Amount:
      As of
      the Closing Date, $0.00.

     

    Class
      2-P Interest:
      An
      interest in Upper-Tier REMIC 2, as described in footnote (19) to the table
      entitled “The Certificates” in the Preliminary Statement, which interest shall
      be evidenced by the rights of the holders of the Class 2-P Certificates to
      receive Prepayment Premiums with respect to Pool 2 Mortgage Loans.

     

    Class
      2-P Principal Amount:
      As of
      the Closing Date, $100.00.

     

    Class
      2-X Distributable Amount:
      On any
      Distribution Date, the amount of interest that has accrued on the notional
      balance of the Class 2-X Certificates (as described in the Preliminary Statement
      in footnote (21) under the caption “The Certificates,” but that has not been
      distributed prior to such date. In addition, such amount shall include the
      Class
      2-X Principal Amount to the extent such amount has not been distributed on
      an
      earlier Distribution Date as part of the Pool 2 Overcollateralization Release
      Amount.

     

    Class
      2-X Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period) the aggregate
      of the Class Principal Amount of the Lower Tier Interest in Lower-Tier REMIC
      2,
      as described in the Preliminary Statement.

     

    Class
      2-X Principal Amount:
      As of
      the Closing Date, $0.00.

     

    Class
      C Distributable Amount:
      For
      each Distribution Date (1) on and prior to the Class X Account Termination
      Date,
      an amount equal to the lesser of (a) aggregate
      investment earnings on the Class X Account for the related Collection Period
      and
      (b) the amount on deposit in the Class X Account on such Distribution
      Date, and (2) on the Class X Account Termination Date, an amount equal to
      the entire amount remaining on deposit in the Class X Account, after making
      the
      payments set forth in clause (1) hereto.

     

    Class
      C Mortgage Loan:
      Any
      Mortgage Loan which has become a Liquidated Mortgage Loan or REO Property on
      or
      prior to the Collection Period ending on January 1, 2010. 

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    

     

    Class
      I Shortfalls:
      As
      defined in Section 10.01(l) hereof. For purposes of clarity, the Class I
      Shortfall for any Distribution Date shall equal the amount payable to the Swap
      Counterparty on such Distribution Date in excess of the amount payable on the
      Class I interest in the Upper Tier REMIC 1 on such Distribution Date, all as
      further provided in Section 10.01(l) hereof.

     

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

     

    Class
      LT-R-2 Certificates:
      Each
      Class LT-R-2 Certificate execution by the Trustee, and authenticated and
      delivered by the Certificate Registrar, substantially in the form annexed hereto
      as Exhibit A and evidencing the residual interest in Pooling REMIC
      2.

     

    Class
      Principal Amount:
      With
      respect to each Class of
      Certificates other than the Class C, Class 1-P, Class 2-P, Class R-1, Class
      R-2,
      Class LT-R-1, Class LT-R-2, 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 1-P and Class 2-P Certificates, the
      Class 1-P Principal Amount and the Class 2-P Principal Amount, respectively.
      With respect to the Class C, Class R-1, Class R-2, Class LT-R-1, Class LT-R-2,
      Class 1-X and Class 2-X Certificates, zero.

     

    Class
      R-1 Certificate:
      The
      Class R-1 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 sole class
      of residual interest in Upper-Tier
      REMIC 1 as well as ownership of the Class LT1-R Interest in Lower-Tier REMIC
      1
      and the Class MT1-R Interest in Middle-Tier REMIC 1.

     

    Class
      R-2 Certificate:
      The
      Class R-2 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 sole class
      of residual interest in Upper-Tier
      REMIC 2 as well as ownership of the Class LT2-R Interest in Lower-Tier REMIC
      2.

     

    Class
      X
      Account:
      An
      account established as part of the Trust
      Fund
      pursuant to Section 5.11 of this Agreement but which is not an asset of any
      of
      the REMICs for the benefit of the Class 1-X, Class 2-X and Class C
      Certificates.

     

    Class
      X Account Termination Date:
      The
      Distribution Date on which all Class C Mortgage Loans become Liquidated Mortgage
      Loans.

     

    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.

     

    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.

     

    Clearstream:
      Clearstream Banking, S.A., Luxembourg, and any successor thereto.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    

     

    Closing
      Date:
      January
      31, 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.

     

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

     

    Commission:
      The
      United States Securities and Exchange Commission.

     

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

     

    Component:
      Not
      applicable.

     

    Component
      Interest Rate:
      Not
      applicable.

     

    Component
      Principal Amount:
      Not
      applicable.

     

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

     

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

     

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

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    

     

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

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

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

     

    Corporate
      Trust Office:
      The
      principal corporate trust office of the Trustee (a) at which Certificates may
      be
      presented for transfer and exchange and for presentment and surrender for the
      final distributions thereon is located at Citibank, N.A., 111 Wall Street,
      15th
      floor,
      New York, New York 10005, Attention: 15th
      Floor
      Window and (b) for all other purposes, Citibank, N.A., 388 Greenwich Street,
      14th
      floor,
      New York, New York 10013, Attention: Agency and Trust Lehman XS Trust Series
      2006-1, or such other address that the Trustee may designate from time to time
      by notice to the Certificateholders, the Depositor and the Master
      Servicer.

    

    Corresponding
      Class:
      The
      Class of Certificates that corresponds to a class of interests in Middle-Tier
      REMIC 1 or Lower-Tier REMIC 2, as applicable, and as described in the
      Preliminary Statement.

     

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

     

    Current
      Interest:
      With
      respect to any Offered Certificate 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 thereof immediately
      prior to such Distribution Date. 

     

    Custodial
      Account:
      Any
      custodial account (other than an Escrow Account) established and maintained
      by a
      Servicer pursuant to a 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 LaSalle Bank National Association,
      U.S. Bank National Association and Wells Fargo Bank, N.A.

     

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

     

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

     

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

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    

     

    Defaulting
      Party:
      As
      defined in the Swap Agreement.

     

    Deferred
      Amount:
      With
      respect to any Distribution Date and each Group 1 Certificate, the aggregate
      Pool 1 Applied Loss Amounts previously applied in reduction of the Certificate
      Principal Amount thereof, less (i) any amounts previously reimbursed in respect
      thereof and (ii) the amount by which the Certificate Principal Amount of such
      Group 1 Certificate has been increased due to Subsequent Recoveries. With
      respect to any Distribution Date and each Group 2 Certificate, the aggregate
      Pool 2 Applied Loss Amounts previously applied in reduction of the Certificate
      Principal Amount thereof, less (i) any amounts previously reimbursed in respect
      thereof and (ii) the amount by which the Certificate Principal Amount of such
      Group 2 Certificate has been increased due to Subsequent
      Recoveries.

     

    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.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    

     

    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 February 2006.

     

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

     

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

     

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

     

    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;

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    

     

    (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 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 long-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), (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. Such investments in this subsection (viii) may include
      money
      market mutual funds or common trust funds, including any fund for which
      Citibank, N.A., 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)
      Citibank, N.A., the Trustee, the Master Servicer or any affiliate thereof
      charges and collects fees and expenses from such funds for services rendered,
      (y) Citibank, N.A., the Trustee, the Master Servicer, or any affiliate
      thereof charges and collects fees and expenses for services rendered pursuant
      to
      this Agreement, and (z) services performed for such funds and pursuant to
      this Agreement may converge at any time. Citibank, N.A. or an affiliate thereof
      is hereby authorized to charge and collect from the Trustee such fees as are
      collected from all investors in such funds for services rendered to such funds
      (but not to exceed investment earnings thereon);

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

    ERISA-Restricted
      Certificate:
      Any
      Class C, Class 1-P, Class 2-P, Class R-1, Class R-2, Class LT-R-1, Class LT-R-2,
      Class 1-X and Class 2-X Certificate and any Certificate with a rating below
      the
      lowest applicable rating permitted under the Underwriter’s
      Exemption.

     

    ERISA-Restricted
      Swap Certificate:
      Any
      Group 1 Certificate.

     

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

     

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

     

    Euroclear:
      Euroclear Bank, S.A./N.V., as operator of the Euroclear System.

     

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

     

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

    

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

     

    Excluded
      Trust Assets:
      As
      defined in the Preliminary Statement. 

    

    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 each Class of Certificates, the Distribution Date in February
      2036.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    

     

    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.

     

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

     

    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.

     

    Ginnie
      Mae
      or
GNMA:
      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.

     

    Group
      1 Certificates:
      Collectively, the Group 1 Senior Certificates and the Group 1 Subordinate
      Certificates.

     

    Group
      1 Senior Certificates:
      Collectively, the Class 1-A1 and Class 1-A2 Certificates.

     

    Group
      1 Senior Priority:
      The
      priority of distributions on the Group 1 Senior Certificates described in
      Section 5.02(d)(i)(B).

     

    Group
      1 Subordinate Certificates:
      Collectively, the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5,
      Class 1-M6 and Class 1-M7 Certificates.

     

    Group
      1 Subordinate Priority:
      To the
      Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5, Class 1-M6 and
      Class
      1-M7 Certificates, sequentially, in that order.

     

    Group
      2 Certificates:
      Collectively, the Group 2 Senior Certificates and the Group 2 Subordinate
      Certificates.

     

    Group
      2 Senior Certificates:
      The
      Class 2-A1 Certificates.

     

    Group
      2 Subordinate Certificates:
      Collectively, the Class 2-M1, Class 2-M2, Class 2-M3, Class 2-M4, Class 2-M5
      and
      Class 2-M6 Certificates.

     

    Group
      2 Subordinate Priority:
      To the
      Class 2-M1, Class 2-M2, Class 2-M3, Class 2-M4, Class 2-M5 and Class 2-M6
      Certificates, sequentially, in that order.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    

     

    Holder
      or
Certificateholder:
      The
      registered owner of any Certificate as recorded on the books of the Certificate
      Registrar except that, solely for the purposes of taking any action or giving
      any consent pursuant to this Agreement, any Certificate registered in the name
      of the Depositor, the Trustee, the Master Servicer, any Servicer, the Cap
      Counterparty or any Affiliate thereof shall be deemed not to be outstanding
      in
      determining whether the requisite percentage necessary to effect any such
      consent has been obtained, except that, in determining whether the Trustee
      shall
      be protected in relying upon any such consent, only Certificates which a
      Responsible Officer of the Trustee knows to be so owned shall be disregarded.
      The Trustee may request and conclusively rely on certifications by the
      Depositor, the Master Servicer, the Cap Counterparty or the applicable Servicer,
      in determining whether any Certificates are registered to an Affiliate of the
      Depositor, the Master Servicer, the Cap Counterparty or any Servicer,
      respectively. After a Section 7.01(d) Purchase Event, except in the case of
      the
      Class LT-R-1 and Class LT-R-2 Certificates, Sections 3.03, 3.04, 3.05, 3.06,
      3.07, 3.09, 5.02(b) through (h) and 11.03 (a) and (b) herein, all references
      in
      this Agreement to “Holder” or “Certificateholder” shall be deemed to be
      references to the LTURI-holder, as recorded on the books of the Certificate
      Registrar, as holder of the Pooling REMIC 1 Regular Interests (in the case
      of a
      Section 7.01(d) Purchase Event with respect to the Pooling REMIC 1 Regular
      Interests) and the Pooling REMIC 2 Regular Interests (in the case of a Section
      7.01(d) Purchase Event with respect to the Pooling REMIC 2 Regular
      Interests).

     

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

     

    Independent:
      When
      used with respect to any Accountants, a Person who is “independent” within the
      meaning of Rule 2-01(b) of the Commission’s Regulation S-X. When used with
      respect to any other Person, a Person who (a) is in fact independent of another
      specified Person and any Affiliate of such other Person, (b) does not have
      any
      material direct financial interest in such other Person or any Affiliate of
      such
      other Person, 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:
      4.568%
      per annum.

     

    Insurance
      Fee Rate:
      With
      respect to each Mortgage Loan insured by an Insurance Policy paid for by the
      lender, the per annum rate specified in the Mortgage Loan Schedule.

     

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

     

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

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    

     

    Interest
      Remittance Amount:
      With
      respect to any Mortgage Pool and Distribution Date, (a) the sum of (1) all
      interest collected (other than in connection with Payaheads and Prepayment
      Premiums) or advanced in respect of Scheduled Payments in such Mortgage Pool
      during the related Collection Period by the Servicers, the Master Servicer,
      or
      the Trustee (solely acting in its capacity as successor Master Servicer),
minus
      (x) the
      Servicing Fee with respect to the Mortgage Loans and (y) previously unreimbursed
      Advances and other amounts due to the Servicers, 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 Mortgage Loans, (2) any
      Compensating Interest Payments with respect to the Mortgage Loans in such
      Mortgage Pool with respect to the related Prepayment Period (or in the case
      of
      Mortgage Loans serviced by Aurora, the relevant Collection Period), (3) the
      portion of any Purchase Price, as applicable, or Substitution Amount paid with
      respect the Mortgage Loans in such Mortgage Pool during the related Prepayment
      Period (or in the case of Mortgage Loans serviced by Aurora, the relevant
      Collection Period) allocable to interest, and (4) all Net Liquidation
      Proceeds, Insurance Proceeds and any other recoveries collected with respect
      to
      the 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 reimbursable to the Trustee, the Master Servicer or each Servicer
      to
      the extent provided in this Agreement and each Servicing Agreement, and the
      Custodian pursuant to the Custodial Agreement; provided,
      however,
      that in
      the case of the Trustee, such reimbursable amounts may not exceed $500,000
      during any Anniversary Year up to and including the Anniversary Year in which
      the Stepdown Date occurs and $200,000 during any Anniversary Year thereafter
      (the “Applicable Maximum Reimbursement Amount”). In the event that the Trustee
      incurs reimbursable amounts in excess of the Applicable Maximum Reimbursement
      Amount in any Anniversary Year, it may obtain reimbursement for such amounts
      in
      subsequent Anniversary Years, but in no event shall more than the Applicable
      Maximum Reimbursement Amount in aggregate be reimbursed to the Trustee per
      Anniversary Year. Notwithstanding the foregoing, costs and expenses incurred
      by
      the Trustee pursuant to Section 6.14(a) in connection with any transfer of
      servicing shall be excluded in determining the Applicable Maximum Reimbursement
      Amount limitation on reimbursable amounts per Anniversary Year. For
      the
      avoidance of doubt, (i) the Interest Remittance Amount available on each Swap
      Payment Date for distributions to the Supplemental Interest Trust Account shall
      be equal to the Interest Remittance Amount on the related Distribution Date
      and
      (ii) the Interest Remittance Amount for each Distribution Date shall be
      calculated without regard to any distributions to the Supplemental Interest
      Trust Account on the related Swap Payment Date. 

     

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

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date occurring in February 2036.

     

    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.

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    

     

    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, 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
      Group 1 Certificate.

     

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

     

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

     

    Liquidation
      Expenses:
      Expenses that are incurred by the Master Servicer or a Servicer in connection
      with the liquidation of any defaulted Mortgage Loan and 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:
      As
      described in the Preliminary Statement.

     

    Lower-Tier
      REMIC:
      Any of
      Pooling REMIC 1, Pooling REMIC 2, Lower-Tier REMIC 1 or Lower-Tier REMIC
      2. 

    

    Lower-Tier
      REMIC 1:
      As
      described in the Preliminary Statement.

     

    Lower-Tier
      REMIC 2:
      As
      described in the Preliminary Statement.

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    

     

    LTURI-holder:
      The
      holder of the Pooling REMIC 1 Regular Interests and/or the Pooling REMIC 2
      Regular Interests, as the case may be, which upon the occurrence of a Section
      7.01(d) Purchase Event, shall be the Master Servicer or its designee, including
      any trustee in its capacity as a trustee in any privately placed
      securitization.

     

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

     

    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 Rate:
      0.00%
      per annum.

     

    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.

     

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

     

    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.

     

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

     

    Middle-Tier
      REMIC 1:
      As
      described in the Preliminary Statement.

    

    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 Sale Agreement:
      The
      mortgage loan sale and assignment agreement dated as of January 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 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) with respect to any Mortgage Loan
      with a lender paid Insurance Policy, the related Insurance Fee Rate; (x) the
      applicable Prepayment Premium, if any, and the method of calculation, (xi)
      the
      Custodian with respect to the Mortgage File related to such Mortgage Loan and
      (xii) the Mortgage Pool into which the Mortgage Loan has been deposited.
The
      Depositor shall be responsible for providing the Trustee and the Master Servicer
      with all amendments to the Mortgage Loan Schedule.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    

     

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

     

    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.

     

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

     

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

     

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan, the Mortgage Rate thereof reduced by (i) the
      Servicing Fee Rate for such Mortgage Loan, and (ii) the Insurance Fee Rate,
      if
      applicable.

     

    Net
      Prepayment Interest Shortfall:
      With
      respect to any Master Servicer Remittance Date, the excess, if any, of any
      Prepayment Interest Shortfalls with respect to the Mortgage Loans for such
      date
      over (i) any Prepayment Interest Excess with respect to the Mortgage Loans
      for such date and (ii) any amounts paid with respect to such shortfalls by
      the Servicers pursuant to the Servicing Agreements.

     

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

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    

    Net
      WAC Rate:
      With
      respect to any Distribution Date (and the related Accrual Period) any Pool,
      a
      per annum rate equal to the weighted average of the Net Mortgage Rates of the
      Mortgage Loans in the related 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).

     

    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, together with certain payments
      received on the Class 1-A1 Cap Agreement, as provided herein, which principal
      assets back such securities.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Offered
      Certificates:
      Collectively, the Group 1 Certificates and the Group 2 Certificates.

     

    Offered
      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 2-M1, Class 2-M2, Class 2-M3, Class 2-M4, Class 2-M5 and Class
      2-M6
      Certificates.

     

    Offering
      Document:
      The
      Prospectus.

     

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

     

    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 Trustee but which must be Independent outside counsel with
      respect to any such opinion of counsel concerning the transfer of any Residual
      Certificate or concerning certain matters with respect to the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or the taxation,
      or the federal income tax status, of each REMIC.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    

     

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

     

    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.

     

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

     

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

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

    Percentage
      Interest:
      With
      respect to any Certificate, its percentage interest in the undivided beneficial
      ownership interest in the Trust Fund evidenced by all Certificates of the same
      Class as such Certificate. With respect to any Certificate other than the Class
      C, Class 1-X, Class 2-X, Class 1-P, Class 2-P, Class R-1, Class R-2
      Certificates, Class LT-R-1 and Class LT-R-2 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 C, Class 1-X, Class 2-X, Class 1-P, Class
      2-P, Class R-1, Class R-2, Class LT-R-1 Certificates and Class LT-R-2
      Certificates, the Percentage Interest evidenced thereby shall be as specified
      on
      the face thereof, or otherwise be equal to 100%.

     

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

     

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

     

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

     

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

     

    Pool
      1
      Applied Loss Amount:
      With
      respect to any Distribution Date, after giving effect to all Realized Losses
      incurred with respect to the Mortgage Loans in Pool 1 during the related
      Collection Period and distributions of principal on such Distribution Date,
      the
      amount by which the aggregate Class Principal Amount of the Group 1 Certificates
      exceeds the Pool Balance of Pool 1 for such Distribution Date.

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    

     

    Pool
      1
      Basis Risk Payment:
      With
      respect to any Distribution Date, an amount equal to (A) the sum of (i) any
      Basis Risk Shortfall for such Distribution Date applicable to the Group 1
      Certificates, (ii) any Unpaid Basis Risk Shortfall from previous Distribution
      Dates applicable to the Group 1 Certificates and (iii) any Pool 1 Required
      Reserve Fund Amount for such Distribution Date, less any amounts received under
      the Class 1-A1 Cap Agreement and paid to the Class 1-A1 Certificates pursuant
      to
      Section 5.02(f)(iii)(A) less (B) the amount of Available Basis Risk Payments
      made to the Group 1 Certificates pursuant to Section 5.02(h)(v) on such
      Distribution Date. The amount of the Pool 1 Basis Risk Payment for any
      Distribution Date payable solely pursuant to clause 5.02(f)(iii) of this
      Agreement cannot exceed the amount of Pool 1 Monthly Excess Cashflow otherwise
      available for distribution pursuant to Section 5.02(f)(iii) of
      this
      Agreement.

     

    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 for the benefit of the Group 1 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 Mortgage Loans
      in
      Pool 1 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

            
	 	 	 
	
              February
                2009 through January 2010

            	 	
              0.80%
                for the first month plus
                an
                additional 1/12th
                of
                0.45% for each month thereafter

            
	 	 	 
	
              February
                2010 through January 2011

            	 	
              1.25%
                for the first month plus
                an
                additional 1/12th
                of
                0.40% for each month thereafter

            
	 	 	 
	
              February
                2011 through January 2012

            	 	
              1.65%
                for the first month plus
                an
                additional 1/12th
                of
                0.25% for each month thereafter

            
	 	 	 
	
              February
                2012 and thereafter

            	 	
              1.90%

            
	 	 	 

    

    Pool
      1
      Cut-off Date Balance:
      With
      respect to the Mortgage Loans in Pool 1 on the Closing Date, the Pool Balance
      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 39.06% of the Pool 1 Senior
      Enhancement Percentage for such Distribution Date.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    

     

    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
      Mortgage Loans in Pool 1 which are 60 days Delinquent or more (including all
      foreclosures, bankruptcies and REO Properties) as of the close of business
      on
      the last day of such month, and the denominator of which is the Pool
Balance
      of 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 of Pool 1 initially declines to less than 10.00% of the Pool 1 Cut-off
      Date Balance.

     

    Pool
      1
      Monthly Excess Cashflow:
      For any
      Distribution Date, an amount equal to the sum of (i) the Pool 1 Monthly Excess
      Interest for such Distribution Date, (ii) the Pool 1 Overcollateralization
      Release Amount for such Distribution Date and (iii) any remaining Principal
      Distribution Amount for such Distribution Date, with respect to Pool 1, after
      applying the principal payment priorities set forth in Section 5.02(d)(i) or
      Section 5.02(d)(ii), as applicable.

     

    Pool
      1
      Monthly Excess Interest:
      With
      respect to any Distribution Date, the amount of any Interest Remittance Amount
      for Pool 1 remaining after application pursuant to clause (i) through (vi)
      of
      Section 5.02(b) on such date.

     

    Pool
      1
      Net Excess Spread:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      the
      numerator of which is equal to the product of (i) the amount, if any, by which
      (a) the Interest Remittance Amount for Pool 1 for such Distribution Date exceeds
      (b) the Current Interest payable with respect to the Group 1 Certificates for
      such Distribution Date and (ii) twelve, and the denominator of which is the
      Pool
      Balance of Pool 1 for such Distribution Date.

     

    Pool
      1
      Net Funds Cap:
      With
      respect to any Distribution Date and the Group 1 Certificates, an annual rate
      equal to (a) a fraction, expressed as a percentage, the numerator of which
      is
      the product of (1) the excess, if any, of (i) the Pool 1 Optimal Interest
      Remittance Amount for such Distribution Date over (ii) any Net Swap Payment
      or
      Swap Termination Payment owed to the Swap Counterparty on the related Swap
      Payment Date allocable to Pool 1 and (2) 12, and (b) 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 a fraction, the numerator of which is 30 and the
      denominator of which is the actual number of days in the Accrual Period related
      to such Distribution Date.

     

    Pool
      1
      Optimal Interest Remittance Amount:
      For
      each Distribution Date, the product of (A) (x) the weighted average of the
      Net
      Mortgage Rates for the Pool 1 Mortgage Loans as of the first day of the related
      Collection Period divided by (y) 12 and (B) the Pool Balance of Pool 1 as of
      the
      first day of the related Collection Period (not including for this purpose
      Mortgage Loans in Pool 1 for which prepayments in full have been received and
      distributed in the month prior to that Distribution Date).

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    

     

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

     

    Pool
      1
      Overcollateralization Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      Balance of 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 Group 1 Certificates, in each case 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 Date, calculated
      for
      this purpose after giving effect to the reduction on such Distribution Date
      of
      the aggregate Certificate Principal Amount of the Group 1 Certificates resulting
      from the distribution of the Principal Distribution Amount for Pool 1 on such
      Distribution Date, but prior to allocation of any Pool 1 Applied Loss Amount
      on
      such Distribution Date to the Group 1 Certificates.

     

    Pool
      1
      Overcollateralization Release Amount:
      With
      respect to any Distribution Date, the lesser of (x) the Principal Remittance
      Amounts 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 Group 1 Certificates) exceeds (2) the Pool 1 Targeted Overcollateralization
      Amount for such Distribution Date.

     

    Pool
      1
      Purchase Price:
      A price
      equal to the sum of (i) 100% of the unpaid principal balance of each Mortgage
      Loan in Pool 1 on the day of such purchase plus
      interest
      accrued thereon at the applicable Mortgage Rate to the Due Date in the Due
      Period immediately preceding the related Distribution Date, (ii) the amount
      of
      any costs and damages incurred by the Trust Fund as a result of any violation
      of
      any applicable federal, state or local predatory- or abusive-lending law arising
      from or in connection with the origination of such Mortgage Loan in Pool 1,
      (iii) the amount of any unreimbursed Servicing Advances and amounts owed to
      the
      Trustee hereunder with respect to such Mortgage Loans in Pool 1, (iv) the fair
      market value of any REO Property and any other property held by the Trust Fund
      with respect to such Mortgage Loans, such fair market value to be determined
      by
      an appraiser or appraisers mutually agreed upon by the Master Servicer and
      the
      Trustee (reduced, in the case of REO Property, by (1) reasonably anticipated
      disposition costs and (2) any amount by which the fair market value as so
      reduced exceeds the outstanding principal balance of the related Mortgage Loan)
      plus interest accrued thereon at the applicable Net Mortgage Rate to the date
      of
      such purchase and (v) any Swap Termination Payment payable to the Swap
      Counterparty as a result of a termination pursuant to Section 7.01.

     

    Pool
      1
      REMIC:
      Any
      REMIC relating to Pool 1, as described in the Preliminary
      Statement.

     

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

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    

     

    Pool
      1
      Rolling Three Month Delinquency Rate:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      equal
      to 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 Enhancement Percentage:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      the
      numerator of which is the sum of (x) the aggregate Class Principal Amount of
      the
      Group 1 Subordinate Certificates and (y) the Pool 1 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 for Pool 1 has been distributed on such Distribution Date and no Pool
      1
      Trigger Event has occurred) and the denominator of which is the Pool Balance
      of
      Pool 1 for such Distribution Date, in each case after giving effect to
      distributions on such Distribution Date.

     

    Pool
      1
      Senior Principal Distribution Amount:
      With
      respect to 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 100% of 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 Group 1 Senior Certificates immediately
      prior to such Distribution Date exceeds (y) the Pool 1 Senior Target
      Amount.

     

    Pool
      1
      Senior Target Amount:
      With
      respect to each of Pool 1 and any Distribution Date an amount equal to the
      lesser of (a) the product of (i) 82.08% and (ii) the Pool Balance of 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 of 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 February 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 Mortgage Loans in Pool 1 during the related Collection Period, but before
      giving effect to distributions on any related Certificate on such Distribution
      Date) is greater than or equal to 17.92%.

     

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

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    

     

    Pool
      1
      Targeted Overcollateralization Amount:
      With
      respect to any Distribution Date (x) prior to the Pool 1 Stepdown Date an amount
      equal to approximately $3,379,557.46 (i.e., 0.45% of the Pool 1 Cut-Off Date
      Balance) and (y) for any Distribution Date on or after the Pool 1 Stepdown
      Date,
      the greater of (1) the lesser of (a) $3,379,557.46 and (b) the product of 0.90%
      of the Pool Balance of Pool 1 as of the last day of the Collection Period and
      (2) the Pool 1 Overcollateralization Floor; provided, however, for any
      Distribution Date on or after the Pool 1 Stepdown Date and for which a Pool
      1
      Trigger Event is in effect, the Pool 1 Targeted Overcollateralization Amount
      will be equal to the Pool 1 Targeted Overcollateralization Amount in effect
      for
      the immediately preceding Distribution Date.

     

    Pool
      1
      Termination Event:
      As
      defined in Section 7.01(a).

     

    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
      Applied Loss Amount:
      With
      respect to any Distribution Date, after giving effect to all Realized Losses
      incurred with respect to the Mortgage Loans in Pool 2 during the related
      Collection Period and distributions of principal on such Distribution Date,
      the
      amount by which the aggregate Class Principal Amount of the Group 2 Certificates
      exceeds the Pool Balance of Pool 2 for such Distribution Date.

     

    Pool
      2
      Basis Risk Payment:
      With
      respect to any Distribution Date, an amount equal to the sum of (i) any Basis
      Risk Shortfall for such Distribution Date applicable to the Group 2
      Certificates, (ii) any Unpaid Basis Risk Shortfall from previous Distribution
      Dates applicable to the Group 2 Certificates and (iii) any Pool 2 Required
      Reserve Fund Amount for such Distribution Date. The amount of the Pool 2 Basis
      Risk Payment for any Distribution Date cannot exceed the amount of Pool 2
      Monthly Excess Cashflow otherwise available for distribution pursuant to Section
      5.02(g)(iii) of
      this
      Agreement.

