Document:

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

      This Amended and Restated Registration Rights Agreement (this
"Agreement"), dated as of May 25, 2006, by and among World Waste Technologies,
Inc., a California corporation (the "Company") and the individuals and entities
set forth on Exhibit A hereto (the "Preferred Holders").

                                    RECITALS

      A. The Company has previously entered into that certain Registration
Rights Agreement (the "Prior Registration Rights Agreement") dated April 28,
2005 with certain of the Preferred Holders (the "Series A Holders"), pursuant to
a Securities Purchase Agreement dated April 28, 2005 entered into between the
Company and the Series A Holders (the "Original Purchase Agreement").

      B. Concurrently with the execution of this Agreement, the Company is
entering into Securities Purchase Agreements (collectively, the "Purchase
Agreement") with certain investors (the "Series B Holders") pursuant to which
the Series B Holders have agreed to purchase an aggregate of up to 161,000
shares of the Company's 8% Series B Cumulative Redeemable Convertible Preferred
Stock (the "Series B Preferred Stock"), together with warrants to purchase
shares of Common Stock (the "Warrants").

      C. The Prior Registration Rights Agreement provides that it may be amended
by the written agreement of the Company and the holders of at least a majority
of the Registrable Shares then outstanding.

      D. The parties to this Agreement include the holders of at least a
majority of the outstanding Registrable Shares.

      E. To satisfy a condition to the closing of the transactions contemplated
by the Securities Purchase Agreement, the Series A Holders party hereto and the
Company desire to amend and restate the Prior Registration Rights Agreement as
provided for herein, and in so doing, to supersede the Prior Registration Rights
Agreement in its entirety.

      NOW, THEREFORE, in consideration of the premises and mutual covenants and
obligations hereinafter set forth, the Company and the Holders hereby agree as
follows:

      Section 1. Definitions.

      As used in this Agreement, the following terms shall have the following
meanings:

            (a) "Closing Deadline" means May 25, 2006.

            (b) "Commission" means the Securities and Exchange Commission or any
other Federal agency at the time administering the Securities Act.

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            (c) "Common Stock" means the common stock of the Company.

            (d) "Effectiveness Date" means the one hundred eightieth (180th) day
after the Closing Deadline.

            (e) "Exchange Act" means the Securities Exchange Act of 1934 or any
successor Federal statute, and the rules and regulations of the Commission
promulgated thereunder, all as the same shall be in effect from time to time.

            (f) "Filing Date" means the sixtieth (60) day after the Closing
Deadline.

            (g) "Holders" means the Series A Holders, the Series B Holders and
the Insiders, collectively.

            (h) "Insiders" means the individuals and entities set forth on
Exhibit B hereto.

            (i) "Insider Shares" means the Registrable Shares held by the
Insiders.

            (j) "Other Shares" means at any time those shares of Common Stock
which do not constitute Primary Shares or Restricted Shares.

            (k) "Person" shall be construed broadly and shall include an
individual, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated
organization, or a governmental entity (or any department, agency, or political
subdivision thereof).

            (l) "Preferred Stock" means the Series A Preferred Stock and the
Series B Preferred Stock, collectively.

            (m) "Primary Shares" means at any time the authorized but unissued
shares of Common Stock and shares of Common Stock held by the Company in its
treasury.

            (n) "Qualified Public Offering" means the sale of the Company's
Common Stock in a public offering underwritten by an investment bank reasonably
acceptable to the holders of a majority of the then-outstanding shares of
Preferred Stock, registered under the Securities Act with a per share price to
the public of at least $5.00 per share (as adjusted for any stock dividends,
combination or splits with respect to such shares) and for a total gross
offering amount of at least $20 million, other than a registration relating
solely to a transaction under Rule 145 under the Securities Act (or any
successor thereto) or to an employee benefit plan of the Company.

            (o) "Registrable Shares" means at any time, with respect to the
Holders, the shares of Common Stock (including the shares of Common Stock
issuable upon conversion of the Preferred Stock and exercise of the Warrants)
held by or issuable to the Preferred Holders which constitute Restricted Shares
and the shares of Common Stock held by the Insiders which constitute Restricted
Shares.

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            (p) "Restricted Shares" means (i) shares of Common Stock held by or
issuable to the Preferred Holders, including shares issuable upon the conversion
of shares of Preferred Stock and exercise of the Warrants or issued to a
Preferred Holder pursuant to the terms thereof and any other securities which by
their terms are exercisable or exchangeable for or convertible into Common Stock
or other securities which are so exercisable or convertible and any securities
received in respect thereof, which are held by the Preferred Holders; and (ii)
Insiders Shares and any other securities which by their terms are exercisable or
exchangeable for or convertible into Common Stock or other securities which are
so exercisable or convertible and any securities received in respect thereof,
which are held by the Insiders. As to any particular Restricted Shares, once
issued, such Restricted Shares shall cease to be Restricted Shares when (i) they
have been registered under the Securities Act, the registration statement in
connection therewith has been declared effective and they have been disposed of
pursuant to such effective registration statement, (ii) they are eligible to be
sold or distributed pursuant to Rule 144(k) of the Securities Act without
notice, manner of sale or volume limitations, or (iii) they shall have ceased to
be outstanding.

            (q) "Securities Act" means the Securities Act of 1933, as amended or
any successor Federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect from time to time.

      Section 2. Registration.

      The Company shall prepare and file, on or prior to the Filing Date, a
registration statement with the Commission under the Securities Act covering the
resale of the Registrable Shares, and shall cause such registration statement to
be declared effective under the Securities Act as promptly as possible
thereafter, but in no event later than the Effectiveness Date, and shall,
subject to clause (b) below, keep such registration statement effective until
such time as all Restricted Shares beneficially owned by the Preferred Holders
shall have been sold pursuant thereto or such shares no longer constitute
Restricted Shares and all restrictive legends and any stop transfer instructions
relating thereto have been removed therefrom, from this Agreement, the Original
Purchase Agreement, the Purchase Agreement and the Warrants.

      Notwithstanding the foregoing:

            (a) the Company shall not be obligated to file and cause to become
effective (i) more than one registration statement, or (ii) any registration
statement during any period in which any other registration statement (other
than on Form S-8 promulgated under the Securities Act or any successor forms
thereto) pursuant to which Primary Shares are to be or were sold has been filed
and not withdrawn or has been declared effective within the prior ninety (90)
days provided, however, that notwithstanding the forgoing, once the registration
statement referred to in the first paragraph of this Section 2 shall have become
effective the Company shall, subject to clause (b) below, amend and supplement
such registration statement as may be necessary to maintain the effectiveness
thereof;

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            (b) the Company may delay the filing or effectiveness of any
registration statement or suspend the sale of Restricted Shares under a
registration statement pursuant to this Section 2 if (i) the Company is engaged,
or has fixed plans to engage within ninety (90) days of the time of such
request, in a Qualified Public Offering of Primary Shares, or (ii) there is
material non-public information regarding the Company which the Company's Board
of Directors (the "Board") reasonably determines not to be in the Company's best
interest to disclose and which the Company is not otherwise required to
disclose, or (iii) there is a significant business opportunity (including, but
not limited to, the acquisition or disposition of assets (other than in the
ordinary course of business) or any merger, consolidation, tender offer or other
similar transaction) available to the Company which the Board reasonably
determines not to be in the Company's best interest to disclose which the
Company is not otherwise required to disclose and which the Company would be
required to disclose under the registration statement, or (iv) the Company
reasonably determines that such registration and offering would interfere with
any material transaction involving the Company, as approved by the Board or
would impair in any manner the registration rights granted to holders of Other
Shares prior to the date of this Agreement; provided, however, that no such
delay or suspension shall exceed 30 days and all delays and suspensions pursuant
to this paragraph (b) shall not exceed 90 days in any 360 day period;

            (c) with respect to the registration pursuant to this Section 2, the
Company shall give notice of such registration to the Insiders and the holders
of all Other Shares which are entitled to registration rights under a written
agreement with the Company that would permit such holders to be included in such
registration, and the Company may include in such registration any shares held
by such holders, as well as Primary Shares, provided that, notwithstanding
anything to the contrary in this Agreement, as between the Company and the
Preferred Holders, any additional cost of including any such shares shall be the
responsibility of the Company; and provided, further, however, that if the
method of disposition selected by the Preferred Holders is an underwritten
public offering and the managing underwriter of such offering advises the
Company that the inclusion of all shares proposed to be included in such
registration would interfere with the successful marketing (including pricing)
of the Restricted Shares proposed to be included in such registration, then the
number of shares proposed to be included in such registration shall be included
in the following order:

                  (i) first, the Registrable Shares held by (x) the Preferred
Holders, (y) any other holders of Series B Preferred Stock which are entitled to
registration rights under a written agreement with the Company that would permit
such holders to be included in such registration and (z) the holders of any
Other Shares which are, as of the date hereof, entitled to registration rights
under a written agreement with the Company that would permit such holders to be
included in such registration (or, if necessary, such Registrable Shares pro
rata among the holders thereof);

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<PAGE>

                  (ii) second, the remaining Other Shares which are entitled to
registration rights; and

                  (iii) third, the Insider Shares.

            (d) Without the consent of a majority in interest of the Holders of
Registrable Shares participating in a registration referred to in this Section
2, no securities other than Registrable Shares held by Preferred Holders shall
be covered by such registration if the inclusion of such other securities would
result in a reduction of the number of Registrable Shares covered by such
registration or included in any underwriting or if, in the opinion of the
managing underwriter, the inclusion of such other securities would adversely
impact the marketing of such offering;

            (e) if the method of disposition requested by the Preferred Holders
is an underwritten public offering, the Company shall have the right approve the
underwriters of such offering as designated by the Preferred Holders, such
approval not to be unreasonably withheld (it being agreed that a regional or
nationally recognized investment bank shall be acceptable to the Company); and

            (f) at any time before the registration statement covering
Restricted Shares becomes effective, the Preferred Holders may request the
Company to withdraw or not to file the registration statement. In order to count
as the registration to be effected pursuant to this Section 2, the registration
statement in respect thereof must have not been withdrawn and all Registrable
Shares held by Preferred Holders must have been so included on an effective
registration statement. Notwithstanding the foregoing, if such withdrawal or
failure to include such shares shall not have been caused by, or made in
response to, a Material Adverse Effect, the Preferred Holders shall be deemed to
have used their registration rights under this Agreement and the Company shall
no longer be obligated to register such Restricted Shares.

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<PAGE>

      Section 3. Failure to File Registration Statement and Other Events. The
Company and the Preferred Holders agree that the Preferred Holders will suffer
damages if the registration statement is not filed on or prior to the Filing
Date or is not declared effective by the Commission on or prior to the
Effectiveness Date and maintained in the manner contemplated herein during the
Effectiveness Period. The Company and the Preferred Holders further agree that
it would not be feasible to ascertain the extent of such damages with precision.
Accordingly, if (i) the registration statement is not filed on or prior to the
Filing Date, (ii) is not declared effective by the Commission on or prior to the
Effectiveness Date, or (iii) the registration statement is filed with and
declared effective by the Commission but thereafter ceases to be effective at
any time that it is required to be so effective other than as contemplated by,
and then only to the extent in excess of the period permitted by, clause (b) of
Section 2, without being succeeded within a reasonable period by a subsequent
registration statement filed with and declared effective by the Commission (any
such failure or breach being referred to as an "Event"), the Company shall pay
as liquidated damages for such failure or breach and not as a penalty (the
"Liquidated Damages") to each Preferred Holder an amount equal to one percent
(1%) of the purchase price of the shares of Preferred Stock then held by such
Preferred Holder for each thirty (30) day period during which any Event
described in subsections (i), (ii) or (iii) above occurs and is continuing, pro
rated for any period less than thirty (30) days, following the Event until the
applicable Event has been cured; provided, however, the Preferred Holders shall
conclusively be deemed to have waived any Liquidated Damages resulting from the
registration statement ceasing to remain effective after being declared
effective by the Commission if the Company cures such breach prior to the end of
the first thirty (30) day period thereafter. Notwithstanding the foregoing, in
no event shall the Company be required to pay Liquidated Damages to any
Preferred Holder in excess of six percent (6%) of the purchase price of the
shares of Preferred Stock held by such Preferred Holder. Payments to be made
pursuant to this Section 3 shall be due and payable immediately upon demand and
all Liquidated Damages shall be paid by the issuance by the Company of a number
of additional fully paid non-assessable shares of Series B Preferred Stock, in
the case of Series B Holders, and Series A Preferred Stock, in the case of
Series A Holders, in the name of the registered Holder equal to the amount of
Liquidated Damages due divided by the purchase price per share of Preferred
Stock (as adjusted for any stock split, reverse stock split, reclassification,
or similar event). The parties agree that the Liquidated Damages represent a
reasonable estimate on the part of the parties, as of the date of this
Agreement, of the amount of damages that may be incurred as a result of an
Event. The remedies provided in this Agreement and the Purchase Agreement are
cumulative and not exclusive of any remedies provided by law. In the event of a
breach by the Company or by the Holders of any of their obligations under this
Agreement, the Holders or the Company, as the case may be, in addition to being
entitled to exercise all rights granted by law and under this Agreement,
including recovery of damages, will be entitled to specific performance of their
rights under this Agreement. The Company and the Holders agree that monetary
damages would not provide adequate compensation for any losses incurred by
reason of a breach by it of any of the provisions of this Agreement and hereby
further agrees that, in the event of any action for specific performance in
respect of such breach, it shall waive the defense that a remedy at law would be
adequate.

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      Section 4. Preparation and Filing.

      If and whenever the Company is under an obligation pursuant to the
provisions of this Agreement to effect the registration of any Restricted
Shares, the Company shall:

            (a) subject to the provisions of Section 2, cause a registration
statement that registers such Restricted Shares to become and remain effective
until all of such Restricted Shares have been disposed of or the such shares are
no longer Restricted Shares;

            (b) furnish, at least five business days before filing a
registration statement that registers such Restricted Shares, a prospectus
relating thereto or any amendments or supplements relating to such a
registration statement or prospectus, to one counsel selected by the Preferred
Holders, on behalf of the Preferred Holders (the "Holders' Counsel"), and copies
of all such documents proposed to be filed (it being understood that such
five-business-day period need not apply to successive drafts of the same
document proposed to be filed so long as such successive drafts are supplied to
the Holders' Counsel in advance of the proposed filing by a period of time that
is customary and reasonable under the circumstances);

            (c) subject to the provisions of Section 2, prepare and file with
the Commission such amendments and supplements to such registration statement
and the prospectus used in connection therewith as may be necessary to keep such
registration statement effective for the period set forth above in (a) or until
all of such Restricted Shares have been disposed of (if earlier) and to comply
with the provisions of the Securities Act with respect to the sale or other
disposition of such Restricted Shares;

            (d) notify in writing the Holders' Counsel promptly (i) of the
receipt by the Company of any notification with respect to any comments by the
Commission with respect to such registration statement or prospectus or any
amendment or supplement thereto or any request by the Commission for the
amending or supplementing thereof or for additional information with respect
thereto, (ii) of the effectiveness of such registration statement or any
post-effective amendment thereto, (iii) of the receipt by the Company of any
notification with respect to the issuance by the Commission of any stop order
suspending the effectiveness of such registration statement or prospectus or any
amendment or supplement thereto or the initiation or threatening of any
proceeding for that purpose and (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification of such
Restricted Shares for sale in any jurisdiction or the initiation or threatening
of any proceeding for such purposes;

            (e) use commercially reasonable efforts to obtain the withdrawal of
any order suspending the effectiveness of the registration statement;

            (f) use commercially reasonable efforts to register or qualify such
Restricted Shares under such other securities or blue sky laws of such
jurisdictions as the Holders reasonably requests and do any and all other acts
and things which may be reasonably necessary or advisable to enable the Holders
to consummate the disposition in such jurisdictions of the Restricted Shares
owned by the Holders; provided, however, that the Company will not be required
to qualify generally to do business, subject itself to general taxation or
consent to general service of process in any jurisdiction where it would not
otherwise be required to do so but for this paragraph;

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            (g) furnish to the Holders at least one signed and such additional
number of copies of such registration statement and of each amendment and
supplement thereto (in each case including all exhibits), such number of copies
of the prospectus, including a preliminary prospectus, if any, in conformity
with the requirements of the Securities Act, and such other documents as the
Holders may reasonably request in order to facilitate the public sale or other
disposition of such Restricted Shares;

            (h) notify the Holders on a timely basis at any time when a
prospectus relating to such Restricted Shares is required to be delivered under
the Securities Act, of the happening of any event as a result of which the
prospectus included in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing and prepare and furnish
to the Holders a reasonable number of copies of a supplement to or an amendment
of such registration statement or prospectus as may be necessary so that, as
thereafter delivered to the offerees of such shares, such prospectus shall not
include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading;

            (i) in the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter of such offering;

            (j) furnish to any Holder on the date that such Registrable Shares
are delivered to the underwriters for sale in connection with a registration
pursuant to this Agreement, if such securities are being sold through
underwriters, or, if such securities are not being sold through underwriters, on
the date that the registration statement with respect to such securities becomes
effective, an opinion, dated such date, of the counsel representing the Company
for the purposes of such registration, in form and substance as is customarily
given to underwriters in an underwritten public offering, addressed to the
underwriters, if any, and to the Holders;

            (k) on the date that the registration statement with respect to such
securities becomes effective, use commercially reasonable efforts to obtain a
"comfort" letter dated such date, from the independent certified public
accountants of the Company, in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten
public offering, addressed to the underwriters, if any, and to the Holders, and,
if such securities are being sold through underwriters, a reaffirmation of such
letter on the date that such Registrable Securities are delivered to the
underwriters for sale;

            (l) as soon as practicable after the effective date of the
registration statement, and in any event within sixteen (16) months thereafter,
have "made generally available to its security holders" (within the meaning of
Rule 158 under the Securities Act) an earning statement (which need not be
audited) covering a period of at least twelve (12) months beginning after the
effective date of the registration statement and otherwise complying with
Section 11(a) of the Securities Act;

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            (m) provide a transfer agent and registrar for all Registrable
Securities registered pursuant hereunder and a CUSIP number for all such
Registrable Securities, in each case not later than the effective date of such
registration and provide the transfer agent with printed certificates for
Registrable Shares in a form eligible for deposit with The Depositary Trust
Company.