     

    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 for the benefit of the Group 2 Certificates.

     

    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 Mortgage Loans
      in
      Pool 2 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

            
	 	 	 
	
              February
                2009 through January 2010

            	 	
              1.10%
                for the first month plus
                an
                additional 1/12th
                of
                0.55% for each month thereafter

            
	 	 	 
	
              February
                2010 through January 2011

            	 	
              1.65%
                for the first month plus
                an
                additional 1/12th
                of
                0.50% for each month thereafter

            
	 	 	 
	
              February
                2011 through January 2012

            	 	
              2.15%
                for the first month plus
                an
                additional 1/12th
                of
                0.25% for each month thereafter

            
	 	 	 
	
              February
                2012 and thereafter

            	 	
              2.40%

            

    

    

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

    Pool
      2
      Cut-off Date Balance:
      With
      respect to the Mortgage Loans in Pool 2 on the Closing Date, the Pool Balance
      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 36.55% 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
      Mortgage Loans in Pool 2 which are 60 days Delinquent or more (including all
      foreclosures, bankruptcies and REO Properties) as of the close of business
      on
      the last day of such month, and the denominator of which is the Pool
Balance
      of 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 of Pool 2 initially declines to less than 10.00% of the Pool 2 Cut-off
      Date Balance.

     

    Pool
      2
      Monthly Excess Cashflow:
      For any
      Distribution Date, an amount equal to the sum of (i) the Pool 2 Monthly Excess
      Interest for such Distribution Date, (ii) the Pool 2 Overcollateralization
      Release Amount for such Distribution Date and (iii) any remaining Principal
      Distribution Amount for such Distribution Date, with respect to Pool 2, after
      applying the principal payment priority set forth in Section 5.02(e)(i) or
      Section 5.02(e)(ii), as applicable.

     

    Pool
      2
      Monthly Excess Interest:
      With
      respect to any Distribution Date, the amount of any Interest Remittance Amount
      for Pool 2 remaining after application pursuant to clauses (i) through (ii)
      of
      Section 5.02(c) on such date.

     

    Pool
      2
      Net Excess Spread:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      the
      numerator of which is equal to the product of (i) the amount, if any, by which
      (a) the Interest Remittance Amount for Pool 2 for such Distribution Date exceeds
      (b) the Current Interest payable with respect to the Group 2 Certificates for
      such Distribution Date and (ii) twelve, and the denominator of which is the
      Pool
      Balance of Pool 2 for such Distribution Date.

     

    Pool
      2
      Net Funds Cap:
      For
      each
      Distribution Date and the Group 2 Certificates, an annual rate equal to (a)
      a
      fraction, expressed as a percentage, the numerator of which is the product
      of
      (1) the Pool 2 Optimal Interest Remittance Amount for such Distribution Date
      and
      (2) 12, and the denominator of which is the Pool Balance of 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), except in the case of the Class
      2-A1 Certificates, multiplied by 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.

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    

     

    Pool
      2
      Optimal Interest Remittance Amount:
      For
      each Distribution Date, the product of (A) (x) the weighted average of the
      Net
      Mortgage Rates for the Pool 2 Mortgage Loans as of the first day of the related
      Collection Period divided by (y) 12 and (B) the Pool Balance of Pool 2 as of
      the
      first day of the related Collection Period (not including for this purpose
      Mortgage Loans in Pool 2 for which prepayments in full have been received and
      distributed in the month prior to that Distribution Date).

     

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

     

    Pool
      2
      Overcollateralization Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      Balance of 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 Group 2 Certificates, in each case 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 Group 2 Certificates resulting
      from the distribution of the Principal Distribution Amount for Pool 2 on such
      Distribution Date, but prior to allocation of any Pool 2 Applied Loss Amount
      on
      such Distribution Date to the Group 2 Certificates.

     

    Pool
      2
      Overcollateralization Floor:
      With
      respect to any Distribution Date and the Group 2 Certificates, 0.35% 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
      Amounts 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 Group 2 Certificates) exceeds (2) the Pool 2 Targeted Overcollateralization
      Amount for such Distribution Date.

     

    Pool
      2
      Purchase Price:
      A price
      equal to the sum of (i) 100% of the unpaid principal balance of each Mortgage
      Loan in Pool 2 on the day of such purchase plus
      interest
      accrued thereon at the applicable Mortgage Rate to the Due Date in the Due
      Period immediately preceding the related Distribution Date, (ii) the amount
      of
      any costs and damages incurred by the Trust Fund as a result of any violation
      of
      any applicable federal, state or local predatory- or abusive-lending law arising
      from or in connection with the origination of such Mortgage Loan in Pool 2,
      (iii) the amount of any unreimbursed Servicing Advances and amounts owed to
      the
      Trustee hereunder with respect to such Mortgage Loans in Pool 2 and (iv) the
      fair market value of any REO Property and any other property held by the Trust
      Fund with respect to such Mortgage Loans, such fair market value to be
      determined by an appraiser or appraisers mutually agreed upon by the Master
      Servicer and the Trustee (reduced, in the case of REO Property, by (1)
      reasonably anticipated disposition costs and (2) any amount by which the fair
      market value as so reduced exceeds the outstanding principal balance of the
      related Mortgage Loan) plus interest accrued thereon at the applicable Net
      Mortgage Rate to the date of such purchase. 

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    

     

    Pool
      2
      REMIC:
      Any
      REMIC relating to Pool 2, as described in the Preliminary
      Statement.

     

    Pool
      2
      Required Reserve Fund Amount:
      With
      respect to any Distribution Date on which the Pool 2 Net Excess Spread is less
      than 0.25%, the amount, if any by which (a) the product of 1.00% and the
      aggregate Class
      Principal Amount of the Group 2 Certificates immediately prior to such
      Distribution Date
      exceeds
      (b) the amount on deposit in the Pool 2 Basis Risk Reserve Fund immediately
      prior to such date. With respect to any Distribution Date on which the Pool
      2
      Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by
      which $1,000 exceeds the amount on deposit in the Pool 2 Basis Risk Reserve
      Fund
      immediately prior to such date; provided,
      however,
      that on
      any Distribution Date on which the Class Principal Amounts of each Class of
      the
Group
      Certificates has
      been
      reduced to zero, the Pool 2 Required Reserve Fund Amount shall be
      zero.

     

    Pool
      2
      Rolling Three Month Delinquency Rate:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      equal
      to 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 Enhancement Percentage:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      the
      numerator of which is the sum of (x) the aggregate Class Principal Amount of
      the
      Group 2 Subordinate Certificates and (y) 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 for Pool 2 has been distributed on such Distribution Date and no Pool
      2
      Trigger Event has occurred) and the denominator of which is the Pool Balance
      of
      Pool 2 for such Distribution Date, in each case after giving effect to
      distributions on such Distribution Date.

     

    Pool
      2
      Senior Principal Distribution Amount:
      With
      respect to 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 100% of 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 Class
      Principal Amount of the Class 2-A1 Certificates immediately prior to such
      Distribution Date exceeds (y) the Pool 2 Senior Target Amount.

     

    Pool
      2
      Senior Target Amount:
      With
      respect to each of Pool 2 and any Distribution Date an amount equal to the
      lesser of (a) the product of (i) 80.85% and (ii) the Pool Balance of 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 of Pool 2
      for
      such Distribution Date determined as of the last day of the related Collection
      Period exceeds (2) the Pool 2 Overcollateralization Floor.

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

    

     

    Pool
      2
      Stepdown Date:
      The
      later to occur of (x) the Distribution Date in February 2009 and (y) the first
      Distribution Date on which the Pool 2 Senior Enhancement Percentage (calculated
      for this purpose after giving effect to payments or other recoveries in respect
      of the Mortgage Loans in Pool 2 during the related Collection Period, but before
      giving effect to distributions on any related Certificate on such Distribution
      Date) is greater than or equal to 19.15%.

     

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

     

    Pool
      2
      Targeted Overcollateralization Amount:
      With
      respect to any Distribution Date (x) prior to the Pool 2 Stepdown Date an amount
      equal to approximately $3,504,526.09 (i.e., 1.35% of the Pool 2 Cut-Off Date
      Balance) and (y) for any Distribution Date on or after the Pool 2 Stepdown
      Date,
      the greater of (1) the lesser of (a) $3,504,526.09 and (b) the product of 2.70%
      of the Pool Balance of Pool 2 as of the last day of the Collection Period and
      (2) the Pool 2 Overcollateralization Floor; provided, however, for any
      Distribution Date on or after the Pool 2 Stepdown Date and for which a Pool
      2
      Trigger Event is in effect, the Pool 2 Targeted Overcollateralization Amount
      will be equal to the Pool 2 Targeted Overcollateralization Amount in effect
      for
      the immediately preceding Distribution Date.

     

    Pool
      2
      Termination Event:
      As
      defined in Section 7.01(b).

     

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

     

    Pooling
      REMIC 1 Regular Interests:
      Lower-Tier Interests in Pooling REMIC 1 as described in the Preliminary
      statement.

     

    Pooling
      REMIC 2 Regular Interests:
      Lower-Tier Interests in Pooling REMIC 2, as described in the Preliminary
      Statement.

     

    Pooling
      REMIC Regular Interests:
      Either
      the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular Interests,
      as applicable. 

    

    Prepayment
      Interest Excess:
      With
      respect to any Distribution Date and any Mortgage Loan for which Aurora is
      the
      primary servicer, any Principal Prepayment in full received on the Mortgage
      Loans 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. 

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

    

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date and (x) any Principal Prepayment in full (with
      respect to those Mortgage Loans serviced by Servicers other than Aurora) and
      (y)
      any Principal Prepayment in full with respect to those Mortgage Loans serviced
      by Aurora if such Principal Prepayment is received on or after the seventeenth
      day of the month immediately preceding the month of such Distribution Date,
      but
      on or before the last day of the month immediately preceding the month of such
      Distribution Date, 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 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 those Mortgage Loans serviced by Servicers other than Aurora and
      any
      Distribution Date and any Principal Prepayment, whether in part or in full
      (including any liquidation), the calendar month immediately preceding the month
      in which such Distribution Date occurs. With respect to any Distribution Date
      and a Principal Prepayment in full (including any liquidation) with respect
      to
      those Mortgage Loans serviced by Aurora, the period from the seventeenth day
      of
      the month immediately preceding the month of such Distribution Date to the
      sixteenth day of the month of such Distribution Date (except in the case of
      the
      February 2006 Distribution Date, for which the related Prepayment Period will
      be
      the period from January 1, 2006 through February 16, 2006). With respect to
      those Mortgage Loans serviced by Aurora, any Distribution Date and any Principal
      Prepayment in part, the calendar month immediately preceding the month in which
      such Distribution Date occurs.

     

    Prepayment
      Premiums:
      Any
      prepayment fees and penalties to be paid by the Mortgagor on a Mortgage Loan
      with respect to which the Seller owns the servicing rights, as indicated in
      the
      Mortgage Loan Schedule. Prepayment Premiums shall not be included in the
      Principal Remittance Amount or the Interest Remittance Amount with respect
      to
      any Pool.

     

    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 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.
      For
      any Distribution Date and 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.
      

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

    

     

    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 Servicing
      Agreement.

     

    Principal
      Remittance Amount:
      With
      respect to any Distribution Date and each Mortgage Pool, (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 during the related
      Collection Period whether by a Servicer, the Master Servicer or the Trustee,
      solely in its capacity as successor Master Servicer (less unreimbursed Advances
      due to the Master Servicer, any 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 (or in the
      case
      of Mortgage Loans serviced by Aurora, the related Collection Period), (iii)
      the
      outstanding principal balance of each Mortgage Loan in such Mortgage Pool that
      was repurchased by the Seller or the related Transferor during the related
      Prepayment Period (or in the case of Mortgage Loans serviced by Aurora, the
      related Collection Period), or the 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 (or in the case of Mortgage Loans serviced by Aurora,
      the related Collection Period) allocable to principal, and (v) all Net
      Liquidation Proceeds, Insurance Proceeds, any Subsequent Recovery and other
      recoveries collected with respect to the Mortgage Loans in such Mortgage Pool
      during the related Prepayment Period (or in the case of Mortgage Loans serviced
      by Aurora, the related Collection Period), to the extent allocable to principal,
      as 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 each Servicer to the extent provided in this Agreement and each Servicing
      Agreement, and to the Custodian pursuant to the Custodial Agreement;
provided,
      however,
      in the
      case of the Trustee such reimbursement may not exceed the Applicable Maximum
      Reimbursement Amount. In the event the Trustee incurs reimbursable amounts
      in
      excess of the Applicable Maximum Reimbursement Amount, it may seek reimbursement
      for such amounts in subsequent Anniversary Years, but in no event shall more
      than the Applicable Maximum Reimbursement Amount be reimbursed to the Trustee
      per Anniversary Year. Notwithstanding the foregoing, costs and expenses incurred
      by the Trustee pursuant to Section 6.14(a) in connection with any transfer
      of
      servicing shall be excluded in determining the Applicable Maximum Reimbursement
      Amount limitation on reimbursable amounts per Anniversary Year. For the
      avoidance of doubt, (i) the Principal Remittance Amount available on each Swap
      Payment Date for distributions to the Supplemental Interest Trust Account shall
      be equal to the Principal Remittance Amount on the related Distribution Date
      and
      (ii) the Principal Remittance Amount for each Distribution Date shall be
      calculated without regard to any distributions to the Supplemental Interest
      Trust Account on the related Swap Payment Date.

     

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

     

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

     

    Prospectus:
      The
      prospectus supplement dated January 30, 2006 together with the accompanying
      prospectus dated September 26, 2005, relating to the Offered
      Certificates.

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

    

     

    Purchase
      Price:
      With
      respect to the purchase of a Mortgage Loan or related REO Property pursuant
      to
      Section 2.05 of 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; and (e) the fair market value of all other property being
      purchased (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). The
      Master Servicer, each Servicer (or the Trustee, in its capacity as successor
      Master Servicer, if applicable) shall be reimbursed from the Purchase Price
      for
      any Mortgage Loan or related REO Property for any Advances made or other amounts
      advanced with respect to such Mortgage Loan or related REO Property that are
      reimbursable to the Master Servicer or such 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, any Servicer or the Trustee hereunder or
      thereunder.

     

    QIB:
      As
      defined in Section 3.03(c).

     

    QIB-Restricted
      Certificate:
      Any
      Class C Certificate

     

    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

     

    (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.

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

    

     

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

     

    Qualifying
      Substitute Mortgage Loan:
      In the
      case of a Mortgage Loan substituted for a Deleted Mortgage Loan 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) in the case of Mortgage Loans in Pool 1, has
      a
      maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted
      Mortgage Loan, (iv) in the case of Mortgage Loans in Pool 1, has a minimum
      Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage
      Loan, (v) in the case of Mortgage Loans in Pool 1, 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) in the case of Mortgage Loans in Pool 1, 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 greater than (and not more than one year less than) that of
      the
      Deleted Mortgage Loan, provided,
      that in
      no case shall such substitute Mortgage Loan have a maturity date later than
      the
      Final Scheduled Maturity Date, (x) is current as of the date of substitution,
      (xi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower
      than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date,
      (xii)
      has been underwritten by any 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 related 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
      (provided,
      that the
      stated maturity date of any Qualified Substitute Mortgage Loan shall not be
      later than the Final Scheduled Distribution Date), the Loan-to-Value Ratios
      described in clause (xi) hereof shall be satisfied as to each such mortgage
      loan
      and, except to the extent otherwise provided in this sentence, the
      representations and warranties described in clause (xv) hereof must be satisfied
      as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case
      may be.

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

    

     

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

     

    Realized
      Loss:
      With
      respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid
      principal balance of such Mortgage Loan as of the date of liquidation,
minus
      (ii)
      Liquidation Proceeds received, to the extent allocable to principal, net of
      amounts that are reimbursable therefrom to the Master Servicer or any 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 Group 1 Certificates, and any Distribution Date, the close of
      business on the Business Day immediately preceding such Distribution Date.
      With
      respect to the Group 2 Certificates and the Class C, Class 1-P, Class 2-P,
      Class
      1-X, Class 2-X, Class Lt-R-1, Class LT-R-2, Class R-1 and Class R-2 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.
§§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the Commission
      in
      the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may be provided by the Commission or its staff from time
      to
      time.

     

    Regulation
      S Global Security:
      Not
      applicable.

     

    Regulation
      S:
      Not
      applicable.

     

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

     

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

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

    

     

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

     

    REMIC:
      Each
      pool of assets in the Trust Fund designated as a REMIC pursuant to Section
      10.01(a) hereof.

     

    REMIC
      1 Net Funds Cap:
      For any
      Distribution Date (and the related Accrual Period) and any Class of
      Certificates, an amount equal to (i) the weighted average of the interest rates
      on the regular interests in Middle-Tier REMIC 1 (other than the Class MT1-IO
      Interests), weighted in proportion to their Class Principal Amounts as of the
      beginning of the related Accrual Period, multiplied by (ii) the quotient of
      (a)
      30 divided by (b) the actual number of days in the Accrual Period.

     

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

     

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

     

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

     

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

     

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

     

    Residual
      Certificates:
      The
      Class LT-R-1, Class LT-R-2, Class R-1 and Class R-2 Certificates.

     

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

     

    Restricted
      Global Security:
      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.

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

    

     

    Scheduled
      Notional Amount:
      For
      each Distribution Date and the Swap Agreement, the amount set forth in Exhibit
      N-2. The initial Scheduled Notional Amount will be approximately
      $751,009,000.

     

    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 any 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 (ii) any REO Property as of any Distribution Date, the Scheduled Principal
      Balance of the related Mortgage Loan on the Due Date immediately preceding
      the
      date of acquisition of such REO Property by or on behalf of the Trustee (reduced
      by any amount applied as a reduction of principal on the Mortgage Loan). With
      respect to any Mortgage Loan and the Cut-off Date, as specified in the Mortgage
      Loan Schedule. The Scheduled Principal Balance of a Liquidated Mortgage Loan
      shall be zero.

     

    Section
      7.01(d) Purchase Event:
      Any of
      (i) the purchase of all the Pooling REMIC 1 Regular Interests, (ii) the purchase
      of all the Pooling REMIC 2 Regular Interests or (iii) the purchase of the
      Pooling REMIC 1 Regular Interests and the Pooling REMIC 2 Regular
      Interests.

     

    Securities
      Act:
      The
Securities
      Act of 1933, as amended

     

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

     

    Seller:
      Lehman
      Brothers Holdings Inc. or any successor in interest thereto.

     

    Servicer:
      Any
      Servicer that has entered into any of the Servicing Agreements attached as
      Exhibit E hereto, or any successor in interest.

     

    Servicer
      Remittance Date:
      The day
      in each calendar month on which each 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).

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

    

    Subsequent
      Recovery:
      Any
      amount recovered by a 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 Additional Servicer, and
      (iii) is responsible for the performance (whether directly or through
      subservicers or Subcontractors) of any material servicing functions required
      to
      be performed under this Agreement, any related Servicing Agreement or any
      subservicing agreement that are identified in Item 1122(d) of Regulation
      AB.

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

    

    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, 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:
      The
      corpus of a trust created pursuant to Section 5.08 of this Agreement and
      designated as the “Supplemental Interest Trust,” consisting of the Swap
      Agreement, the Supplemental Interest Trust Account, the right to receive the
      Class 1-X Distributable Amount as provided in Section 5.02(f)(viii), the Class
      interest in Upper-Tier REMIC 1 and the right to receive Class I
      Shortfalls.

     

    Supplemental
      Interest Trust Account:
      The
      account created pursuant to Section 5.08 of this Agreement.

     

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

     

    Swap
      Agreement:
      The
      interest rate swap agreement entered into by the Supplemental Interest Trust,
      which agreement provides for, among other things, a Net Swap Payment to be
      paid
      pursuant to the conditions provided therein, together with any schedules,
      confirmations or other agreements relating thereto, attached hereto as Exhibit
      N-2.

     

    Swap
      Counterparty:
      The
      counterparty to the Supplemental Interest Trust under the Swap Agreement, and
      any successor in interest or assigns. Initially, the Swap Counterparty shall
      be
      ABN AMRO Bank N.V.

     

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

     

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

     

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

     

    
      
        
        

      

      
        58

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

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

     

    Termination
      Event:
      As
      defined in the Swap Agreement.

     

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

     

    Total
      Distribution Amount:
      With
      respect to any Distribution Date and Pool 1, the sum of (i) the Interest
      Remittance Amount for Pool 1 for such date; (ii) the Principal Remittance Amount
      for Pool 1 for such date; and (iii) Prepayment Premiums with respect to Pool
      1.
      With respect to any Distribution Date and Pool 2, the sum of (i) the Interest
      Remittance Amount for Pool 2 for such date; (ii) the Principal Remittance Amount
      for Pool 2 for such date; and (iii) Prepayment Premiums with respect to Pool
      2.

     

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

     

    Transferor:
      Each
      seller of Mortgage Loans to the Seller pursuant to the Transfer
      Agreements.

     

    Trust
      Fund:
      The
      corpus of the trust created pursuant to this Agreement, consisting of the
      Mortgage Loans, the assignment of the Depositor’s rights under the Transfer
      Agreements, the Mortgage Loan Sale Agreement and each Servicing Agreement,
      the
      Class 1-A1 Cap Agreement and all amounts received from the Cap Counterparty
      thereunder, 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 Collection
      Account, Certificate Account, any Custodial Account and any Escrow Account,
      the
      Insurance Policies, any REO Property and the other items referred to in, and
      conveyed to the Trustee under, Section 2.01(a).

     

    Trust
      Fund Termination Event:
      The
      later to occur of the Pool 1 Termination Event or Pool 2 Termination
      Event.

     

    Trustee:
      Citibank, N.A., 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.

     

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

    

    

     

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

     

    Underwriter:
      Lehman
      Brothers Inc.

     

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

     

    Unpaid
      Basis Risk Shortfall:
      With
      respect to any Distribution Date and any 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 computed without regard to the applicable
      Net Funds Cap.

     

    Upper-Tier
      REMIC 1:
      As
      described in the Preliminary Statement.

     

    Upper-Tier
      REMIC 2:
      As
      described in the Preliminary Statement.

     

    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, 96.00% of all Voting Interests shall
      be
      allocated to the Offered Certificates and the Class R-1 and Class R-2
      Certificates. Voting Interests shall be allocated among such Certificates (other
      than the Class R-1 and Class R-2 Certificates) based on the product of (i)
      96.00% and (ii) the fraction, expressed as a percentage, the numerator of which
      is the aggregate Class Principal Amount of all such Certificates then
      outstanding and the denominator is the Aggregate Loan Balance then outstanding.
      The remainder of the Voting Interests not otherwise allocated below shall be
      allocated to the Class R-1 and Class R-2 Certificates. At all times during
      the
      term of this Agreement, 1% of all Voting Interests shall be allocated to each
      of
      the Class 1-P, Class 2-P, Class 1-X and Class 2-X Certificates, while they
      remain outstanding. Voting Interests shall be allocated among the other Classes
      of Certificates (and among the Certificates within each such Class) in
      proportion to their Class Principal Amounts (or Certificate Principal Amounts)
      or Percentage Interests. The Class C Certificates will not have any Voting
      Interests. In the case of the purchase by the Master Servicer of the Pooling
      REMIC 1 Regular Interests pursuant to a Section 7.01(d) Purchase Event, the
      LTURI-holder shall be allocated 100% of the Voting Interests of the Group 1
      Certificates, Class 1-P Certificates, Class 1-X Certificates and Class R-1
      Certificates and upon such purchase any provision in this agreement which
      requires a vote by, a direction or notice given by, an action taken by, a
      request in writing by or the consent of any percentage of the Holders of any
      Class of such Certificates may be exercised by the LTURI-holder. In the case
      of
      the purchase by the Master Servicer of the Pooling REMIC 2 Regular Interests
      pursuant to a Section 7.01(d) Purchase Event, the LTURI-holder shall be
      allocated 100% of the Voting Interests of the Group 2 Certificates, Class 2-P
      Certificates, Class 2-X Certificates and Class R-2 Certificates and upon such
      purchase any provision in this agreement which requires a vote by, a direction
      or notice given by, an action taken by, a request in writing by or the consent
      of any percentage of the Holders of any Class of such Certificates may be
      exercised by the LTURI-holder. In the case of the purchase by the Master
      Servicer of the Pooling REMIC 1 Regular Interests and the Pooling REMIC 2
      Regular Interests pursuant to a Section 7.01(d) Purchase Event, the LTURI-holder
      shall be allocated 100% of the Voting Interests and upon such purchase any
      provision in this agreement which requires a vote by, a direction or notice
      given by, an action taken by, a request in writing by or the consent of any
      percentage of the Holders of any Class of Certificates may be exercised by
      the
      LTURI-holder.

     

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

    

    

     

    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 the Group 1 Certificates, shall be calculated based upon
      a
      360-day year and the actual number of days in each Accrual Period. Accrued
      interest on the Group 2 Certificates, the Class 1-X and Class 2-X Certificates
      and each Lower-Tier Interest shall be calculated based upon a 360-day year
      and
      twelve 30-day months.

    

    

    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 Certificate Account and all amounts from time to
      time credited to and the proceeds of the Certificate 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, the Class X Account established pursuant to Section
      5.11 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
      (or
      a Custodian on its behalf), 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 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.

    
      
        
        

      

      
        61

        
          

        

      

      
        
        

      

    

    

    Concurrently
      with the execution of this Agreement, the Swap Agreement shall be delivered
      to
      the Trustee. In connection therewith, the Depositor hereby authorizes and
      directs the Trustee (solely in its capacity as such) to execute and deliver
      the
      Swap Agreement (on behalf of the Supplemental Interest Trust), in trust for
      the
      benefit of the Group 1 Certificateholders. The Seller, the Master Servicer,
      the
      Depositor, the Servicer and the Group 1 Certificateholders (by their acceptance
      of such Certificates) acknowledge and agree that the Trustee is executing and
      delivering the Swap Agreement solely in its capacity as Trustee of the
      Supplemental Interest Trust, and not in its individual capacity. The Depositor
      hereby authorizes and directs the Trustee to represent in the Swap Agreement
      that it is not required by any applicable law of any relevant jurisdiction
      to
      make any deduction or withholding for or on account of any tax from Net Swap
      Payment. The Trustee shall have no duty or responsibility to enter into any
      other interest rate swap agreement upon the expiration or termination of the
      Swap Agreement. 

     

    Concurrently
      with the execution and delivery of this Agreement and the Class 1-A1 Cap
      Agreement, the Depositor does hereby assign to the Trustee all of its rights
      and
      interest under the Mortgage Loan Sale Agreement, including all rights of the
      Seller under each related Servicing Agreement and each related Transfer
      Agreement (other than first payment date default or early payment date default
      rights against the related Transferor) 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 Seller
      or
      any other Person in connection with the Mortgage Loans or any other agreement
      or
      instrument relating thereto except as specifically set forth therein. The
      Depositor hereby confirms it directs the Trustee, solely in its capacity as
      Trustee hereunder, to execute and deliver the Class 1-A1 Cap Agreement. The
      Trustee shall have no duty or responsibility to enter into any other interest
      rate cap agreement upon the expiration or termination of any such Class 1-A1
      Cap
      Agreement.

    

    (b) In
      connection with such transfer and assignment, the Depositor does hereby deliver
      to, and deposit with, or cause to be delivered to and deposited with, the
      Trustee, and/or the applicable 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;

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

    

    (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 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 the applicable 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 “Citibank, N.A., as
      Trustee of the Lehman
      XS
      Trust
      Mortgage
      Pass-Through Certificates, Series 2006-1,” 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;

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

    

    (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, 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 and the
      Rating Agencies, to the effect that recording in such states is not required
      to
      protect the Trustee’s interest in the related Non-MERS Mortgage Loans;
provided,
      further,
      that
      notwithstanding the delivery of any Opinion of Counsel, the Master Servicer
      shall cause the applicable 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 each 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 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.

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

    

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

    

    (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 the Holders, 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 any
      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.

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

    

    (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
      Mortgage Loan to which such Material Defect relates in the Interim Certification
      delivered to the Trustee, the Depositor and the Master Servicer. Within 90
      days
      of its receipt of such notice, the Transferor, or, if the Transferor does not
      do
      so, the Depositor shall be required to cure such Material Defect (and, in such
      event, the Depositor shall provide the Trustee with an Officer’s Certificate
      confirming that such cure has been effected). If the 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 the Custodial Agreement.

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

    

    (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
      each
      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, 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 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

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

    

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

    

    (b) The
      representations and warranties of each Transferor with respect to the related
      Mortgage Loans in the applicable Transfer Agreement, which have been assigned
      to
      the Trustee hereunder, were made as of the date specified in the applicable
      Transfer Agreement (or underlying agreement, if such Transfer Agreement is
      in
      the form of an assignment of a prior agreement). To the extent that any fact,
      condition or event with respect to a Mortgage Loan constitutes a breach of
      both
      (i) a representation or warranty of the applicable Transferor under the
      applicable Transfer Agreement and (ii) a representation or warranty of 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)(xiii),
      1.04(b)(xiv), 1.04(b)(xv) and 1.04(b)(xvi) 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)(xiii),
      1.04(b)(xiv), 1.04(b)(xv) and 1.04(b)(xvi) 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 each
      Transferor and of each Servicer assigned by the Seller to the Depositor pursuant
      to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor
      hereunder, shall each survive delivery of the Mortgage Files and the Assignment
      of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout
      the term of this Agreement. Upon discovery by any of the Depositor, the Master
      Servicer or the Trustee of a breach of any of such representations and
      warranties that 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
      any
      Transferor or the Seller and assigned to the Trustee, the Depositor, such
      Transferor or the Seller, as applicable, shall either (a) cure such breach
      in
      all material respects, (b) repurchase such Mortgage Loan or any property
      acquired in respect thereof from the Trustee at the Purchase Price (or, 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
      any
      Transferor assigned to the Trustee, the Trustee shall enforce its rights under
      the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for
      the
      benefit of Certificateholders. As provided in the Mortgage Loan Sale Agreements,
      if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan
      pursuant to the related 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.

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

    

    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 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 related 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.

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

    

    (b) With
      respect to each Qualifying Substitute Mortgage Loan to be delivered to the
      Trustee (or the applicable Custodian) pursuant to the terms of this Article
      II
      in exchange for a Deleted Mortgage Loan: (i) the Depositor, the 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 has received an Opinion of Counsel (at
      the
      expense of the party seeking to make the substitution) that, under current
      law,
      such substitution will not 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 a
      first priority security interest to secure repayment of an obligation in an
      amount equal to the aggregate Class Principal Amount of the Certificates (or
      the
      aggregate principal balance of the Pooling REMIC 1 Regular Interests or Pooling
      REMIC 2 Regular Interests, as applicable) in all of the Depositor’s right, title
      and interest in, to and under, whether now owned or hereafter acquired, the
      Trust Fund and, with respect to the Group 1 Certificateholders, the Supplemental
      Interest Trust and all proceeds of any and all property constituting the Trust
      Fund and the Supplemental Interest Trust to secure payment of the Certificates
      (or Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular Interests,
      as applicable) (such security interest being, to the extent of the assets that
      constitute the Supplemental Interest Trust, pari
      passu
      with the
      security interest as provided in clause (4) below); (3) this Agreement shall
      constitute a security agreement under applicable law; and (4) the Swap
      Counterparty shall be deemed, during the term of such agreement and while such
      agreement is the property of the Trustee, to have a security interest in all
      of
      the assets that constitute the Supplemental Interest Trust, but only to the
      extent of such Swap Counterparty’s right to payment under the Swap Agreement
      (such security interest being pari
      passu
      with the
      security interest as provided in clause (2) above). If such conveyance is deemed
      to be in respect of a loan and the trust created by this Agreement terminates
      prior to the satisfaction of the claims of any Person holding any Certificate
      or
      Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular Interests,
      as
      applicable, the security interest created hereby shall continue in full force
      and effect and the Trustee shall be deemed to be the collateral agent for the
      benefit of such Person, and all proceeds shall be distributed as herein
      provided.

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

    

    

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

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      III

     

    THE
      CERTIFICATES

     

    

    Section
      3.01. The
      Certificates.  

     

    (a) The
      Certificates shall be issuable in registered form only and shall be securities
      governed by Article 8 of the New York Uniform Commercial Code. The Book-Entry
      Certificates will be evidenced by one or more certificates, beneficial ownership
      of which will be held in the dollar denominations in Certificate Principal
      Amount or in the Percentage Interests, specified herein. Each Class of Offered
      Certificates will be issued in the minimum denominations in Certificate
      Principal Amount specified in the Preliminary Statement hereto and in integral
      multiples of $1 in excess thereof. The Class C, Class 1-P, Class 2-P, Class
      1-X
      and Class 2-X Certificates shall each be maintained in definitive, fully
      registered form in a minimum denomination equal to 10.00% of the Percentage
      Interest of each such Class and integral multiples of 1.00% in excess thereof.
      Each of the Class LT-R-1, Class LT-R-2, Class R-1 and Class R-2 Certificates
      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 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.
      

    

    Section
      3.02. Registration.  

     

    The
      Trustee is hereby appointed, and hereby accepts its appointment as, Certificate
      Registrar in respect of the Certificates (and, after a Section 7.01(d) Purchase
      Event, the applicable Pooling REMIC Regular Interests) and shall maintain books
      for the registration and for the transfer of Certificates (and, after a Section
      7.01(d) Purchase Event, the applicable Pooling REMIC Regular Interests) (the
      “Certificate Register”). The Trustee may appoint a bank or trust company to act
      as Certificate Registrar. A registration book shall be maintained for the
      Certificates (and, after a Section 7.01(d) Purchase Event, the applicable
      Pooling REMIC Regular Interests) 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 written instrument delivered to the Holders and the Master Servicer,
      any bank or trust company to act as co-registrar under such conditions as the
      Certificate Registrar may prescribe; provided,
      however,
      that the
      Certificate Registrar shall not be relieved of any of its duties or
      responsibilities hereunder by reason of such appointment.

    
      
        
        

      

      
        72

        
          

        

      

      
        
        

      

    

    

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

    

    Section
      3.03. Transfer
      and Exchange of Certificates.  

     

    (a) A
      Certificate (other than Book-Entry Certificates which shall be subject to
      Section 3.09 hereof) may be transferred by the Holder thereof only upon
      presentation and surrender of such Certificate at the office of the Certificate
      Registrar duly endorsed or accompanied by an assignment duly executed by such
      Holder or his duly authorized attorney in such form as shall be satisfactory
      to
      the Certificate Registrar. Upon the transfer of any Certificate in accordance
      with the preceding sentence, the 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 QIB-Restricted Certificate, 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. 

    
      
        
        

      

      
        73

        
          

        

      

      
        
        

      

    

    

    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 an affiliate (as defined
      in
      Rule 405 under the Securities Act) of the Depositor or (y) being made to a
      “qualified institutional buyer” (a “QIB”) as defined in Rule 144A under the
      Securities Act by a transferor that has provided the Trustee with a certificate
      in the form of Exhibit F hereto; and

    

    (ii) The
      Certificate Registrar shall register the transfer of a Restricted Certificate
      if
      the requested transfer is being made to an “accredited investor” under Rule
      501(a)(1), (2), (3) or (7) under the 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.

    

    The
      following restrictions shall apply with respect to the transfer and registration
      of transfer of a QIB Restricted Certificate to a transferee that takes delivery
      in the form of a Definitive Certificate: the Certificate Registrar shall
      register the transfer of a Restricted Certificate if the requested transfer
      is
      (x) to the Depositor or an affiliate (as defined in Rule 405 under the
      Securities Act) of the Depositor or (y) being made to a QIB as defined in Rule
      144A under the Securities Act by a transferor that has provided the Trustee
      with
      a certificate in the form of Exhibit F hereto.

    

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

    

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

    the
      Trustee to the last preceding Holder of such Certificate that is not such a
      Plan
      or Person acting on behalf of a Plan.

    
      
        
        

      

      
        74

        
          

        

      

      
        
        

      

    

    

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

     

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

     

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

     

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

    
      
        
        

      

      
        75

        
          

        

      

      
        
        

      

    

    

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

    

    Prior
      to
      and as a condition of the registration of any transfer, sale or other
      disposition of a Residual Certificate, the proposed transferee shall deliver
      to
      the Trustee an affidavit in substantially the form attached hereto as Exhibit
      D-1 representing and warranting, among other things, that such transferee is
      neither a Disqualified Organization, an agent or nominee acting on behalf of
      a
      Disqualified Organization, nor a Non-Permitted Foreign Holder (any such
      transferee, a “Permitted Transferee”), and the proposed transferor shall deliver
      to the Trustee an affidavit in substantially the form attached hereto as Exhibit
      D-2. In addition, the Trustee may (but shall have no obligation to) require,
      prior to and as a condition of any such transfer, the delivery by the proposed
      transferee of an Opinion of Counsel, addressed to the Depositor, the Master
      Servicer 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 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 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.

    
      
        
        

      

      
        76

        
          

        

      

      
        
        

      

    

    

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

    

    (g) Each
      Holder or Certificate Owner of a Restricted Certificate,
      ERISA-Restricted Certificate,
      ERISA-Restricted Swap Certificate,
      Residual
      Certificate or QIB-Restricted 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.

    

    Section
      3.04. Cancellation
      of Certificates.  

     

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

    

    Section
      3.05. Replacement
      of Certificates.  

     

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

    

    Section
      3.06. Persons
      Deemed Owners.  

     

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

    
      
        
        

      

      
        77

        
          

        

      

      
        
        

      

    

    

    Section
      3.07. Temporary
      Certificates.  

     

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

    

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

    

    Section
      3.08. Appointment
      of Paying Agent.  

     

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

    

    If
      the
      Paying Agent is not the Trustee, the Trustee shall cause to be remitted to
      the
      Paying Agent on or before the Business Day prior to each Distribution Date,
      by
      wire transfer in immediately available funds, the funds to be distributed on
      such Distribution Date. Any Paying Agent shall be either a bank or trust company
      or otherwise authorized under law to exercise corporate trust powers. As
      of
      the
      Closing Date the Trustee is the Paying Agent.

    

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

     

    
      
        
        

      

      
        78

        
          

        

      

      
        
        

      

    

    

     

    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;

    

    (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 (or Class Notional 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. None of the Seller, the Depositor, the Underwriter, the Master
      Servicer or the Trustee shall have any responsibility for any aspect of the
      records relating to or payments made on account of beneficial ownership
      interests of the Book-Entry Certificates held by the Clearing Agency or for
      maintaining, supervising or reviewing any records relating to such beneficial
      ownership interests.

    
      
        
        

      

      
        79

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      IV

     

    ADMINISTRATION
      OF THE TRUST FUND

     

    

    Section
      4.01. Collection
      Account.  

     

    (a) On
      the
      Closing Date, the Master Servicer shall open and shall thereafter maintain
      a
      segregated account held in trust (the “Collection Account”), entitled
“Collection Account, Aurora Loan Services LLC, as Master Servicer, in trust
      for
      the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2006-1.” The Collection Account shall relate solely to the
      Certificates and to the Pooling REMIC 1 Regular Interests and the Pooling REMIC
      2 Regular Interests issued by the Trust Fund hereunder, and funds in such
      Collection Account shall not be commingled with any other monies.

    

    (b) The
      Collection Account shall be an Eligible Account. If an existing Collection
      Account ceases to be an Eligible Account, the Master Servicer shall establish
      a
      new Collection Account that is an Eligible Account within 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 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 Master Servicer Remittance Date, the entire amount on deposit
      in
      the Collection Account (subject to permitted withdrawals set forth in Section
      4.02), other than amounts not included in the Total Distribution Amount for
      such
      Distribution Date, shall be remitted to the Trustee for deposit into the
      Certificate Account by wire transfer in immediately available funds. The Master
      Servicer, at its option (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.

    
      
        
        

      

      
        80

        
          

        

      

      
        
        

      

    

    

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

    

    (i) all
      payments on account of principal, including Principal Prepayments, 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 with respect to each such Mortgage Loan, but only to the extent
      of
      the amount permitted to be withdrawn or withheld from the Collection Account
      in
      accordance with Sections 5.04 and 9.21;

    

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

    

    (iv) all
      Insurance Proceeds;

    

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

    

    (vi) all
      amounts paid by any 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 the
      NIMS
      Insurer for the purchase of any Distressed Mortgage Loan under Section
      7.04.

    
      
        
        

      

      
        81

        
          

        

      

      
        
        

      

    

    

    (e) Funds
      in
      the Collection Account may be invested in Eligible Investments selected by
      and
      at the written direction of the Master Servicer, which shall mature not later
      than one Business Day prior to the Master Servicer Remittance Date (except
      that
      if such Eligible Investment is an obligation of the Trustee, then such Eligible
      Investment shall mature not later than such applicable Master Servicer
      Remittance Date) and any such Eligible Investment shall not be sold or disposed
      of prior to its maturity. All such Eligible Investments shall be made in the
      name of the Master Servicer in trust for the benefit of the Trustee and the
      Holders of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-1.
      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.  

     

    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) 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 related 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;

    
      
        
        

      

      
        82

        
          

        

      

      
        
        

      

    

    

    (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 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 any Servicer pursuant to Sections 9.04, 9.05, 9.06
      9.07(a), 9.16, 9.30 or 11.15 or pursuant to the related Servicing
      Agreement;

    

    (vi) to
      pay to
      the Depositor, the Seller or any 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 Master Servicer Remittance 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;

    

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

    

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

    
      
        
        

      

      
        83

        
          

        

      

      
        
        

      

    

    

    (xii) to
      reimburse a successor Master Servicer (solely in its capacity as successor
      Master Servicer), for any fee or advance occasioned by a termination of the
      Master Servicer, and the assumption of such duties by the 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;

    

    (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 the related Servicing Agreement, each Servicer shall be entitled
      to
      retain as additional servicing compensation any Prepayment Interest Excess
      (to
      the extent not offset by Prepayment Interest Shortfalls). 

    

    In
      the
      event that the Master Servicer fails on any Master Servicer Remittance Date
      to
      remit to the Trustee any amounts required to be so remitted to the Trustee
      pursuant to sub-clause (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 Master
      Servicer Remittance 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 Master Servicer
      Remittance Date).

    

    In
      connection with withdrawals pursuant to sub-clauses (i), (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), (iii)
      and (vi).

    

    Section
      4.03. Reports
      to Certificateholders.  

     

    (a) On
      each
      Distribution Date, the Trustee shall prepare (based solely on information
      provided by the Master Servicer, the Cap Counterparty or the Swap Counterparty)
      and shall make available to the Certificateholders and the Swap Counterparty
      a
      written report (the “Distribution Date Statement”) setting forth the following
      information (on the basis of Mortgage Loan level information obtained from
      the
      Servicers).

    

    (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;

    
      
        
        

      

      
        84

        
          

        

      

      
        
        

      

    

    

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

    

    (iv) (A) by
      Mortgage Pool and in the aggregate, the aggregate amount of any Advances
      required to be made by or on behalf of the Servicers (or the 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 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
      and/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 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 30 to 59 days on a contractual basis,
      (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more
      days on a contractual basis, (e) as to which foreclosure proceedings have been
      commenced 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;

    
      
        
        

      

      
        85

        
          

        

      

      
        
        

      

    

    

    (x) by
      Mortgage Pool and in the aggregate, the aggregate Scheduled Principal Balance
      of
      any Mortgage Loans with respect to which the related Mortgage 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;

    

    (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 and the Principal Remittance Amount with respect
      to
      each Mortgage Pool and the Pool 1 Senior Principal Distribution Amount, the
      Pool
      2 Senior 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 the 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 the 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 LIBOR
      Certificates;

    

    (xix) [reserved];
      

    

    (xx) the
      amount of any Net Swap Payment to the Supplemental Interest Trust made pursuant
      to Section 5.02, any Net Swap Payment to the Swap Counterparty made pursuant
      to
      Section 5.02, any Swap Termination Payment to the Supplemental Interest Trust
      made pursuant to Sections 5.02 and any Swap Termination Payment to the Swap
      Counterparty made pursuant to Section 5.02; and

    
      
        
        

      

      
        86

        
          

        

      

      
        
        

      

    

    

    (xxi) the
      amount of any payments made by the Cap Counterparty to the Trust Fund under
      the
      Class 1-A1 Cap Agreement.

    

    In
      addition to the information listed above, such Distribution Date Statement
      shall
      also

    include
      such other information as is required by Form 10-D, including, but not limited
      to, the

    information
      required by Item 1121 (§ 229.1121) of Regulation AB, other than those data
      elements specified in Item 1121(a)(11), (12) and (14).

    

    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.

    

    On
      any
      Distribution Date after the occurrence of a Section 7.01(d) Purchase Event
      with
      respect to the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular
      Interests, the information required by subclauses (i), (ii), (iv), (v), (vii),
      (viii), (ix), (x), (xi), (xii), (xv) (and in the case of the Class LT-R-1 and
      Class LT-R-2 Certificates, subclause (iii) shall be provided to the Holder
      of
      the Class LT-R-1 and/or Class LT-R-2 Certificates and the LTURI-holder of the
      applicable Pooling REMIC Regular Interests.

     

    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 and the Rating Agencies via the Trustee’s internet website.
      The Trustee’s internet website shall initially be located at “www.sf.citidirect.com”.
      Assistance in using the website can be obtained by calling the Trustee’s
      customer service desk at (800) 422-2066. Such parties that are unable to use
      the
      website are entitled to have a paper copy mailed to them via first class mail
      by
      calling the customer service desk and indicating such or notifying the Trustee
      at Citibank, N.A., 388 Greenwich Street, 14th
      Floor,
      New York, New York 10013, Attention: Agency and Trust—Lehman XS Trust Service
      2006-1. 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
      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.
      In preparing or furnishing the foregoing information, the Trustee shall be
      entitled to rely conclusively on the accuracy of the information or data (i)
      regarding the Mortgage Loans and the related REO Property that has been provided
      to the Master Servicer by each Servicer and to the Trustee by the Master
      Servicer and (ii) regarding the Swap Agreement, that has been provided to the
      Trustee by the Swap Counterparty, and the Trustee shall not be obligated to
      verify, recompute, reconcile or recalculate any such information or data. The
      Trustee shall be entitled to conclusively rely on the Mortgage Loan data
      provided by the Master Servicer and shall have no liability for any errors
      in
      such Mortgage Loan data.

    
      
        
        

      

      
        87

        
          

        

      

      
        
        

      

    

    

    (b) Upon
      the
      reasonable advance written request of any Certificateholder that is a savings
      and loan, bank or insurance company (which request, if received by the Trustee
      will be promptly forwarded to the Master Servicer), 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 a Servicer under the applicable Servicing Agreement, shall use
      reasonable efforts to obtain such information and documentation from such
      Servicer, and provide) to such Certificateholder such reports and access to
      information and documentation regarding the Mortgage Loans as such
      Certificateholder may reasonably deem necessary to comply with applicable
      regulations of the Office of Thrift Supervision or its successor or other
      regulatory authorities with respect to 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, prepare
      and make available to each Person who at any time during the calendar year
      was a
      Certificateholder of record, and 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 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.

    
      
        
        

      

      
        88

        
          

        

      

      
        
        

      

    

    

    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, Citibank, N.A., as
      Trustee, in trust for the benefit of the Holders of Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2006-1” 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 and to the Pooling REMIC 1 Regular
      Interests or Pooling REMIC 2 Regular Interests issued hereunder and funds in
      the
      Certificate Account shall be held separate and apart from and shall not be
      commingled with any other monies including, without limitation, other monies
      of
      the Trustee held under this Agreement.

    

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

    

    (i) to
      make
      payment to itself pursuant to any provision of this Agreement, or to reimburse
      itself or its agents for any amounts reimbursable
      to it pursuant to Sections 6.11, 6.12 or 7.01; provided,
      however,
      that
      any amounts in excess of the annual cap described in clause (b) of the
      definition of “Interest Remittance Amount” and clause (b) of the definition of
“Principal Remittance Amount” in any Anniversary Year, other than costs
      and
      expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in
      connection with any transfer of servicing,
      shall
      not be withdrawn from the Certificate Account and paid to the Trustee and the
      Trustee’s reimbursement for such excess amounts shall be made pursuant to
      Section 5.02(b)(vi) and 5.02(c)(v) hereof;

    

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

    

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

    

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

    

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

    

    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 (except
      with respect to such investments in an amount equal to the aggregate of any
      Net
      Swap Payments and any Swap Termination Payments payable to the Swap
      Counterparty, such amount to mature no later than the next Swap Payment
      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. 

    
      
        
        

      

      
        89

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      V

     

    DISTRIBUTIONS
      TO HOLDERS OF CERTIFICATES

     

    

    Section
      5.01. Distributions
      Generally.  

     

    (a) On
      each
      Distribution Date, so long as the Group 1 Senior Certificates and the Group
      2
      Senior Certificates are outstanding, the Trustee or the Paying Agent shall
      make
      distributions to the Holders in accordance with this Article V; provided,
      however, that if a Section 7.01(d) Purchase Event has occurred with respect
      to
      either the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular
      Interests, the distributions related to such Pooling REMIC Regular Interests
      shall be made in accordance with Section 5.02(j). Such distributions shall
      be
      made by wire transfer if the Certificateholder has 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 applicable Corporate Trust Office. If
      any
      payment required to be made on the Certificates or the Pooling REMIC 1 Regular
      Interests or Pooling REMIC 2 Regular Interests is to be made on a day that
      is
      not a Business Day, then such payment will be made on the next succeeding
      Business Day. 

    

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

    
      
        
        

      

      
        90

        
          

        

      

      
        
        

      

    

    

    Section
      5.02. Distributions
      from the Certificate Account. 

     

    (a) On
      each
      Distribution Date on or prior to a Section 7.01(d) Purchase Event, a Pool 1
      Termination Event or a Pool 2 Termination Event, as applicable, the Trustee
      (or
      the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate
      Account (i) the sum of the Interest Remittance Amount for Pool 1 and the
      Principal Remittance Amount for Pool 1 and amounts that are available for
      payment to the Swap Counterparty and shall allocate such amount to the interests
      issued in respect of each REMIC and shall distribute such amount as specified
      in
      subparagraphs (b), (d), (f), (h) and (i) of this Section; provided,
      that
      amounts that are available for payment to the Swap Counterparty shall be paid
      on
      the related Swap Payment Date, and (ii) the sum of the Interest Remittance
      Amount for Pool 2 and the Principal Remittance Amount for Pool 2 and shall
      allocate such amount to the interests issued in respect of each REMIC and shall
      distribute such amount as specified in subparagraphs (c), (e), (g) and (i)
      of
      this Section. All allocations and distributions made between and with respect
      to
      Pool 1 and Pool 2 in subparagraphs (b) other than clause (i) thereof, (c),
      (d)
      other than clause (i) and (ii)(A) thereof, (e), (f) and (g) of this Section
      shall be made concurrently.

    

    (b) On
      each
      Distribution Date on or prior to a Section 7.01(d) Purchase Event related to
      the
      Pooling REMIC 1 Regular Interests (or, with respect to clause (i) below, on
      the
      related Swap Payment Date), the Trustee shall distribute the Interest Remittance
      Amount for Pool 1 for such date in the following order of priority:

    

    (i) for
      deposit into the Supplemental Interest Trust Account, an amount equal to the
      lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment
      for
      Pool 1 owed to the Swap Counterparty on the related Swap Payment Date and (y)
      the Interest Remittance Amount for Pool 1 for such Distribution
      Date;

    

    (ii) concurrently, to
      the
      Group 1 Senior Certificates, Current
      Interest and any Carryforward Interest for such Classes for such Distribution
      Date;
      provided,
      however,
      that
      any shortfall in Current Interest and Carryforward Interest shall be allocated
      among such Classes in proportion to the amount of Current Interest and
      Carryforward Interest that would otherwise be distributable thereon;

    

    (iii) to
      the
      Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate
      Priority, Current Interest and any Carryforward Interest for such Classes for
      such Distribution Date; 

    

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

    

    (v) for
      application as part of Pool 1 Monthly Excess Cashflow for such Distribution
      Date, as provided in subsection (f) of this Section, any Pool 1 Monthly Excess
      Interest for such Distribution Date.

    

    (c) On
      each
      Distribution Date on or prior to a Section 7.01(d) Purchase Event related to
      the
      Pooling REMIC 2 Regular Interests, the Trustee shall distribute the Interest
      Remittance Amount for Pool 2 for such date in the following order of
      priority:

    

    (i) to
      the
      Class 2-A1 Certificates, Current
      Interest and any Carryforward Interest for such Classes for such Distribution
      Date;
      

    
      
        
        

      

      
        91

        
          

        

      

      
        
        

      

    

    

    (ii) to
      the
      Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate
      Priority, Current Interest and any Carryforward Interest for such Classes for
      such Distribution Date;

    

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

    

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

    

    (d) On
      each
      Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d)
      Purchase Event related to the Pooling REMIC 1 Regular Interests, the Trustee
      shall distribute the Principal Distribution Amount for Pool 1 for such date,
      as
      follows:

    

    (i) On
      each
      Distribution Date (or, with respect to clause (A) below, on the related Swap
      Payment Date) (a) prior to the Pool 1 Stepdown Date or (b) on or after the
      Pool
      1 Stepdown Date and with respect to which a Pool 1 Trigger Event is in effect,
      until the aggregate Certificate Principal Amount of the Group 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)
      for
      deposit into the Supplemental Interest Trust Account, an amount equal to the
      lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment
      for
      Pool 1 owed to the Swap Counterparty (to the extent not paid from the Interest
      Remittance Amount for Pool 1) and (y) the Principal Remittance Amount for Pool
      1
      for such Distribution Date;

     

    (B)
      concurrently to (a) the Class 1-A1 Certificates and (b) the Class 1-A2
      Certificates, in proportion to the Class Principal Amount of the Class 1-A1
      Certificates and the Class Principal Amount of the Class 1-A2
      Certificates;

     

    (C)
      to
      the Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate
      Priority, until the Class Principal Amount of each such Class has been reduced
      to zero; and

     

    (D)
      for
      application as part of Pool 1 Monthly Excess Cashflow for such Distribution
      Date, as provided in subsection (f) of
      this
      Section, any such Principal Distribution Amount remaining after application
      pursuant to clauses (A) through (C) above.

     

    (ii) On
      each
      Distribution Date (or, with respect to clause (A) below, on the related Swap
      Payment Date) (a) on or after the Pool 1 Stepdown Date and (b) with respect
      to
      which a Pool 1 Trigger Event is not in effect, the Trustee shall distribute
      the
      Principal Distribution Amount for Pool 1 for such date, in the following order
      of priority:

    
      
        
        

      

      
        92

        
          

        

      

      
        
        

      

    

    

    (A) for
      deposit into the Supplemental Interest Trust Account, an amount equal to the
      lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment
      for
      Pool 1 owed to the Swap Counterparty (to the extent not paid from the Interest
      Remittance Amounts for Pool 1) and (y) the Principal Remittance Amount for
      such
      Mortgage Pool for such Distribution Date;

    

    (B) so
      long
      as any Class of Group 1 Subordinate Certificates are outstanding, to the Group
      1
      Senior Certificates in accordance with the Group 1 Senior Priority in an amount
      equal to the lesser of (x) the Principal Distribution Amount of Pool 1 for
      such
      Distribution Date and (y) the Pool 1 Senior Principal Distribution Amount for
      such Distribution Date until the Class Principal Amount of each such Class
      has
      been reduced to zero; provided,
      however,
      that if
      none of the Group 1 Subordinate Certificates are outstanding, the Trustee shall
      distribute the entire Principal Distribution Amount for Pool 1 in accordance
      with the Group 1 Senior Priority until the Class Principal Amount of each such
      Class has been reduced to zero; 

    

    (C) to
      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 Group 1 Senior Certificates and the Supplemental
      Interest Trust on such Distribution Date pursuant to clauses (A) through (B)
      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;
      

    

    (D) to
      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 Group 1 Senior Certificates, the Class 1-M1
      Certificates and the Supplemental Interest Trust on such Distribution Date
      pursuant to clauses (A) through (C) 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; 

    

    (E) to
      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 Group 1 Senior Certificates, the Class 1-M1 and
      Class 1-M2 Certificates and the Supplemental Interest Trust on such Distribution
      Date pursuant to clauses (A) through (D) 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; 

    
      
        
        

      

      
        93

        
          

        

      

      
        
        

      

    

    

    (F) to
      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 Group 1 Senior Certificates, the Class 1-M1,
      Class
      1-M2 and Class 1-M3 Certificates and the Supplemental Interest Trust on such
      Distribution Date pursuant to clauses (A) through (E) 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;

    

    (G) to
      the
      Class 1-M5 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 Group 1 Senior Certificates, the Class 1-M1,
      Class
      1-M2, Class 1-M3 and Class 1-M4 Certificates and the Supplemental Interest
      Trust
      on such Distribution Date pursuant to clauses (A) through (F) 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;

    

    (H) to
      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 Group 1 Senior Certificates, the Class 1-M1,
      Class
      1-M2, Class 1-M3, Class 1-M4 and Class 1-M5 Certificates and the Supplemental
      Interest Trust on such Distribution Date pursuant to clauses (A) through (G)
      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;
      

    

    (I) to
      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 Group 1 Senior Certificates, the Class 1-M1,
      Class
      1-M2, Class 1-M3, Class 1-M4, Class 1-M5 and Class 1-M6 Certificates and the
      Supplemental Interest Trust on such Distribution Date pursuant to clauses (A)
      through (H) 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; and

    

    (J) for
      application as part of Pool 1 Monthly Excess Cashflow for such Distribution
      Date, as provided in subsection (f) of
      this
      Section, any Principal Distribution Amount remaining after application pursuant
      to subclauses (A) through (H) above. 