            (n) make available for inspection by a representative of the holders
of a majority in number of the Registrable Securities, any underwriter
participating in any disposition pursuant to such Registration Statement, and
one firm of attorneys or accountants retained by each of the sellers and
underwriter all financial and other records, pertinent corporate documents and
properties of the Company, and cause the Company's officers, directors and
employees to supply all information reasonably requested by any such
representative, underwriter, attorney or accountant in connection with the
registration, with respect to each at such time or times as the Company shall
reasonably determine; subject to reasonable restrictions and agreements to
safeguard the confidentiality of confidential information;

            (o) cooperate and assist in any filings required to be made with the
NASD and in the performance of any due diligence investigation by any
underwriter (including any "qualified independent underwriter" that is required
to be retained in accordance with the rules and regulations of the NASD);

            (p) provide a transfer agent and registrar (which may be the same
entity and which may be the Company) for such Restricted Shares;

            (q) issue to any underwriter to which the Holders holding such
Restricted Shares may sell shares in such offering certificates evidencing such
Restricted Shares;

            (r) list such Restricted Shares on any national securities exchange
on which any shares of the Common Stock are listed or, if the Common Stock is
not listed on a national securities exchange, use commercially reasonable
efforts to qualify such Restricted Shares for inclusion on the automated
quotation system of the National Association of Securities Dealers, Inc. (the
"NASD") or the OTC Bulletin Board; and

            (s) use commercially reasonable efforts to take all other steps
necessary to effect the registration of such Restricted Shares contemplated
hereby in accordance with the provisions of Section 2 hereof.

      Each holder of the Restricted Shares, upon receipt of any notice from the
Company of any event of the kind described in Section 4(h) hereof, shall
forthwith discontinue disposition of the Restricted Shares pursuant to the
registration statement covering such Restricted Shares until such Holder's
receipt of the copies of the supplemented or amended registration statement or
prospectus contemplated by Section 4(h) hereof, and, if so directed by the
Company, such Holder shall deliver to the Company (at the Company's expense) all
copies, other than permanent file copies then in such Holder's possession, of
the prospectus covering such Restricted Shares at the time of receipt of such
notice. No Preferred Holder participating in such underwriting shall be required
to make any representations, warranties or indemnities except as they relate to
such Holder's ownership of shares and authority to enter into the underwriting
agreement and to such Holder's intended method of distribution, and the
liability of such Holder shall be limited to an amount equal to the net proceeds
from the offering received by such Holder.

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      Section 5. Expenses.

      All expenses incurred by the Company in complying with Section 4,
including, without limitation, all registration and filing fees (including all
expenses incident to filing with the NASD), fees and expenses of complying with
securities and blue sky laws, printing expenses, fees and expenses of the
Company's counsel and accountants, and the reasonable fees and expenses of the
Holders' Counsel, shall be paid by the Company. In addition, in connection with
any proposed sale or transfer by a Preferred Holder of any Restricted Shares,
shares of Preferred Stock or Warrants, the Company shall provide, at its
expense, any transfer agent instructions or fees or legal opinions to allow any
such transfer or sale (subject to applicable law) by such Preferred Holder.

      Section 6. Indemnification.

            (a) In connection with any registration of any Restricted Shares
under the Securities Act pursuant to this Agreement, the Company shall indemnify
and hold harmless the holders of Restricted Shares, each underwriter, broker or
any other Person acting on behalf of the holders of Restricted Shares and each
other Person, if any, who controls any of the foregoing Persons within the
meaning of the Securities Act against any losses, claims, damages or
liabilities, joint or several (or actions in respect thereof) and costs and
expenses of enforcing this Section 6, to which any of the foregoing Persons may
become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or
are based upon an untrue statement or allegedly untrue statement of a material
fact contained in the registration statement under which such Restricted Shares
were registered under the Securities Act, any preliminary prospectus or final
prospectus contained therein or otherwise filed with the Commission, any
amendment or supplement thereto or any document incident to registration or
qualification of any Restricted Shares, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading or,
with respect to any prospectus, necessary to make the statements therein in
light of the circumstances under which they were made not misleading, or any
violation by the Company of the Securities Act or registration thereunder, other
federal securities law or regulation thereunder or state securities or blue sky
laws applicable to the Company and relating to action or inaction required of
the Company in connection with such registration or qualification under such
state securities or blue sky laws; and shall reimburse promptly after request
therefor the holders of Restricted Shares, such underwriter, such broker or such
other Person acting on behalf of the holders of Restricted Shares and each such
controlling Person for any legal or other expenses reasonably incurred by any of
them in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Company shall not be liable in
any such case to the extent that any such loss, claim, damage, liability or
action (including any legal or other expenses incurred) arises out of or is
based upon an untrue statement or allegedly untrue statement or omission or
alleged omission made in said registration statement preliminary prospectus,
final prospectus, amendment, supplement or document incident to registration or
qualification of any Restricted Shares in reliance upon and in conformity with
information furnished to the Company by such Holder of Restricted Shares or its
counsel in writing expressly for use in the preparation thereof; provided
further, however, that the foregoing indemnity agreement is subject to the
condition that, insofar as it relates to any untrue statement, allegedly untrue
statement, omission or alleged omission made in any preliminary prospectus but
eliminated or remedied in the final prospectus (filed pursuant to Rule 424 of
the Securities Act), such indemnity agreement shall not inure to the benefit of
any Holder from whom the Person asserting any loss, claim, damage, liability or
expense purchased the Restricted Shares which are the subject thereof, if a copy
of such final prospectus had been made available to such Holder a reasonable
time prior to the sale of such Restricted Shares by such Holder, and such final
prospectus was not delivered to such Person with or prior to the written
confirmation of the sale of such Restricted Shares to such Person.

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            (b) In connection with any registration of Restricted Shares under
the Securities Act pursuant to this Agreement, each Holder of Restricted Shares
shall severally and not jointly indemnify and hold harmless (in the same manner
and to the same extent as set forth in the preceding paragraph of this Section
6) the Company, each director of the Company, each officer of the Company who
shall sign such registration statement, each underwriter, broker or other Person
acting on behalf of the holders of Restricted Shares and each Person who
controls any of the foregoing Persons within the meaning of the Securities Act
with respect to any statement or omission from such registration statement, any
preliminary prospectus or final prospectus contained therein or otherwise filed
with the Commission, any amendment or supplement thereto or any document
incident to registration or qualification of any Restricted Shares, if such
statement or omission was made in reliance upon and in conformity with
information furnished in writing to the Company or such underwriter by or on
behalf of such Holder of Restricted Shares expressly for use in connection with
the preparation of such registration statement, preliminary prospectus, final
prospectus, amendment, supplement or document; provided, however, that the
maximum amount of liability in respect of such indemnification shall be limited,
in the case of each Holder, to an amount equal to the net proceeds actually
received by such Holder from the sale of Restricted Shares effected pursuant to
such registration.

            (c) Promptly after receipt by an indemnified party of notice of the
commencement of any action involving a claim referred to in the preceding
paragraphs of this Section 6, such indemnified party will, if a claim in respect
thereof is made against an indemnifying party, give written notice to the latter
of the commencement of such action. In case any such action is brought against
an indemnified party, the indemnifying party will be entitled to participate in
and to assume the defense thereof, jointly with any other indemnifying party
similarly notified to the extent that it may wish, with counsel reasonably
satisfactory to such indemnified party, and after notice from the indemnifying
party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party shall not be responsible for any legal or other
expenses subsequently incurred by the indemnified party in connection with the
defense thereof; provided, however, that if any indemnified party shall have
reasonably concluded, based upon the advice of counsel, that there may be one or
more legal or equitable defenses available to such indemnified party which are
additional to or conflict with those available to the indemnifying party, or
that such claim or litigation involves or could have an effect upon matters
beyond the scope of the indemnity agreement provided in this Section 6, the
indemnifying party shall not have the right to assume the defense of such action
on behalf of such indemnified party and such indemnifying party shall reimburse
such indemnified party and any Person controlling such indemnified party for
that portion of the fees and expenses of any one counsel retained by the
indemnified party which is reasonably related to the matters covered by the
indemnity agreement provided in this Section 6.

                                       11
<PAGE>

            (d) If the indemnification provided for in this Section 6 is held by
a court of competent jurisdiction to be unavailable to an indemnified party with
respect to any loss, claim, damage, liability or action referred to herein, then
the indemnifying party, in lieu of indemnifying such indemnified party
hereunder, shall contribute to the amounts paid or payable by such indemnified
party as a result of such loss, claim, damage, liability or action in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection
with the statements or omissions which resulted in such loss, claim, damage,
liability or action as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and of the indemnified party shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the indemnifying party or by
the indemnified party and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. No
Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation. Notwithstanding
anything to the contrary in this Section 6, no Holder shall be required,
pursuant to this Section 6, to contribute any amount in excess of the net
proceeds received by such Holder from the sale of securities in the offering to
which the losses, claims, damages, liabilities or expenses of the Holder relate.

            (e) The obligations of the Company and Holders under this Section 6
shall survive the completion of any offering of Registrable Shares in a
registration statement under this Agreement, and otherwise.

            (f) Any indemnity agreements contained herein shall be in addition
to any other rights to indemnification or contribution which any indemnified
party may have pursuant to law or contract and shall remain operative and in
full force and effect regardless of any investigation made or omitted by or on
behalf of any indemnified party.

      Section 7. Lock-up Agreement.

      Notwithstanding any other provisions in this Agreement to the contrary:

            (a) Until the earlier of (i) 90 days following the conversion into
Common Stock of at least 50% of the shares of Series A Preferred Stock purchased
at the Closings (as defined in the Original Purchase Agreement), or (ii) 90 days
following the closing of a Qualified Public Offering (the first to occur of such
events being referred to as the "Trigger Event"), each Insider, individually and
not jointly hereby agrees that he shall not offer, sell, contract to sell, lend,
pledge, grant any option to purchase, make any short sale or otherwise dispose
of any shares of Common Stock, or any options or warrants to purchase any shares
of Common Stock, or any securities convertible into, exchangeable for or that
represent the right to receive shares of Common Stock, whether now owned or
hereinafter acquired, owned directly (including holding as a custodian) or with
respect to which the he has beneficial ownership within the rules and
regulations of the Commission (collectively the "Lock-up Shares"), without the
prior consent of the holders of at least a majority of the then-outstanding
shares of Series A Preferred Stock.

                                       12
<PAGE>

            (b) Notwithstanding the foregoing, (x) each Insider may transfer (i)
all or any portion of his Lock-up Shares as a bona fide gift or gifts, provided
that the donee or donees thereof agree to be bound by the restrictions set forth
herein, (ii) all or any portion of his Lock-up Shares to any trust for the
direct or indirect benefit of the Insider or the immediate family of the
Insider, provided that the trustee of the trust agrees to be bound by the
restrictions set forth herein, and provided further that any such transfer shall
not involve a disposition for value, and (iii) up to the number of shares equal
to 5% of his holdings as of the Closing (as defined in the Original Purchase
Agreement) on each of the Operational Date (as defined in the Original Purchase
Agreement) and on each 12-month anniversary of the Operational Date (provided
that if any such Insider does not sell the full 5% on the Operational Date or on
any 12-month anniversary thereof, he may carry over the unsold portion to
subsequent periods), (y) each of Eddie Campos and his affiliates (collectively)
and Darren Pederson and his affiliates (collectively) may transfer up to an
additional 25,000 shares at any time, and (z) Steve Racoosin may transfer
additional shares in accordance with a 10b5-1 trading plan previously approved
by the Series A Holders. For purposes hereof, "immediate family" shall mean any
relationship by blood, marriage or adoption, not more remote than first cousin.
On the 91st day following the Trigger Event (the "Sale Date"), the provisions of
Section 7(a) shall no longer be in effect, except that each Insider agrees that
he will limit his sales in each of the first four 90 day periods following the
Sale Date to that number of shares as equals 25% of his holdings as of the
Trigger Event.

            (c) Each Insider also agrees (i) to the entry of stop transfer
instructions with the Company's transfer agent and registrar against the
transfer of the Lock-up Shares except in compliance with the foregoing
restrictions and (ii) promptly following the date hereof, to deliver the
certificates representing his shares of Common Stock to the Company, whereby the
Company shall imprint a legend on the back of such certificates referencing the
foregoing transfer restriction. After taking such action, the Company will
re-deliver such certificates to the Insiders as promptly as practicable.

      Section 8. Information by Holder.

      The Holders shall furnish to the Company such written information
regarding the Holders and the distribution proposed by the Holders as the
Company may reasonably request and as shall be reasonably required in connection
with any registration, qualification or compliance referred to in this
Agreement.

            (a) Reports Under the Exchange Act. With a view to making available
to the Holders the benefits of Rule 144 under the Securities Act and any other
rule or regulation of the SEC that may at any time permit a Holder to sell
securities of the Company to the public without registration, the Company agrees
at all times to:

                                       13
<PAGE>

                  (i) make and keep public information available, as those terms
are understood and defined in Rule 144 under the Securities Act;

                  (ii) file with the SEC in a timely manner all reports and
other documents required of the Company under the Securities Act and the
Exchange Act;

                  (iii) furnish to any Holder, so long as the Holder owns any
Registrable Securities, forthwith upon request (i) a written statement by the
Company that it has complied with the reporting requirements of Rule 144 under
the Securities Act and the Securities Act and Exchange Act (at any time after it
has become subject to such reporting requirements) or that it qualifies as a
registrant whose securities may be resold pursuant to Form S-3 (at any time it
so qualifies), (ii) a copy of the most recent annual or quarterly report of the
Company and such other reports and documents so filed by the Company, and (iii)
such other information as may be reasonably requested in availing any Holder of
any rule or regulation of the SEC which permits the selling of any such
securities without registration or pursuant to such form

                    (A) furnish to any Preferred Holder an opinion of counsel to
the Company addressed to the Company's transfer agent authorizing the proposed
sale under Rule 144 (assuming such Rule is available).

      Section 9. Termination.

      This Agreement shall terminate and be of no further force or effect on the
earlier of (i) when there shall no longer be any Restricted Shares outstanding
or (ii) such time as all of such remaining Restricted Shares may be sold in
accordance with Rule 144 within any consecutive three (3) month period.

      Section 10. Successors and Assigns.

      Subject to the provisions of Section 11, this Agreement shall bind and
inure to the benefit of the Company and the Holders and the respective
successors and assigns of the Company and the Holders.

      Section 11. Assignment.

      The rights to cause the Company to register Registrable Securities
pursuant to this Agreement may be assigned in whole or in part by a Holder to
one or more of its Affiliates (including, without limitation, in the case of the
Preferred Holders, transfers between them and to their respective members and
partners and any members or partners thereof) or to one or more transferees or
assignees of the Registrable Securities owned by such Holder, provided that (in
each case) such transferee or assignee delivers to the Company a written
instrument by which such transferee or assignee agrees to be bound by the
obligations imposed on Holders under this Agreement to the same extent as if
such transferee or assignee was a party hereto; provided, further, such
assignment shall not require registration under the Securities Act. Except as
specifically permitted in the preceding sentence, neither this Agreement nor any
Holder's rights or privileges under this Agreement can be assigned or
transferred in whole or in part without the prior written consent of the other
parties.