    

    (e) On
      each
      Distribution Date on or prior to a Section 7.01(d) Purchase Event related to
      the
      Pooling REMIC 2 Regular Interests, the Trustee shall distribute the Principal
      Distribution Amount for Pool 2 for such date, as follows:

    
      
        
        

      

      
        94

        
          

        

      

      
        
        

      

    

    

    (i) On
      each
      Distribution Date (a) prior to the Pool 2 Stepdown Date or (b) on or after
      the
      Pool 2 Stepdown Date and with respect to which a Pool 2 Trigger Event is in
      effect, until the aggregate Certificate Principal Amount of the Group 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)
      to
      the Class 2-A1 Certificates, until the Class Principal Amount of such Class
      has
      been reduced to zero; 

    

    (B) to
      the
      Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate
      Priority, until the Class Principal Amount of each such Class has been reduced
      to zero;

     

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

     

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

    

    (A) so
      long
      as any Class of Group 2 Subordinate Certificates are outstanding, to the Class
      2-A1 Certificates in an amount equal to the lesser of (x) the Principal
      Distribution Amount of Pool 2 for such Distribution Date and (y) the Pool 2
      Senior Principal Distribution Amount for such Distribution Date until the Class
      Principal Amount of each such Class has been reduced to zero; provided,
      however,
      that if
      none of the Group 2 Subordinate Certificates are outstanding, the Trustee shall
      distribute the entire Principal Distribution Amount for Pool 2 to the Class
      2-A1
      Certificates until the Class Principal Amount of such Class has been reduced
      to
      zero; 

    

    (B) to
      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 Group 2 Senior Certificates on such Distribution
      Date pursuant to clause (A) 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) to
      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 Group 2 Senior Certificates, the Class 2-M1
      Certificates on such Distribution Date pursuant to clauses (A) through (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;
      

    
      
        
        

      

      
        95

        
          

        

      

      
        
        

      

    

    

    (D) to
      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 Group 2 Senior Certificates, 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) to
      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 Group 2 Senior Certificates, the Class 2-M1,
      Class
      2-M2 and Class 2-M3 Certificates on such Distribution Date pursuant to clauses
      (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) to
      the
      Class 2-M5 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 Group 2 Senior Certificates, the Class 2-M1,
      Class
      2-M2, Class 2-M3 and Class 2-M4 Certificates on such Distribution Date pursuant
      to clauses (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;

    

    (G) to
      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 Group 2 Senior Certificates, the Class 2-M1,
      Class
      2-M2, Class 2-M3, Class 2-M4 and Class 2-M5 Certificates on such Distribution
      Date pursuant to clauses (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) for
      application as part of Pool 2 Monthly Excess Cashflow for such Distribution
      Date, as provided in subsection (g) of
      this
      Section, any Principal Distribution Amount remaining after application pursuant
      to subclauses (A) through (G) above.

    
      
        
        

      

      
        96

        
          

        

      

      
        
        

      

    

    

    (f) On
      each
      Distribution Date on or prior to a Section 7.01(d) Purchase Event related to
      the
      Pooling REMIC 1 Regular Interests, the Trustee shall distribute any Pool 1
      Monthly Excess Cashflow for such date, together with any payments received
      under
      the Class 1-A1 Cap Agreement in the case of distributions made pursuant to
      subclause (iii) below,
      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 Group
      1
      Certificates equals the Pool 1 Target Amount, in reduction of the Class
      Principal Amounts of the Group 1 Certificates in the following order of
      priority:

    

    (A)
      to
      each Class of Group 1 Senior Certificates, in accordance with the Group 1 Senior
      Priority, in reduction of their respective Class Principal Amounts, until the
      Class Principal Amount of each such Class has been reduced to zero;
      and

    

    (B) to
      the
      Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate
      Priority, in reduction of their Class Principal Amounts, until the Class
      Principal Amount of each such Class has been reduced to zero; 

    

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

    

    (A)
      to
      each Class of Group 1 Senior Certificates in accordance with the Group 1 Senior
      Priority, in reduction of their respective Class Principal Amounts, until the
      aggregate Class Principal Amount of the Group 1 Senior Certificates, after
      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 Group 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 Group 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 Group 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;

    
      
        
        

      

      
        97

        
          

        

      

      
        
        

      

    

    

    (E)
      to
      the Class 1-M4 Certificates, in reduction of their Class Principal Amount,
      until
      the aggregate Class Principal Amount of the Group 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 Group 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 Group 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; and

    

    (H)
      to
      the Class 1-M7 Certificates, in reduction of their Class Principal Amount,
      until
      the aggregate Class Principal Amount of the Group 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;

    

    (iii) to
      the
      Pool 1 Basis Risk Reserve Fund, an amount equal to the Pool 1 Basis Risk Payment
      with respect to the Group 1 Certificates and any payment received in respect
      of
      the Class 1-A1 Cap Agreement, and then from the Pool 1 Basis Risk Reserve Fund,
      in the following order of priority:

    

    (A)
      to
      the Class 1-A1 Certificates, from any payments under the Class 1-A1 Cap
      Agreement, the amount of any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls for such Class and such Distribution Date (provided that any payments
      received from the Class 1-A1 Cap Agreement which are in excess of those required
      to pay Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Class 1-A1
      Certificates shall be distributed pursuant to clause (vi) below); 

    

    (B)
      pro
      rata,
      to the
      Group 1 Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls for each such Class and such Distribution Date, to the
      extent unpaid pursuant to Section 5.02(h)(v);

    

    (C)
      to
      the Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate
      Priority, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall
      for each such Class and such Distribution Date, to the extent unpaid pursuant
      to
      Section 5.02(h)(v); 

    

    (D)
      to
      the Supplemental Interest Trust Account, for application pursuant to Section
      5.02(h)(xi), any amounts remaining in the Pool 1 Basis Risk Reserve Fund, after
      taking into account distributions pursuant to clauses (A) through (C)
      above, in excess of the Pool 1 Required Reserve Fund Deposit for such
      Distribution Date;

     

    
      
        
        

      

      
        98

        
          

        

      

      
        
        

      

    

    

     

    (iv) concurrently,
      in proportion to their respective Deferred Amounts (and any interest accrued
      on
      such Deferred Amounts), after giving effect to distributions described above
      on
      such Distribution Date, to the Group 1 Senior Certificates, any applicable
      Deferred Amount and any interest accrued on such Deferred Amount for each such
      Class and such Distribution Date;

    

    (v) to
      the
      Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate
      Priority, any Deferred Amounts for each such Class and such Distribution
      Date;

    

    (vi) to
      the
      Class 1-X Certificates, the Class 1-X Distributable Amount for such Distribution
      Date;

    

    (vii) on
      the
      earlier of (a) the Distribution Date occurring in February 2009 (or the next
      occurring Distribution Date on which sufficient funds are available in the
      Certificate Account) and (b) the final Distribution Date, to the Class 1-P
      Certificates, $100 in payment of the Class 1-P Principal Amount;

    

    (viii) to
      the
      Supplemental Interest Trust, the Class 1-X Distributable Amount (less any Pool
      1
      Basis Risk Payment for such Distribution Date) for such Distribution Date,
      for
      application pursuant to Section 5.02(h)(xi); and

    

    (ix) to
      the
      Class LT-R-1 Certificate, any amount remaining on such date after application
      pursuant to clauses (i) through (viii) above to the extent attributable to
      the
      Pooling REMIC 1, and otherwise to the Class R-1 Certificate; 

    

    (g) On
      each
      Distribution Date on or prior to a Section 7.01(d) Purchase Event related to
      the
      Pooling REMIC 2 Regular Interests, the Trustee shall distribute any Pool 2
      Monthly Excess Cashflow for such date 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 Group
      2
      Certificates equals the Pool 2 Target Amount, in reduction of the Class
      Principal Amounts of the Group 2 Certificates in the following order of
      priority:

    

    (A)
      to
      the Class 2-A1 Certificates, in reduction of its Class Principal Amount, until
      the Class Principal Amount of such Class has been reduced to zero;
      and

    

    (B) 
      to the
      Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate
      Priority, in reduction of their Class Principal Amounts, until the Class
      Principal Amount of each such Class has been reduced to zero; 

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

    

    (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)
      to
      the Class 2-A1 Certificates, in reduction of its Class Principal Amount, until
      the Class Principal Amount of the Class 2-A1 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 Group 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 Group 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 Group 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 Group 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 Group 2 Senior Certificates and
      the
      Class 2-M1, Class 2-M2, Class 2-M3, Class 2-M4 and Class 2-M5 Certificates,
      after giving effect to distributions on such Distribution Date, equals the
      2-M5
      Target Amount; and

    

    (G)
      to
      the Class 2-M6 Certificates, in reduction of their Class Principal Amount,
      until
      the aggregate Class Principal Amount of the Group 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; 

    

    (iii) to
      the
      Pool 2 Basis Risk Reserve Fund, an amount equal to the Pool 2 Basis Risk Payment
      with respect to the Group 2 Certificates, and then from the Pool 2 Basis Risk
      Reserve Fund, in the following order of priority:

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

    

    (A)
      to
      the Class 2-A1 Certificates, the amount of any Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls for such Class and such Distribution Date;

    

    (B)
      to
      the Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate
      Priority, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall
      for each such Class and such Distribution Date to the extent remaining after
      such amounts are applied in subclause (iii)(A) above; 

    

    (C)
      for
      addition to the amounts distributable pursuant to subclause (vi) below, 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 pursuant to Section
      5.06 after application pursuant to subclauses (iii)(A) and (B) above for such
      Distribution Date; 

    

    (iv) to
      the
      Class 2-A1 Certificates, any applicable Deferred Amount and any interest accrued
      on such Deferred Amount for such Class and such Distribution Date;

    

    (v) to
      the
      Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate
      Priority, any Deferred Amounts for each such Class and such Distribution
      Date;

    

    (vi) to
      the
      Class 2-X Certificates, the Class 2-X Distributable Amount for such Distribution
      Date;

    

    (vii) on
      the
      earlier of (a) the Distribution Date occurring in February 2009 (or the next
      occurring Distribution Date on which sufficient funds are available in the
      Certificate Account) and (b) the final Distribution Date, to the Class 2-P
      Certificates, $100 in payment of the Class 2-P Principal Amount;
      and

    

    (viii) to
      the
      Class LT-R-2 Certificate, any amount remaining on such date after application
      pursuant to clauses (i) through (vii) above to the extent attributable to
      Lower-Tier REMIC 2, and otherwise to the Class R-2 Certificate; 

    

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

    

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

     

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

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

    

     

    (iii)
      to
      the Group 1 Senior Certificates, Current Interest and any Carryforward Interest
      for each such Class and such Distribution Date, to the extent unpaid and in
      the
      priorities set forth in Section 5.02(b)(ii) (as applicable);

     

    (iv)
      to
      the Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate
      Priority, Current Interest and any Carryforward Interest for such class for
      such
      Distribution Date;

     

    (v)
      the
      Available Basis Risk Amount, in the following order of priority:

     

    (A)
      pro
      rata,
      to the
      Group 1 Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls for each such Class and such Distribution Date, to the
      extent unpaid, in the case of the Class 1-A1 Certificates, pursuant to clause
      5.02(f)(iii)(A);

    

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

    

    (C)
      if
      applicable, to the Termination Receipts Account for application to the purchase
      of a replacement swap agreement pursuant to Section 5.10; and

    

    (D) 
      to the
      Class 1-X Certificates, any amounts remaining;

    

    (vi)
      to
      the Group 1 Certificates, any amount necessary to create and maintain the
      Targeted Overcollateralization Amount specified in Sections 5.02(f)(i) and
      (ii)
      for such Distribution Date, for application pursuant to the priorities set
      forth
      in such Sections, after giving effect to distributions pursuant to such
      Sections; provided,
      however,
      that the
      sum of all such amounts distributed pursuant to this Section 5.02(h)(vi) and
      all
      amounts distributed pursuant to Section 5.02(h)(viii) shall not exceed the
      aggregate amount of cumulative Realized Losses incurred from the Cut-off Date
      through the last day of the related Collection Period;

     

    (vii)
      to
      the Group 1 Certificates, any remaining Basis Risk Shortfalls and Unpaid Basis
      Risk Shortfalls (less the amount of any Available Basis Risk Amount paid to
      each
      such Class pursuant to clause (v) above) for each such class and for such
      Distribution Date, for application pursuant to the priorities set forth in
      Sections 5.02(f)(iii)(A) through (D), to the extent unpaid pursuant to such
      clauses and clause (v) above;

     

    (viii)
      first, to the Group 1 Senior Certificates, in accordance with the Group 1 Senior
      Priority, any Deferred Amount for each such Class (and any interest accrued
      on
      such Deferred Amounts) and second, to the Group 1 Subordinate Certificates,
      in
      accordance with the Group 1 Subordinate Priority, any Deferred Amount for each
      such Class and such Distribution Date for application pursuant to the priority
      set forth in Sections 5.02(f)(iv) and (v), respectively, to the extent unpaid
      pursuant to such Sections; provided,
      however,
      that the
      sum of all such amounts distributed pursuant to this Section 5.02(h)(viii)
      and
      all amounts distributed pursuant to Section 5.02(h)(vii) shall not exceed the
      aggregate amount of cumulative Realized Losses incurred from the Cut-off Date
      through the last day of the related Collection Period;

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

    

     

    (ix)
      if
      applicable, to the Termination Receipts Account for application to the purchase
      of a replacement swap agreement pursuant to Section 5.10;

     

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

     

    (xi)
      to
      the Class 1-X Certificates, any amount deposited into the Supplemental Interest
      Trust pursuant to Section 5.02(f)(iii)(C) or Section 5.02(f)(viii) and any
      remaining Supplemental Interest Trust Amount; and

     

    (xii)
      on
      the first Distribution Date on which the Class Principal Amount of each Class
      of
      Certificates has been reduced to zero, to the Class 1-X Certificates, all
      amounts remaining in the Supplemental Interest Trust Account.

     

    (i) (i) On
      each
      Distribution Date on and prior to the Class X Account Termination Date, the
      Trustee shall withdraw the Class C Distributable Amount for such Distribution
      Date from the Class X Account, pursuant to Section 5.11 herein, and shall
      distribute such amount to the Class C Certificates. 

     

    (ii) On
      each
      Distribution Date on and prior to the Class X Account Termination Date, the
      Trustee shall withdraw amounts on deposit in the Class X Account after providing
      for the class C Distributable Amount for such Distribution Date and distribute
      to the Class 1-X and Class 2-X Certificates an amount equal to the excess,
      if
      any, of the sum of Realized Losses attributable to the Class C Mortgage Loans
      in
      the related Pool over the sum of all amounts distributed pursuant to this
      Section 5.02(i)(ii) on prior Distribution Dates to the Class 1-X or Class 2-X
      Certificates, as applicable. If, on any Distribution Date, the amount required
      to be distributed pursuant to the immediately preceding sentence exceeds the
      amount then on deposit in the Class X Account, the amount then on deposit shall
      be allocated between the Class 1-X Certificates and the Class 2-X Certificates
      in proportion to the amounts they would have otherwise received on such
      Distribution Date pursuant to the immediately preceding sentence. 

    

    (j) On
      each
      Distribution Date on or prior to a Section 7.01(d) Purchase Event relating
      to
      the Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular Interests,
      an
      amount equal to the aggregate of all Prepayment Premiums collected with respect
      to Pool 1 during the preceding Prepayment Period shall be distributed to the
      Holders of the Class 1-P Certificates and the aggregate of all Prepayment
      Premiums collected with respect to Pool 2 during the preceding Prepayment Period
      shall be distributed to the Holders of the Class 2-P Certificates.

    

    (k) On
      each
      Distribution Date occurring after a Section 7.01(d) Purchase Event but on or
      prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on
      behalf of the Trustee), shall withdraw from the Certificate Account the related
      Total Distribution Amount (to the extent such amount is on deposit in the
      Certificate Account) and shall allocate such amount to the interests issued
      in
      respect of the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular
      Interests, as applicable, created pursuant to this Agreement and shall
      distribute such Total Distribution Amount first,
      to the
      Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not
      previously reimbursed to the Trustee, second,
      to the
      LTURI-holder, any remaining related Total Distribution Amount to the extent
      payable on the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular
      Interests as provided in the Preliminary Statement, and third,
      to the
      Class LT-R-1 and Class LT-R-2 Certificates any remaining
      amounts.

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

    

    Section
      5.03. Allocation
      of Losses.  

     

    (a) On
      each
      Distribution Date on or prior to a Section 7.01(d) Purchase Event relating
      to
      the Pooling REMIC 1 Regular Interests, the aggregate, the Class Principal
      Amounts of the Group 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-M7 Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

    

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

    

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

    

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

    

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

    

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

    

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

    

    (viii) to
      the
      Group 1 Senior Certificates, pro
      rata,
      based on
      their respective Class Principal Amounts, until their respective Class Principal
      Amounts are reduced to zero.

    

    (b) On
      each
      Distribution Date on or prior to a Section 7.01(d) Purchase Event relating
      to
      the Pooling REMIC 2 Regular Interests, the Class Principal Amounts of the Group
      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-M6 Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

    

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

    

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

    

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

    

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

    

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

    

    (vii) to
      the
      Class 2-A1 Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero.

    

    Section
      5.04. Advances
      by Master Servicer, Servicers 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 that Balloon
      Payments) have not been received, such Servicer shall advance such amount to
      the
      extent provided in the applicable Servicing Agreement. If any Servicer fails
      to
      remit Advances required to be made under the applicable Servicing Agreement,
      the
      Master Servicer shall itself make, or shall cause the successor Servicer to
      make, such Advance on the Master Servicer Remittance Date immediately following
      such Determination Date; provided,
      however,
      that
      required Advances remitted by the 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 Master
      Servicer Remittance 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 Master Servicer Remittance
      Date
      to the extent that funds in the Certificate Account on such Master Servicer
      Remittance Date shall be less than payments to Certificateholders required
      to be
      made on the related Distribution Date. The Master Servicer and each Servicer
      shall be entitled to be reimbursed from the Collection Account for all Advances
      made by it as provided in Section 4.02. Notwithstanding anything to the contrary
      herein, in the event the Master Servicer determines in its reasonable judgment
      that an Advance is non-recoverable, the Master Servicer shall be under no
      obligation to make such Advance. 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.

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

    

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

    

    Section
      5.05. Compensating
      Interest Payments.  

     

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

    

    Section
      5.06. Basis
      Risk Reserve Funds.

     

    (a) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the Group 1 Certificates, the Pool 1 Basis Risk
      Reserve Fund, into which LBH shall deposit $1,000. In addition, the Trustee
      shall hold the Class 1-A1 Cap Agreement as an asset in the Pool 1 Basis Risk
      Reserve Fund. The Pool 1 Basis Risk Reserve Fund shall be an Eligible Account,
      and funds on deposit therein shall be held separate and apart from, and shall
      not be commingled with, any other moneys, including, without limitation, other
      moneys of the Trustee held pursuant to this Agreement.

     

    (b) On
      each
      Distribution Date on which there is a payment received under the Class
      1-A1
      Cap
      Agreement that is based on a notional amount in excess of the Class Principal
      Amount of the Class
      1-A1
      Certificates (such amount, the “Class 1-X Excess Cap Amount”), the Trustee shall
      distribute such Class 1-X Excess Cap Amount to the Class 1-X Certificateholders
      pursuant to Section 5.02(f)(iii). On
      each
      Distribution Date the Trustee shall distribute in the order of priority and
      to
      the extent specified in Section 5.02(f)(iii) of this Agreement the sum of
      (without duplication) (a) any payments made by the Cap Counterparty to the
      Trust
      Fund for such Distribution Date with respect to the Class 1-A1 Cap Agreement
      and
      (b) any amounts then on deposit in the Pool 1 Basis Risk Reserve Fund, including
      any earnings thereon. On any Distribution Date, any amounts that the Trustee
      is
      not required to distribute from the Pool 1 Basis Risk Reserve Fund pursuant
      to
      Section 5.02(f)(iii) of this Agreement shall remain on deposit in the Pool
      1
      Basis Risk Reserve Fund.

     

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

    

     

    (c) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the Group 2 Certificates, the Pool 2 Basis Risk
      Reserve Fund, into which LBH shall deposit $1,000. The Pool 2 Basis Risk Reserve
      Fund shall be an Eligible Account, and funds on deposit therein shall be held
      separate and apart from, and shall not be commingled with, any other moneys,
      including, without limitation, other moneys of the Trustee held pursuant to
      this
      Agreement.

     

    (d) On
      each
      Distribution Date the Trustee shall distribute in the order of priority and
      to
      the extent specified in Section 5.02(g)(iii) of this Agreement (without
      duplication) any amounts then on deposit in the Pool 2 Basis Risk Reserve Fund,
      including any earnings thereon. On any Distribution Date, any amounts that
      the
      Trustee is not required to distribute from the Pool 2 Basis Risk Reserve Fund
      pursuant to Section 5.02(g)(iii) of this Agreement shall remain on deposit
      in
      the Pool 2 Basis Risk Reserve Fund.

     

    (e) Funds
      in
      the Pool 1 Basis Risk Reserve Fund and the 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 for federal income tax purposes
      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
      of
      funds on deposit in the Pool 1 Basis Risk Reserve Fund and the Pool 2 Basis
      Risk
      Reserve Fund, such funds shall remain uninvested. The Pool 1 Basis Risk Reserve
      Fund will be terminated after a Pool 1 Termination Event. The Pool 2 Basis
      Risk
      Reserve Fund will be terminated after a Pool 2 Termination Event.

    

    Section
      5.07. [Reserved]. 

     

    Section
      5.08. Supplemental
      Interest Trust.  

     

    (a)
      A
      separate trust is hereby established (the “Supplemental Interest Trust”), the
      corpus of which shall be held by the Trustee, in trust, for the benefit of
      the
      holders of the Group 1 Certificates. The Trustee, as trustee of the Supplemental
      Interest Trust, shall establish an account (the “Supplemental Interest Trust
      Account”), into which LBH shall initially deposit $1,000. The Supplemental
      Interest Trust 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. 

     

    (b)
      The
      Trustee shall deposit into the Supplemental Interest Trust Account any Net
      Swap
      Payment required pursuant to Sections 5.02(b), (d), and (f), any Swap
      Termination Payment required pursuant to Sections 5.02(b), (d) and (f), any
      amounts received from the Swap Counterparty under the Swap Agreement and any
      amounts distributed from the Pool 1 Basis Risk Reserve Fund required pursuant
      to
      Sections 5.02(f)(iii), and shall distribute from the Supplemental Interest
      Trust
      Account any Net Swap Payment required pursuant to Section 5.02(h)(i) or Swap
      Termination Payment required pursuant to Sections 5.02(h)(ii) and
      (x).

     

    
      
        
        

      

      
        107

        
          

        

      

      
        
        

      

    

    

     

    (c)
      Funds
      in the Supplemental Interest Trust Account shall be invested in Eligible
      Investments. Any earnings on such amounts shall be distributed on each
      Distribution Date pursuant to Section 5.02(h). The Class 1-X Certificates shall
      evidence ownership of the Supplemental Interest Trust Account for federal income
      tax purposes and the Holder thereof shall direct the Trustee, in writing, as
      to
      investment of amounts on deposit therein. The Class 1-X Certificateholders
      shall
      be liable for any losses incurred on such investments. In the absence of written
      instructions from the Class 1-X Certificateholders as to investment of funds
      on
      deposit in the Supplemental Interest Trust Account, such funds remain
      uninvested. Any amounts on deposit in the Supplemental Interest Trust Account
      in
      excess of the Supplemental Interest Trust Amount on any Distribution Date shall
      be held for distribution pursuant to Section 5.02(h) on the following
      Distribution Date.

     

    (d)
      Upon
      termination of the Trust Fund, any amounts remaining in the Supplemental
      Interest Trust Account shall be distributed pursuant to the priorities set
      forth
      in Section 5.02(h).

     

    (e)
      It is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as an entity separate from the holder of the Class 1-X Certificates unless
      and
      until the date when either (a) there is more than one Class 1-X
      Certificateholder or (b) any Class of Certificates in addition to the Class
      1-X
      Certificates is recharacterized as an equity interest in the Supplemental
      Interest Trust for federal income tax purposes. The Trustee shall not be
      responsible for any entity level tax reporting for the Supplemental Interest
      Trust.

     

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

     

    Section
      5.09. Rights
      of Swap Counterparty.  

     

    The
      Swap
      Counterparty shall be deemed a third-party beneficiary of this Agreement to
      the
      same extent as if it were a party hereto and shall have the right, upon
      designation of an “Early Termination Date” (as defined in the Swap Agreement),
      to enforce its rights under this Agreement, which rights include but are not
      limited to the obligation of the Trustee (A) to deposit any Net Swap Payment
      required pursuant to Sections 5.02(b), (d) and (f), and any Swap Termination
      Payment required pursuant to Sections 5.02(b), (d) and (f), into the
      Supplemental Interest Trust Account, (B) to deposit any amounts from the Pool
      1
      Basis Risk Reserve Fund required pursuant to Sections 5.02(f)(iii) into the
      Supplemental Interest Trust Account, (C) to pay any Net Swap Payment required
      pursuant to Section 5.02(h)(i) or Swap Termination Payment required pursuant
      to
      Sections 5.02(h)(ii) and (x) to the Swap Counterparty and (D) to establish
      and
      maintain the Supplemental Interest Trust Account, to make such deposits thereto,
      investments therein and distributions therefrom as are required pursuant to
      Section 5.07. For the protection and enforcement of the provisions of this
      Section the Swap Counterparty shall be entitled to such relief as can be given
      either at law or in equity.

     

    
      
        
        

      

      
        108

        
          

        

      

      
        
        

      

    

    

     

    Section
      5.10. Termination
      Receipts.  

     

    In
      the
      event of an “Early Termination Event” as defined under the Swap Agreement, (i)
      any Swap Termination Payment made by the Swap Counterparty to the Supplemental
      Interest Trust and paid pursuant to Section 5.02(h)(ix) (“Termination Receipts”)
      will be deposited in a segregated non-interest bearing account which shall
      be an
      Eligible Account established by the Trustee (the “Termination Receipts Account”)
      and (ii) any amounts received from a replacement Swap Counterparty (“Replacement
      Receipts”) will be deposited in a segregated non-interest bearing account which
      shall be an Eligible Account established by the Trustee (the “Replacement
      Receipts Account”). Solely upon written direction of the Depositor, the Trustee
      shall invest, or cause to be invested, funds held in the Termination Receipts
      Account and the Replacement Receipts Account in time deposits of the Trustee
      as
      permitted by clause (ii) of the definition of Eligible Investments or as
      otherwise directed in writing by a majority of the Certificateholders. All
      such
      investments must be payable on demand or mature on a Distribution Date or such
      other date as directed by the Certificateholders. If no such direction is given
      by the Depositor, such funds shall remain uninvested. All such Eligible
      Investments will be made in the name of the Trustee of the Supplemental Interest
      Trust (in its capacity as such) or its nominee. All income and gain realized
      from any such investment shall be deposited in the Termination Receipts Account
      or the Replacement Receipts Account, as applicable, and all losses, if any,
      shall be borne by the related account.

     

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

     

    Amounts
      on deposit in the Replacement Receipts Account shall be held for the benefit
      of
      the related Swap Counterparty and paid to such Swap Counterparty if the
      Supplemental Interest Trust is required to make a payment to such Swap
      Counterparty following an event of default or termination event with respect
      to
      the Supplemental Interest Trust under the related Swap Agreement. Any amounts
      not so applied shall, following the termination or expiration of such Swap
      Agreement, be paid to the Class 1-X Certificates.

     

    Section
      5.11. Class
      X Account.  

     

    (a) 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-X and Class 2-X Certificates, the
      Class X Account. No later than the first date on which any NIMS Securities
      are
      issued, the Depositor shall deposit a dollar amount into the Class X Account.
      The Class X 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.

     

    
      
        
        

      

      
        109

        
          

        

      

      
        
        

      

    

    

     

    (b) Funds
      in
      the Class X Account may be invested in Eligible Investments having fixed
      maturities described in clauses (i), (iv), (v) or (vii) of the definition
      thereof by the Trustee at the direction of the holders of the Class C
      Certificates maturing on or prior to the next succeeding Distribution Date.
      No
      Eligible Investments shall be acquired or disposed of for the primary purpose
      of
      recognizing gains or decreasing losses from market value changes. Any funds
      held
      in the Class X Account that are not invested shall be held in cash. In the
      absence of such written direction, all funds in the Class X Account shall remain
      uninvested. Any investment earnings on such amounts shall be payable to the
      holders of the Class C Certificates. The Trustee shall account for the
      Class X Account as an outside reserve fund within the meaning of Treasury
      regulation 1.860G-2(h) and not an asset of any REMIC created pursuant to this
      Agreement. The Class C Certificates shall evidence ownership of the Class X
      Account for federal tax purposes and the Holders thereof shall direct the
      Trustee in writing as to the investment of amounts therein. The Trustee shall
      have no liability for losses on investments in Eligible Investments made
      pursuant to this Section 5.11(b) (other than as obligor on any such
      investments). Upon termination of the Class X Account, any amounts remaining
      in
      the Class X Account shall be distributed to the Holders of the Class C
      Certificates in the same manner as if distributed pursuant to Section 5.02(i)(1)
      hereof.

     

    (c) On
      each
      Distribution Date on and prior to the Class X Account Termination Date, amounts
      on deposit in the Class X Account will be withdrawn and applied to make payments
      to the Class 1-X, Class 2-X and Class C Certificates as provided in Section
      5.02(i) of this Agreement. Any
      amounts that the Trustee is not required to distribute from the Class X Account
      pursuant to Section 5.02(i) of this Agreement shall remain on deposit in the
      Class X Account. 

     

    (d) The
      Class
      X Account shall terminate on the earlier of (i) the Class X Account Termination
      Date or (ii) the Distribution Date on which the amount on deposit in the Class
      X
      Account is reduced to zero.

     

    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.

    

    (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 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, any Servicer or the Swap
      Counterparty 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. 

    
      
        
        

      

      
        110

        
          

        

      

      
        
        

      

    

    

    (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
      direction or with the consent of Holders of Certificates as provided in Section
      6.18 hereof;

    

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

    

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

    

    (iv) The
      Trustee shall not be responsible for the act or omission of the Master Servicer,
      any Servicer, the Depositor, the Seller or any Custodian.

    

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

    
      
        
        

      

      
        111

        
          

        

      

      
        
        

      

    

    

    (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.

    

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

    

    (h) Except
      as
      otherwise provided herein, the Trustee shall not have any duty (A) to undertake
      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 ensure the maintenance of any such recording or filing
      or depositing or to undertake any rerecording, refiling or redepositing of
      any
      such statement or agreement, (B) to establish or maintain 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 Swap Counterparty, the Cap Counterparty 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 any other officer 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.

    
      
        
        

      

      
        112

        
          

        

      

      
        
        

      

    

    

    (k) On
      or
      prior to the Closing Date, the Trustee shall deliver to the Sponsor, the Master
      Servicer and the Depositor a certification in the form of Exhibit O attached
      hereto specifying the items it will address in its assessment of compliance
      with
      the Servicing Criteria. On or before March 15 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 Trustee shall deliver to the
      Sponsor, the Master Servicer and the Depositor a report regarding its assessment
      of compliance with the Servicing Criteria identified by such party pursuant
      to
      the provisions of the immediately preceding sentence, as of and for the period
      ending the end of the fiscal year ending no later than December 31 of the year
      prior to the year of delivery of the report. Each such report shall include
      (a)
      a statement of the party’s responsibility for assessing compliance with the
      Servicing Criteria applicable to such party, (b) a statement that such party
      used the criteria identified in Item 1122(d) of Regulation AB (§ 229.1122(d)) to
      assess compliance with the applicable Servicing Criteria, (c) disclosure of
      any
      material instance of noncompliance identified by such party and (d) a statement
      that a registered public accounting firm has issued an attestation report on
      such party’s assessment of compliance with the applicable Servicing Criteria,
      which report shall be delivered by the Trustee as provided in Section 6.01(l).
      In addition, 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 Trustee shall, at its own
      expense, furnish or cause to be furnished to the Sponsor and the Depositor
      an
      assessment of compliance and attestation of any Subservicer or Subcontractor
      with respect to the Trustee.

    

    (l) 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 Trustee shall, at its own expense, cause a firm of independent public
      accountants (who may also render other services to Trustee), which is a member
      of the American Institute of Certified Public Accountants, to furnish to the
      Sponsor, the Master Servicer and the Depositor a report to the effect that
      such
      firm that attests to, and reports on, the assessment made by such asserting
      party pursuant to Section 6.01(k) 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 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 Trustee shall, at its own
      expense, furnish to the Sponsor and the Depositor an assessment of compliance
      and attestation of any Subservicer or Subcontractor with respect to the
      Trustee.

    

    (m) 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 and accountant’s attestations
      provided by each such Subcontractor.

    

    (n) For
      as
      long as the Depositor is subject to Exchange Act reporting with respect to
      the
      Trust Fund, the Trustee shall notify the Depositor, the Master Servicer and
      the
      Sponsor within three (3) Business Days of the related Distribution Date (i)
      of
      any legal proceedings pending against the Trustee of the type described in
      Item
      1117 (§ 229.1117) of Regulation AB and (ii) 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 P hereto, together with a description thereof.
      On
      or before March 1st
      of each
      year, the Depositor shall distribute the information in Exhibit P to the
      Trustee.

    
      
        
        

      

      
        113

        
          

        

      

      
        
        

      

    

    

    (o) The
      Trustee agrees to indemnify the Depositor and the Master Servicer, and their
      respective directors, officers, employees and agents and the Trust Fund and
      hold
      each of them harmless 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 any failure by the Trustee to comply with the provisions of Subsections
      6.01(k), (m) and (n) above; provided,
      however,
      that in
      no event shall the Trustee be liable for any special, consequential, indirect
      or
      punitive damages pursuant to this Section 6.01(o), even if advised of the
      possibility of such damages.

    

    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, 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 or, if such Classes have
      been
      retired pursuant to a Section 7.01(d) Purchase Event, the LTURI-holder;
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;

    
      
        
        

      

      
        114

        
          

        

      

      
        
        

      

    

    

    (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 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 Swap Agreement, the Class 1-A1 Cap Agreement or of the
      Certificates (other than the certificate of authentication on the Certificates),
      the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular Interests
      or of any Mortgage Loan, or related document save that the Trustee represents
      that, assuming due execution and delivery by the other parties hereto, this
      Agreement has been duly authorized, executed and delivered by it and constitutes
      its valid and binding obligation, enforceable against it in accordance with
      its
      terms except that such enforceability may be subject to (A) applicable
      bankruptcy and insolvency laws and other similar laws affecting the enforcement
      of the rights of creditors generally, and (B) general principles of equity
      regardless of whether such enforcement is considered in a proceeding in equity
      or at law. The Trustee shall not be accountable for the use or application
      by
      the Depositor of funds paid to the Depositor in consideration of the assignment
      of the Mortgage Loans to the Trust Fund by the Depositor or for the use or
      application of any funds deposited into the Collection Account, the Certificate
      Account, any Escrow Account or any other fund or account maintained with respect
      to the Certificates. The Trustee shall not be responsible for the legality
      or
      validity of this Agreement or the Swap Agreement or the validity, priority,
      perfection or sufficiency of the security for the Certificates, the Pooling
      REMIC 1 Regular Interests or the Pooling REMIC 2 Regular Interests 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.

    
      
        
        

      

      
        115

        
          

        

      

      
        
        

      

    

    

    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, the Pooling REMIC
      1
      Regular Interests or the Pooling REMIC 2 Regular Interests 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 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 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 deliver the information or reports required pursuant
      to
      Section 6.01(k) through (n) hereto,
      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;
      provided,
      however, that
      if
      the Trustee is removed for the failure to provide the accountant’s attestation
      pursuant to Section 6.01(l) of this Agreement, the Trustee shall reimburse
      the
      Depositor for reasonable out-of pocket costs incurred by the Depositor in
      providing for a successor Trustee.

    
      
        
        

      

      
        116

        
          

        

      

      
        
        

      

    

    

    (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.

    

    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 (i) an instrument accepting such
      appointment hereunder and (ii) if such successor trustee is appointed at any
      time during the period that a Form 10-K is being filed with respect to the
      Trust
      in accordance with the Exchange Act and the rules and regulations of the
      Commission, the certification required pursuant to the first sentence of Section
      6.01(k) indicating which Servicing Criteria are applicable to such successor
      trustee, 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. 

    
      
        
        

      

      
        117

        
          

        

      

      
        
        

      

    

    

    (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 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.

    

    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 Trustee shall not be responsible for any action or omission
      of any separate trustee, co-trustee or custodian. Notwithstanding
      the foregoing,
      at any
      time during the period that a Form 10-K is being filed with respect to the
      Trust
      in accordance with the Exchange Act and the rules and regulations of the
      Commission, no
      such
      co-custodian or co-trustee shall be vested with any powers, rights and remedies
      under this Agreement unless such party has agreed to comply with all Regulation
      AB requirements set forth under this Agreement or the related Custodial
      Agreement, as applicable.

    
      
        
        

      

      
        118

        
          

        

      

      
        
        

      

    

    

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

    

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

    

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

    

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

    

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

    

    (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.

    
      
        
        

      

      
        119

        
          

        

      

      
        
        

      

    

    

    (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 (which
      compensation shall not reduce any compensation payable to the Trustee ) and,
      if
      paid by the Trustee, shall be a reimbursable expense pursuant to Section
      6.12.

     

    Section
      6.10. Authenticating
      Agents.  

    
       

    

    (a) The
      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.

    
      
        
        

      

      
        120

        
          

        

      

      
        
        

      

    

    

    Section
      6.11. Indemnification
      of Trustee.  

     

    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, arising out of, or in connection
      with, the acceptance or administration of the trusts created hereunder or in
      connection with the performance of their duties hereunder or under the Swap
      Agreement, the Class 1-A1 Cap Agreement, the Mortgage Loan Sale Agreement,
      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 of the Trustee
      to
      provide such written notice 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 or other earnings on 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 Trustee shall be
      entitled to reimbursement of its reasonable expenses and disbursements incurred
      or made in connection with a Section 7.01(d) Purchase Event in accordance with
      Section 4.04(b). Each Custodian shall receive compensation and reimbursement
      or
      payment of its expenses under the related Custodial Agreement as provided
      therein; provided that, to the extent required under Section 6 or Section 20
      of
      the Custodial Agreement, the Trustee is hereby authorized to pay such
      compensation or reimbursement from amounts on deposit in the Certificate Account
      prior to any distributions to Certificateholders pursuant to Section 5.02
      hereof.

    
      
        
        

      

      
        121

        
          

        

      

      
        
        

      

    

    

    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 one (1) Business Day after the date upon which
      written notice of such failure shall have been given to such Master Servicer
      by
      the Trustee or to such Master Servicer and the Trustee by the Holders of not
      less than 25% of the Class Principal Amount or Class Notional 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 the 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

    
      
        
        

      

      
        122

        
          

        

      

      
        
        

      

    

    

    (iv) The
      Master Servicer shall consent to the appointment of a conservator or receiver
      or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities, voluntary liquidation or similar proceedings of or relating to
      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
      9.28
      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 any Servicer at any time
      is
      not either a Fannie Mae- or Freddie Mac- approved Seller/Servicer, and the
      Master Servicer has not terminated the rights and obligations of such Servicer
      under the applicable Servicing Agreement and replaced such Servicer with a
      Fannie Mae- or Freddie Mac-approved servicer within 60 days of the date the
      Master Servicer receives such notice or actual knowledge; or

    

    (x) Any
      failure of the Master Servicer to remit to the Trustee any payment required
      to
      be made to the Trustee for the benefit of Certificateholders under the terms
      of
      this Agreement, including any Advance, on any Master Servicer Remittance Date,
      which failure continues unremedied for a period of one Business Day (but in
      no
      event later than 12:00 p.m. New York time on the related Distribution Date)
      after the date upon which such written notice of such failure shall have been
      given to the Master Servicer by the Trustee.

    
      
        
        

      

      
        123

        
          

        

      

      
        
        

      

    

    

    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 Certificateholders evidencing more
      than 50% of the Class Principal Amount (or Class Notional Amount) of each Class
      of Certificates, terminate all of the rights and obligations of the Master
      Servicer hereunder and in and to the Mortgage Loans and the proceeds thereof.
      If
      an Event of Default described in clause (x) of 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, 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 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 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 servicing from the
      predecessor Master Servicer, including, without limitation, any costs or
      expenses associated with the complete transfer of all servicing data and the
      completion, correction or manipulation of such servicing data as may be required
      by the Trustee to correct any errors or insufficiencies in the 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; and provided,
      further,
      that the
      Trustee shall decide whether and to what extent it is in the best interest
      of
      the Certificateholders to pursue any remedy against any party obligated to
      make
      such reimbursement.

    
      
        
        

      

      
        124

        
          

        

      

      
        
        

      

    

    

    Notwithstanding
      the termination of its activities as Master Servicer, each terminated Master
      Servicer shall continue to be entitled to reimbursement to the extent provided
      in Section 4.02(i), (ii), (iii), (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 the Swap Counterparty,
      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 Master
      Servicer Remittance Date.

    

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

    

    (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, petition a court of competent jurisdiction
      to
      appoint, or appoint on its own behalf any established housing and home finance
      institution servicer, master servicer, servicing or mortgage servicing
      institution having a net worth of not less than $15,000,000 and meeting such
      other standards for a successor master servicer as are set forth in this
      Agreement, as the successor to such Master Servicer in the assumption of all
      of
      the responsibilities, duties or liabilities of the Master Servicer hereunder.
      Any entity designated by the Trustee as a successor master servicer may be
      an
      Affiliate of the Trustee; provided,
      however,
      that,
      unless such Affiliate meets the net worth requirements and other standards
      set
      forth herein for a successor master servicer, 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 the Pooling REMIC
      1
      Regular Interests or Pooling REMIC 2 Regular Interests or thereafter be received
      with respect to the Mortgage Loans. Neither the Trustee nor any other successor
      master servicer shall be deemed to be in default hereunder by reason of any
      failure to make, or any delay in making, any distribution hereunder or any
      portion thereof caused by (i) the failure of the Master Servicer to deliver,
      or
      any delay in delivering, cash, documents or records to it, (ii) the failure
      of
      the Master Servicer to cooperate as required by this Agreement, (iii) the
      failure of the Master Servicer to deliver the Mortgage Loan data to the Trustee
      as required by this Agreement or (iv) restrictions imposed by any regulatory
      authority having jurisdiction over the Master Servicer. 

    
      
        
        

      

      
        125

        
          

        

      

      
        
        

      

    

    

    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.  

     

    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.

    
      
        
        

      

      
        126

        
          

        

      

      
        
        

      

    

    

    Section
      6.17. Notification
      to Holders.  

     

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

    

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

     

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

    

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

     

    In
      the
      event that 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, the Swap Counterparty or the
      Certificateholders.

    
      
        
        

      

      
        127

        
          

        

      

      
        
        

      

    

    

    Section
      6.20. Preparation
      of Tax Returns and Reports to the Commission.

     

    (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, the Trustee and the Depositor. The Trustee will file an
      IRS
      Form 8811. The Trustee shall have no obligation to verify the information in
      any
      form 8811 or form SS-4 filings.

    

    (c) The
      Depositor shall prepare or cause to be prepared the initial current report
      on
      Form 8-K. Thereafter, within 10 days (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”)) following each Distribution Date, the Trustee
      shall, in accordance with industry standards and the Rules, prepare and file
      with the Commission via the Electronic Data Gathering and Retrieval System
      (“EDGAR”) the reports listed in subsections (d) through (f) of this Section 6.20
      in respect of the Trust Fund as and to the extent required under the Exchange
      Act
      each of
      which reports and any amendment thereof shall be signed by the Exchange Act
      Signing Party.
      

    

    (d) Reports
      Filed on Form 10-D. 

     

    (i) 
      Within
      15 days following each Distribution Date (or such later date as may be
      permissible due to an extension of the filing deadline under the Exchange Act),
      the Trustee will prepare and file on a Distribution Report on Form 10-D with
      respect to the Trust Fund, which Distribution Report shall include a copy of
      the
      Distribution Date Statement prepared by the Trustee in respect of the related
      Distribution Date detailing all data elements specified in Item 1121(a) of
      Regulation AB other than those data elements specified in Item 1121(a)(11),
      (12)
      and (14); provided, that, the Trustee shall have received from the Depositor,
      the Sponsor, the Master Servicer, any Servicer, any Custodian, any Cap
      Counterparty, any Swap Counterparty or any Subservicer or Subcontractor
      therefor, no later than three Business Days after the related Distribution
      Date,
      the following additional information, data, and materials, in a form suitable
      for conversion to the format required for filing with the Commission via EDGAR,
      required to be included in the Distribution Report on Form 10-D for such
      Distribution Date:

    
      
        
        

      

      
        128

        
          

        

      

      
        
        

      

    

    

    (A)
       Item
      1 -
      Distribution and Pool Performance Information (each of the data elements
      specified in Item 1121(a)(11), (12) and (14) of Regulation AB);

     

    (B)
       Item
      2 -
      Legal Proceedings (information required by Item 1117 of Regulation
      AB);

     

    (C)
       Item
      3 -
      Sale of Securities and Use of Proceeds (information required by Item 2 of Part
      II of Form 10-Q);

     

    (D)
       Item
      4 -
      Defaults Upon Senior Securities (information required by Item 3 of Part II
      of
      Form 10-Q);

     

    (E)
       Item
      5 -
      Submission of Matters to a Vote of Security Holders (information required by
      Item 4 of Part II of Form 10-Q);

     

    (F)
       Item
      6 -
      Significant Obligors of Pool Assets (information required by Item 1112(b) of
      Regulation AB);

     

    (G)
       Item
      7 -
      Significant Enhancement Provider Information (information required by Items
      1114(b)(2) and 1115(b) of Regulation AB);

     

    (H)
       Item
      8 -
      Other Information (all other information required to be disclosed on Form 8-K
      during the period covered by the report and not yet reported); and 

     

    (I)
       Item
      9 -
      Exhibits (all exhibits required to be filed by Form 10-D and Item 601 of
      Regulation S-K other than the Distribution Date Statement to be provided by
      the
      Trustee).

     

    (ii) 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 (g)(ii)
      of this Section 6.20. Promptly (but no later than one Business Day) after filing
      with the Commission, the Trustee will make available on its internet website
      a

    
      
        
        

      

      
        129

        
          

        

      

      
        
        

      

    

    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(d) related
      to the timely preparation and filing of Form 10-D is contingent upon such
      parties strictly observing all applicable deadlines in the performance of their
      duties under this Section 6.20(d). The Trustee shall have no liability for
      any
      loss, expense, damage, claim arising out of or with respect to any failure
      to
      properly prepare and/or timely file such Form 10-D, where such failure results
      from the Trustee’s inability or failure to obtain or receive, on a timely basis,
      any information from any other party hereto needed to prepare or file such
      Form
      10-D, not resulting from its own negligence, bad faith or willful misconduct.
      The Trustee shall not be responsible (1) for the content of any of the
      information provided pursuant to clauses (d)(i)(A) - (I) above (unless such
      item
      is provided by and specific to the Trustee, in which case the Trustee will
      be
      responsible for the content of such information; provided
      that
      such
      information is not revised without the prior consent of the Trustee),
      (2)
      for determining whether any such information is required to be included in
      any
      Form 10-D, (3) for reformatting any information so that it is able to be filed
      on EDGAR or (4) for the failure to include any information if it is not provided
      to the Trustee on a timely basis (unless such item is specific to the Trustee,
      in which case the Trustee will be responsible for the failure to include such
      information, unless
      such information is not included in the final Form 10-D without the consent
      of
      the Trustee).

    

    (e) Reports
      Filed on Form 10-K.

     

    (i) On
      or
      prior to March 31 after the end of each fiscal year of the Trust Fund or such
      earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”)
      (it being understood that the fiscal year for the Trust Fund ends on December
      31st
      of each
      year), commencing in March 2007, and, unless and until a Form 15 Suspension
      Notification shall have been filed, the Trustee shall prepare and file (but
      will
      not execute) a Form 10-K in respect of the Trust Fund, which shall include
      the
      certification required pursuant to Rule 13a-14 under the Exchange Act (the
“Form
      10-K Certification”) signed by an appropriate party or parties (which Form 10-K
      Certification the Trustee shall not be required to prepare or sign) and such
      other information as is required by the Rules; provided,
      that,
      the Trustee shall have received from the Depositor, each Servicer, each
      Custodian, each Additional Servicer, any Servicing Function Participant and
      the
      Master Servicer (each, a “Reporting Servicer”), no later than March 1 of each
      calendar year (and in the case of the Master Servicer, no later than the date
      set forth in Section 9.25 herein) prior to the filing deadline for such Annual
      Report, all information, data, assessments of compliance, accountant’s
      attestations and exhibits required to be provided or filed with such Annual
      Report including information, data, assessments of compliance, accountant’s
      attestations and exhibits required to be provided in connection with the
      following Items and other filing requirements of Form 10-K: 

    

    (A) Item
      9B -
      Other Information (information required to be reported on Form 8-K in the fourth
      quarter but not reported);

     

    (B) Item
      15 -
      Exhibits and Financial Statement Schedules (including all exhibits required
      to
      be filed pursuant to Item 601 of Regulation S-K under the Exchange Act other
      than the certification specified in Item 601(b)(31)(ii) of Regulation S-K and
      the Assessment of Compliance, Attestation Report, and Compliance Statement
      specified in Item 601(b)(33), (34) and (35) of Regulation S-K with respect
      to
      those Servicing Criteria as to which the Trustee is the Item 1122 Responsible
      Party); 

     

    
      
        
        

      

      
        130

        
          

        

      

      
        
        

      

    

    

     

    (C) Significant
      Obligor Financial Information (Item 1112(b) of Regulation AB);

     

    (D) Significant
      Enhancement Provider Financial Information (Items 1114(b)(2) and 1115(b) of
      Regulation AB);

     

    (E) Legal
      Proceedings (Item 1117 of Regulation AB);

     

    (F) Affiliations
      and Certain Relationships and Related; Transactions (Item 1119 of Regulation
      AB);

     

    (G) Compliance
      with Applicable Servicing Criteria (Item 1122 of Regulation AB);
      and

     

    (H) Servicer
      Compliance Statement (Item 1123 of Regulation AB).

     

    (ii) After
      preparing the Form 10-K, the Trustee shall forward electronically a draft copy
      of the Form 10-K to the Exchange
      Act Signing Party for review and approval. If the Master
      Servicer is
      the
      Exchange Act Signing Party and the Form 10-K includes Additional Form 10-K
      Disclosure, then the Form 10-K shall also be electronically distributed to
      the
      Depositor for review and approval. No later than the close of business New
      York
      City time on the 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 (g)
      of
      this Section 6.20. Promptly (but no later than one Business Day) after filing
      with the Commission, the Trustee will make available on its internet website
      a
      final executed copy of each Form 10-K. The parties to this Agreement acknowledge
      that the performance by the Trustee of its duties under this Section 6.20(e)
      related to the timely preparation and filing of Form 10-K is contingent upon
      such parties (and any Additional Servicer or Servicing Function Participant)
      strictly observing all applicable deadlines in the performance of their duties
      under this Section
      6.20(e), Section 9.25(a), Section 9.25(b) and Section 9.26.
      The
      Trustee shall have no liability for any loss, expense, damage, claim arising
      out
      of or with respect to any failure to properly prepare and/or timely file such
      Form 10-K, where such failure results from the Trustee’s inability or failure to
      obtain or receive, on a timely basis, any information from any other party
      hereto needed to prepare, arrange for execution or file such Form 10-K, not
      resulting from its own negligence, bad faith or willful misconduct. The Trustee
      shall not be responsible (1) for the content of any of the information provided
      pursuant to clauses (e)(i)(A) - (H) above (unless such item is provided by
      and
      specific to the Trustee, in which case the Trustee will be responsible for
      the
      content of such information; provided
      that
      such
      information is not revised without the prior consent of the Trustee),
      (2)
      for determining whether any such information is required to be included in
      any
      Form 10-K, (3) for reformatting any information so that it is able to be filed
      on EDGAR or (4) for the failure to include any information if it is not provided
      to the Trustee on a timely basis (unless such item is specific to the Trustee,
      in which case the Trustee will be responsible for the failure to include such
      information, unless
      such information is not included in the final Form 10-K without the consent
      of
      the Trustee).

    
      
        
        

      

      
        131

        
          

        

      

      
        
        

      

    

    

    (iii) Unless
      a
      Form 15 Suspension Notification with respect to the Trust Fund has been filed,
      if so requested, on or prior to March 15th
      of each
      year, beginning in March 2007, the Trustee shall sign a certification in the
      form attached hereto as Exhibit M (the “Back-up Certification”) for the benefit
      of the Exchange Act Signing Party and the Person who signs the Form 10-K
      Certification (the “Certifying Party”) regarding certain aspects of such Form
      10-K Certification, upon which the Exchange Act Signing Party and the Certifying
      Party can reasonably rely (provided,
      however,
      that the
      Trustee shall not be required to undertake an analysis of, and shall have no
      responsibility for, any financial information, the accountant’s report,
      certification or other materials contained therein, except for those
      computations prepared by the Trustee and reflected in the distribution report).
      Nothing in this Section 6.20(i) shall relieve the Trustee of its responsibility
      for the matters as to which it is certifying in the form attached hereto as
      Exhibit M. 

    

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

    

    (f) Reports
      Filed on Form 8-K.

     

    (i) Within
      four Business Days after the occurrence of an event requiring disclosure on
      Form
      8-K (each such event, a “Reportable Event”), at the written direction and
      expense of the Depositor, the Trustee shall prepare and file Current Reports
      on
      Form 8-K in respect of the Trust Fund, as required by the Exchange Act;
provided,
      that,
      the Depositor shall have timely notified the Trustee of an item reportable
      on a
      Current Report on Form 8-K and shall have delivered to the Trustee no later
      than
      two Business Days prior to the filing deadline for such Current Report, all
      information, data, and exhibits required to be provided or filed with such
      Current Report, including, particularly, information, data and exhibits, in
      a
      form suitable for conversion to the format required for filing with the
      Commission via EDGAR, required to be provided in connection with the following
      Items of Form 8-K:

    

    (A) Item
      1.01
      - Entry into a Material Definitive Agreement;

     

    (B) Item
      1.02
      - Termination of a Material Definitive Agreement;

     

    (C) Item
      1.03
      - Bankruptcy or Receivership;

     

    
      
        
        

      

      
        132

        
          

        

      

      
        
        

      

    

    

     

    (D) Item
      2.04
      - Triggering Events that Accelerate or Increase a Direct Financial Obligation
      or
      an Obligation under an Off-Balance Sheet Arrangement;

     

    (E) Item
      3.03
      - Material Modification to Rights of Security Holders;

     

    (F) Item
      5.03
      - Amendments of Articles of Incorporation or Bylaws; Change of Fiscal
      Year

     

    (G) Item
      6.02
      - Change in Servicer or Trustee;

     

    (H) Item
      6.03
      - Change in Credit Enhancement or Other External Support;

     

    (I) Item
      6.04
      - Failure to Make a Required Distribution; and

     

    (J) Item
      6.05
      - Securities Act Updating Disclosure.

     

    (ii) 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 1 p.m. 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). If a Form 8-K cannot be filed on time or if a previously filed Form
      8-K
      needs to be amended, the Trustee will follow the procedures set forth in
      subsection (g) of this Section 6.20. Promptly (but no later than one Business
      Day) after filing with the Commission, the Trustee will, make available on
      its
      internet website a final executed copy of each Form 8-K. The parties to this
      Agreement acknowledge that the performance by the Trustee of its duties under
      this Section 6.20(f) related to the timely preparation and filing of Form 8-K
      is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Section 6.20(f). The Trustee shall have
      no liability for any loss, expense, damage, claim arising out of or with respect
      to any failure to properly prepare and/or timely file such Form 8-K, where
      such
      failure results from the Trustee’s inability or failure to obtain or receive, on
      a timely basis, any information from any other party hereto needed to prepare
      or
      file such Form 8-K, not resulting from its own negligence, bad faith or willful
      misconduct. The
      Trustee shall not be responsible (1) for the content of any of the information
      provided pursuant to clauses (f)(i)(A) - (J) above (unless such item is provided
      by and specific to the Trustee, in which case the Trustee will be responsible
      for the content of such information; provided
      that
      such
      information is not revised without the prior consent of the Trustee),
      (2)
      for determining what information is required to be filed on a Form 8-K in
      connection with the transactions contemplated by this Agreement (unless such
      information is specific to the Trustee, in which case the Trustee will be
      responsible for making such a determination, unless
      such information is not included in the final Form 8-K without the consent
      of
      the Trustee),
      (3)
      for reformatting any information so that it is able to be filed on EDGAR or
      (4)
      for any late filing of a Form 8-K in the event that it does not receive all
      information, data, signatures and exhibits required to be provided or filed
      on
      or prior to the second Business Day prior to the applicable filing
      deadline.