                                       14
<PAGE>

      Section 12. Holder Lockup.

      Each Holder hereby agrees that such Holder shall not offer, sell, contract
to sell, lend, pledge, grant any option to purchase, make any short sale or
otherwise dispose of any Common Stock (or other securities) of the Company held
by such Holder for a period specified by the representative of the underwriters
of Common Stock (or other securities) of the Company not to exceed 60 days prior
to, or one hundred eighty (180) days following, the effective date of a
registration statement of the Company filed under the Securities Act; provided
that such agreement shall apply only to a Qualified Public Offering.

      Section 13. Entire Agreement.

      This Agreement and the other writings referred to herein or therein or
delivered pursuant hereto or thereto, contain the entire agreement among the
Company and the Holders with respect to the subject matter hereof and supersede
the Prior Registration Rights Agreement and all other prior and contemporaneous
arrangements or understandings with respect thereto.

      Section 14. Notices.

      All notices, requests, consents and other communications hereunder to any
party shall be deemed to be sufficient if contained in a written instrument
delivered in Person or sent by facsimile, nationally-recognized overnight
courier or first class registered or certified mail, return receipt requested,
postage prepaid, addressed to such party at the address set forth below or such
other address as may hereafter be designated in writing by such party to the
other parties:

      (i)   if to the Company to:

            World Waste Technologies, Inc.
            13520 Evening Creek Drive
            Suite 130
            San Diego, California 92128
            Telephone: (858) 391-3400
            Facsimile: (858) 486-3352
            Attention: CFO

            with a copy to (which shall not constitute notice):

            Troy & Gould Professional Corporation
            1801 Century Park East, 16th Floor
            Los Angeles, CA
            Facsimile: (310) 201-4746
            Attention: Lawrence Schnapp, Esq.

      (ii)  if to the Holders, to the addresses set forth on the signature pages
hereto.

All such notices, requests, consents and other communications shall be deemed to
have been delivered (a) in the case of personal delivery or delivery by
telecopy, on the date of such delivery, (b) in the case of dispatch by
nationally-recognized overnight courier, on the next business day following such
dispatch and (c) in the case of mailing, on the third business day after the
posting thereof.

                                       15
<PAGE>

      Section 15. Modifications; Amendments, Waivers.

      The terms and provisions of this Agreement may not be modified or amended,
nor may any provision be waived, except pursuant to a writing signed by the
Company, the holders of at least a majority of the Registrable Shares held by
the Preferred Holders, and, with respect to any change to Section 7; the holders
of at least a majority of the Registrable Shares held by the Insiders.

      Section 16. Counterparts; Facsimile Signatures.

      This Agreement may be executed in any number of counterparts, and each
such counterpart hereof shall be deemed to be an original instrument, but all
such counterparts together shall constitute but one agreement. Facsimile
counterpart signatures to this Agreement shall be acceptable at the Closing if
the originally executed counterpart is delivered within a reasonable period
thereafter.

      Section 17. Severability; Delays and Omissions.

      Whenever possible, each provision of this Agreement will be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be prohibited by or invalid under
applicable law, such provision will be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of this Agreement.
It is agreed that no delay or omission to exercise any right, power or remedy
accruing to the parties shall impair any such right, power or remedy, nor shall
it be construed to be a waiver of any such breach or default, or any
acquiescence therein, or of any similar breach or default thereafter occurring;
nor shall any waiver of any single breach or default be deemed a waiver of any
other breach or default theretofore or thereafter occurring. It is further
agreed that any waiver, permit, consent or approval of any kind or character by
a party of any breach or default under this Agreement, or any waiver by a party
of any provisions or conditions of this Agreement must be in writing and shall
be effective only to the extent specifically set forth in writing and that all
remedies, either under this Agreement, or by law or otherwise afforded to a
party, shall be cumulative and not alternative.

      Section 18. Headings.

      The headings of the various sections of this Agreement have been inserted
for convenience of reference only and shall not be deemed to be a part of this
Agreement.

                                       16
<PAGE>

      Section 19. Additional Holders. Notwithstanding anything to the contrary
herein, if the Company shall issue additional shares of its Series B Preferred
Stock pursuant to the Purchase Agreement, any purchaser of such shares may
become a party to this Agreement by executing and delivering to the Company an
additional counterpart signature page to this Agreement and shall be deemed a
"Holder" and "Series B Holder" hereunder.

      Section 20. Governing Law.

      This Agreement shall be governed by and construed in accordance with the
laws of the State of New York applicable to contracts made and to be performed
wholly therein.

      Section 21. Submission to Jurisdiction; Waivers. The Company and each
Holder irrevocably agrees that any legal action or proceeding with respect to
this Agreement or for recognition and enforcement of any judgment in respect
hereof brought by any other party hereto or its successors may be brought and
determined in the Supreme Court of New York for Kings County or the federal
district court in the Southern District of New York, and the Company and each
Holder hereby irrevocably submits with regard to any such action or proceeding
for itself and in respect to its property, generally and unconditionally, to the
nonexclusive jurisdiction of the aforesaid courts. The Company and each Holder
hereby irrevocably waives, and agrees not to assert, by way of motion, as a
defense, counterclaim or otherwise, in any action or proceeding with respect to
this Agreement, (a) any claim that is not personally subject to the jurisdiction
of the above-named courts for any reason other than the failure to lawfully
serve process, (b) that it or its property is exempt or immune from jurisdiction
of any such court or from any legal process commenced in such courts (whether
through service of notice, attachment prior to judgment, attachment in aid of
execution of judgment, execution of judgment or otherwise), and (c) to the
fullest extent permitted by applicable law, that (i) the suit, action or
proceeding in any such court is brought in an inconvenient forum, (ii) the venue
of such suit, action or proceeding is improper and (iii) this Agreement, or the
subject matter hereof, may not be enforced in or by such courts.

      Section 22. Waiver of Jury Trial

      EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER DOCUMENT RELATED HERETO.

                                       17
<PAGE>

      IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement
to be duly executed on its behalf, by its officer(s) thereunto duly authorized
or for himself, as of the day and year first set forth above.

                                      COMPANY:

                                      WORLD WASTE TECHNOLOGIES, INC.

                                      By: ______________________________________
                                          Name:
                                          Title:

                                      SERIES A HOLDERS

                                      TRELLUS OFFSHORE FUND LIMITED,
                                      a Cayman Islands corporation

                                      By: ______________________________________
                                      Name: ____________________________________
                                      Title: ___________________________________

                                      350 Madison Avenue
                                      New York, NY 10017
                                      Telephone: _______________________________
                                      Facsimile: _______________________________
                                      Attention: Ryan Schedler

                                       18
<PAGE>

                                      TRELLUS PARTNERS II, LP,
                                      a Delaware limited partnership

                                      By: ______________________________________
                                      Name: ____________________________________
                                      Title: ___________________________________

                                      350 Madison Avenue
                                      New York, NY 10017
                                      Telephone: _______________________________
                                      Facsimile: _______________________________
                                      Attention: Ryan Schedler

                                      TRELLUS PARTNERS, LP,
                                      a Delaware limited partnership

                                      By: ______________________________________
                                      Name: ____________________________________
                                      Title: ___________________________________

                                      350 Madison Avenue
                                      New York, NY 10017
                                      Telephone: _______________________________
                                      Facsimile: _______________________________
                                      Attention: Ryan Schedler

                                      SERIES B HOLDERS:

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                       19
<PAGE>

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                       20
<PAGE>

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                       21
<PAGE>

                                      __________________________________________
                                      Address:

                                      __________________________________________
                                      Address:

                                       22
<PAGE>

                                    EXHIBIT A
                                    ---------

LAST           NAME

Seminary       Seminary Investments I
Rose           Elizabeth Rose
Assad          Al Assad Jr. Trust UTD 4/9/02
Vogel          Frederick WB Vogel
Vogel          V7, LLC (Mary Vogel Shelby Inc.)
Vanechanos     Karen & Michael Vanechanos
Seminary       Seminary Investments II
Diamond        Diamondback- Master Fund (NY)

Wilshire       Wilshire Camp Assoc. (Carl Covitz)
Kranenburg     Kranenburg Fund
Childrey       Joseph B. Childrey
Stahl          Frederick R. Stahl, Jr.
Saisc          SAISC, Inc.
Kohn           Jonathan Kohn

Gerdz          Gerdz Investments LP, RLLLP (Bob Zappa)

Gibson         Gibson Living Trust (Legent Clearing LLC)

de Sejournet   Antoine de Sejournet (ING Belgium)

Keystone       Keystone Private Equity Investment -
               Rainer Busch
Pascal         Pascal Investment Partners Equity Fund

Peterson       Peterson Family Trust dtd 8/16/2000
               (Mellon Bank)

Reed           Elizabeth Reed

Kranenburg     Kranenburg 1998 Trust (Vanguard)

Rotter         Bradley Rotter Self Employed Pension Plan
               & Trust
Ely            Ely Family Trust UTD 3/16/84
Harrington     Kyle Harrington

Frontage       Frontage Road Freres ( Reed Foster)

Colby          RBC Dain Rausher Custodian FBO Trevor
               Colby IRA
Colby          Trevor Colby (Dain Rauscher)
Borgese        John T. Borgese
Marsh          Scott Marsh
Beck           Martin Beck (National Financial)

                                      A - 1
<PAGE>

LAST           NAME

Moldow         Moldow Family Trust
Pimentel       John P. Pimentel
White          White Sand Investor Group LP

Brockl         Carl & Linda Brockl, Brockl Family
               Trust(Ellenoff)
Kruljac        Jonathan Bruce Kruljac
Sauber         Gregory G.Sauber
Miller         Andrew S. Miller
Evergreen      Evergreen Highland LLC
Siegel         Joseph J. Siegel
Brauser        Leon Brauser
Loveland       L. Joseph Loveland, Jr.
Fisher         William L. Fisher
Aaseby         Joel D. Aaseby Living Trust
Newport        Newport Private Investments Limited
Osselo         Guy & Madeline Ossello, JTWROS
Cortez         Sam Cortez

Ervin          Ervin Living Trust, Robert D. (Truliant
               Federal) Kay Gerald Kay Keane James J. Keane Quartin Lloyd
Quartin Purjes Dan Purjes Fiederlein Philip Fiederlein
Teller         HSBC,  Jane Teller
O'Hearn        Walter D. O'Hearn, Jr.
RST            RST Network, LLC
Vision         Vision Opportunity Master Fund DB Cayman
               Ltd
Paragon        Paragon Capital LP
Vision         Vision Opportunity Master Fund, Ltd. (DB
               Cayman)
Cohen          Harris Cohen
Millenium      Millenium Technology Value Partners, LP
Millenium      Millenium Technology Value Partners (RCM)
               LP
TWM            TWM Associates, LLC (Myles F. Wittenstein)
Bessemer       Old Westbury Real Return Fund - Bessemer
               Investment Mgmt (Owl)
Williams       Alan G. Williams
Scheeler       Ronald A. Scheeler
TFF            TFFS, Inc.
Uy             Francisco Uy
Wells          Donald L. Wells (Scott Trading)
Diamond        Diamond Oppty Fund LLC
Nite           Nite Capital
Iroquois       Iroquois Master Fund (Salmon Smith)
Martin         Capital Ventures (Martin Ho Heights
               Capital)
Farina         Nancy

                                      A-2
<PAGE>

                                    Exhibit B
                                    ---------

                                 Steve Racoosin
                                Thomas L. Collins
                 Trustees Collins Family Trust u/a dated 4/28/88
                                  Fred Lundberg
                                   David Rane
                                 Darren Pederson
                                  Eddie Campos
             The Eddie Campos Family Trust u/d/t dated June 25, 2000
                                  John Pimentel
                                   Eric McAfee
                                   Laird Cagan
                                  John Liviakis
                     Liviakis Financial Communications, Inc.
                              One World Zero Waste
                                   Jan-Can LP
                       Cagan McAfee Capital Partners, LLC
                                 P2 Capital, LLC
   George G. Zabka and Alisa Zabka Peterson trustees, u/d/t dated 3 July 2004
                                  Michael Bayes
                                Mark E. Bernhard

                                      B - 1Unassociated Document

     

    EXECUTION

    

    

    

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

    AURORA
      LOAN SERVICES LLC, as Master Servicer,

     

    WELLS
      FARGO BANK, N.A., as

    Securities
      Administrator,

     

    RISK
      MANAGEMENT GROUP, LLC, as

    Credit
      Risk Manager,

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, as Trustee

     

    ___________________________

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of September 1, 2006

    ___________________________

     

    STRUCTURED
      ASSET SECURITIES CORPORATION

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      2006-WF3

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

    
      	 	 	
              Page

            
	 	 	 
	
               

              ARTICLE
                I
                DEFINITIONS

               

            	
               

              16

               

            
	
              Section
                1.01.

            	
              Definitions.

            	
              16

            
	
              Section
                1.02.

            	
              Calculations
                Respecting Mortgage Loans.

            	
              59

            
	
              Section
                1.03.

            	
              Calculations
                Respecting Accrued Interest.

            	
              59

            
	
               

              ARTICLE
                II
                DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

               

            	
               

              59

               

            
	
              Section
                2.01.

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

            	
              59

            
	
              Section
                2.02.

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

            	
              63

            
	
              Section
                2.03.

            	
              Representations
                and Warranties of the Depositor.

            	
              65

            
	
              Section
                2.04.

            	
              Discovery
                of Breach.

            	
              67

            
	
              Section
                2.05.

            	
              Repurchase,
                Purchase or Substitution of Mortgage Loans.

            	
              67

            
	
              Section
                2.06.

            	
              Grant
                Clause.

            	
              69

            
	
               

              ARTICLE
                III
                THE CERTIFICATES

               

            	
               

              70

               

            
	
              Section
                3.01.

            	
              The
                Certificates.

            	
              70

            
	
              Section
                3.02.

            	
              Registration.

            	
              71

            
	
              Section
                3.03.

            	
              Transfer
                and Exchange of Certificates.

            	
              72

            
	
              Section
                3.04.

            	
              Cancellation
                of Certificates.

            	
              78

            
	
              Section
                3.05.

            	
              Replacement
                of Certificates.

            	
              78

            
	
              Section
                3.06.

            	
              Persons
                Deemed Owners.

            	
              79

            
	
              Section
                3.07.

            	
              Temporary
                Certificates.

            	
              79

            
	
              Section
                3.08.

            	
              Appointment
                of Paying Agent.

            	
              79

            
	
              Section
                3.09.

            	
              Book-Entry
                Certificates.

            	
              80

            
	
               

              ARTICLE
                IV
                ADMINISTRATION OF THE TRUST FUND

               

            	
               

              82

               

            
	
              Section
                4.01.

            	
              Collection
                Account.

            	
              82

            
	
              Section
                4.02.

            	
              Application
                of Funds in the Collection Account.

            	
              84

            
	
              Section
                4.03.

            	
              Reports
                to Certificateholders.

            	
              86

            
	
              Section
                4.04.

            	
              Certificate
                Account.

            	
              90

            
	
              Section
                4.05.

            	
              Securities
                Administration Account.

            	
              91

            
	
               

              ARTICLE
                V
                DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

               

            	
               

              93

               

            
	
              Section
                5.01.

            	
              Distributions
                Generally.

            	
              93

            
	
              Section
                5.02.

            	
              Distributions
                from the Certificate Account.

            	
              93

            
	
              Section
                5.03.

            	
              Allocation
                of Losses.

            	
              106

            
	
              Section
                5.04.

            	
              Advances
                by Master Servicer, Servicer and Securities Administrator.

            	
              107

            
	
              Section
                5.05.

            	
              Compensating
                Interest Payments.

            	
              108

            
	
              Section
                5.06.

            	
              Basis
                Risk Reserve Fund.

            	
              108

            
	
              Section
                5.07.

            	
              Supplemental
                Interest Trust.

            	
              108

            
	
              Section
                5.08.

            	
              Rights
                of Swap Counterparty.

            	
              110

            
	
              Section
                5.09.

            	
              Termination
                Receipts.

            	
              111

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    
      	
               

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

               

            	
               

              112

               

            
	
              Section
                6.01.

            	
              Duties
                of Trustee and Securities Administrator.

            	
              112

            
	
              Section
                6.02.

            	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator.

            	
              115

            
	
              Section
                6.03.