    
      
        
        

      

      
        133

        
          

        

      

      
        
        

      

    

    

    (g) 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 in writing, 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 each Servicer will cooperate to prepare and file a Form
      12b-25 and a 10-D/A and 10-K/A as applicable, pursuant to Rule 12b-25 of the
      Exchange Act. In the case of Form 8-K, the 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 each Servicer and such parties will
      cooperate to prepare any necessary 8-K/A, 10-D/A or 10-K/A. Any
      Form
      15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed
      by a
      senior officer of the Exchange Act Signing Party. The
      parties to this Agreement acknowledge that the performance by the Trustee of
      its
      duties under this Section 6.20(g) related to the timely preparation and filing
      of Form 15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is
      contingent upon each such party performing its duties under this Section. The
      Trustee shall have no liability for any loss, expense, damage, claim arising
      out
      of or with respect to any failure to properly prepare and/or timely file any
      such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, where
      such failure results from the Trustee’s inability or failure to obtain or
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 15, Form 12b-25 or any
      amendments to Forms 8-K, 10-D or 10-K, not resulting from its own negligence,
      bad faith or willful misconduct.

    

    (h) The
      Trustee, with the prior consent of the Depositor, may include in any Exchange
      Act report all relevant information, data, and exhibits as the Trustee may
      receive in connection with such report irrespective of any provision that may
      permit the exclusion of such material. For example, the Trustee, with the prior
      consent of the Depositor, may file all Assessments of Compliance, Attestation
      Reports and Compliance Statements timely received from any Item 1122 Responsible
      Party irrespective of any applicable minimum pool asset percentage requirement
      for disclosure related to such Item 1122 Responsible Party.

    

    (i) 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.

     

     

    
      
        
        

      

      
        134

        
          

        

      

      
        
        

      

    

    

    (j)
       The
      Depositor and the Master Servicer, by mutual agreement, shall determine which
      of
      the Depositor or the Master Servicer shall be the initial Exchange Act Signing
      Party. Upon such determination, the Depositor shall timely notify the Trustee,
      and such notice shall provide contact information for the Exchange Act Signing
      Party. If the Depositor and Master Servicer, at any time, mutually agree to
      change the identity of the Exchange Act Signing Party, the Depositor shall
      provide timely notice to the Trustee of any such change.

    

    Section
      6.21. Compliance
      with Regulation AB.

     

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

     

    ARTICLE
      VII

     

    PURCHASE
      OF MORTGAGE LOANS AND

    TERMINATION
      OF THE TRUST FUND

     

    

    
      	
            	Section
              7.01.	
              Purchase
                of Mortgage Loans; Termination of a Mortgage Pool or the Trust Fund
                Upon
                Purchase or Liquidation of Mortgage Loans; Purchase of the Pooling
                REMIC 1
                Regular Interests or the Pooling REMIC 2 Regular
                Interests.   

            

    

     

    (a) The
      respective obligations and responsibilities of the Trustee and the Master
      Servicer created hereby (other than the obligation of the Trustee to make
      payments to Certificateholders and the Swap Counterparty as set forth in Section
      7.02, the obligation of the Master Servicer to make a final remittance to the
      Trustee pursuant to Section 4.01, and the obligations of the Master Servicer
      to
      the Trustee pursuant to Sections 9.10 and 9.14) with respect to Pool 1 shall
      terminate on the earliest of (i) the final payment or other liquidation of
      the
      last Mortgage Loan remaining in Pool 1 and the disposition of all related REO
      Property, (ii) the latest to occur of the sale of the property held by the
      Trust
      Fund in accordance with Section 7.01(b) and (iii) the Latest Possible Maturity
      Date (each, a “Pool 1 Termination Event”); provided, however, that in no event
      shall the Trust Fund created hereby continue beyond the expiration of 21 years
      from the death of the last survivor of the descendants of Joseph P. Kennedy,
      the
      late Ambassador of the United States to the Court of St. James’s, living on the
      date hereof. Upon the occurrence of a Pool 1 Termination Event, each REMIC
      related to Pool 1 shall be terminated in a manner that shall qualify as a
“qualified liquidation” under the REMIC Provisions as evidenced by an Opinion of
      Counsel provided to the Trustee at the expense of the Trust
      Fund.

    
      
        
        

      

      
        135

        
          

        

      

      
        
        

      

    

    

    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) with respect to Pool 2 shall terminate on the
      earliest of (i) the final payment or other liquidation of the last Mortgage
      Loan
      remaining in Pool 2 and the disposition of all related REO Property, (ii) the
      latest to occur of the sale of the property held by the Trust Fund in accordance
      with Section 7.01(c) and (iii) the Latest Possible Maturity Date (each a “Pool 2
      Termination Event”); provided,
      however,
      that in
      no event shall the Trust Fund created hereby continue beyond the expiration
      of
      21 years from the death of the last survivor of the descendants of Joseph P.
      Kennedy, the late Ambassador of the United States to the Court of St. James’s,
      living on the date hereof. Upon the occurrence of a Pool 2 Termination Event,
      each REMIC related to Pool 2 shall be terminated in a manner that shall qualify
      as a “qualified liquidation” under the REMIC Provisions as evidenced by an
      Opinion of Counsel provided to the Trustee at the expense of the Trust
      Fund.

    

    Upon
      the
      occurrence of a Pool 1 Termination Event and a Pool 2 Termination Event (a
      “Trust Fund Termination Event”), each REMIC shall be terminated in a manner that
      shall qualify as a “qualified liquidation” under the REMIC Provisions as
      evidenced by an Opinion of Counsel provided to the Trustee at the expense of
      the
      Trust Fund.

    

    (b) On
      any
      Distribution Date occurring on or after the Pool 1 Initial Optional Termination
      Date, the Master Servicer or the LTURI-holder, as applicable, with the prior
      written consent of any NIMS Insurer and the Seller (which consent shall not
      be
      unreasonably withheld) has the option to purchase the Mortgage Loans in Pool
      1
      and any REO Property related to Pool 1 for the Pool 1 Purchase Price upon
      written direction to the Trustee (delivered no later than 30 days prior to
      the
      anticipated sale date); 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, (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”). Upon exercise of such option, the property of the
      Trust Fund in Pool 1 shall be sold to the Master Servicer for the Pool 1
      Purchase Price. The Master Servicer, each Servicer (or the Trustee, if
      applicable) shall be reimbursed from the Pool 1 Purchase Price for any Mortgage
      Loan in Pool 1 or related REO Property for any Advances made or other amounts
      advanced with respect to the Mortgage Loans in Pool 1 that are reimbursable
      to
      the Master Servicer or the Trustee under this Agreement or the related Servicing
      Agreement, together with any accrued and unpaid compensation and any other
      amounts due to the Master Servicer hereunder or the Servicers thereunder, and
      the Trustee shall be entitled to be reimbursed from the Pool 1 Purchase Price
      for any related amounts owed to the Trustee under Section 6.11 and Section
      6.12
      hereof. If the NIMS Insurer directs the Master Servicer to exercise its right
      to
      cause the Trust Fund to sell its property in Pool 1 as described above, then
      (i)
      the Master Servicer shall cause the Trust Fund to sell its property in Pool
      1 as
      described above, (ii) the NIMS Insurer shall remit the Pool 1 Purchase Price
      in
      immediately available funds to the Master Servicer at least three Business
      Days
      prior to the applicable Distribution Date and, upon receipt of such funds from
      the NIMS Insurer, the Master Servicer shall promptly deposit such funds in
      the
      Collection Account and (iii) the Trustee shall transfer the property of the
      Trust Fund in Pool 1 to the NIMS Insurer. 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 its sale of the property in Pool 1 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 sale of the property in Pool 1 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.

    
      
        
        

      

      
        136

        
          

        

      

      
        
        

      

    

    

    (c) On
      any
      Distribution Date occurring on or after the Pool 2 Initial Optional Termination
      Date, the Master Servicer or the LTURI-holder, as applicable, with the prior
      written consent of any NIMS Insurer and the Seller (which consent shall not
      be
      unreasonably withheld) has the option to purchase the Mortgage Loans in Pool
      2
      and any REO Property related to Pool 2 for the Pool 2 Purchase Price upon
      written direction to the Trustee (delivered no later than 30 days prior to
      the
      anticipated sale date); 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 the NIM
      Securities and, if such consent is given, the Pool 2 Purchase Price shall
      include the NIM Redemption Amount. Upon exercise of such option, the property
      of
      the Trust Fund in Pool 2 shall be sold to the Master Servicer for the Pool
      2
      Purchase Price. The Master Servicer, each Servicer (or the Trustee, if
      applicable) shall be reimbursed from the Pool 2 Purchase Price for any Mortgage
      Loan in Pool 2 or related REO Property for any Advances made or other amounts
      advanced with respect to the Mortgage Loans in Pool 2 that are reimbursable
      to
      the Master Servicer or the Trustee under this Agreement or the related Servicing
      Agreement, together with any accrued and unpaid compensation and any other
      amounts due to the Master Servicer hereunder or the Servicers thereunder, and
      the Trustee shall be entitled to be reimbursed from the Pool 2 Purchase Price
      for any related amounts owed to the Trustee under Section 6.11 and Section
      6.12
      hereof. If the NIMS Insurer directs the Master Servicer to exercise its right
      to
      cause the Trust Fund to sell its property in Pool 2 as described above, then
      (i)
      the Master Servicer shall cause the Trust Fund to sell its property in Pool
      2 as
      described above, (ii) the NIMS Insurer shall remit the Pool 2 Purchase Price
      in
      immediately available funds to the Master Servicer at least three Business
      Days
      prior to the applicable Distribution Date and, upon receipt of such funds from
      the NIMS Insurer, the Master Servicer shall promptly deposit such funds in
      the
      Collection Account and (iii) the Trustee shall transfer the property of the
      Trust Fund in Pool 2 to the NIMS Insurer. 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 its sale of the property in Pool 2 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 sale of the property in Pool 2 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.

    
      
        
        

      

      
        137

        
          

        

      

      
        
        

      

    

    

    (d) On
      any
      Distribution Date occurring on or after the Pool 1 Initial Optional Termination
      Date or the Pool 2 Initial Optional Termination Date, as applicable, and
      provided there are no NIM Securities outstanding, the Master Servicer, with
      the
      prior written consent of the Seller, which consent shall not be unreasonably
      withheld, has the option to purchase all of the Pooling REMIC 1 Regular
      Interests or the Pooling REMIC 2 Regular Interests, respectively. 

    

    Upon
      exercise of such option with respect to Pool 1, the Pooling REMIC 1 Regular
      Interests shall be sold to the Master Servicer at a price (the “Pooling REMIC 1
      Regular Interests 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 applicable Mortgage Rate with respect to any
      such Mortgage Loan to the Due Date in the Collection Period immediately
      preceding the related Distribution Date to the date of such repurchase and
      (ii)
      the fair market value of any REO Property and any other property held by any
      Pool 1 REMIC, such fair market value to be determined by an independent
      appraiser or appraisers mutually agreed upon by the Master Servicer, any NIMS
      Insurer and the Trustee (reduced, in the case of REO Property, by (1) reasonably
      anticipated disposition costs and (2) any amount by which the fair market value
      as so reduced exceeds the outstanding principal balance of the related Mortgage
      Loan plus interest accrued thereon at the applicable Net Mortgage Rate to the
      date of such purchase). If the Master Servicer elects to exercise such option,
      each Pool 1 REMIC created pursuant to this Agreement (other than Pooling REMIC
      1) shall be terminated in such a manner so that the termination of each such
      REMIC shall qualify as a “qualified liquidation” under the REMIC Provisions and
      the Pooling REMIC 1 Regular Interests and the Class LT-R-1 Certificates will
      evidence the entire beneficial interest in the property of the Trust Fund
      relating to Pool 1. Following a purchase of the Pooling REMIC 1 Regular
      Interests pursuant to this subsection, the Trust Fund (and Pooling REMIC 1)
      will
      remain outstanding and final payment on the Group 1 Certificates (other than
      the
      Class LT-R-1 Certificates) will be made in accordance with Section 7.03(a)(iii)
      and 5.02. The Trust Fund, as it relates Pool 1, will terminate upon the
      occurrence of a Trust Fund Termination Event, in accordance with Section
      7.01(a).

     

    In
      addition, upon exercise of such option with respect to Pool 2, the Pooling
      REMIC
      2 Regular Interests shall be sold to the Master Servicer at a price (the
“Pooling REMIC 2 Regular Interests 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 applicable Mortgage Rate with
      respect to any such Mortgage Loan to the Due Date in the Collection Period
      immediately preceding the related Distribution Date to the date of such
      repurchase and (ii) the fair market value of any REO Property and any other
      property held by any Pool 2 REMIC, such fair market value to be determined
      by an
      independent appraiser or appraisers mutually agreed upon by the Master Servicer,
      any NIMS Insurer and the Trustee (reduced, in the case of REO Property, by
      (1)
      reasonably anticipated disposition costs and (2) any amount by which the fair
      market value as so reduced exceeds the outstanding principal balance of the
      related Mortgage Loan plus interest accrued thereon at the applicable Net
      Mortgage Rate to the date of such purchase). If the Master Servicer elects
      to
      exercise such option, each Pool 2 REMIC created pursuant to this Agreement
      (other than Pooling REMIC 2) shall be terminated in such a manner so that the
      termination of each such REMIC shall qualify as a “qualified liquidation” under
      the REMIC Provisions and the Pooling REMIC 2 Regular Interests and the Class
      LT-R-2 Certificates will evidence the entire beneficial interest in the property
      of the Trust Fund. Following a purchase of the Pooling REMIC 2 Regular Interests
      pursuant to this subsection, the Trust Fund (and Pooling REMIC 2) will remain
      outstanding and final payment on the Group 2 Certificates (other than the Class
      LT-R-2 Certificates) will be made in accordance with Section 7.03(a)(iii) and
      5.02. The Trust Fund, as it relates to Pool 2, will terminate upon the
      occurrence of a Trust Fund Termination Event, in accordance with Section
      7.01(a).

    
      
        
        

      

      
        138

        
          

        

      

      
        
        

      

    

    

    The
      Trust
      Fund will terminate upon the occurrence of a Trust Fund Termination Event,
      in
      accordance with Section 7.01(a).

    

    
      	
            	Section
              7.02.	
              Procedure
                Upon Termination of Trust Fund or Purchase of Pooling REMIC 1 Regular
                Interests or Pooling REMIC 2 Regular Interests.    

            

    

     

    (a)
       Notice
      of
      any Trust Fund Termination Event and notice of the purchase of the Pooling
      REMIC
      1 Regular Interests or the Pooling REMIC 2 Regular Interests, specifying the
      Distribution Date upon which the final distribution to the Certificates (other
      than the Class LT-R-1 or Class LT-R-2 Certificates, in the case of a purchase
      of
      the Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular Interests,
      respectively) shall be made, shall be given promptly by the Trustee by first
      class mail to Certificateholders mailed no later than 5 Business Days after
      the
      Trustee has received notice from the Master Servicer of its election to cause
      (x) sale of all of the property of the Trust Fund related to Pool 1 or related
      to Pool 2, pursuant to Section 7.01(b) or Section 7.01(c) respectively, (y)
      the
      purchase of the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular
      Interests pursuant to Section 7.01(d), or (z) upon the final payment or other
      liquidation of the last Mortgage Loan or REO Property in the applicable Pool
      in
      the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee
      shall
      also give notice to the Master Servicer and the Certificate Registrar at the
      time notice is given to the Holders.

     

    In
      the
      case of a Pool 1 Termination Event or Pool 2 Termination Event, such notice
      shall specify (A) the Distribution Date upon which final distribution on the
      related Certificates, Pooling REMIC 1 Regular Interests or Pooling REMIC 2
      Regular Interests of all amounts required to be distributed to
      Certificateholders pursuant to Section 5.02 will be made upon presentation
      and
      surrender of the Certificates at the Corporate Trust Office, and (B) that the
      Record Date otherwise applicable to such Distribution Date is not applicable,
      distribution being made only upon presentation and surrender of the Certificates
      at the office or agency of the Trustee therein specified. Upon any such Trust
      Fund Termination Event, the duties of the Certificate Registrar with respect
      to
      the Certificates, Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular
      Interests shall terminate and the Trustee shall terminate or request the Master
      Servicer to terminate, the Collection Account it maintains, the Certificate
      Account and any other account or fund maintained with respect to the
      Certificates, Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular
      Interests, subject to the Trustee’s obligation hereunder to hold all amounts
      payable to Certificateholders in trust without interest pending such payment.
       

    
      
        
        

      

      
        139

        
          

        

      

      
        
        

      

    

    

    In
      the
      case of a purchase of the Pooling REMIC 1 Regular Interests or the Pooling
      REMIC
      2 Regular Interests, such notice shall specify (A) the Distribution Date upon
      which final distribution on the Certificates (other than the Class LT-R-1
      Certificates and Class LT-R-2 Certificates) of all amounts required to be
      distributed to Certificateholders pursuant to Section 5.02 (other than any
      distributions to the Class LT-R-1 Certificates in respect of Pooling REMIC
      1, or
      the Class LT-R-2 Certificate in the case of Pooling REMIC 2) will be made upon
      presentation and surrender of the Certificates (other than the Class LT-R-1
      Certificates or Class LT-R-2 Certificates, as applicable) at the Corporate
      Trust
      Office, and (B) that the Record Date otherwise applicable to such Distribution
      Date is not applicable, distribution being made only upon presentation and
      surrender of the Certificates (other than the Class LT-R-1 Certificates or
      Class
      LT-R-2 Certificates, as applicable) at the office or agency of the Trustee
      therein specified. Upon any such purchase of the Pooling REMIC 1 Regular
      Interests or the Pooling REMIC 2 Regular Interests, the duties of the
      Certificate Registrar with respect to the related Certificates shall terminate
      but the Trustee shall not terminate or request the Master Servicer to terminate,
      the Collection Account it maintains, the Certificate Account and any other
      account or fund maintained with respect to the related Certificates, subject
      to
      the Trustee’s obligation hereunder to hold all amounts payable to
      Certificateholders in trust without interest pending such payment. For all
      Distribution Dates following the Distribution Date on which the Master Servicer
      purchases either the Pooling REMIC 1 Regular Interests or the Pooling REMIC
      2
      Regular Interests, all amounts that would be distributed on the related
      Certificates (other than the Class LT-R-1 Certificate or the Class LT-R-2
      Certificate, as applicable, and exclusive of amounts payable from any fund
      that
      is treated as an Excluded Trust Asset) absent such purchase shall be payable
      to
      the applicable LTURI-holder.

    

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

    

    (c)  Any
      reasonable expenses incurred by the Trustee in connection with any Trust Fund
      Termination Event or any purchase of the Pooling REMIC 1 Regular Interests
      or
      Pooling REMIC 2 Regular Interests shall be reimbursed from proceeds received
      from such termination or purchase.

     

    
      
        
        

      

      
        140

        
          

        

      

      
        
        

      

    

    

     

    Section
      7.03. Additional
      Requirements for any Trust Fund Termination Event or Purchase of the Pooling
      REMIC 1 Regular Interests or the Pooling REMIC 2 Regular Interests.  

     

    (a)
      Any
      termination of the Trust Fund pursuant to Section 7.01(a) or any termination
      of
      a REMIC pursuant to Section 7.01(d) shall be effected in accordance with the
      following additional requirements, unless the Trustee seeks (at the request
      of
      the party exercising the option to purchase all of the Mortgage Loans or Pooling
      REMIC 1 Regular Interests or the Pooling REMIC 2 Regular Interests,
      respectively, pursuant to Section 7.01(b) or Section 7.01(c) or Section 7.01(d),
      respectively), and subsequently receives, an Opinion of Counsel (at the expense
      of such requesting party), addressed to the Trustee and any NIMS Insurer to
      the
      effect that the failure to comply with the requirements of this Section 7.03
      will not result in an Adverse REMIC Event:

     

    (i)
      Within 89 days prior to the time of the making of the final payment on the
      Certificates (other than the Class LT-R-1 and Class LT-R-2 Certificates, in
      the
      case of a purchase of the Pooling REMIC 1 Regular Interests or the Pooling
      REMIC
      2 Regular Interests, respectively, upon notification by the Master Servicer,
      any
      NIMS Insurer or an Affiliate of the Seller that it intends to exercise its
      option to cause the termination of the Trust Fund or purchase the Pooling REMIC
      1 Regular Interests or the Pooling REMIC 2 Regular Interests, the Trustee shall
      adopt a plan of complete liquidation on behalf of each REMIC (other than Pooling
      REMIC 1, in the case of a purchase of the Pooling REMIC 1 Regular Interests
      and
      other than Pooling REMIC 2, in the case of a purchase of the Pooling REMIC
      2
      Regular Interests), meeting the requirements of a qualified liquidation under
      the REMIC Provisions;

     

    (ii)
      Any
      sale of the assets of the Trust Fund, the Pooling REMIC 1 Regular Interests
      or
      Pooling REMIC 2 Regular Interests pursuant to Section 7.02 shall be a sale
      for
      cash and shall occur at or after the time of adoption of such a plan of complete
      liquidation and prior to the time of making of the final payment on the
      Certificates (other than the Class LT-R-1 and Class LT-R-2 Certificates, in
      the
      case of a purchase of the Pooling REMIC 1 Regular Interests or Pooling REMIC
      2
      Regular Interests);

     

    (iii)
      On
      the date specified for final payment of the Certificates (other than the Class
      LT-R-1 and Class LT-R-2 Certificates, in the case of a purchase of the Pooling
      REMIC 1 Regular Interests or Pooling REMIC 2 Regular Interests, the Trustee
      shall make final distributions of principal and interest on such Certificates
      in
      accordance with Section 5.02. In the case of a Trust Fund Termination Event,
      and, after payment of, or provision for any outstanding expenses, the Trustee
      shall distribute or credit, or cause to be distributed or credited, to the
      Holders of the Residual Certificates all cash on hand after such final payment
      (other than cash retained to meet claims), and the Trust Fund (and each REMIC)
      shall terminate at that time; and

     

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

     

    (b)
      By
      its acceptance of a Residual Certificate, each Holder thereof hereby agrees
      to
      accept the plan of complete liquidation prepared by the Depositor and adopted
      by
      the Trustee under this Section and to take such other action in connection
      therewith as may be reasonably requested by the Master Servicer or the
      Servicer.

     

    
      
        
        

      

      
        141

        
          

        

      

      
        
        

      

    

    

     

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

    

    Section
      7.04. Optional
      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 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, as applicable, (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 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.

    
      
        
        

      

      
        142

        
          

        

      

      
        
        

      

    

    

    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 or instruments (as the action embodies therein and evidenced thereby)
      are herein sometimes referred to as an “Act” of the Holders signing such
      instrument or instruments. Proof of execution of any such instrument or of
      a
      writing appointing any such agents shall be sufficient for any purpose of this
      Agreement and conclusive in favor of the Trustee and the Master Servicer, if
      made in the manner provided in this Section. Each of the Trustee and the Master
      Servicer shall promptly notify the others of receipt of any such instrument
      by
      it, and shall promptly forward a copy of such instrument to the
      others.

    
      
        
        

      

      
        143

        
          

        

      

      
        
        

      

    

    

    (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, Pooling REMIC 1 Regular Interests or Pooling REMIC
      2
      Regular Interests (whether or not such Certificates, Pooling REMIC 1 Regular
      Interests or Pooling REMIC 2 Regular Interests shall be overdue and
      notwithstanding any notation of ownership or other writing thereon made by
      anyone other than the Trustee) shall be proved by the Certificate Register,
      and
      none of the Trustee, the Master Servicer, the 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, Pooling REMIC 1 Regular Interests
      or
      Pooling REMIC 2 Regular Interests shall bind every future Holder of the same
      Certificate, Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular
      Interests and the Holder of every Certificate, Pooling REMIC 1 Regular Interests
      or Pooling REMIC 2 Regular Interests issued upon the registration of transfer
      thereof or in exchange therefor or in lieu thereof, in respect of anything
      done,
      omitted or suffered to be done by the Trustee or the Master Servicer in reliance
      thereon, whether or not notation of such action is made upon such Certificate,
      Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular
      Interests.

    

    

    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,
      Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular Interests, appoint
      Aurora Loan Services LLC, as Master Servicer. For and on behalf of the
      Depositor, the Trustee and the Certificateholders, the Master Servicer shall
      master service the Mortgage Loans in accordance with the provisions of this
      Agreement and the provisions of each Servicing Agreement. 

    
      
        
        

      

      
        144

        
          

        

      

      
        
        

      

    

    

    
      	
            	Section
              9.02.	
              Master
                Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance
                Policy.  

            

    

     

    (a) The
      Master Servicer, at its expense, shall maintain in effect a Master Servicer
      Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
      affording coverage with respect to all directors, officers, employees and other
      Persons acting on such Master Servicer’s behalf, and covering errors and
      omissions in the performance of the Master Servicer’s obligations hereunder. The
      Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
      Fidelity Bond shall be in such form and amount that would meet the requirements
      of Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans.
      The
      Master Servicer shall provide the Trustee 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 a 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.

    

    (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 the applicable 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 and the Depositor a copy of its annual unaudited
      financial statements on or prior to March 15 of each year, beginning in March
      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.

    
      
        
        

      

      
        145

        
          

        

      

      
        
        

      

    

    

    Section
      9.04. Power
      to Act; Procedures.  

     

    (a) The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, and each Servicer shall have full power and authority (to
      the
      extent provided in the applicable Servicing Agreement) to do any and all things
      that it may deem necessary or desirable in connection with the servicing and
      administration of the Mortgage Loans, including but not limited to the power
      and
      authority (i) to execute and deliver, on behalf of the Certificateholders and
      the Trustee, customary consents or waivers and other instruments and documents,
      (ii) to consent to transfers of any Mortgaged Property and assumptions of the
      Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
      and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the applicable
      Servicing Agreement, as applicable; provided that the Master Servicer shall
      not
      take, or knowingly permit any Servicer to take, any action that is inconsistent
      with or prejudices the interests of the Trust Fund or the Certificateholders
      in
      any Mortgage Loan or the rights and interests of the Depositor, the Trustee,
      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 related 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 successor 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 such Servicer, as the
      case
      may be, believes it appropriate in its best judgment and in accordance with
      Accepted Servicing Practices and the applicable Servicing Agreement, to execute
      and deliver, on behalf of itself and the Certificateholders, the Trustee or
      any
      of them, any and all instruments of satisfaction or cancellation, or of partial
      or full release or discharge and all other comparable instruments, with respect
      to the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
      shall execute, upon request, any powers of attorney furnished to it by the
      Master Servicer empowering the Master Servicer or any Servicer to execute and
      deliver instruments of satisfaction or cancellation, or of partial or full
      release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
      Property, and to appeal, prosecute or defend in any court action relating to
      the
      Mortgage Loans or the Mortgaged Property, in accordance with the applicable
      Servicing Agreement and this Agreement, and the Trustee shall execute and
      deliver such other documents, as the Master Servicer may request, necessary
      or
      appropriate to enable the Master Servicer to master service the Mortgage Loans
      and carry out its duties 

    
      
        
        

      

      
        146

        
          

        

      

      
        
        

      

    

    hereunder
      and to allow such Servicer to service the Mortgage Loans, in each case in
      accordance with Accepted Servicing Practices (and the Trustee shall have no
      liability for misuse of any such powers of attorney by the Master Servicer
      or
      any Servicer). If the Master Servicer or the Trustee has been advised that
      it is
      likely that the laws of the state in which action is to be taken prohibit such
      action if taken in the name of the Trustee or that the Trustee would be
      adversely affected under the “doing business” or tax laws of such state if such
      action is taken in its name, then upon request of the Trustee the Master
      Servicer shall join with the Trustee in the appointment of a co-trustee pursuant
      to Section 6.09 hereof. In the performance of its duties hereunder, the Master
      Servicer shall be an independent contractor and shall not, except in those
      instances where it is taking action in the name of the Trustee, be deemed to
      be
      the agent of the Trustee. 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 any 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 such Servicer (if required by the applicable
      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 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 (b) if the prepayment is
      not
      a 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 (if required by the applicable Servicing Agreement) (which
      opinion shall, if provided by the Master Servicer, be an expense reimbursed
      from
      the Collection Account pursuant to Section 4.02(v)) in writing to the effect
      that such modification, waiver or amendment would not cause an Adverse REMIC
      Event; provided, in no event shall an Opinion of Counsel be required for the
      waiver of a Prepayment Premium under clause (2) above.