            	
              Trustee
                and Securities Administrator Not Liable for Certificates.

            	
              117

            
	
              Section
                6.04.

            	
              Trustee
                and the Securities Administrator May Own Certificates.

            	
              117

            
	
              Section
                6.05.

            	
              Eligibility
                Requirements for Trustee and Securities Administrator.

            	
              117

            
	
              Section
                6.06.

            	
              Resignation
                and Removal of Trustee and the Securities Administrator.

            	
              118

            
	
              Section
                6.07.

            	
              Successor
                Trustee and Successor Securities Administrator.

            	
              119

            
	
              Section
                6.08.

            	
              Merger
                or Consolidation of Trustee or the Securities
                Administrator.

            	
              120

            
	
              Section
                6.09.

            	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian.

            	
              121

            
	
              Section
                6.10.

            	
              Authenticating
                Agents.

            	
              122

            
	
              Section
                6.11.

            	
              Indemnification
                of Trustee and Securities Administrator.

            	
              123

            
	
              Section
                6.12.

            	
              Fees
                and Expenses of Securities Administrator, Trustee and
                Custodian.

            	
              124

            
	
              Section
                6.13.

            	
              Collection
                of Monies.

            	
              124

            
	
              Section
                6.14.

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

            	
              125

            
	
              Section
                6.15.

            	
              Additional
                Remedies of Trustee Upon Event of Default.

            	
              130

            
	
              Section
                6.16.

            	
              Waiver
                of Defaults.

            	
              130

            
	
              Section
                6.17.

            	
              Notification
                to Holders.

            	
              130

            
	
              Section
                6.18.

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

            	
              130

            
	
              Section
                6.19.

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

            	
              131

            
	
              Section
                6.20.

            	
              Preparation
                of Tax Returns and Other Reports.

            	
              131

            
	
              Section
                6.21.

            	
              Reporting
                Requirements of the Commission

            	
              138

            
	
              Section
                6.22.

            	
              No
                Merger.

            	
              139

            
	
              Section
                6.23.

            	
              Indemnification
                by the Securities Administrator.

            	
              139

            
	
               

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

               

            	
               

              139

               

            
	
              Section
                7.01.

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

            	
              139

            
	
              Section
                7.02.

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

            	
              141

            
	
              Section
                7.03.

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

            	
              143

            
	
              Section
                7.04.

            	
              Optional
                Repurchase Right.

            	
              144

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    
      	
               

              ARTICLE
                VIII
                RIGHTS OF CERTIFICATEHOLDERS

               

            	
               

              144

               

            
	
              Section
                8.01.

            	
              Limitation
                on Rights of Holders.

            	
              144

            
	
              Section
                8.02.

            	
              Access
                to List of Holders.

            	
              145

            
	
              Section
                8.03.

            	
              Acts
                of Holders of Certificates.

            	
              146

            
	
               

              ARTICLE
                IX
                ADMINISTRATION AND SERVICING OF MORTGAGE LOANS; CREDIT RISK
                MANAGER

               

            	
               

              147

               

            
	
              Section
                9.01.

            	
              Duties
                of the Master Servicer.

            	
              147

            
	
              Section
                9.02.

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

            	
              147

            
	
              Section
                9.03.

            	
              Master
                Servicer’s Financial Statements and Related Information.

            	
              148

            
	
              Section
                9.04.

            	
              Power
                to Act; Procedures.

            	
              148

            
	
              Section
                9.05.

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

            	
              150

            
	
              Section
                9.06.

            	
              Collection
                of Taxes, Assessments and Similar Items.

            	
              151

            
	
              Section
                9.07.

            	
              Termination
                of Servicing Agreement; Successor Servicers.

            	
              152

            
	
              Section
                9.08.

            	
              Master
                Servicer Liable for Enforcement.

            	
              152

            
	
              Section
                9.09.

            	
              No
                Contractual Relationship Between the Servicer and Trustee or
                Depositor.

            	
              153

            
	
              Section
                9.10.

            	
              Assumption
                of Servicing Agreement by Securities Administrator.

            	
              153

            
	
              Section
                9.11.

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	
              154

            
	
              Section
                9.12.

            	
              Release
                of Mortgage Files.

            	
              154

            
	
              Section
                9.13.

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

            	
              155

            
	
              Section
                9.14.

            	
              Representations
                and Warranties of the Master Servicer.

            	
              156

            
	
              Section
                9.15.

            	
              Opinion.

            	
              158

            
	
              Section
                9.16.

            	
              Standard
                Hazard and Flood Insurance Policies.

            	
              159

            
	
              Section
                9.17.

            	
              Presentment
                of Claims and Collection of Proceeds.

            	
              159

            
	
              Section
                9.18.

            	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            	
              159

            
	
              Section
                9.19.

            	
              Trustee
                To Retain Possession of Certain Insurance Policies and
                Documents.

            	
              160

            
	
              Section
                9.20.

            	
              [Reserved]

            	
              160

            
	
              Section
                9.21.

            	
              Compensation
                to the Master Servicer.

            	
              160

            
	
              Section
                9.22.

            	
              REO
                Property.

            	
              161

            
	
              Section
                9.23.

            	
              Notices
                to the Depositor and the Securities Administrator

            	
              161

            
	
              Section
                9.24.

            	
              Reports
                to the Trustee.

            	
              162

            
	
              Section
                9.25.

            	
              Assessment
                of Compliance and Attestation Reports.

            	
              163

            
	
              Section
                9.26.

            	
              Annual
                Statement of Compliance with Applicable Servicing
                Criteria.

            	
              164

            
	
              Section
                9.27.

            	
              Merger
                or Consolidation.

            	
              164

            
	
              Section
                9.28.

            	
              Resignation
                of Master Servicer.

            	
              165

            
	
              Section
                9.29.

            	
              Assignment
                or Delegation of Duties by the Master Servicer.

            	
              165

            
	
              Section
                9.30.

            	
              Limitation
                on Liability of the Master Servicer and Others.

            	
              166

            
	
              Section
                9.31.

            	
              Indemnification;
                Third-Party Claims.

            	
              167

            
	
              Section
                9.32.

            	
              Special
                Servicing of Delinquent Mortgage Loans.

            	
              167

            
	
              Section
                9.33.

            	
              Alternative
                Index.

            	
              167

            
	
              Section
                9.34.

            	
              Duties
                of the Credit Risk Manager.

            	
              168

            
	
              Section
                9.35.

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            	
              170

            
	
              Section
                9.36.

            	
              Indemnification
                by the Credit Risk Manager.

            	
              170

            
	
              Section
                9.37.

            	
              Removal
                of Credit Risk Manager.

            	
              170

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    
      	
               

              ARTICLE
                X
                REMIC ADMINISTRATION

               

            	
               

              171

               

            
	
              Section
                10.01.

            	
              REMIC
                Administration.

            	
              171

            
	
              Section
                10.02.

            	
              Prohibited
                Transactions and Activities.

            	
              174

            
	
              Section
                10.03.

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

            	
              174

            
	
              Section
                10.04.

            	
              REO
                Property.

            	
              175

            
	
               

              ARTICLE
                XI
                MISCELLANEOUS PROVISIONS

               

            	
               

              175

               

            
	
              Section
                11.01.

            	
              Binding
                Nature of Agreement; Assignment.

            	
              175

            
	
              Section
                11.02.

            	
              Entire
                Agreement.

            	
              175

            
	
              Section
                11.03.

            	
              Amendment.

            	
              176

            
	
              Section
                11.04.

            	
              Voting
                Rights.

            	
              178

            
	
              Section
                11.05.

            	
              Provision
                of Information.

            	
              178

            
	
              Section
                11.06.

            	
              Governing
                Law.

            	
              178

            
	
              Section
                11.07.

            	
              Notices.

            	
              179

            
	
              Section
                11.08.

            	
              Severability
                of Provisions.

            	
              179

            
	
              Section
                11.09.

            	
              Indulgences;
                No Waivers.

            	
              179

            
	
              Section
                11.10.

            	
              Headings
                Not To Affect Interpretation.

            	
              179

            
	
              Section
                11.11.

            	
              Benefits
                of Agreement.

            	
              179

            
	
              Section
                11.12.

            	
              Special
                Notices to the Rating Agencies and any NIMS Insurer.

            	
              180

            
	
              Section
                11.13.

            	
              Conflicts.

            	
              181

            
	
              Section
                11.14.

            	
              Counterparts.

            	
              181

            
	
              Section
                11.15.

            	
              Transfer
                of Servicing.

            	
              181

            

    

     

    ATTACHMENTS

     

    
      	
              Exhibit
                A

            	
              Forms
                of Certificates

            
	
              Exhibit
                B-1

            	
              Form
                of Initial Certification

            
	
              Exhibit
                B-2

            	
              Form
                of Interim Certification

            
	
              Exhibit
                B-3

            	
              Form
                of Final Certification

            
	
              Exhibit
                B-4

            	
              Form
                of Endorsement

            
	
              Exhibit
                C

            	
              Request
                for Release of Documents and Receipt

            
	
              Exhibit
                D-l

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferee)

            
	
              Exhibit
                D-2

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferor)

            
	
              Exhibit
                E

            	
              List
                of Servicing Agreements

            
	
              Exhibit
                F

            	
              Form
                of Rule 144A Transfer Certificate

            
	
              Exhibit
                G

            	
              Form
                of Purchaser’s Letter for Institutional Accredited
                Investors

            
	
              Exhibit
                H

            	
              Form
                of ERISA Transfer Affidavit

            
	
              Exhibit
                I

            	
              [Reserved]

            
	
              Exhibit
                J

            	
              [Reserved]

            
	
              Exhibit
                K

            	
              List
                of Custodial Agreements

            
	
              Exhibit
                L

            	
              List
                of Credit Risk Management Agreements

            
	
              Exhibit
                M-1

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

            
	
              Exhibit
                M-2

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

            
	
              Exhibit
                N

            	
              Interest
                Rate Cap Agreement

            
	
              Exhibit
                O

            	
              Swap
                Agreement

            
	
              Exhibit
                P-1

            	
              Additional
                Form 10-D Disclosure

            
	
              Exhibit
                P-2

            	
              Additional
                Form 10-K Disclosure

            
	
              Exhibit
                P-3

            	
              Additional
                Form 8-K Disclosure

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    
      	
              Exhibit
                P-4

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                Q-1

            	
              Form
                of Back-Up Sarbanes-Oxley Certification

            
	
              Exhibit
                Q-2

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

            
	
              Exhibit
                R-1

            	
              Form
                of Forecasted Loss Report

            
	
              Exhibit
                R-2

            	
              Form
                of Watch List Report

            
	
              Exhibit
                R-3

            	
              Form
                of Redflag Dashboard Report

            
	
              Exhibit
                R-4

            	
              Form
                of Gain/Loss Report

            
	
              Exhibit
                R-5

            	
              [Reserved]

            
	
              Exhibit
                R-6

            	
              Form
                of Prepayment Premiums Report

            
	
              Exhibit
                R-7

            	
              Form
                of Highlight Summary Report

            
	
              Exhibit
                S

            	
              Servicing
                Criteria to be Addressed in Report on Assessment of
                Compliance

            
	
              Exhibit
                T

            	
              [Reserved]

            
	
              Exhibit
                U

            	
              Form
                of Certification to be Provided by the Credit Risk
                Manager

            
	
              Exhibit
                V

            	
              Transaction
                Parties

            
	 	 
	 	 
	
              Schedule
                A

            	
              Mortgage
                Loan Schedule

            
	
              Schedule
                B

            	
              First
                Payment Default Mortgage Loans

            

    

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    This
      TRUST AGREEMENT dated as of September 1, 2006 (the “Agreement”), is by and among
      STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
      (the “Depositor”), U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”),
      AURORA LOAN SERVICES LLC, as master servicer (the “Master Servicer”), RISK
      MANAGEMENT GROUP, LLC, a New York limited liability company, as credit risk
      manager (the “Credit Risk Manager”), and WELLS FARGO BANK, N.A., as securities
      administrator (the “Securities Administrator”).

     

    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, the Securities
      Administrator and the Trustee herein with respect to the Mortgage Loans and
      the
      other property constituting the Trust Fund are for the benefit of the Holders
      from time to time of the Certificates and, to the extent provided herein, any
      NIMS Insurer, the Swap Counterparty and the Cap Counterparty. The Depositor,
      the
      Trustee, the Master Servicer, the Credit Risk Manager and the Securities
      Administrator are entering into this Agreement, and the Trustee is accepting
      the
      Trust Fund created hereby, for good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged.

     

    As
      provided herein, an election shall be made that the Trust Fund (exclusive of
      (i)
      the Swap Agreement, (ii) the Swap Account, (iii) the right to receive and the
      obligation to pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iv)
      the Basis Risk Reserve Fund, (v) the Supplemental Interest Trust, (vi) the
      Interest Rate Cap Agreement, (vii) the Interest Rate Cap Account, (viii) any
      FPD
      Premium and (ix) the obligation to pay Class I Shortfalls (collectively, the
      “Excluded Trust Assets”)) be treated for federal income tax purposes as
      comprising four real estate mortgage investment conduits under Section 860D
      of
      the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2,” “REMIC 3,”
and “REMIC 4” (REMIC 4 also being referred to as the “Upper Tier REMIC”)). Any
      inconsistencies or ambiguities in this Agreement or in the administration of
      this Agreement shall be resolved in a manner that preserves the validity of
      such
      REMIC elections.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

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

     

    REMIC
      1:

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    REMIC
      2:

     

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

      
        	
                Class
                  Designation

              	 	
                 

              	
                Initial
                  Class Principal Amount

              	 	
                Interest
                  Rate

              
	
                LT2-A

              	 	
                $

              	
                75,125,646.45

              	 	
                (1)

              
	
                LT2-F1

              	 	
                $

              	
                20,388,500.00

              	 	
                (2)

              
	
                LT2-V1

              	 	
                $

              	
                20,388,500.00

              	 	
                (3)

              
	
                LT2-F2

              	 	
                $

              	
                19,782,500.00

              	 	
                (2)

              
	
                LT2-V2

              	 	
                $

              	
                19,782,500.00

              	 	
                (3)

              
	
                LT2-F3

              	 	
                $

              	
                19,195,500.00

              	 	
                (2)

              
	
                LT2-V3

              	 	
                $

              	
                19,195,500.00

              	 	
                (3)

              
	
                LT2-F4

              	 	
                $

              	
                18,625,500.00

              	 	
                (2)

              
	
                LT2-V4

              	 	
                $

              	
                18,625,500.00

              	 	
                (3)

              
	
                LT2-F5

              	 	
                $

              	
                18,071,500.00

              	 	
                (2)

              
	
                LT2-V5

              	 	
                $

              	
                18,071,500.00

              	 	
                (3)

              
	
                LT2-F6

              	 	
                $

              	
                17,534,500.00

              	 	
                (2)

              
	
                LT2-V6

              	 	
                $

              	
                17,534,500.00

              	 	
                (3)

              
	
                LT2-F7

              	 	
                $

              	
                17,013,000.00

              	 	
                (2)

              
	
                LT2-V7

              	 	
                $

              	
                17,013,000.00

              	 	
                (3)

              
	
                LT2-F8

              	 	
                $

              	
                16,506,500.00

              	 	
                (2)

              
	
                LT2-V8

              	 	
                $

              	
                16,506,500.00

              	 	
                (3)

              
	
                LT2-F9

              	 	
                $

              	
                16,016,000.00

              	 	
                (2)

              
	
                LT2-V9

              	 	
                $

              	
                16,016,000.00

              	 	
                (3)

              
	
                LT2-F10

              	 	
                $

              	
                15,539,500.00

              	 	
                (2)

              
	
                LT2-V10

              	 	
                $

              	
                15,539,500.00

              	 	
                (3)

              
	
                LT2-F11

              	 	
                $

              	
                16,308,500.00

              	 	
                (2)

              
	
                LT2-V11

              	 	
                $

              	
                16,308,500.00

              	 	
                (3)

              
	
                LT2-F12

              	 	
                $

              	
                16,105,000.00

              	 	
                (2)

              
	
                LT2-V12

              	 	
                $

              	
                16,105,000.00

              	 	
                (3)

              
	
                LT2-F13

              	 	
                $

              	
                15,670,000.00

              	 	
                (2)

              
	
                LT2-V13

              	 	
                $

              	
                15,670,000.00

              	 	
                (3)

              
	
                LT2-F14

              	 	
                $

              	
                16,631,000.00

              	 	
                (2)

              
	
                LT2-V14

              	 	
                $

              	
                16,631,000.00

              	 	
                (3)

              
	
                LT2-F15

              	 	
                $

              	
                18,110,500.00

              	 	
                (2)

              
	
                LT2-V15

              	 	
                $

              	
                18,110,500.00

              	 	
                (3)

              
	
                LT2-F16

              	 	
                $

              	
                17,861,500.00

              	 	
                (2)

              
	
                LT2-V16

              	 	
                $

              	
                17,861,500.00

              	 	
                (3)

              
	
                LT2-F17

              	 	
                $

              	
                17,582,000.00

              	 	
                (2)

              
	
                LT2-V17

              	 	
                $

              	
                17,582,000.00

              	 	
                (3)

              
	
                LT2-F18

              	 	
                $

              	
                17,276,500.00

              	 	
                (2)

              
	
                LT2-V18

              	 	
                $

              	
                17,276,500.00

              	 	
                (3)

              
	
                LT2-F19

              	 	
                $

              	
                16,942,500.00

              	 	
                (2)

              

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

        
          	
                  Class
                    Designation

                	 	
                   

                	
                  Initial
                    Class Principal Amount

                	 	
                  Interest
                    Rate

                

        

      

      
        	
                LT2-V19

              	 	
                $

              	
                16,942,500.00

              	 	
                (3)

              
	
                LT2-F20

              	 	
                $

              	
                16,586,500.00

              	 	
                (2)

              
	
                LT2-V20

              	 	
                $

              	
                16,586,500.00

              	 	
                (3)

              
	
                LT2-F21

              	 	
                $

              	
                16,206,000.00

              	 	
                (2)

              
	
                LT2-V21

              	 	
                $

              	
                16,206,000.00

              	 	
                (3)

              
	
                LT2-F22

              	 	
                $

              	
                15,805,000.00

              	 	
                (2)

              
	
                LT2-V22

              	 	
                $

              	
                15,805,000.00

              	 	
                (3)

              
	
                LT2-F23

              	 	
                $

              	
                54,466,500.00

              	 	
                (2)

              
	
                LT2-V23

              	 	
                $

              	
                54,466,500.00

              	 	
                (3)

              
	
                LT2-F24

              	 	
                $

              	
                29,273,000.00

              	 	
                (2)

              
	
                LT2-V24

              	 	
                $

              	
                29,273,000.00

              	 	
                (3)

              
	
                LT2-F25

              	 	
                $

              	
                25,586,000.00

              	 	
                (2)

              
	
                LT2-V25

              	 	
                $

              	
                25,586,000.00

              	 	
                (3)

              
	
                LT2-F26

              	 	
                $

              	
                19,451,500.00

              	 	
                (2)

              
	
                LT2-V26

              	 	
                $

              	
                19,451,500.00

              	 	
                (3)

              
	
                LT2-F27

              	 	
                $

              	
                15,166,000.00

              	 	
                (2)

              
	
                LT2-V27

              	 	
                $

              	
                15,166,000.00

              	 	
                (3)

              
	
                LT2-F28

              	 	
                $

              	
                12,041,000.00

              	 	
                (2)

              
	
                LT2-V28

              	 	
                $

              	
                12,041,000.00

              	 	
                (3)

              
	
                LT2-F29

              	 	
                $

              	
                9,685,000.00

              	 	
                (2)

              
	
                LT2-V29

              	 	
                $

              	
                9,685,000.00

              	 	
                (3)

              
	
                LT2-F30

              	 	
                $

              	
                7,862,500.00

              	 	
                (2)

              
	
                LT2-V30

              	 	
                $

              	
                7,862,500.00

              	 	
                (3)

              
	
                LT2-F31

              	 	
                $

              	
                6,417,000.00

              	 	
                (2)

              
	
                LT2-V31

              	 	
                $

              	
                6,417,000.00

              	 	
                (3)

              
	
                LT2-F32

              	 	
                $

              	
                5,250,500.00

              	 	
                (2)

              
	
                LT2-V32

              	 	
                $

              	
                5,250,500.00

              	 	
                (3)

              
	
                LT2-F33

              	 	
                $

              	
                4,992,500.00

              	 	
                (2)

              
	
                LT2-V33

              	 	
                $

              	
                4,992,500.00

              	 	
                (3)

              
	
                LT2-F34

              	 	
                $

              	
                4,746,000.00

              	 	
                (2)

              
	
                LT2-V34

              	 	
                $

              	
                4,746,000.00

              	 	
                (3)

              
	
                LT2-F35

              	 	
                $

              	
                4,513,500.00

              	 	
                (2)

              
	
                LT2-V35

              	 	
                $

              	
                4,513,500.00

              	 	
                (3)

              
	
                LT2-F36

              	 	
                $

              	
                4,291,500.00

              	 	
                (2)

              
	
                LT2-V36

              	 	
                $

              	
                4,291,500.00

              	 	
                (3)

              
	
                LT2-F37

              	 	
                $

              	
                4,082,000.00

              	 	
                (2)

              
	
                LT2-V37

              	 	
                $

              	
                4,082,000.00

              	 	
                (3)

              
	
                LT2-F38

              	 	
                $

              	
                3,881,500.00

              	 	
                (2)

              
	
                LT2-V38

              	 	
                $

              	
                3,881,500.00

              	 	
                (3)

              
	
                LT2-F39

              	 	
                $

              	
                3,691,500.00

              	 	
                (2)

              
	
                LT2-V39

              	 	
                $

              	
                3,691,500.00

              	 	
                (3)

              
	
                LT2-F40

              	 	
                $

              	
                3,510,000.00

              	 	
                (2)

              
	
                LT2-V40

              	 	
                $

              	
                3,510,000.00

              	 	
                (3)

              
	
                LT2-F41

              	 	
                $

              	
                3,338,000.00

              	 	
                (2)

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
        	
                Class
                  Designation

              	 	
                 

              	
                Initial
                  Class Principal Amount

              	 	
                Interest
                  Rate

              

      

      
        	
                LT2-V41

              	 	
                $

              	
                3,338,000.00

              	 	
                (3)

              
	
                LT2-F42

              	 	
                $

              	
                3,176,000.00

              	 	
                (2)

              
	
                LT2-V42

              	 	
                $

              	
                3,176,000.00

              	 	
                (3)

              
	
                LT2-F43

              	 	
                $

              	
                3,018,000.00

              	 	
                (2)

              
	
                LT2-V43

              	 	
                $

              	
                3,018,000.00

              	 	
                (3)

              
	
                LT2-F44

              	 	
                $

              	
                2,871,500.00

              	 	
                (2)

              
	
                LT2-V44

              	 	
                $

              	
                2,871,500.00

              	 	
                (3)

              
	
                LT2-F45

              	 	
                $

              	
                2,730,000.00

              	 	
                (2)

              
	
                LT2-V45

              	 	
                $

              	
                2,730,000.00

              	 	
                (3)

              
	
                LT2-F46

              	 	
                $

              	
                2,596,000.00

              	 	
                (2)

              
	
                LT2-V46

              	 	
                $

              	
                2,596,000.00

              	 	
                (3)

              
	
                LT2-F47

              	 	
                $

              	
                2,469,500.00

              	 	
                (2)

              
	
                LT2-V47

              	 	
                $

              	
                2,469,500.00

              	 	
                (3)

              
	
                LT2-F48

              	 	
                $

              	
                2,347,500.00

              	 	
                (2)

              
	
                LT2-V48

              	 	
                $

              	
                2,347,500.00

              	 	
                (3)

              
	
                LT2-F49

              	 	
                $

              	
                2,233,000.00

              	 	
                (2)

              
	
                LT2-V49

              	 	
                $

              	
                2,233,000.00

              	 	
                (3)

              
	
                LT2-F50

              	 	
                $

              	
                2,123,000.00

              	 	
                (2)

              
	
                LT2-V50

              	 	
                $

              	
                2,123,000.00

              	 	
                (3)

              
	
                LT2-F51

              	 	
                $

              	
                2,019,000.00

              	 	
                (2)

              
	
                LT2-V51

              	 	
                $

              	
                2,019,000.00

              	 	
                (3)

              
	
                LT2-F52

              	 	
                $

              	
                1,920,500.00

              	 	
                (2)

              
	
                LT2-V52

              	 	
                $

              	
                1,920,500.00

              	 	
                (3)

              
	
                LT2-F53

              	 	
                $

              	
                1,825,500.00

              	 	
                (2)

              
	
                LT2-V53

              	 	
                $

              	
                1,825,500.00

              	 	
                (3)

              
	
                LT2-F54

              	 	
                $

              	
                1,736,500.00

              	 	
                (2)

              
	
                LT2-V54

              	 	
                $

              	
                1,736,500.00

              	 	
                (3)

              
	
                LT2-F55

              	 	
                $

              	
                1,650,500.00

              	 	
                (2)

              
	
                LT2-V55

              	 	
                $

              	
                1,650,500.00

              	 	
                (3)

              
	
                LT2-F56

              	 	
                $

              	
                1,571,000.00

              	 	
                (2)

              
	
                LT2-V56

              	 	
                $

              	
                1,571,000.00

              	 	
                (3)

              
	
                LT2-F57

              	 	
                $

              	
                1,494,000.00

              	 	
                (2)

              
	
                LT2-V57

              	 	
                $

              	
                1,494,000.00

              	 	
                (3)

              
	
                LT2-F58

              	 	
                $

              	
                1,425,000.00

              	 	
                (2)

              
	
                LT2-V58

              	 	
                $

              	
                1,425,000.00

              	 	
                (3)

              
	
                LT2-F59

              	 	
                $

              	
                27,443,000.00

              	 	
                (2)

              
	
                LT2-V59

              	 	
                $

              	
                27,443,000.00

              	 	
                (3)

              
	
                LT2-R

              	 	 	
                (4)

              	 	
                (4)

              

      

    

     

    
      
        

      

    

    
      	
              (1)

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

            

    

     

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

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	
              (3)

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

            

    

     

    
      	(4)	
              The
                Class LT2-R interest shall not have a principal amount and shall
                not bear
                interest. The Class LT2-R interest is hereby designated as the sole
                class
                of residual interest in REMIC 2.

            

    

     

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

     

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

     

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

     

    REMIC
      3:

     

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

     

    
      	
              REMIC
                3

              Lower
                Tier 

              Class
                Designation

            	 	
              REMIC
                3

              Lower
                Tier

              Interest
                Rate

            	 	
              Initial
                Class 

              Principal
                Amount

            	 	
              Corresponding
                Class of Certificate(s)

            
	
              Class
                LT3-A1

            	 	
              (1)

            	 	
              (3)

            	 	
              A1

            
	
              Class
                LT3-A2

            	 	
              (1)

            	 	
              (3)

            	 	
              A2

            
	
              Class
                LT3-A3

            	 	
              (1)

            	 	
              (3)

            	 	
              A3

            
	
              Class
                LT3-A4

            	 	
              (1)

            	 	
              (3)

            	 	
              A4

            
	
              Class
                LT3-A5

            	 	
              (1)

            	 	
              (3)

            	 	
              A5

            
	
              Class
                LT3-M1

            	 	
              (1)

            	 	
              (3)

            	 	
              M1

            
	
              Class
                LT3-M2

            	 	
              (1)

            	 	
              (3)

            	 	
              M2

            
	
              Class
                LT3-M3

            	 	
              (1)

            	 	
              (3)

            	 	
              M3

            
	
              Class
                LT3-M4

            	 	
              (1)

            	 	
              (3)

            	 	
              M4

            
	
              Class
                LT3-M5

            	 	
              (1)

            	 	
              (3)

            	 	
              M5

            
	
              Class
                LT3-M6

            	 	
              (1)

            	 	
              (3)

            	 	
              M6

            
	
              Class
                LT3-M7

            	 	
              (1)

            	 	
              (3)

            	 	
              M7

            
	
              Class
                LT3-M8

            	 	
              (1)

            	 	
              (3)

            	 	
              M8

            
	
              Class
                LT3-M9

            	 	
              (1)

            	 	
              (3)

            	 	
              M9

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

      	
              REMIC
                3

              Lower
                Tier 

              Class
                Designation

            	 	
              REMIC
                3

              Lower
                Tier

              Interest
                Rate

            	 	
              Initial
                Class 

              Principal
                Amount

            	 	
              Corresponding
                Class of Certificate(s)

            

    

    
      	
              Class
                LT3-M10

            	 	
              (1)

            	 	
              (3)

            	 	
              M10

            
	
              Class
                LT3-B

            	 	
              (1)

            	 	
              (3)

            	 	
              B

            
	
              Class
                LT3-Q

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            
	
              Class
                LT3-IO

            	 	
              (2)

            	 	
              (2)

            	 	
              N/A

            
	
              Class
                LT3-R

            	 	
              (5)

            	 	
              (5)

            	 	
              R

            

    

     

    
      
        

      

    

    
      	 	
              (1)

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

            

    

     

    
      	 	
              (2)

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

            

    

     

    
      	
              Distribution
                Dates

            	 	
              REMIC
                2
                Class Designation

            
	
              2

            	 	
              Class
                LT2-F1

            
	
              2-3

            	 	
              Class
                LT2-F2

            
	
              2-4

            	 	
              Class
                LT2-F3

            
	
              2-5

            	 	
              Class
                LT2-F4

            
	
              2-6

            	 	
              Class
                LT2-F5

            
	
              2-7

            	 	
              Class
                LT2-F6

            
	
              2-8

            	 	
              Class
                LT2-F7

            
	
              2-9

            	 	
              Class
                LT2-F8

            
	
              2-10

            	 	
              Class
                LT2-F9

            
	
              2-11

            	 	
              Class
                LT2-F10

            
	
              2-12

            	 	
              Class
                LT2-F11

            
	
              2-13

            	 	
              Class
                LT2-F12

            
	
              2-14

            	 	
              Class
                LT2-F13

            
	
              2-15

            	 	
              Class
                LT2-F14

            
	
              2-16

            	 	
              Class
                LT2-F15

            
	
              2-17

            	 	
              Class
                LT2-F16

            
	
              2-18

            	 	
              Class
                LT2-F17

            
	
              2-19

            	 	
              Class
                LT2-F18

            
	
              2-20

            	 	
              Class
                LT2-F19

            
	
              2-21

            	 	
              Class
                LT2-F20

            
	
              2-22

            	 	
              Class
                LT2-F21

            
	
              2-23

            	 	
              Class
                LT2-F22

            
	
              2-24

            	 	
              Class
                LT2-F23

            
	
              2-25

            	 	
              Class
                LT2-F24

            
	
              2-26

            	 	
              Class
                LT2-F25

            
	
              2-27

            	 	
              Class
                LT2-F26

            
	
              2-28

            	 	
              Class
                LT2-F27

            
	
              2-29

            	 	
              Class
                LT2-F28

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                Dates

            	 	
              REMIC
                2
                Class Designation

            

    

    
      	
              2-30

            	 	
              Class
                LT2-F29

            
	
              2-31

            	 	
              Class
                LT2-F30

            
	
              2-32

            	 	
              Class
                LT2-F31

            
	
              2-33

            	 	
              Class
                LT2-F32

            
	
              2-34

            	 	
              Class
                LT2-F33

            
	
              2-35

            	 	
              Class
                LT2-F34

            
	
              2-36

            	 	
              Class
                LT2-F35

            
	
              2-37

            	 	
              Class
                LT2-F36

            
	
              2-38

            	 	
              Class
                LT2-F37

            
	
              2-39

            	 	
              Class
                LT2-F38

            
	
              2-40

            	 	
              Class
                LT2-F39

            
	
              2-41

            	 	
              Class
                LT2-F40

            
	
              2-42

            	 	
              Class
                LT2-F41

            
	
              2-43

            	 	
              Class
                LT2-F42

            
	
              2-44

            	 	
              Class
                LT2-F43

            
	
              2-45

            	 	
              Class
                LT2-F44

            
	
              2-46

            	 	
              Class
                LT2-F45

            
	
              2-47

            	 	
              Class
                LT2-F46

            
	
              2-48

            	 	
              Class
                LT2-F47

            
	
              2-49

            	 	
              Class
                LT2-F48

            
	
              2-50

            	 	
              Class
                LT2-F49

            
	
              2-51

            	 	
              Class
                LT2-F50

            
	
              2-52

            	 	
              Class
                LT2-F51

            
	
              2-53

            	 	
              Class
                LT2-F52

            
	
              2-54

            	 	
              Class
                LT2-F53

            
	
              2-55

            	 	
              Class
                LT2-F54

            
	
              2-56

            	 	
              Class
                LT2-F55

            
	
              2-57

            	 	
              Class
                LT2-F56

            
	
              2-58

            	 	
              Class
                LT2-F57

            
	
              2-59

            	 	
              Class
                LT2-F58

            
	
              2-60

            	 	
              Class
                LT2-F59

            