    
      
        
        

      

      
        147

        
          

        

      

      
        
        

      

    

    

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

     

    (a) Each
      Servicing Agreement requires the applicable Servicer, respectively, 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
      and other amounts payable to a Servicer shall be deducted from amounts remitted
      to the Master Servicer by such Servicer to the extent permitted by the
      applicable Servicing Agreement and shall not be an obligation of the Trust
      Fund,
      the Trustee or the Master Servicer.

    

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

    

    (c) The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall 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, filings or
      reports, in accordance with the terms hereof or as may be required by applicable
      law or regulation.

    
      
        
        

      

      
        148

        
          

        

      

      
        
        

      

    

    

    Section
      9.06. Collection
      of Taxes, Assessments and Similar Items.  

     

    (a) To
      the
      extent provided in the applicable Servicing Agreement, the Master Servicer
      shall
      cause each Servicer to establish and maintain one or more custodial accounts
      at
      a depository institution (which may be a depository institution with which
      the
      Master Servicer or any Servicer establishes accounts in the ordinary course
      of
      its servicing activities), the accounts of which are insured to the maximum
      extent permitted by the FDIC (each, an “Escrow Account”) and 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 applicable Servicing
      Agreement. Each Servicer shall be entitled to all investment income not required
      to be paid to Mortgagors on any Escrow Account maintained by such Servicer.
      The
      Master Servicer shall make (or cause to be made) to the extent provided in
      the
      applicable Servicing Agreement advances to the extent necessary in order to
      effect timely payment of taxes, water rates, assessments, Standard Hazard
      Insurance Policy premiums or comparable items in connection with the related
      Mortgage Loan (to the extent that the Mortgagor is required, but fails, to
      pay
      such items), provided that it 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 any Servicer in effecting the timely
      payment of taxes and assessments on the properties subject to the Mortgage
      Loans
      may be added to the amount owing under the related Mortgage Note where the
      terms
      of the Mortgage Note so permit; provided,
      however,
      that the
      addition of any such cost shall not be taken into account for purposes of
      calculating the distributions to be made to Certificateholders. Such costs,
      to
      the extent that they are unanticipated, extraordinary costs, and not ordinary
      or
      routine costs shall be recoverable as a Servicing Advance by the Master Servicer
      pursuant to Section 4.02.

    

    Section
      9.07. Termination
      of Servicing Agreements; Successor Servicers.  

     

    (a) The
      Master Servicer shall be entitled to terminate the rights and obligations of
      any
      Servicer under the applicable Servicing Agreement in accordance with the terms
      and conditions of such Servicing Agreement and without any limitation by virtue
      of this Agreement; provided,
      however,
      that in
      the event of termination of any Servicing Agreement by the Master Servicer
      or
      the related Servicer, the Master Servicer shall either act as Servicer of the
      related Mortgage Loans or provide for the servicing of the Mortgage Loans by
      a
      successor Servicer to be appointed as provided in the applicable 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 the Servicer is unable
      to fulfill its obligations hereunder) for all costs associated with the transfer
      of servicing from the predecessor servicer, including without limitation, any
      costs or expenses associated with the complete transfer or all servicing data
      and the completion, correction or manipulation of such servicing data, as may
      be
      required by the Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the Master Servicer to service the
      Mortgage Loans properly and effectively.

    
      
        
        

      

      
        149

        
          

        

      

      
        
        

      

    

    

    (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 any Servicer for
      indemnification of the Master Servicer and nothing contained in this Agreement
      shall be deemed to limit or modify such indemnification. Except as expressly
      set
      forth herein, the Master Servicer shall have no liability for the acts or
      omissions of any Servicer in the performance by such Servicer of its obligations
      under the related Servicing Agreement.

    

    Section
      9.09. No
      Contractual Relationship Between Any Servicer and Trustee or
      Depositor.  

     

    Any
      Servicing Agreement that may be entered into and any other transactions or
      services relating to the Mortgage Loans involving any 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.

    
      
        
        

      

      
        150

        
          

        

      

      
        
        

      

    

    

    Section
      9.10. Assumption
      of Servicing Agreement by Trustee.  

     

    (a) In
      the
      event the Master Servicer shall for any reason no longer be the Master Servicer
      (including by reason of any Event of Default under this Agreement), after a
      period not to exceed ninety days after the issuance of any notice of termination
      pursuant to Section 6.14 or Section 9.28, as applicable, the Trustee shall,
      in
      accordance with Section 6.14, thereupon 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, 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 cause the related Servicer 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.

    
      
        
        

      

      
        151

        
          

        

      

      
        
        

      

    

    

    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 related 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 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 (with the consent, and at the direction of the Trustee),
      shall promptly release the related Mortgage File to the applicable Servicer
      and
      neither the Trustee nor the applicable Custodian shall have any further
      responsibility with regard to such Mortgage File. Upon any such payment in
      full,
      the Master Servicer is authorized, and each Servicer, to the extent such
      authority is provided for under the applicable Servicing Agreement, is
      authorized, to give, as agent for the Trustee, as the mortgagee under the
      Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
      assignment of mortgage without recourse) regarding the Mortgaged Property
      subject to the Mortgage, which instrument of satisfaction or assignment, as
      the
      case may be, shall be delivered to the Person or Persons entitled thereto
      against receipt therefor of such payment, it being understood and agreed that
      no
      expenses incurred in connection with such instrument of satisfaction or
      assignment, as the case may be, shall be chargeable to the Collection
      Account.

    

    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of 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 a Servicer (in form
      reasonably acceptable to the Trustee) and as are necessary to the prosecution
      of
      any such proceedings. The Trustee or the applicable Custodian, shall, upon
      request of the Master Servicer, or of a Servicer, and delivery to the Trustee
      or
      the applicable 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 Servicer
      to
      return the Mortgage File to the Trustee or the applicable Custodian, as
      applicable, when the need therefor by the Master Servicer or 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 applicable
      Custodian, as applicable, to the Master Servicer (or the applicable Servicer)
      or
      (ii) the Mortgage File has been delivered directly or through a Servicer to
      an
      attorney, or to a public trustee or other public official as required by law,
      for purposes of initiating or pursuing legal action or other proceedings for
      the
      foreclosure of the Mortgaged Property either judicially or non-judicially,
      and
      the Master Servicer has delivered directly or through a Servicer to the Trustee
      a certificate of a Servicing Officer certifying as to the name and address
      of
      the Person to which such Mortgage File or such document was delivered and the
      purpose of such delivery.

    
      
        
        

      

      
        152

        
          

        

      

      
        
        

      

    

    

    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 applicable 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 Liquidation
      Proceeds or Insurance Proceeds in respect of any Mortgage Loan shall be held
      for
      the benefit of the Trustee and the Certificateholders subject to the Master
      Servicer’s right to retain or withdraw from the Collection Account the Master
      Servicing Fee and other amounts provided in this Agreement and to the right
      of
      each Servicer to retain its Servicing Fee and other amounts as provided in
      the
      related 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 at any time upon reasonable
      request and during normal business hours, and to Certificateholders that are
      savings and loan associations, banks or insurance companies, the Office of
      Thrift Supervision, the FDIC and the supervisory agents and examiners of such
      Office and Corporation or examiners of any other federal or state banking or
      insurance regulatory authority if so required by applicable regulations of
      the
      Office of Thrift Supervision or other regulatory authority, such access to
      be
      afforded without charge but only upon reasonable request in writing and during
      normal business hours at the offices of the Master Servicer designated by it.
      In
      fulfilling such a request the Master Servicer shall not be responsible for
      determining the sufficiency of such information.

    

    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, or any Servicer, in respect of any Mortgage Loans, whether
      from
      the collection of principal and interest payments or from Liquidation Proceeds
      or Insurance Proceeds, shall be held by the Master Servicer, or by any 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 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 any Servicer or the Master Servicer in connection with the Mortgage
      Loans, whether as scheduled installments of principal and interest or as full
      or
      partial prepayments of principal or interest or as Liquidation Proceeds or
      Insurance Proceeds or otherwise, and in all proceeds of the foregoing and
      proceeds of proceeds (but excluding any fee or other amounts to which a Servicer
      is entitled under the applicable Servicing Agreement, or the Master Servicer
      or
      the Depositor is entitled to hereunder); and the Master Servicer agrees that
      so
      long as the Mortgage Loans are assigned to and held by the Trustee or any
      Custodian, all documents or instruments constituting part of the Mortgage Files,
      and such funds relating to the Mortgage Loans which come into the possession
      or
      custody of, or which are subject to the control of, the Master Servicer or
      any
      Servicer shall be held by the Master Servicer or such Servicer for and on behalf
      of the Trustee as the Trustee’s agent and bailee for purposes of perfecting the
      Trustee’s security interest therein as provided by the applicable Uniform
      Commercial Code or other applicable laws.

    
      
        
        

      

      
        153

        
          

        

      

      
        
        

      

    

    

    (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 as a limited liability company 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;

    

    (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);

    
      
        
        

      

      
        154

        
          

        

      

      
        
        

      

    

    

    (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.

    

    (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.

    
      
        
        

      

      
        155

        
          

        

      

      
        
        

      

    

    

    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 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.  

     

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

    
      
        
        

      

      
        156

        
          

        

      

      
        
        

      

    

    

    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 any Servicing Agreement (other than amounts to be applied to the restoration
      or repair of the property subject to the related Mortgage or released to the
      Mortgagor in accordance with the applicable 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 a Servicer and remitted to the Master Servicer)
      in respect of such policies or bonds shall be promptly deposited in the
      Collection Account or the Custodial Account upon receipt, except that any
      amounts realized that are to be applied to the repair or restoration of the
      related Mortgaged Property or related to the related Mortgagor in accordance
      with the Master Servicer’s or related 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 related Servicing Agreement, as
      applicable. The Master Servicer shall not, and shall not knowingly 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 related Servicing Agreement, as applicable.
      

    

    (b) The
      Master Servicer agrees, to the extent provided in each 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.

    
      
        
        

      

      
        157

        
          

        

      

      
        
        

      

    

    

    Section
      9.19. Trustee
      To Retain Possession of Certain Insurance Policies and Documents.  

     

    The
      Trustee (or the applicable Custodian on behalf of the Trustee) shall retain
      possession and custody of the originals of the Primary Mortgage Insurance
      Policies or certificate of insurance if applicable and any certificates of
      renewal as to the foregoing as may be issued from time to time as contemplated
      by this Agreement. Until all amounts distributable in respect of the
      Certificates have been distributed in full and the Master Servicer otherwise
      has
      fulfilled its obligations under this Agreement, the Trustee (or the applicable
      Custodian) 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 each 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 any Servicer from time to time.

    

    Section
      9.20. Realization
      Upon Defaulted Mortgage Loans.

     

    The
      Master Servicer shall use its reasonable best efforts to, or to cause each
      Servicer to, foreclose upon, repossess or otherwise comparably convert the
      ownership of Mortgaged Properties securing such of the Mortgage Loans as come
      into and continue in default and as to which no satisfactory arrangements can
      be
      made for collection of delinquent payments, all in accordance with the
      applicable Servicing Agreement. Alternatively, the Master Servicer may take,
      or
      authorize any Servicer to take, other actions in respect of a defaulted Mortgage
      Loan, which may include (i) accepting a short sale (a payoff of the
      Mortgage Loan for an amount less than the total amount contractually owed in
      order to facilitate a sale of the Mortgaged Property by the Mortgagor) or
      permitting a short refinancing (a payoff of the Mortgage Loan for an amount
      less
      than the total amount contractually owed in order to facilitate refinancing
      transactions by the Mortgagor not involving a sale of the Mortgaged Property),
      (ii) arranging for a repayment plan or (iii) agreeing to a
      modification in accordance with Section 9.04. In connection with such
      foreclosure or other conversion or action, the Master Servicer shall, consistent
      with Section 9.18, follow such practices and procedures as it shall reasonably
      determine to be in the best interests of the Trust Fund and the
      Certificateholders and which shall be consistent with its customary practices
      in
      performing its general mortgage servicing activities; provided that the Master
      Servicer shall not be liable in any respect hereunder if the Master Servicer
      is
      acting in connection with any such foreclosure or other conversion or action
      in
      a manner that is consistent with the provisions of this Agreement. Neither
      the
      Master Servicer, nor any Servicer, shall be required to expend its own funds
      or
      incur other reimbursable charges in connection with any foreclosure, or
      attempted foreclosure which is not completed, or toward the correction of any
      default on a related senior mortgage loan, or towards the restoration of any
      property unless it shall determine (i) that such restoration and/or
      foreclosure will increase the proceeds of liquidation of the Mortgage Loan
      to
      the Certificateholders after reimbursement to itself for such expenses or
      charges and (ii) that such expenses and charges will be recoverable to it
      through Liquidation Proceeds or Insurance Proceeds (as provided in Section
      4.02).

    
      
        
        

      

      
        158

        
          

        

      

      
        
        

      

    

    

    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 applicable Servicing Agreement any REO Property
      as
      expeditiously as possible and in accordance with the provisions of this
      Agreement and the related Servicing Agreement, as applicable, but in all events
      within the time period, and subject to the conditions set forth in Article
      X
      hereof. Pursuant to its efforts to sell such REO Property, the Master Servicer
      shall protect and conserve, or cause the applicable Servicer to protect and
      conserve, such REO Property in the manner and to such extent required by the
      applicable Servicing Agreement, subject to Article X hereof.

    

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

    

    (c) The
      Master Servicer and each Servicer, upon the final disposition of any REO
      Property, shall be entitled to reimbursement for any related unreimbursed
      Advances and other unreimbursed advances as well as any unpaid Master Servicing
      Fees or Servicing Fees from Liquidation Proceeds received in connection with
      the
      final disposition of such REO Property; provided, that (without limitation
      of
      any other right of reimbursement that the Master Servicer or any Servicer shall
      have hereunder) any such unreimbursed Advances as well as any unpaid Net Master
      Servicing Fees or Servicing Fees may be reimbursed or paid, as the case may
      be,
      prior to final disposition, out of any net rental income or other net amounts
      derived from such REO Property.

    
      
        
        

      

      
        159

        
          

        

      

      
        
        

      

    

    

    (d) The
      Liquidation Proceeds from the final disposition of the REO Property, net of
      any
      payment to the Master Servicer and the applicable Servicer as provided above,
      shall be deposited in the Collection Account on or prior to the Determination
      Date in the month following receipt thereof and be remitted by wire transfer
      in
      immediately available funds to the Trustee for deposit into the Certificate
      Account on the next succeeding Master Servicer Remittance Date.

    

    Section
      9.23. [Reserved]  

     

    Section
      9.24. Reports
      to the Trustee.  

     

    (a) Not
      later
      than 30 days after each Distribution Date, the Master Servicer shall, upon
      request, forward to the Trustee a statement, deemed to have been certified
      by a
      Servicing Officer, setting forth the status of the Collection Account maintained
      by the Master Servicer as of the close of business on the related Distribution
      Date, indicating that all distributions required by this Agreement to be made
      by
      the Master Servicer have been made (or if any required distribution has not
      been
      made by the Master Servicer, specifying the nature and status thereof) and
      showing, for the period covered by such statement, the aggregate of deposits
      into and withdrawals from the Collection Account maintained by the Master
      Servicer. Copies of such statement shall be provided by the Master Servicer,
      upon request, to the Depositor, Attention: Contract Finance, 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
      Servicer without independent verification thereof and the Master Servicer shall
      be entitled to rely on such information.

    

    Section
      9.25. Assessment
      of Compliance and Attestation Reports. 

     

    (a) Assessment
      of Compliance

     

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

    
      
        
        

      

      
        160

        
          

        

      

      
        
        

      

    

    

    (ii) When
      the
      Master Servicer (or any Servicing Function Participant engaged by the Master
      Servicer) submits its assessments to the Trustee, the Master Servicer 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 Depositor what Relevant Servicing Criteria will be
      addressed in any such reports prepared by any such Servicing Function
      Participant.

    

    (iii) Promptly
      after receipt of each such report on assessment of compliance, the Exchange
      Act
      Signing Party shall confirm that the assessments, taken as a whole, address
      all
      of the Servicing Criteria and taken individually address the Relevant Servicing
      Criteria (and disclose the inapplicability of the Servicing Criteria not
      determined to be

    Relevant
      Criteria) for
      each
      party as set forth on Exhibit O and on any similar exhibit set forth in each
      Servicing Agreement in respect of each Servicer, and each Custodial Agreement
      in
      respect of each Custodian, and shall notify the Depositor of any exceptions.
      

    

    (iv) On
      or
      prior to the Closing Date, the Master Servicer shall deliver to the Sponsor,
      the
      Trustee and the Depositor a certification in the form of Exhibit O attached
      hereto regarding the items it will address in its assessment of compliance
      with
      the servicing criteria under this Section 9.25(a).

    

    (b) Attestation
      Reports

     

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

     

    
      
        
        

      

      
        161

        
          

        

      

      
        
        

      

    

    

     

    (ii) Promptly
      after receipt of such report from the Master Servicer or any Servicing Function
      Participant engaged by such party, the Exchange Act Signing Party 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
      Master Servicer shall indemnify and hold harmless the Sponsor, the Depositor
      and
      the Trustee and their respective officers, directors, agents and affiliates
      from
      and against any losses, damages, penalties, fines, forfeitures, reasonable
      legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon a breach by the Master Servicer or any of its officers, directors,
      agents or affiliates of its obligations under this Section 9.25 or the
      negligence, bad faith or willful misconduct of the Master Servicer in connection
      therewith. 

     

    
      	
            	
              Section
                9.26.

            	
              Annual
                Statement of Compliance with Applicable Servicing
                Criteria. 

            

    

     

    (a)
      The
      Master Servicer shall deliver (and the Master Servicer shall cause any
      Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
      and
      the 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.
      

     

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

    

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

     

    (d) The
      Master Servicer shall notify the Trustee, the Depositor and the Sponsor within
      five (5) days of knowledge thereof (i) of any legal proceedings pending against
      the Master Servicer of the type described in Item 1117 (§ 229.1117) of
      Regulation AB and (ii) if the Master Servicer shall become (but only to the
      extent not previously disclosed) at any time an affiliate of any of the parties
      listed on Exhibit P to this Agreement. On or before March 1st
      of each
      year, the Depositor shall distribute the information in Exhibit P to the Master
      Servicer.

     

    
      
        
        

      

      
        162

        
          

        

      

      
        
        

      

    

    

     

    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.

    

    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. No such resignation shall become effective until
      a
      period of time not to exceed 90 days after the Trustee 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 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 Subservicer, any
      Subcontractor or any other Person to perform any of the duties, covenants or
      obligations to be performed by the Master Servicer hereunder; provided,
      however,
      that the
      Master Servicer shall have the right without the prior written consent of the
      Trustee 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.

    
      
        
        

      

      
        163

        
          

        

      

      
        
        

      

    

    

    At
      any
      time during the period that a Form 10-K is being filed with respect to the
      Trust
      in accordance with the Exchange Act and the rules and regulations of the
      Commission, the Master Servicer shall not permit a Subservicer to perform any
      master servicing responsibilities hereunder with respect to the Mortgage Loans
      unless that Subservicer first agrees in writing with such Master Servicer to
      deliver an assessment of compliance and an accountant’s attestation in such
      manner and at such times in compliance with Sections 9.25(a)(ii) and (b)(ii)
      of
      this Agreement.

     

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

     

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

    

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

    

    (c) None
      of
      the Master Servicer, the Seller or the Depositor or any of the directors,
      officers, employees or agents of any of them shall be under any liability to
      the
      Trustee or the Certificateholders for any action taken or for refraining from
      the taking of any action in good faith pursuant to this Agreement, or for errors
      in judgment; provided,
      however,
      that
      this provision shall not protect the Master Servicer, the Seller or the
      Depositor or any such person against any liability that would otherwise be
      imposed by reason of willful misfeasance, bad faith or negligence in its
      performance of its duties or by reason of reckless disregard for its obligations
      and duties under this Agreement. The Master Servicer, the Seller and the
      Depositor and any director, officer, employee or agent of any of them shall
      be
      entitled to indemnification by the Trust Fund and will be held harmless against
      any loss, liability or expense incurred in connection with any legal action
      relating to this Agreement or the Certificates other than any loss, liability
      or
      expense incurred by reason of willful misfeasance, bad faith or negligence
      in
      the performance of his or its duties hereunder or by reason of reckless
      disregard of his or its obligations and duties hereunder. The Master Servicer,
      the Seller and the Depositor and any director, officer, employee or agent of
      any
      of them may rely in good faith on any document of any kind prima facie properly
      executed and submitted by any Person respecting any matters arising hereunder.
      The Master Servicer shall be under no obligation to appear in, prosecute or
      defend any legal action that is not incidental to its duties to master service
      the Mortgage Loans in accordance with this Agreement and that in its opinion
      may
      involve it in any expenses or liability; provided,
      however,
      that the
      Master Servicer may in its sole discretion undertake any such action that it
      may
      deem necessary or desirable in respect to this Agreement and the rights and
      duties of the parties hereto and the interests of the Certificateholders
      hereunder. In such event, the legal expenses and costs of such action and any
      liability resulting therefrom shall be expenses, costs and liabilities of the
      Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
      out of the Collection Account it maintains as provided by Section
      4.02.

    
      
        
        

      

      
        164

        
          

        

      

      
        
        

      

    

    

    Section
      9.31. Indemnification;
      Third-Party Claims.  

     

    The
      Master Servicer agrees to indemnify the Depositor, the Sponsor and the Trustee,
      and their respective officers, directors, agents and affiliates, and hold each
      of them harmless against any and all claims, losses, penalties, fines,
      forfeitures, reasonable legal fees and related costs, judgments, and any other
      costs, liability, fees and expenses that the Depositor, the Sponsor or the
      Trustee may sustain as a result of (a) any breach by the Master Servicer of
      any
      if its obligations hereunder, including particularly its obligations to provide
      any reports under Section 9.25(a), Section 9.25(b) or Section 9.26 or any
      information, data or materials required to be included in any Exchange Act
      report, (b) any misstatement or omission in any information, data or materials
      provided by the Master Servicer, or (c) the negligence, bad faith or willful
      misconduct of the Master Servicer in connection with its performance hereunder.
      The Depositor, the Sponsor 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.
      

     

    

    ARTICLE
      X

     

    REMIC
      ADMINISTRATION

     

    

    Section
      10.01. REMIC
      Administration.  

     

    (a) REMIC
      elections as set forth in the Preliminary Statement shall be made on Forms
      1066
      or other appropriate federal tax or information return for the taxable year
      ending on the last day of the calendar year in which the Certificates are
      issued. The regular interests and residual interest in each REMIC shall be
      as
      designated in the Preliminary Statement. For
      purposes of such designations, the interest rate of any regular interest that
      is
      computed by taking into account the weighted average of the Net Mortgage Rates
      of the Mortgage Loans shall be reduced by the amount of any expense paid by
      the
      Trust to the extent that (i) such expense was not taken into account in
      computing the Net Mortgage Rate of any Mortgage Loan, (ii) such expense does
      not
      constitute an “unanticipated expense” of a REMIC within the meaning of Treasury
      Regulation Section 1.860G-1(b)(3)(ii) 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 86OG(a)(9) of the Code. The latest possible maturity date
      for
      purposes of Treasury Regulation 1.86OG-1(a)(4) will be the Latest Possible
      Maturity Date.

    

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

    
      
        
        

      

      
        165

        
          

        

      

      
        
        

      

    

    

    (d) The
      Trustee shall prepare, the Trustee shall sign, and the Trustee will file, all
      of
      each REMIC’s federal and applicable state tax and information returns as such
      REMIC’s direct representative. As used herein, applicable state tax and
      information returns shall mean returns as may be required by the laws of any
      state the applicability of which to the Trust Fund shall have been confirmed
      to
      the Trustee in writing either by the delivery to the Trustee of an Opinion
      of
      Counsel to such effect, or by delivery to the Trustee of a written notification
      to such effect by the taxing authority of such state. The expenses of preparing
      and filing such returns shall be borne by the Trustee.

    

    (e) The
      Trustee or its designee shall perform on behalf of each REMIC all reporting
      and
      other tax compliance duties that are the responsibility of such REMIC under
      the
      Code, the REMIC Provisions, or other compliance guidance issued by the Internal
      Revenue Service or any state or local taxing authority. Among its other duties,
      if required by the Code, the REMIC Provisions, or other such guidance, the
      Trustee shall provide (i) to the Treasury or other governmental authority such
      information as is necessary for the application of any tax relating to the
      transfer of a Residual Certificate to any disqualified person or organization
      pursuant to Treasury Regulation 1.860E-2(a)(5) and any person designated in
      Section 860E(e)(3) of the Code and (ii) to the Certificateholders such
      information or reports as are required by the Code or REMIC
      Provisions.

    

    The
      Trustee shall be entitled to receive reasonable compensation from the Trust
      Fund
      for the performance of its duties under this subsection (e); provided,
      however,
      that
      such compensation shall not exceed $5,000 per year; provided, further, that,
      after a Section 7.01(d) Purchase Event, any expenses incurred by the Trustee
      in
      connection with such Section 7.01(d) Purchase Event shall be reimbursed to
      the
      Trustee, regardless of the limitation set forth above, in accordance with
      Section 4.04(b).

    

    (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, within
      their respective control, cause any REMIC to take any action or fail to take
      (or
      fail to cause to be taken) any action, within 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 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 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 or the Master Servicer has advised it in
      writing that an Adverse REMIC Event could occur.

    
      
        
        

      

      
        166

        
          

        

      

      
        
        

      

    

    

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

    

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

    

    (i) No
      additional contributions of assets shall be made to any REMIC, except as
      expressly provided in this Agreement.

    

    (j) Neither
      the Trustee nor the Master Servicer shall enter into any arrangement by which
      any REMIC will receive a fee or other compensation for services.

    

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

    

    (l) The
      Trustee shall treat each of the Pool 1 Basis Risk Reserve Fund and the
      Supplemental Interest Trust as an outside reserve fund within the meaning of
      Treasury Regulation 1.860G-2(h) that is owned by the Holder of the Class 1-X
      Certificates and that is not an asset of any REMIC. The Trustee shall treat
      the
      Pool 2 Basis Risk Reserve Fund as an outside reserve fund within the meaning
      of
      Treasury Regulation 1.860G-2(h) that is owned by the Holder of the Class 2-X
      Certificates and that is not an asset of any REMIC. The Trustee shall treat
      the
      Class X Account as an outside reserve fund within the meaning of Treasury
      Regulation 1.860G-2(h) that is owned by the Holder of the Class C Certificates
      and that are not an asset of any REMIC. The Trustee shall treat the rights
      of
      the Certificateholders (other than the Holders of the Class 1-X, Class 2-X,
      Class LT-R-1, Class LT-R-2, Class R-1, Class R-2, Class 1-P, Class 2-P and
      Class
      C Certificates) to receive Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls as rights in an interest rate cap contract written by the Class
      1-X
      Certificateholder in favor of the holders of the Group 1 Certificates and by
      the
      Class 2-X Certificateholders in favor of the holders of Group 2 Certificates.
      Thus, each Certificateholder (other than the Holders of the Class 1-X, Class
      2-X, Class LT-R-1, Class LT-R-2, Class R-1, Class R-2, Class 1-P, Class 2-P
      and
      Class C Certificates) shall be treated as representing not only ownership of
      regular interests in a REMIC, but also ownership of an interest in an interest
      rate cap contract. Pursuant
      to each such notional principal contract, all beneficial owners of Group 1
      Certificates shall be treated as having agreed to pay, on each Distribution
      Date, to the beneficial owners of the Class 1-X Certificates an aggregate amount
      equal to the excess, if any, of (i) the amount payable on such Distribution
      Date
      on the interest in the Upper Tier REMIC 1 corresponding to such Class of
      Certificates over
      (ii)
      the
      amount payable on such Class of Certificates on such Distribution Date (such
      excess, a “Class I Shortfall”). A Class I Shortfall payable from interest
      collections shall be allocated to each Class of Certificates to the extent
      that
      interest accrued on such Class for the related Accrual Period at the Certificate
      Interest Rate for a Class, computed by substituting “REMIC 1 Net Funds Cap” for
“Pool 1 Net Funds Cap” in the definition thereof, exceeds the amount of interest
      accrued for the related Accrual Period based on the Pool 1 Net Funds Cap, and
      a
      Class I Shortfall payable from principal collections shall be allocated to
      the
      most subordinate Class of Certificates with an outstanding principal balance
      to
      the extent of such balance. However, any payment from the Group 1 Certificates
      of a Class I Shortfall shall be treated for tax purposes as having been received
      by the beneficial owners of such Certificates in respect of their Interests
      in
      the Upper Tier REMIC 1 and as having been paid by such beneficial owners to
      the
      Supplemental Interest Trust pursuant to the notional principal
      contract. For
      tax
      purposes, the notional principal contract shall be deemed to have a value in
      favor of the Certificates entitled to receive Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls of $5,000 with respect to the Group 1 Certificates and
      of
      $4,970 with respect to the Group 2 Certificates as of the Closing
      Date.