    

    

     

    
      	 	
              (3)

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

            

    

     

    
      	 	
              (4)

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

            

    

     

    
      	 	
              (5)

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

            

    

     

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

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

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

     

    (a)
      First, to the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class LT3-A4, Class
      LT3-A5, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4, Class LT3-M5,
      Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9, Class LT3-M10 and Class
      LT3-B Interests until the principal balance of each such Lower Tier Interest
      equals one-half of the Class Principal Amount of the Corresponding Class of
      Certificates immediately after such Distribution Date; and

     

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

     

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

     

    The
      Certificates:

     

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

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

      
        
          	
                  Class
                    Designation

                	 	
                  Certificate
                    Interest Rate

                	 	 	
                  Initial
                    Class Principal Amount 

                	 	 	
                  Minimum
                    Denominations

                
	
                  Class
                    A1

                	 	
                  (1)

                	 	
                  $

                	
                  293,543,000

                	 	
                  $

                	
                  25,000

                
	
                  Class
                    A2

                	 	
                  (2)

                	 	
                  $

                	
                  359,815,000

                	 	
                  $

                	
                  25,000

                
	
                  Class
                    A3

                	 	
                  (3)

                	 	
                  $

                	
                  103,126,000

                	 	
                  $

                	
                  25,000

                
	
                  Class
                    A4

                	 	
                  (4)

                	 	
                  $

                	
                  37,282,000

                	 	
                  $

                	
                  25,000

                
	
                  Class
                    A5

                	 	
                  (5)

                	 	
                  $

                	
                  293,543,000

                	 	
                  $

                	
                  25,000

                
	
                  Class
                    M1

                	 	
                  (6)

                	 	
                  $

                	
                  60,563,000

                	 	
                  $

                	
                  100,000

                
	
                  Class
                    M2

                	 	
                  (7)

                	 	
                  $

                	
                  62,675,000

                	 	
                  $

                	
                  100,000

                
	
                  Class
                    M3

                	 	
                  (8)

                	 	
                  $

                	
                  20,422,000

                	 	
                  $

                	
                  100,000

                
	
                  Class
                    M4

                	 	
                  (9)

                	 	
                  $

                	
                  28,169,000

                	 	
                  $

                	
                  100,000

                
	
                  Class
                    M5

                	 	
                  (10)

                	 	
                  $

                	
                  21,126,000

                	 	
                  $

                	
                  100,000

                
	
                  Class
                    M6

                	 	
                  (11)

                	 	
                  $

                	
                  16,197,000

                	 	
                  $

                	
                  100,000

                
	
                  Class
                    M7

                	 	
                  (12)

                	 	
                  $

                	
                  15,493,000

                	 	
                  $

                	
                  100,000

                
	
                  Class
                    M8

                	 	
                  (13)

                	 	
                  $

                	
                  12,676,000

                	 	
                  $

                	
                  100,000

                
	
                  Class
                    M9

                	 	
                  (14)

                	 	
                  $

                	
                  16,901,000

                	 	
                  $

                	
                  100,000

                
	
                  Class
                    M10

                	 	
                  (15)

                	 	
                  $

                	
                  22,535,000

                	 	
                  $

                	
                  100,000

                
	
                  Class
                    B 

                	 	
                  (16)

                	 	
                  $

                	
                  14,084,000

                	 	
                  $

                	
                  100,000

                
	
                  Class
                    X

                	 	
                  (17)

                	 	
                   

                	
                  (17)

                	 	
                   

                	
                  10%

                
	
                  Class
                    R

                	 	
                  (18)

                	 	
                   

                	
                  (18)

                	 	
                   

                	
                  100%

                
	
                  Class
                    P

                	 	
                  (19)

                	 	
                  $

                	
                  100
                    (20)

                	 	
                   

                	
                  10%

                
	
                  Class
                    LT-R

                	 	
                  (21)

                	 	
                   

                	
                  (21)

                	 	
                   

                	
                  100%

                
	
                   

                	 	
                   

                	 	
                   

                	
                   

                	 	
                   

                	
                   

                

        

      

    

     

    
      	
              (1)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.140% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amounts of the
                Group 2
                Senior Certificates are outstanding, the Pool 1 Net Funds Cap for
                such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amounts of the Group 2 Senior Certificates have been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution
                Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A1 Certificates
                will be LIBOR plus 0.280%. For purposes of the REMIC Provisions,
                the
                reference to a Net Funds Cap in the preceding sentence shall be deemed
                to
                be a reference to the REMIC 3 Net Funds Cap; therefore, on any
                Distribution Date on which the Certificate Interest Rate for the
                Class A1
                Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based on
                such excess shall be treated as having been paid from the Basis Risk
                Reserve Fund or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Certificate Interest Rate on the Class
                A1
                Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A1 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A1 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      	
              (2)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.050% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amounts of the
                Group 1
                Senior Certificates are outstanding, the Pool 2 Net Funds Cap for
                such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amounts of the Group 1 Senior Certificates have been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution
                Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A2 Certificates
                will be LIBOR plus 0.100%. For purposes of the REMIC Provisions,
                the
                reference to a Net Funds Cap in the preceding sentence shall be deemed
                to
                be a reference to the REMIC 3 Net Funds Cap; therefore, on any
                Distribution Date on which the Certificate Interest Rate for the
                Class A2
                Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based on
                such excess shall be treated as having been paid from the Basis Risk
                Reserve Fund or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Certificate Interest Rate on the Class
                A2
                Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A2 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A2 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
      	
              (3)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.150% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amounts of the
                Group 1
                Senior Certificates are outstanding, the Pool 2 Net Funds Cap for
                such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amounts of the Group 1 Senior Certificates have been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution
                Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A3 Certificates
                will be LIBOR plus 0.300%. For purposes of the REMIC Provisions,
                the
                reference to a Net Funds Cap in the preceding sentence shall be deemed
                to
                be a reference to the REMIC 3 Net Funds Cap; therefore, on any
                Distribution Date on which the Certificate Interest Rate for the
                Class A3
                Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based on
                such excess shall be treated as having been paid from the Basis Risk
                Reserve Fund or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Certificate Interest Rate on the Class
                A3
                Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A3 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A3 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      	
              (4)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A4 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.310% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amounts of the
                Group 1
                Senior Certificates are outstanding, the Pool 2 Net Funds Cap for
                such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amounts of the Group 1 Senior Certificates have been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution
                Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A4 Certificates
                will be LIBOR plus 0.620%. For purposes of the REMIC Provisions,
                the
                reference to a Net Funds Cap in the preceding sentence shall be deemed
                to
                be a reference to the REMIC 3 Net Funds Cap; therefore, on any
                Distribution Date on which the Certificate Interest Rate for the
                Class A4
                Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based on
                such excess shall be treated as having been paid from the Basis Risk
                Reserve Fund or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Certificate Interest Rate on the Class
                A4
                Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A4 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A4 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      	
              (5)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A5 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.140% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amounts of the
                Group 2
                Senior Certificates are outstanding, the Pool 1 Net Funds Cap for
                such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amounts of the Group 2 Senior Certificates have been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution
                Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A5 Certificates
                will be LIBOR plus 0.280%. For purposes of the REMIC Provisions,
                the
                reference to a Net Funds Cap in the preceding sentence shall be deemed
                to
                be a reference to the REMIC 3 Net Funds Cap; therefore, on any
                Distribution Date on which the Certificate Interest Rate for the
                Class A5
                Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based on
                such excess shall be treated as having been paid from the Basis Risk
                Reserve Fund or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Certificate Interest Rate on the Class
                A5
                Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A5 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A5 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      	
              (6)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.250% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M1 Certificates
                will be LIBOR plus 0.375%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M1 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M1 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M1
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M1 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n) hereof.
                

            

    

     

    
      	
              (7)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.290% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M2 Certificates
                will be LIBOR plus 0.435%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M2 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M2 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M2
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M2 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      	
              (8)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.330% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M3 Certificates
                will be LIBOR plus 0.495%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M3 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M3 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M3
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M3 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
      	
              (9)

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

            

    

     

    
      	
              (10)

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

            

    

     

    
      	
              (11)

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

            

    

     

    
      	
              (12)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M7 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.750% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M7 Certificates
                will be LIBOR plus 1.125%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M7 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M7 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M7
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M7 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n) hereof.
                

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    
      	
              (13)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M8 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.000% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M8 Certificates
                will be LIBOR plus 1.500%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M8 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M8 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M8
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M8 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      	
              (14)

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

            

    

     

    
      	
              (15)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M10 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 2.500% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M10 Certificates
                will be LIBOR plus 3.750%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M9 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M10 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M10
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M10 Certificateholders to the Supplemental Interest Trust,
                all
                pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

     

    
      	
              (16)

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

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
      	
              (17)

            	
              For
                purposes of the REMIC Provisions, Class X shall have an initial principal
                balance of $30,281,546.45, and the right to receive distributions
                of such
                amount represents a regular interest in the Upper Tier REMIC. The
                Class X
                Certificate shall also comprise two notional components, each of
                which
                represents a regular interest in the Upper Tier REMIC. The first
                such
                component has a notional balance that will at all times equal the
                aggregate of the Class Principal Amounts of the Lower Tier Interests
                in
                REMIC 3, and, for each Distribution Date (and the related Accrual
                Period)
                this notional component shall bear interest at a per annum rate equal
                to
                the excess, if any, of (i) (a) the weighted average of the interest
                rates
                on the Lower Tier Interests in REMIC 3 (other than any interest-only
                regular interest) minus (b) the Credit Risk Manager’s Fee Rate, over (ii)
                the Adjusted Lower Tier WAC. The second notional component represents
                the
                right to receive all distributions in respect of the Class LT3-IO
                Interest
                in REMIC 3 (the “Class LT4-I” interest). In addition, for purposes of the
                REMIC Provisions, the Class X Certificate shall represent beneficial
                ownership of (i) the Basis Risk Reserve Fund; (ii) the Supplemental
                Interest Trust, including the Swap Agreement, the Swap Account, the
                Interest Rate Cap Agreement and the Interest Rate Cap Account, and
                (iii)
                an interest in the notional principal contracts described in Section
                10.01(n) hereof.

            

    

     

    
      	
              (18)

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

            

    

     

    
      	
              (19)

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

            

    

     

    
      	
              (20)

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

            

    

     

    
      	
              (21)

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

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $1,408,431,646.45.

     

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

     

    
      
        
        

      

      
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    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01. Definitions.

     

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

     

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

     

    Accepted
      Servicing Practices:
      With
      respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
      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 Servicing Agreement, to the extent
      applicable to the Servicer.

     

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

     

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

     

    Act:
      As
      defined in Section 3.03(c).

     

    Additional
      Collateral:
      None.

     

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

     

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

     

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

     

    Additional
      Termination Event:
      As
      defined in the Swap Agreement.

     

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

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    Adjusted
      Lower Tier WAC:
      With
      respect to any Distribution Date (and the related Accrual Period), an amount
      equal to (i) two, multiplied by (ii) the weighted average of the interest rates
      for such Distribution Date for the Class LT3-A1, Class LT3-A2, Class LT3-A3,
      Class LT3-A4, Class LT3-A5, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class
      LT3-M4, Class LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9,
      Class LT3-M10, Class LT3-B and Class LT3-Q Interests, weighted in proportion
      to
      their Class Principal Amounts as of the beginning of the related Accrual Period
      and computed by subjecting the rate on the Class LT3-Q Interest to a cap of
      0.00%, and by subjecting the rate on each of the Class LT3-A1, Class LT3-A2,
      Class LT3-A3, Class LT3-A4, Class LT3-A5, Class LT3-M1, Class LT3-M2, Class
      LT3-M3, Class LT3-M4, Class LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8,
      Class LT3-M9, Class LT3-M10 and Class LT3-B Interests to a cap that corresponds
      to the Certificate Interest Rate (determined by substituting the REMIC 3 Net
      Funds Cap for the applicable Net Funds Cap) for the Corresponding Class of
      Certificates; provided,
      however,
      that
      for each Class of LIBOR Certificates, the Certificate Interest Rate shall be
      multiplied by an amount equal to (a) the actual number of days in the Accrual
      Period, divided by (b) 30.

     

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

     

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

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Assignment
      of Mortgage:
      An
      assignment of the Mortgage, notice of transfer or equivalent instrument, in
      recordable form, sufficient under the laws of the jurisdiction wherein the
      related Mortgaged Property is located to reflect the sale of the Mortgage to
      the
      Trustee, which assignment, notice of transfer or equivalent instrument may
      be in
      the form of one or more blanket assignments covering the Mortgage Loans secured
      by Mortgaged Properties located in the same jurisdiction, if permitted by law;
      provided,
      however,
      that
      neither the Custodian nor the Trustee shall be responsible for determining
      whether any such assignment is in recordable form.

     

    Aurora:
      Aurora
      Loan Services LLC, a Delaware limited liability company.

     

    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.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Basis
      Risk Shortfall:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates, the
      amount, if any, by which (x) the amount of interest calculated at the
      Certificate Interest Rate applicable to such Class for such Distribution Date,
      determined without regard to the Pool 1 Net Funds Cap, the Pool 2 Net Funds
      Cap
      or the Subordinate Net Funds Cap for such date, but subject to a cap equal
      to
      the applicable Maximum Interest Rate for such date, exceeds (y) the amount
      of
      interest calculated at the Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap or
      the
      Subordinate Net Funds Cap, as applicable.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

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

     

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

     

    Cap
      Counterparty:
      The
      counterparty to the Supplemental Interest Trust under the Interest Rate Cap
      Agreement, and any successor in interest or assigns. Initially, the Cap
      Counterparty shall be IXIS Financial Products Inc.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

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

     

    Class
      M Certificates:
      Collectively, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6,
      Class M7, Class M8, Class M9 and Class M10 Certificates.

     

    Class
      Notional Amount:
      Not
      applicable.

     

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

     

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

     

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

     

    Class
      X Distributable Amount:
      With
      respect to any Distribution Date, the amount of interest that has accrued on
      the
      Class X Notional Balance, as described in the Preliminary Statement, but that
      has not been distributed prior to such date. In addition, such amount shall
      include the initial Overcollateralization Amount of $30,281,546.45
      ($30,281,646.45 less $100 of such amount allocated to the Class P Certificates)
      to the extent such amount has not been distributed on an earlier Distribution
      Date as part of the Aggregate Overcollateralization Release Amount.

     

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

     

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

     

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

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    Clearstream:
      Clearstream Banking Luxembourg, and any successor thereto.

     

    Closing
      Date:
      September 29, 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
      calendar month immediately preceding the calendar 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.

     

    Commitment
      Letter:
      Each of
      the Commitment Letters for (a) WFHM 2006-M04, dated March 24, 2006, of Wells
      Fargo Bank, N.A., as Seller, to Lehman Brothers Bank, FSB, as Purchaser, (b)
      WFHM 2006-M05, dated April 21, 2006, of Wells Fargo Bank, N.A., as Seller,
      to
      Lehman Brothers Bank, FSB, as Purchaser and (c) WFHM 2006-M08, dated July 14,
      2006, of Wells Fargo Bank, N.A., as Seller, to Lehman Brothers Bank, FSB, as
      Purchaser.

     

    Compensating
      Interest Payment:
      With
      respect to any Distribution Date, an amount equal to the aggregate amount of
      any
      Prepayment Interest Shortfalls required to be paid by the Servicer with respect
      to such Distribution Date. The Master Servicer shall not be responsible for
      making any Compensating Interest Payment.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

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

     

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

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

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

     

    Corporate
      Trust Office:
      The
      principal corporate trust office of the Trustee at which, at any particular
      time, its corporate trust business shall be administered, which office at the
      date hereof is located at One Federal Street, 3rd Floor, Boston, MA 02110,
      Attention: Structured Finance - SASCO 2006-WF3.

     

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

     

    Credit
      Risk Management Agreement:
      The
      credit risk management agreement dated as of the Closing Date, entered into
      by
      the Servicer and the Credit Risk Manager, identified on Exhibit L attached
      hereto.

     

    Credit
      Risk Manager:
      Risk
      Management Group, LLC, a New York limited liability company, and its successors
      and assigns.

     

    Credit
      Risk Manager’s Fee:
      With
      respect to any Distribution Date and each Mortgage Loan, an amount equal to
      the
      product of (a) one-twelfth, (b) the Credit Risk Manager’s Fee Rate and (c) the
      Scheduled Principal Balance of such Mortgage Loan as of the first day of the
      related Collection Period.

     

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

     

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

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            
	
              October
                2008 through September 2009

            	 	
              1.70%
                for the first month, plus
                an
                additional 1/12th
                of
                2.05% for each month thereafter

            
	
              October
                2009 through September 2010

            	 	
              3.75%
                for the first month, plus
                an
                additional 1/12th
                of
                2.15% for each month thereafter

            
	
              October
                2010 through September 2011

            	 	
              5.90%
                for the first month, plus
                an
                additional 1/12th
                of
                1.75% for each month thereafter

            
	
              October
                2011 through September 2012

            	 	
              7.65%
                for the first month, plus
                an
                additional 1/12th
                of
                0.95% for each month thereafter

            
	
              October
                2012 and thereafter

            	 	
              8.60%

            

    

     

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

     

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

     

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

     

    Custodial
      Compensation:
      The
      transactional fees or charges (exclusive of the trustee acceptance fee and
      annual administration fee) and reimbursement of out-of-pocket expense paid
      to or
      allowed the Custodian by the Securities Administrator pursuant to the Custodial
      Agreement or any applicable side letter.

     

    Custodian:
      The
      Custodian appointed by the Trustee pursuant to the Custodial Agreement, and
      any
      successor thereto. The initial Custodian is Wells Fargo Bank, N.A.

     

    Cut-off
      Date:
      September 1, 2006.

     

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

     

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

     

    Defaulting
      Party:
      As
      defined in the Swap Agreement.

     

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

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

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

     

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

     

    Delinquency
      Event:
      A
      Delinquency Event shall have occurred (i) with respect to any Distribution
      Date
      prior to the Distribution Date on which the aggregate Class Principal
      Amount of the Senior Certificates has been reduced to zero, if the Rolling
      Three
      Month Delinquency Rate as of the last day of the immediately preceding month
      equals or exceeds 35.05% of the Senior Enhancement Percentage for such
      Distribution Date or (ii) with respect to any Distribution Date on or after
      the
      Distribution Date on which the aggregate Class Principal Amount of the
      Senior Certificates has been reduced to zero, if the Rolling Three Month
      Delinquency Rate as of the last day of the immediately preceding month equals
      or
      exceeds 43.20% of the M1 Enhancement Percentage.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    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 October 2006.

     

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

     

    Document
      Transfer Event:
      The day
      on which (i) Wells Fargo Bank, N.A. or any successor thereto is no longer the
      servicer of any of the Mortgage Loans, (ii) the senior, unsecured long-term
      debt
      rating of Wells Fargo & Company is less than “BBB-” by Fitch or (iii) any
      Rating Agency requires the Servicer to deliver the Retained Mortgage Files
      to
      the Custodian.

     

    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;

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

    ERISA-Restricted
      Trust Certificate:
      Any
      Senior Certificate and any Class M Certificate.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Excluded
      Trust Assets:
      As
      described in the Preliminary Statement.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

    First
      Payment Default Mortgage Loan:
      Any
      Mortgage Loans as to which the related Mortgagor does not make the first payment
      due to the Seller within the time frame required under the Commitment Letter
      and
      which are identified on Schedule B hereof.

     

    Fitch:
      Fitch
      Ratings, or any successor in interest.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    Group
      1 Senior Certificates:
      The
      Class A1 and Class A5 Certificates.

     

    Group
      2 Senior Certificates:
      The
      Class A2, Class A3 and Class A4 Certificates.

     

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

     

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

     

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

     

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

     

    Initial
      LIBOR Rate:
      5.33%.

     

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

     

    Insurance
      Fee Rate:
      With
      respect to each Mortgage Loan insured under any Bulk PMI Policy or LPMI Policy,
      the per annum rate specified in the Mortgage Loan Schedule under the field
      “Insurance Fee Rate,” plus any taxes due and payable with respect to any such
      insured Mortgage Loan where the related Mortgaged Property is located in the
      states of Kentucky and West Virginia.

     

    
      
        
        

      

      
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    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 the Servicer or the Master Servicer in
      connection with procuring such proceeds, (ii) to be applied to restoration
      or
      repair of the related Mortgaged Property or (iii) required to be paid over
      to
      the Mortgagor pursuant to law or the related Mortgage Note.

     

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

     

    Interest
      Rate Cap Agreement:
      The
      interest rate cap agreement dated September 29, 2006 between the Trustee, on
      behalf of the Supplemental Interest Trust, and the Cap Counterparty, which
      agreement provides for the monthly payment specified therein to the Trustee
      (for
      the benefit of the Certificateholders) commencing with the Distribution Date
      in
      September 2007 and ending on the Distribution Date in September 2011, by the
      Cap
      Counterparty, but subject to the conditions set forth therein together with
      any
      schedules, confirmations or other agreements relating thereto, attached hereto
      as Exhibit N. 

     

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

     

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

     

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

     

    Interest
      Remittance Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, an amount equal to
      (a)
      the sum of (1) all interest collected (other than Payaheads and Prepayment
      Premiums) or advanced in respect of Scheduled Payments on the Mortgage Loans
      in
      such Mortgage Pool during the related Collection Period by the Servicer, the
      Master Servicer or the Securities Administrator (solely in its capacity as
      successor master servicer), minus
      (x) the
      Servicing Fee with respect to such Mortgage Loans in such Mortgage Pool and,
      (y)
      previously unreimbursed Advances due to the Servicer, the Master Servicer or
      the
      Securities Administrator (solely in its capacity as successor master servicer)
      to the extent allocable to interest and the allocable portion of previously
      unreimbursed Servicing Advances with respect to such Mortgage Loans, (2) any
      amounts actually paid by the Servicer with respect to Prepayment Interest
      Shortfalls and any Compensating Interest Payments with respect to such Mortgage
      Loans and the related Prepayment Period, (3) the portion of any Purchase Price
      (or FPD Purchase Price (excluding any FPD Premium) payable with respect to
      a
      First Payment Default Mortgage Loan) or Substitution Amount with respect to
      such
      Mortgage Loans paid during the related Prepayment Period allocable to interest
      and (4) all Net Liquidation Proceeds, Insurance Proceeds, any Subsequent
      Recovery and any other recoveries collected during the related Prepayment
      Period, to the extent allocable to interest, as
      reduced by,
      for
      each Mortgage Pool, (b) the product of (i) the applicable Pool Percentage for
      such Distribution Date and (ii) any other costs, expenses or liabilities
      reimbursable to the Trustee, the Master Servicer, the Securities Administrator,
      the Custodian and the Servicer to the extent provided in this Agreement, the
      Servicing Agreement and the Custodial Agreement; provided,
      however,
      that in
      the case of the Trustee, such reimbursable amounts payable to the Trustee
      pursuant to Section 4.04(b)(i) may not exceed $200,000 during any Anniversary
      Year. In the event that the Trustee incurs reimbursable amounts in excess of
      $200,000, it may seek reimbursement for such amounts in subsequent Anniversary
      Years, but in no event shall more than $200,000 be reimbursed to the Trustee
      per
      Anniversary Year. Notwithstanding the foregoing, costs and expenses incurred
      by
      the Trustee pursuant to Section 6.14(a) in connection with any transfer of
      servicing shall be excluded from the $200,000 per Anniversary Year limit on
      reimbursable amounts. For the avoidance of doubt, (i) the Interest Remittance
      Amount available on each Swap Payment Date for distributions to the Swap Account
      shall be equal to the Interest Remittance Amount on the related Distribution
      Date and (ii) the Interest Remittance Amount for each Distribution Date shall
      be
      calculated without regard to any distributions to the Swap Account on the
      related Swap Payment Date.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    LIBOR
      Certificate:
      Any
      Class A1, Class A2, Class A3, Class A4, Class A5, Class M1, Class M2, Class
      M3,
      Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M10 or Class
      B
      Certificate.

     

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

     

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

     

    Liquidation
      Expenses:
      Expenses that are incurred by the Master Servicer or the Servicer in connection
      with the liquidation of any defaulted Mortgage Loan and are not recoverable
      under any 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 of the related Mortgaged Property.

     

    Lower
      Tier Interest:
      As
      described in the Preliminary Statement.

     

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

     

    LPMI
      Policy:
      A
      Primary Mortgage Insurance Policy issued by a Qualified Insurer pursuant to
      which the related premium is to be paid from payments by the
      mortgagee.

     

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

     

    
      
        
        

      

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

     

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

     

    M3
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (1) 74.80% and (2) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

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

     

    M4
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (1) 78.80% and (2) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

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

     

    M5
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (1) 81.80% and (2) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    
      
        
        

      

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

     

    M6
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (1) 84.10% and (2) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

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

     

    M7
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (1) 86.30% and (2) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

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

     

    M8
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (1) 88.10% and (2) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

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

     

    
      
        
        

      

      
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    M9
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (1) 90.50% and (2) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M10
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i)  the aggregate of the Class
      Principal Amounts of the Senior Certificates and the Class M1, Class M2, Class
      M3, Class M4, Class M5, Class  M6, Class M7, Class M8 and Class M9
      Certificates, in each case after giving effect to distributions on such
      Distribution Date, and (ii) the Class Principal Amount of the Class M10
      Certificates immediately prior to such Distribution Date exceeds (y) the M10
      Target Amount for such Distribution Date.

     

    M10
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (1) 93.70% and (2) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

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

     

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

     

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

     

    Master
      Servicing Fee Rate:
      0.00%
      per annum.

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    Monthly
      Excess Cashflow:
      For
      each Distribution Date, the aggregate of any remaining Interest Remittance
      Amount pursuant to Section 5.02(d)(v) for such date, any Principal Distribution
      Amount remaining after distribution pursuant to Section 5.02(e)(i)(C)(3) or
      5.02(e)(ii)(M) for such date, and any Aggregate Overcollateralization Release
      Amount for such date.

     

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

     

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

     

    Mortgage
      File:
      The
      mortgage documents listed in Section 2.01(b) pertaining to a particular Mortgage
      Loan required to be delivered to the Trustee or the Custodian pursuant to this
      Agreement and any related Retained Mortgage File that is delivered to the
      Custodian or the Trustee pursuant to Section 2.01(c) of this
      Agreement.

     

    Mortgage
      Loan:
      A
      Mortgage and the related notes or other evidences of indebtedness secured by
      each such Mortgage conveyed, transferred, sold, assigned to or deposited with
      the Trustee pursuant to Section 2.01 or Section 2.05, including without
      limitation each Mortgage Loan listed on the Mortgage Loan Schedule, as amended
      from time to time.

     

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

     

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

     

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

     

    Mortgage
      Pool:
      Either
      of Pool 1 or Pool 2, as the context may require.

     

    
      
        
        

      

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

     

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

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Net
      Excess Spread:
      With
      respect to any Distribution Date, (A) the fraction, expressed as a percentage,
      the numerator of which is equal to the product of (i) the amount, if any, by
      which (a) the aggregate of the Interest Remittance Amounts for each Mortgage
      Pool for such Distribution Date (as reduced by the aggregate Credit Risk
      Manager’s Fee) exceeds (b) the Current Interest payable with respect to the
      Certificates for such date and (ii) twelve, and the denominator of which is
      the
      Aggregate Pool Balance for such Distribution Date, multiplied by (B) a fraction,
      the numerator of which is thirty (30) and the denominator of which is the
      greater of thirty (30) and the actual number of days in the immediately
      preceding calendar month; minus
      (C) the
      product, expressed as a percentage, of (i) the amount of any Net Swap Payment
      owed to the Swap Counterparty for such Distribution Date divided by the
      Aggregate Pool Balance as of the beginning of the related Collection Period
      and
      (ii) a fraction, the numerator of which is 360 and the denominator of which
      is
      the actual number of days in the Accrual Period related to such Distribution
      Date, plus (D) the product, expressed as a percentage, of (i) the sum of (a)
      the
      amount of any Net Swap Payment and (b) any Interest Rate Cap Payment received
      by
      the Supplemental Interest Trust for such Distribution Date divided by the
      Aggregate Pool Balance as of the beginning of the related Collection Period
      and
      (ii) a fraction, the numerator of which is 360 and the denominator of which
      is
      the actual number of days in the Accrual Period related to such Distribution
      Date.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    Notional
      Amount:
      Not
      applicable.

     

    Notional
      Certificate:
      Not
      applicable.

     

    Offered
      Certificates:
      Any of
      the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class
      M5, Class M6, Class M7, Class M8, Class M9 and Class M10
      Certificates.

     

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

     

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

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, reasonably acceptable in form and substance to
      the
      Trustee, and which may be in-house or outside counsel to the Depositor, the
      Master Servicer or the Trustee but which must be Independent outside counsel
      with respect to any such opinion of counsel concerning the transfer of any
      Residual Certificate or concerning certain matters with respect to the ERISA,
      or
      the taxation, or the federal income tax status, of each REMIC.

     

    Original
      Mortgage Loan:
      As
      described in the Preliminary Statement. 

     

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

     

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

     

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

     

    
      
        
        

      

      
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    Overcollateralization
      Floor:
      An
      amount equal to $7,042,158.23 (approximately 0.50% of the Cut-off Date
      Balance).

     

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

     

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

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

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

     

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

     

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

     

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

     

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

     

    PMI
      Insurance Premium:
      With
      respect to each Distribution Date and each Mortgage Loan covered by a Bulk
      PMI
      Policy or other lender-paid Primary Mortgage Insurance Policy, the product
      of
      (a) one-twelfth of the applicable Insurance Fee Rate and (b) the Scheduled
      Principal Balance of such Mortgage Loan as of the first day of the related
      Collection Period.

     

    PMI
      Insurer:
      Not
      applicable.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    Principal
      Distribution Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, an amount equal to
      (a)
      the Principal Remittance Amount for such Mortgage Pool for such date
minus
      (b) the
      Aggregate Overcollateralization Release Amount attributable to such Mortgage
      Pool, if any, for such Distribution Date.

     

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

     

    
      
        
        

      

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

     

    Private
      Placement Memorandum:
      The
      private placement memorandum dated September 28, 2006, relating to the Class
      B
      Certificates.

     

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

     

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

     

    Prospectus:
      The
      prospectus supplement dated September 28, 2006, together with the accompanying
      prospectus dated September 13, 2006, relating to the Offered
      Certificates.

     

    
      
        
        

      

      
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    Purchase
      Price:
      With
      respect to the purchase of a Mortgage Loan or related REO Property pursuant
      to
      this Agreement, an amount equal to the sum of (a) 100% of the unpaid principal
      balance of such Mortgage Loan; (b) accrued interest thereon at the applicable
      Mortgage Rate, from the date as to which interest was last paid to (but not
      including) the Due Date in the Collection Period immediately preceding the
      related Distribution Date; (c) the amount of any costs and damages incurred
      by
      the Trust Fund as a result of any violation of any applicable federal, state
      or
      local predatory- or abusive-lending law arising from or in connection with
      the
      origination of such Mortgage Loan; and (d) any unreimbursed Servicing Advances
      with respect to such Mortgage Loan. The Master Servicer, the Servicer, the
      Custodian (or the Trustee or the Securities Administrator, if applicable) shall
      be reimbursed from the Purchase Price for any Mortgage Loan or related REO
      Property for any Advances made or other amounts advanced with respect to such
      Mortgage Loan that are reimbursable to the Master Servicer or the Servicer
      under
      this Agreement or the Servicing Agreement (or to the Trustee or the Securities
      Administrator, if applicable), together with any accrued and unpaid compensation
      due to the Master Servicer, the Securities Administrator, the Servicer, the
      Custodian or the Trustee hereunder or thereunder.

     

    QIB:
      As
      defined in Section 3.03(c).

     

    Qualified
      GIC:
      A
      guaranteed investment contract or surety bond providing for the investment
      of
      funds in the Collection Account, the Securities Administration 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, the Securities Administration Account or the
      Certificate Account, as the case may be, not later than the Business Day prior
      to any Distribution Date.

     

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

     

    
      
        
        

      

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

     

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

     

    Realized
      Loss:
      With
      respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid
      principal balance of such Mortgage Loan as of the date of liquidation, minus
      (ii) Liquidation Proceeds received, to the extent allocable to principal, net
      of
      amounts that are reimbursable therefrom to the Master Servicer or the Servicer
      with respect to such Mortgage Loan (other than Advances of principal) including
      expenses of liquidation. In determining whether a Realized Loss is a Realized
      Loss of principal, Liquidation Proceeds shall be allocated, first, to payment
      of
      expenses related to such Liquidated Mortgage Loan, then to accrued unpaid
      interest and finally to reduce the principal balance of the Mortgage
      Loan.

     

    
      
        
        

      

      
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    Recognition
      Agreement:
      With
      respect to any Cooperative Loan, an agreement between the related Cooperative
      Corporation and the originator of such Mortgage Loan to establish the rights
      of
      such originator in the related Cooperative Property.