    
      
        
        

      

      
        167

        
          

        

      

      
        
        

      

    

    

    (m)
       [Reserved]

    

    (n) 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 REMIC
      regular interest corresponding to such Class as amounts paid or received (as
      appropriate) pursuant to the interest rate cap 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 each REMIC pursuant to Article VII of this Agreement,
      (iv) a substitution pursuant to Article II of this Agreement or (v) a repurchase
      of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any
      assets for any REMIC, nor sell or dispose of any investments in the Certificate
      Account for gain, nor accept any contributions to any REMIC after the Closing
      Date, unless it has received an Opinion of Counsel (at the expense of the party
      causing such sale, disposition, or substitution) that such disposition,
      acquisition, substitution, or acceptance will not (a) 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).

    
      
        
        

      

      
        168

        
          

        

      

      
        
        

      

    

    

    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 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 or Class 2-X
      Certificateholder or the Holder of a Residual Certificate, 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, (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) even if the Trustee has been advised of the likelihood of such
      loss or damage and regardless of the form of action.

    

    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 the applicable 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
      its Servicing Agreement) to make reasonable efforts to sell any REO Property
      for
      its fair market value. In any event, however, the Master Servicer shall, or
      shall cause the 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 applicable Servicer to, continue
      to
      attempt to sell the REO Property for its fair market value for such period
      longer than three years as such extension permits (the “Extended Period”). If
      the Master Servicer has not received such an extension 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 the applicable Servicer is unable to sell the REO Property within
      the period ending three months before the close of the Extended Period, the
      Master Servicer shall cause the applicable Servicer, before the end of the
      three
      year period or the Extended Period, as applicable, to (i) purchase such REO
      Property at a price equal to the REO Property’s fair market value or (ii)
      auction the REO Property to the highest bidder (which may be the applicable
      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.

    
      
        
        

      

      
        169

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    

    Section
      11.01. Binding
      Nature of Agreement; Assignment.  

     

    This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and permitted assigns.

    

    Section
      11.02. Entire
      Agreement.  

     

    This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof. The express terms hereof control and supersede any course
      of performance and/or usage of the trade inconsistent with any of the terms
      hereof.

    

    Section
      11.03. Amendment.  

     

    (a) On
      or
      prior to a Section 7.01(d) Purchase Event, this Agreement may be amended from
      time to time by the Depositor, the Master Servicer and the Trustee, but without
      consent of the Swap Counterparty (except to the extent that the rights or
      obligations of the Swap Counterparty hereunder or under the Swap Agreement,
      respectively, are affected thereby or the ability of the Trustee on behalf
      of
      the Trust Fund to perform fully and timely its obligations under the Swap
      Agreement is adversely affected, in which case prior written consent of the
      Swap
      Counterparty is required) and without notice to or the consent of any of the
      Holders, (i) to cure any ambiguity, (ii) to cause the provisions herein to
      conform to or be consistent with or in furtherance of the statements made with
      respect to the Certificates, the Trust Fund or this Agreement in any Offering
      Document, or to correct or supplement any provision herein which may be
      inconsistent with any other provisions herein or with the provisions of 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 shall be provided
      with an Opinion of Counsel (at the expense of the party requesting such
      amendment) to the effect that such amendment is permitted under this Section.
      Any such amendment shall be deemed not to adversely affect in any material
      respect any Holder, if the Trustee receives written confirmation from each
      Rating Agency that such amendment will not cause such Rating Agency to reduce
      the then current rating assigned to the Certificates. 

    
      
        
        

      

      
        170

        
          

        

      

      
        
        

      

    

    

    (b) On
      or
      prior to a Section 7.01(d) Purchase Event, this Agreement may also be amended
      from time to time by the Depositor, the Master Servicer, and the Trustee, but
      without consent of the Swap Counterparty (except to the extent that the rights
      or obligations of the Swap Counterparty hereunder or under the Swap Agreement,
      respectively, are affected thereby or the ability of the Trustee on behalf
      of
      the Trust Fund to perform fully and timely its obligations under the Swap
      Agreement is adversely affected, in which case prior written consent of the
      Swap
      Counterparty is required) with the consent of the Holders of not less than
      66-2/3% of the Class Principal Amount (or Percentage Interest) of each Class
      of
      Certificates affected thereby for the purpose of adding any provisions to or
      changing in any manner or eliminating any of the provisions of this Agreement
      or
      of modifying in any manner the rights of the Holders; provided,
      however,
      that no
      such amendment shall be made unless the Trustee receives an Opinion of Counsel,
      at the expense of the party requesting the change, that such change will not
      cause an Adverse REMIC Event; and provided further, that no such amendment
      may
      (i) reduce in any manner the amount of, or delay the timing of, payments
      received on Mortgage Loans which are required to be distributed on any
      Certificate, without the consent of the Holder of such Certificate or (ii)
      reduce the aforesaid percentages of Class Principal Amount or Class Notional
      Amount, as applicable (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, as applicable (or Percentage Interest) of each Class of Certificates
      affected thereby. For purposes of this paragraph, references to “Holder” or
“Holders” shall be deemed to include, in the case of any Class of Book-Entry
      Certificates, the related Certificate Owners.

    

    (c) After
      a
      Section 7.01(d) Purchase Event, this Agreement may be amended from time to
      time
      by the Depositor, the Master Servicer, the LTURI-holder and the Trustee but
      without consent of the Swap Counterparty (except to the extent that the rights
      or obligations of the Swap Counterparty hereunder or under the Swap Agreement,
      respectively, are affected thereby or the ability of the Trustee on behalf
      of
      the Trust Fund to perform fully and timely its obligations under the Swap
      Agreement is adversely affected, in which case prior written consent of the
      Swap
      Counterparty is required). Prior to entering into any amendment without the
      consent of Holders pursuant to this paragraph, the Trustee shall be provided
      with an Opinion of Counsel addressed to the Trustee and any NIMS Insurer (at
      the
      expense of the party requesting such amendment) to the effect that such
      amendment is permitted under this Section and will not result in an Adverse
      REMIC Event.

    

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

    

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

    
      
        
        

      

      
        171

        
          

        

      

      
        
        

      

    

    

    (f) Notwithstanding
      anything to the contrary in any Servicing Agreement, the Trustee shall not
      consent to any amendment of any Servicing Agreement unless (i) such amendment
      is
      effected pursuant to the standards provided in 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.

    

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

    

    Section
      11.04. Voting
      Rights.  

     

    Except
      to
      the extent that the consent of all affected Certificateholders is required
      pursuant to this Agreement, with respect to any provision of this Agreement
      requiring the consent of Certificateholders representing specified percentages
      of aggregate outstanding Certificate Principal Amount or Class Notional Amount,
      as applicable (or Percentage Interest), Certificates owned by the Depositor,
      the
      Master Servicer, the Trustee, any Servicer or Affiliates thereof are not to
      be
      counted so long as such Certificates are owned by the Depositor, the Master
      Servicer, the Trustee, 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) and (ii) a copy
      of
      any other document incorporated by reference in the Prospectus (to the extent
      that the Trustee has such documents in its possession or such documents are
      reasonably 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.

    
      
        
        

      

      
        172

        
          

        

      

      
        
        

      

    

    

    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 2006-1,
      (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
      2006-1, (c) in the case of the Trustee, the applicable Corporate Trust
      Office and (d) in the case of the Master Servicer, Aurora Loan Services
      LLC, 327 Inverness Drive South, Englewood, Colorado 80112; Attention: Master
      Servicing, LXS 2006-1, 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 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.

    
      
        
        

      

      
        173

        
          

        

      

      
        
        

      

    

    

    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, any benefit or any legal or equitable right, power, remedy or
      claim
      under this Agreement, except to the extent specified in Section
      11.15.

    

    Section
      11.12. Special
      Notices to the Rating Agencies.  

     

    (a) The
      Depositor shall give prompt notice to the Rating Agencies of the occurrence
      of
      any of the following events of which it has notice:

    

    (i) any
      amendment to this Agreement pursuant to Section 11.03;

    

    (ii) any
      Assignment by the Master Servicer of its rights hereunder or delegation of
      its
      duties hereunder;

    

    (iii) the
      occurrence of any Event of Default described in Section 6.14;

    

    (iv) any
      notice of termination given to the Master Servicer pursuant to Section 6.14
      and
      any resignation of the Master Servicer hereunder;

    

    (v) the
      appointment of any successor to any Master Servicer pursuant to Section
      6.14;

    

    (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 the applicable
      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

    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

    
      
        
        

      

      
        174

        
          

        

      

      
        
        

      

    

    

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

    

    Section
      11.13. Conflicts.  

     

    To
      the
      extent that the terms of this Agreement conflict with the terms of any Servicing
      Agreement, the related Servicing Agreement shall govern unless such provisions
      shall adversely affect the Trustee or the Trust Fund.

    

    Section
      11.14. Counterparts.  

     

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

    

    Section
      11.15. Transfer
      of Servicing.  

     

    The
      Seller agrees that it shall provide written notice to the Master Servicer and
      the Trustee thirty days prior to any proposed transfer or assignment by the
      Seller of its rights under the 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 the
      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) Such
      successor servicer must be qualified to service loans for Fannie Mae or Freddie
      Mac, and must be a member in good standing of MERS;

    

    (iii) Such
      successor servicer must satisfy the seller/servicer eligibility standards in
      the
      Servicing Agreement, exclusive of any experience in mortgage loan origination
      and must be reasonably acceptable to the Master Servicer, whose approval shall
      not be unreasonably withheld;

    

    (iv) Such
      successor servicer must execute and deliver to the Trustee 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
      applicable Servicing Agreement or, in the case of a transfer of servicing to
      a
      party that is already a Servicer pursuant to this Agreement, an agreement to
      add
      the related Mortgage Loans to the Servicing Agreement already in effect with
      such Servicer;

    
      
        
        

      

      
        175

        
          

        

      

      
        
        

      

    

    

    (v) 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

    

    (vi) 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 Master Servicer Remittance 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 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 Servicing
      Agreement.

    

    

    

     

     

    
      
        
        

      

      
        176

        
          

        

      

      
        
        

      

    

    

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

     

    
      	 	 	 
	 	STRUCTURED
              ASSET
              SECURITIES CORPORATION,
              
as Depositor
	 
 	 
 	 
 
	 	By:  	/s/
              Brian Lin
	 	
              

              Name:
                Brian Lin

              Title:
                Vice President

            
	 	 

    

    

      
        	 	 	 
	 	AURORA
                LOAN SERVICES LLC, 
as Master Servicer
	 
 	 
 	 
 
	 	By:  	/s/
                Jerald W. Dreyer
	 	
                

                Name:
                  Jerald W. Dreyer

                Title:
                  Vice President

              
	 	 

      

      
        	 	 	 
	 	CITIBANK,
                N.A.,
                
as
                Trustee
	 
 	 
 	 
 
	 	By:  	/s/ Karen
                Schluter
	 	
                

                Name: Karen
                  Schluter

                Title: Vice
                  President

              
	 	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    Solely
      for purposes of Section 11.15,

    accepted
      and agreed to by:

    

    LEHMAN
      BROTHERS HOLDINGS INC.

    

    By: 
      /s/ Joseph J. Kelly

    
      
        

      

    

    Name:
      Joseph J. Kelly

    Title:
      Authorized Signatory

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    FORMS
      OF
      CERTIFICATES

    

    

    

    

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-1

    

    FORM
      OF
      INITIAL CERTIFICATION

     

    

      
        	 	
                ____________

              
	 	
                       
                  Date

              

      

    Citibank,
      N.A.

    388
      Greenwich Street, 14th
      Floor

    New
      York,
      New York 10013

    Attention:
      Citibank Agency & Trust (LXS 2006-1)

    

    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 2006-1

    

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of January 1, 2006 (the “Trust
                  Agreement”),

                by
                  and among Structured Asset Securities Corporation, as
                  Depositor,

                Aurora
                  Loan Services LLC, as Master Servicer and Citibank, N.A., as Trustee
                  with
                  respect to Lehman XS Trust Mortgage Pass-Through Certificates,
                  Series
                  2006-1

              

      

    
       

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section 2.02(a) of the Trust Agreement, subject to review of
      the
      contents thereof, the undersigned, as Custodian, hereby certifies that it has
      received the documents listed in Section 2.01(b) of the Trust Agreement for
      each
      Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to the
      Trust Agreement, subject to any exceptions noted on Schedule I
      hereto.

    

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Trust Agreement. This Certificate
      is
      subject in all respects to the terms of Section 2.02 of the Trust Agreement
      and
      the Trust Agreement sections cross-referenced therein.

    

    [Custodian]

    

    By:_____________________________________

    Name:
      

    Title:

    

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-2

    

    FORM
      OF
      INTERIM CERTIFICATION

     

    

      
        	 	
                ____________

              
	 	
                       
                  Date

              

      

       

    

    Citibank,
      N.A.

    388
      Greenwich Street, 14th
      Floor

    New
      York,
      New York 10013

    Attention:
      Citibank Agency & Trust (LXS 2006-1)

    

    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 2006-1

    

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of January 1, 2006 (the “Trust Agreement”), by and
                  among Structured Asset Securities Corporation, as Depositor, Aurora
                  Loan
                  Services LLC, as Master Servicer and Citibank, N.A., as Trustee
                  with
                  respect to Lehman XS Trust Mortgage Pass-Through Certificates,
                  Series
                  2006-1

              

      

    

    
 

    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

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      B-3

    

    FORM
      OF
      FINAL CERTIFICATION

     

    
      

        
          	 	
                  ____________

                
	 	
                         
                    Date

                

        

         

      

    

    Citibank,
      N.A.

    388
      Greenwich Street, 14th
      Floor

    New
      York,
      New York 10013

    Attention:
      Citibank Agency & Trust (LXS 2006-1)

    

    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 2006-1

    

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of January 1, 2006 (the “Trust Agreement”), by and
                  among Structured Asset Securities Corporation, as Depositor, Aurora
                  Loan
                  Services LLC, as Master Servicer and Citibank, N.A., as Trustee
                  with
                  respect to Lehman XS Trust Mortgage Pass-Through Certificates,
                  Series
                  2006-1 

              

      

       

    

    

    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

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      B-4

    

    FORM
      OF
      ENDORSEMENT

    

    Pay
      to
      the order of
      Citibank, N.A., as trustee (the “Trustee”), under a Trust Agreement dated as of
      January 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 2006-1,
      without
      recourse.

    

    

    

    __________________________________

    [current
      signatory on note]

    

    By:_______________________________

    Name:

    Title:

    

    

    

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    REQUEST
      FOR RELEASE OF DOCUMENTS AND RECEIPT

     

    
      
        	 	
                ____________

              
	 	
                       
                  Date

              

      

       

    

    [Addressed
      to Trustee

    or,
      if
      applicable, Custodian]

    

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Trust Agreement dated as of January 1, 2006 by and among Structured
      Asset Securities Corporation, as Depositor, Citibank, N.A., 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 Purchase Price has
      been credited to the Certificate Account pursuant to the Trust
      Agreement.)

    

    5. Other.
      (Describe)

    

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Trust Agreement and will
      be
      returned to you within ten (10) days of our receipt of the Mortgage File, except
      if the Mortgage Loan has been paid in full, or repurchased or substituted for
      a
      Qualifying Substitute Mortgage Loan (in which case the Mortgage File will be
      retained by us permanently) and except if the Mortgage Loan is being foreclosed
      (in which case the Mortgage File will be returned when no longer required by
      us
      for such purpose).

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Trust
      Agreement.

     

    
      

      _________________________________

      [name
        of
        Servicer]

      

      By:______________________________

      Name:
        

      Title:
        Servicing Officer 

    

    
 

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-1

    

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

    
      

      
        	
                STATE
                  OF 

              	
                )

              
	 	
                )
                  ss:

              
	
                COUNTY
                  OF

              	
                )

              

      

      
 

    

    [NAME
      OF
      OFFICER], _________________ being first duly sworn, deposes and
      says:

    

    
      	 	
              1.

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

            

    

    

    
      	 	
              2.

            	
              That
                the Purchaser’s Taxpayer Identification Number is
                [           ].

            

    

    

    
      	 	
              3.

            	
              That
                the Purchaser is not a “disqualified organization” within the meaning of
                Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
                (the
                “Code”) and will not be a “disqualified organization” as of [date of
                transfer], and that the Purchaser is not acquiring a Residual Certificate
                (as defined in the Agreement) for the account of, or as agent (including
                a
                broker, nominee, or other middleman) for, any person or entity from
                which
                it has not received an affidavit substantially in the form of this
                affidavit. For these purposes, a “disqualified organization” means the
                United States, any state or political subdivision thereof, any foreign
                government, any international organization, any agency or instrumentality
                of any of the foregoing (other than an instrumentality if all of
                its
                activities are subject to tax and a majority of its board of directors
                is
                not selected by such governmental entity), any cooperative organization
                furnishing electric energy or providing telephone service to persons
                in
                rural areas as described in Code Section 1381(a)(2)(C), any “electing
                large partnership” within the meaning of Section 775 of the Code, or any
                organization (other than a farmers’ cooperative described in Code Section
                521) that is exempt from federal income tax unless such organization
                is
                subject to the tax on unrelated business income imposed by Code Section
                511.

            

    

    

    
      	 	
              4.

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

            

    

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    

    
      	 	
              5.

            	
              That
                the Purchaser hereby acknowledges that under the terms of the Trust
                Agreement (the “Agreement”) by and among Structured Asset Securities
                Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer,
                and Citibank,
                N.A.,
                as Trustee, dated as of January 1, 2006, relating to Lehman XS Trust
                Mortgage Pass-Through Certificates, Series 2006-1, 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.

            

    

    

    
      	 	
              8.

            	
              That
                the Purchaser will not transfer a Residual Certificate to any person
                or
                entity (i) as to which the Purchaser has actual knowledge that the
                requirements set forth in paragraph 3, paragraph 6 or paragraph 10
                hereof
                are not satisfied or that the Purchaser has reason to believe does
                not
                satisfy the requirements set forth in paragraph 7 hereof, and (ii)
                without
                obtaining from the prospective Purchaser an affidavit substantially
                in
                this form and providing to the Trustee a written statement substantially
                in the form of Exhibit D-2 to the
                Agreement.

            

    

    

    
      	 	
              9.

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

            

    

    

    
      	 	
              10.

            	
              That
                the Purchaser (i) is not a Non-U.S. Person or (ii) is a Non-U.S.
                Person
                that holds a Residual Certificate in connection with the conduct
                of a
                trade or business within the United States and has furnished the
                transferor and the Trustee with an effective Internal Revenue Service
                Form
                W-8ECI
                (Certificate of Foreign Person’s Claim for Exemption From Withholding on
                Income Effectively Connected With the Conduct of a Trade or Business
                in
                the United States)
                or
                successor form at the time and in the manner required by the Code
                or (iii)
                is a Non-U.S. Person that has delivered to both the transferor and
                the
                Trustee an opinion of a nationally recognized tax counsel to the
                effect
                that the transfer of such Residual Certificate to it is in accordance
                with
                the requirements of the Code and the regulations promulgated thereunder
                and that such transfer of a Residual Certificate will not be disregarded
                for federal income tax purposes. “Non-U.S. Person” means an individual,
                corporation, partnership or other person other than (i) a citizen
                or
                resident of the United States; (ii) a corporation, partnership or
                other
                entity created or organized in or under the laws of the United States
                or
                any state thereof, including for this purpose, the District of Columbia;
                (iii) an estate that is subject to U.S. federal income tax regardless
                of
                the source of its income; (iv) a trust if a court within the United
                States
                is able to exercise primary supervision over the administration of
                the
                trust and one or more United States trustees have authority to control
                all
                substantial decisions of the trust; and,
                (v) to the extent provided in Treasury regulations, certain trusts
                in
                existence on September 20, 1996 that are treated as United States
                persons
                prior to such date and elect to continue to be treated as United
                States
                persons.

            

    

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

    

    
      	 	
              11.

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

            

    

    

    
      	 	
              12.

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

            

    

    

    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:
      

    

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

    

    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-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-2

    

    RESIDUAL
      CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

    
      

        
          	 	
                  ____________

                
	 	
                         
                    Date

                

        

        

          
            	 	
                    Re:

                  	
                    Lehman
                      XS Trust 
Mortgage Pass-Through Certificates, 
Series
                      2006-1

                  

          

        

      

    

    
      
      

    

    

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

    

      
        	 	Very truly
                yours,
	 	 
	 	
                _______________________________

              
	 	
                
                  Name:

                  Title:

                

              

      

      

    

     

     

    
      
        
        

      

      
        D-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

    

    SERVICING
      AGREEMENTS

    

    

    

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      F

    

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

    

      
        	 	
                Re:

              	
                Lehman
                  XS Trust 
Mortgage Pass-Through Certificates 
Series
                  2006-1

              

      

    

    
 

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

    

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

    

    _____________________________________

    [Name
      of
      Transferor]

    

    By:__________________________________

    Name:

    Title:

    

    Dated:
      ___________, ____

    

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

    

    FORM
      OF
      PURCHASER’S LETTER FOR

    INSTITUTIONAL
      ACCREDITED INVESTOR

    

      
        	 	
                ____________

              
	 	
                       
                  Date

              

      

      
Dear
        Sirs:

    

    

    In
      connection with our proposed purchase of $______________ principal amount of
      Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-1 (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 January
                1,
                2006 by and among the Depositor, Aurora Loan Services LLC, as Master
                Servicer, and Citibank,
                N.A.,
                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 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.

            

    

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

    

    
      	
              (4)

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

            

    

    

    
      	(5)	
              We
                have received such information as we deem necessary in order to make
                our
                investment decision.

            

    

    

    
      	(6)	
              If
                we are acquiring ERISA-Restricted Certificates, we understand that
                in
                accordance with ERISA, the Code and the Exemption, no Plan and no
                person
                acting on behalf of such a Plan may acquire such Certificate except
                in
                accordance with Section 3.03(d) of the Trust
                Agreement.

            

    

    

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

    

    

     

    
      
        
        

      

      
        G-2

        
          

        

      

      
        
        

      

    

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

    

    Very
      truly yours,

    

     

    [Purchaser]

    

    By:
      ________________________________

    Name:
      

    Title:

    

    

    

    

    
      
        
        

      

      
        G-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

    

    FORM
      OF
      ERISA TRANSFER AFFIDAVIT

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            

    

    

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

    

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

    

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

    

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

    

    4. The
      Investor hereby acknowledges that under the terms of the Trust Agreement (the
      “Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer, and Citibank,
      N.A.,
      as
      Trustee, dated as of January 1, 2006, regarding Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2006-1, no transfer of the ERISA-Restricted
      Certificates or the ERISA-Restricted Swap Certificates shall be permitted to
      be
      made to any person unless the Trustee has received a certificate from such
      transferee in the form hereof.

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20___.

    

    _________________________________

    [Investor]

    

    By:______________________________

    Name:

    Title:

    

    ATTEST:

    

    

     

    
      
        

      

    
      	
              STATE
                OF 

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF

            	
              )

            

    

    

    

    Subscribed
      and sworn before me this _____ day of _________ 20___.

    

    ______________________________

    NOTARY
      PUBLIC

    

    My
      commission expires the

    _____
      day
      of __________, 20___.

    

    

    

    

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      I

    

    [RESERVED]

    

    

    

    

    

    

    

    

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      J

    

    [RESERVED]

    

    

    

    

    

    

    

    

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      K

    

    CUSTODIAL
      AGREEMENTS

    

    [To
      be
      inserted]

    

    

    

    

    

    

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      L

    

    [Reserved]

    

    

    

    

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

    FORM
      OF
      BACK-UP CERTIFICATION TO BE PROVIDED TO

    THE
      DEPOSITOR AND/OR THE MASTER SERVICER BY THE TRUSTEE

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2006-1

    

    Aurora
      Loan Services LLC

    327
      Inverness Drive South

    Englewood,
      Colorado 80112

    

    

      
        	 	
                Re:

              	
                Lehman
                  XS Trust 
Mortgage Pass-Through Certificates, Series
                  2006-1

              

      

    

    
 

    Reference
      is made to the Trust
      Agreement dated as of January 1, 2006 (the “Trust Agreement”), by and among
      Citibank, N.A., (the “Trustee”), Aurora Loan Services LLC, as master servicer
      (the “Master Servicer”), and Structured Asset Securities Corporation, as
      depositor (the “Depositor”). The Trustee
      hereby certifies to the Depositor and the Master Servicer, and its officers,
      directors and affiliates, and with the knowledge and intent that they will
      rely
      upon this certification, that:

    

    
      	 	
              (i)
                

            	
              The
                Trustee has reviewed the annual report on Form 10-K for the fiscal
                year [
                ], and all reports on Form 10-D containing distribution reports filed
                in
                respect of periods included in the year covered by that annual report,
                relating to the above-referenced
                trust;

            

    

    

    
      	 	
              (ii)
                

            	
              Based
                solely upon the information provided to us pursuant to Sections 6.20(d)
                and 6.20(e) and the information provided by us pursuant to Sections
                6.20(d) and 6.20(e), the information set forth in the reports referenced
                in (i) above does not contain any untrue statement of material fact;
                and

            

    

    

    
      	 	
              (iii)
                

            	
              Based
                on my knowledge, the distribution information required to be provided
                by
                the Trustee under the Trust Agreement is included in these
                reports.

            

    

    

    

    Date:

    

    Citibank,
      N.A., as Trustee

    

    By: ____________________________

    Name: ____________________________

    Title: ____________________________

    

    

    

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N-1

    FORM
      OF
      CLASS 1-A1 CAP AGREEMENT

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N-2

    FORM
      OF
      SWAP AGREEMENT

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

    

    FORM
      OF
      CERTIFICATION REGARDING SERVICING CRITERIA TO BE ADDRESSED IN REPORT ON
      ASSESSMENT OF COMPLIANCE

     

    

    To:

    

    Structured
      Asset Securities Corporation

    745
      7th
      Avenue, 7th Floor

    New
      York,
      New York 10019

    

    Lehman
      Brothers Holdings Inc.

    745
      7th
      Avenue, 7th Floor

    New
      York,
      New York 10019

    

    Reference
      is made to that certain Trust Agreement dated as of January 1, 2006 (the
“Agreement”), by and among Citibank, N.A. (the “Trustee”), Aurora Loan Services
      LLC, as master servicer (the “Master Servicer”), and Structured Asset Securities
      Corporation, as depositor (the “Depositor”) with respect to Lehman XS Trust
      Mortgage Pass-Through Certificates, Series 2006-1. This certification is
      delivered pursuant to Section [6.01] [9.25] of the Agreement. Capitalized terms
      used herein but not otherwise defined shall have the meanings set forth in
      the
      Agreement.

    

    _________________________,
      the undersigned, a duly authorized _______________ of the [Trustee] [Master
      Servicer], does hereby certify that the assessment of compliance to be delivered
      by the [Trustee] [Master Servicer] shall
      address, at a minimum, the criteria identified below as “Applicable Servicing
      Criteria” as identified by a mark in the column titled “Applicable Servicing
      Criteria.”

     

    
      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  

                Servicing
                  Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                General
                  Servicing Considerations

              	
                 

              
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  

                Servicing
                  Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, 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 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 prevent unauthorized
                  access.

              	 
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	 
	
                 

              	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	 
	
                 

              	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	 
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan 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 mortgage loan documents.

              	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Servicing
                  Crtiteria 

              	
                Applicable
                  

                Servicing
                  Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (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., 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 mortgage
                  loan 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 mortgage loans 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 mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  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 mortgage loan
                  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 mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 
	
                 

              	
                 

              	
                 

              

      

    

    

    

     

    [Signature
      Page Follows]

     

    

     

    [____________________],

    as
      [________]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title: 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P

    

    TRANSACTION
      PARTIES

     

    Sponsor
      and Seller: Lehman Brothers Holdings Inc.

    

    Depositor:
      Structured Asset Securities Corporation

    

    Trustee:
      Citibank, N.A. 

    

    Master
      Servicer: Aurora Loan Services LLC

    

    Swap
      Counterparty: ABN AMRO Bank N.V.

    

    Cap
      Counterparty: Lehman
      Brothers Special Financing Inc.

    

    Servicer(s):
      Aurora Loan Services LLC, SunTrust Mortgage Inc. and Wells Fargo Bank,
      N.A.

    

    Originator(s):
      Lehman Brothers Bank FSB and Wells Fargo Bank, N.A.

    

    Custodian(s):
      LaSalle Bank National Association, U.S. Bank National Association and Wells
      Fargo Bank, N.A.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

    

    MORTGAGE
      LOAN SCHEDULE

    

    [On
      file
      with McKee Nelson LLP]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]