     

    Record
      Date:
      With
      respect to any Class of Book-Entry Certificates and any Distribution Date,
      the
      close of business on the Business Day immediately preceding such Distribution
      Date. With respect to any Class of Definitive Certificates and any Distribution
      Date, the last Business Day of the month immediately preceding the month in
      which the Distribution Date occurs (or, in the case of the first Distribution
      Date, the Closing Date).

     

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

     

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

     

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

     

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

     

    Related
      Senior Priority:
      For the
      Group 1 Senior Certificates, the priority of distribution on the Group 1 Senior
      Certificates as described in subsection 5.02(e)(i)(A)(3). For the Group 2 Senior
      Certificates, the priority of distribution on the Group 2 Senior Certificates
      as
      described in subsection 5.02(e)(i)(B)(3).

     

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

     

    
      
        
        

      

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

     

    REMIC:
      Each
      pool of assets in the Trust Fund designated as a REMIC pursuant to the
      Preliminary Statement.

     

    REMIC
      1:
      As
      described in the Preliminary Statement.

     

    REMIC
      2:
      As
      described in the Preliminary Statement.

     

    REMIC
      3:
      As
      described in the Preliminary Statement.

     

    REMIC
      3 Net Funds Cap:
      With
      respect to any Distribution Date (and the related Accrual Period) and any Class
      of Certificates, a rate equal to (i) the weighted average of the interest rates
      on the Lower Tier Interests in REMIC 3 (other than the Class LT3-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
      4:
      As
      described in the Preliminary Statement.

     

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

     

    REMIC
      Swap Rate:
      For
      each Swap Payment 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 date, as set forth in Annex C-1 to the Prospectus, (ii) 2, and (ii) 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).

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    Retained
      Mortgage File:
      Any
      file of mortgage loan documents maintained by the Servicer, pursuant to Section
      2.01 of the Servicing Agreement, prior to any Document Transfer
      Event.

     

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

     

    Rule
      144A:
      Rule
      144A under the Securities Act.

     

    Rules:
      As
      defined in Section 6.20(c).

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    Scheduled
      Principal Balance:
      With
      respect to (i) any Mortgage Loan (other than a Simple Interest Mortgage Loan)
      as
      of any Distribution Date, the principal balance of such Mortgage Loan at the
      close of business on the Cut-off Date after giving effect to principal payments
      due on or before the Cut-off Date, whether or not received, less an amount
      equal
      to principal payments due after the Cut-off Date, and on or before the Due
      Date
      in the related Collection Period, whether or not received from the Mortgagor
      or
      advanced by the Servicer or the Master Servicer, and all amounts allocable
      to
      unscheduled principal payments (including Principal Prepayments, Liquidation
      Proceeds, Insurance Proceeds and condemnation proceeds, in each case to the
      extent identified and applied prior to or during the related Prepayment Period)
      and (ii) any REO Property as of any Distribution Date, the Scheduled Principal
      Balance of the related Mortgage Loan on the Due Date immediately preceding
      the
      date of acquisition of such REO Property by or on behalf of the Trustee (reduced
      by any amount applied as a reduction of principal on the Mortgage Loan). With
      respect to any Mortgage Loan as of the Cut-off Date, the principal balance
      of
      such Mortgage Loan, as specified in the Mortgage Loan Schedule. The Scheduled
      Principal Balance of any Liquidated Mortgage Loan shall be zero. In the case
      of
      a Simple Interest Mortgage Loan, references herein to such Mortgage Loan’s
      Scheduled Principal Balance shall mean its actual unpaid principal balance.
      The
      actual unpaid principal balance of a Simple Interest Mortgage Loan with respect
      to any Distribution Date shall be determined by subtracting from such Mortgage
      Loan’s unpaid principal balance as of the end of the preceding Collection Period
      the amount of the borrower’s fixed monthly payment for the related Collection
      Period that is not allocated to the payment of interest applying the Simple
      Interest Method.

     

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

     

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

     

    Securities
      Administration Account:
      A
      separate account established pursuant to Section 4.05.

     

    Securities
      Administrator:
      Wells
      Fargo Bank, N.A., not in its individual capacity but solely as Securities
      Administrator, or any successor in interest, or if any successor Securities
      Administrator shall be appointed as herein provided, then such successor
      Securities Administrator.

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    Senior
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 54.40% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the Collection Period exceeds (ii) the
      Overcollateralization Floor.

     

    Servicer:
      Wells
      Fargo Bank, N.A., or any of its successors in interest.

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    Servicing
      Function Participant:
      Any
      Subservicer, Subcontractor or any other Person, other than the Servicer, the
      Custodian, the Master Servicer, the Paying Agent, the Securities Administrator
      and the Trustee, that is participating in the servicing function within the
      meaning of Regulation AB, unless such Person’s activities relate only to 5% or
      less of the Mortgage Loans.

     

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

     

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

     

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

     

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

     

    Stepdown
      Date:
      The
      earlier of (x) the first Distribution Date following the Distribution Date
      on
      which the Class Principal Amounts of the Senior Certificates have each been
      reduced to zero or (y) the later of (1) the Distribution Date in October 2009
      and (2) the first Distribution Date on which the Senior Enhancement Percentage
      (calculated for this purpose after giving effect to payments or other recoveries
      in respect of the Mortgage Loans during the related Collection Period, but
      before giving effect to distributions on any Certificates on such Distribution
      Date) is greater than or equal to approximately 45.60%.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    Subordinate
      Priority:
      To the
      Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
      M8,
      Class M9, Class M10 and Class B Certificates, sequentially, in that
      order.

     

    Subsequent
      Recovery:
      Any
      amount recovered by the Servicer or the Master Servicer with respect to a
      Liquidated Mortgage Loan with respect to which a Realized Loss was incurred
      after the liquidation or disposition of such Mortgage Loan.

     

    Subservicer:
      Any
      Person that (i) is considered to be a Servicing Function Participant, (ii)
      services the Mortgage Loans on behalf of the Servicer or Additional Servicer,
      and (iii) is responsible for the performance (whether directly or through
      subservicers or Subcontractors) of Servicing functions required to be performed
      under this Agreement, the Servicing Agreement or any subservicing agreement
      that
      is identified in Item 1122(d) of Regulation AB.

     

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

     

    
      
        
        

      

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

     

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

     

    Swap
      Agreement:
      The
      interest rate swap agreement dated September 29, 2006, between the Trustee,
      on
      behalf of the Supplemental Interest Trust, and the Swap Counterparty, which
      agreement provides for, among other things, a Net Swap Payment to be paid to
      the
      Trustee commencing on the Distribution Date in November 2006 and ending on
      the
      Distribution Date in September 2011, by the Swap Counterparty, but subject
      to
      the conditions set forth therein together with any schedules, confirmations
      or
      other agreements relating thereto, attached hereto as Exhibit O.

     

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

     

    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
      IXIS Financial Products Inc.

     

    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 Securities
      Administrator.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    Targeted
      Overcollateralization Amount:
      With
      respect to any Distribution Date prior to the Stepdown Date, an amount equal
      to
      $30,281,646.45. With respect to any Distribution Date on or after the Stepdown
      Date and provided a Trigger Event is not in effect, an amount equal to the
      greater of (i) the lesser of (a) $30,281,646.45 and (b) 4.30% of the Aggregate
      Pool Balance after giving effect to distributions on such Distribution Date
      and
      (ii) $7,042,158.23. With respect to any Distribution Date on or after the
      Stepdown Date and provided a Trigger Event is in effect, an amount equal to
      the
      Targeted Overcollateralization Amount for the immediately preceding Distribution
      Date.

     

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

     

    Telerate
      Page 3750:
      The
      display currently so designated as “Page 3750” on the Reuters Telerate Service
      (or such other page selected by the Securities Administrator 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 and the Interest Rate Cap Agreement, as
      applicable.

     

    Termination
      Price:
      As
      defined in Section 7.01.

     

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

     

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

     

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

     

    
      
        
        

      

      
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    Transferor:
      Wells
      Fargo Bank, N.A., as seller of the Mortgage Loans to Lehman Brothers Bank FSB
      pursuant to the Transfer Agreement.

     

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

     

    Trust
      Fund:
      The
      corpus of the Structured Asset Securities Corporation Mortgage Loan Trust
      2006-WF3 created pursuant to this Agreement, consisting of the Mortgage Loans,
      the assignment of the Depositor’s rights under the Transfer Agreement, the
      Mortgage Loan Sale Agreement and the Servicing Agreement, such amounts as shall
      from time to time be held in the Collection Account, the Securities
      Administration Account, the Certificate Account, the Custodial Account and
      any
      Escrow Account, the Swap Termination Receipts Account, the Swap Replacement
      Receipts Account, the Cap Termination Receipts Account, the Cap Replacement
      Receipts Account, the Basis Risk Reserve Fund, the Insurance Policies, any
      REO
      Property and the other items referred to in, and conveyed to the Trustee under,
      Section 2.01(a).

     

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

     

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

     

    Trustee
      Fee:
      A fixed
      annual fee of $3,750, which is paid first,
      by the
      Securities Administrator pursuant to Section 6.12, second,
      to the
      extent not paid under first,
      from
      income and earnings on the amounts on deposit in the Securities Administration
      Account as provided in Section 4.05(f) and third,
      to the
      extent not paid under first
      and
second,
      from
      income and earnings on amounts on deposit from time to time in the Certificate
      Account as provided in Section 4.04(c).

     

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

     

    Underwriter:
      Lehman
      Brothers Inc.

     

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

     

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

     

    Upper
      Tier REMIC:
      REMIC
      4.

     

    
      
        
        

      

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

     

    Section
      1.02. Calculations
      Respecting Mortgage Loans. 

     

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

     

    Section
      1.03. Calculations
      Respecting Accrued Interest. 

     

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

     

    ARTICLE
      II

     

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

     

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

     

    
      
        
        

      

      
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    (a) Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      transfer, assign, set over, deposit with and otherwise convey to the Trustee,
      without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust,
      all
      the right, title and interest of the Depositor in and to the Mortgage Loans.
      Such conveyance includes, without limitation, the right to all payments of
      principal and interest received on or with respect to the Mortgage Loans on
      and
      after the Cut-off Date (other than payments of principal and interest due on
      or
      before such date), and all such payments due after such date but received prior
      to such date and intended by the related Mortgagors to be applied after such
      date together with all of the Depositor’s right, title and interest in and to
      the Collection Account and all amounts from time to time credited to and the
      proceeds of the Collection Account, the Certificate Account and all amounts
      from
      time to time credited to and the proceeds of the Certificate Account, the
      Securities Administration Account and all amounts from time to time credited
      to
      and the proceeds of the Securities Administration Account (exclusive of
      investment earnings thereon), any Custodial Accounts and all amounts from time
      to time credited to and the proceeds of the Custodial Accounts, any Escrow
      Account established pursuant to Section 9.06 and any Basis Risk Reserve Fund
      established pursuant to Section 5.06 and all amounts from time to time credited
      to and the proceeds of each such account, any REO Property and the proceeds
      thereof, the Depositor’s rights under any Insurance Policies related to the
      Mortgage Loans, the Depositor’s security interest in any collateral pledged to
      secure the Mortgage Loans, including the Mortgaged Properties and any Additional
      Collateral, and any proceeds of the foregoing, to have and to hold, in trust;
      and the Trustee declares that, subject to the review provided for in Section
      2.02, it has received and shall hold the Trust Fund, as trustee, in trust,
      for
      the benefit and use of the Holders of the Certificates and for the purposes
      and
      subject to the terms and conditions set forth in this Agreement, and,
      concurrently with such receipt, has caused to be executed, authenticated and
      delivered to or upon the order of the Depositor, in exchange for the Trust
      Fund,
      Certificates in the authorized denominations evidencing the entire ownership
      of
      the Trust Fund.

     

    Concurrently
      with the execution of this Agreement, the Swap Agreement and the Interest Rate
      Cap Agreement shall be delivered to the Trustee. In connection therewith, the
      Depositor hereby directs the Trustee (solely in its capacity as such) and the
      Trustee is hereby authorized to execute and deliver the Swap Agreement and
      the
      Interest Rate Cap Agreement (each on behalf of the Supplemental Interest Trust)
      for the benefit of, the Certificateholders. The Seller, the Master Servicer,
      the
      Securities Administrator, the Depositor, the Servicer and the Certificateholders
      (by their acceptance of such Certificates) acknowledge and agree that the
      Trustee is executing and delivering the Swap Agreement and the Interest Rate
      Cap
      Agreement solely in its capacity as Trustee of the Supplemental Interest Trust
      not in its individual capacity. The Trustee shall have no duty or responsibility
      to enter into any other interest rate swap agreement or interest rate cap
      agreement upon the expiration or termination of the Swap Agreement or the
      Interest Rate Cap Agreement, other than as provided in Sections 5.09(a) and
      (b),
      respectively.

     

    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Mortgage Loan
      Sale Agreement, including all rights of the Seller under the Servicing Agreement
      and the Transfer Agreement (including the right to enforce the Transferor’s
      obligation with respect to First Payment Default Mortgage Loans pursuant to
      the
      Commitment Letter) but only to the extent assigned under the Mortgage Loan
      Sale
      Agreement. The Trustee hereby accepts such assignment, and shall be entitled
      to
      exercise all the rights of the Depositor under the Mortgage Loan Sale Agreement
      as if, for such purpose, it were the Depositor.

     

    It
      is
      agreed and understood by the Depositor and the Trustee (and the Seller has
      so
      represented and recognized in the Mortgage Loan Sale Agreement) that it is
      not
      intended that any Mortgage Loan to be included in the Trust Fund be (i) a
“High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective
      November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the New Mexico
      Home Loan Protection Act effective January 1, 2004, (iii) a “High-Cost Home
      Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act
      effective November 7, 2004 or (iv) a “High Cost Home Loan” as defined in the
      Indiana Home Loan Practices Act effective January 1, 2005.

     

    
      
        
        

      

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

     

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

     

    (i) with
      respect to each Mortgage Loan, the original Mortgage Note endorsed without
      recourse in proper form to the order of the Trustee as shown on Exhibit B-4
      hereto, or in blank (in each case, with all necessary intervening endorsements,
      as applicable) or with respect to any lost Mortgage Note, a lost note affidavit
      stating that the original Mortgage Note was lost, misplaced or destroyed,
      together with a copy of the related Mortgage Note;

     

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

     

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

     

    (iv) with
      respect to each Non-MERS Mortgage Loan other than a Cooperative Loan, an
      original Assignment of Mortgage, in form and substance acceptable for recording.
      The Mortgage shall be assigned either (A) in blank, without recourse or (B)
      to
“U.S. Bank National Association, as Trustee of the Structured Asset Securities
      Corporation Mortgage Loan Trust 2006-WF3,” without recourse.

     

    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.

     

    (c) Pursuant
      to the Servicing Agreement, the Servicer will hold the Retained Mortgage Files
      in trust for the benefit of the Trustee. The possession of each Retained
      Mortgage File held by the Servicer is in a custodial capacity only. Within
      60
      days of the occurrence of a Document Transfer Event, the Servicer shall,
      pursuant to Section 2.01 of the Servicing Agreement, deliver or cause to be
      delivered to and deposited with the Trustee or to the corporate trust services
      division of the Custodian the Retained Mortgage Files consisting of the
      following additional items, as applicable: 

     

    
      
        
        

      

      
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    (i) with
      respect to any Mortgage Loan other than a Cooperative Loan, the original
      recorded Mortgage with evidence of recording thereon, and the original recorded
      power of attorney, if the Mortgage was executed pursuant to a power of attorney,
      with evidence of recording thereon or, if such Mortgage or power of attorney
      has
      been submitted for recording but has not been returned from the applicable
      public recording office, has been lost or is not otherwise available, a copy
      of
      such Mortgage or power of attorney, as the case may be, certified by an
      Officer’s Certificate of the Depositor to be a true and complete copy of the
      original submitted for recording, together with a written Opinion of Counsel
      for
      the Depositor acceptable to the Trustee that an original recorded Mortgage
      is
      not required to enforce the Trustee’s interest in the Mortgage
      Loan;

     

    (ii) if
      applicable, such original intervening assignments of Mortgage, notices of
      transfer or equivalent instruments (each, an “Intervening Assignment”), as may
      be necessary to show a complete chain of assignment from the originator or,
      in
      the case of an Intervening Assignment that has been lost, a written Opinion
      of
      Counsel acceptable to the Trustee that such original Intervening Assignment
      is
      not required to enforce the Trustee’s interest in the Mortgage
      Loan;

     

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

     

    (iv) the
      original LPMI Policy or certificate or an electronic certification evidencing
      the existence of the LPMI Policy or certificate, if private mortgage guaranty
      insurance is required;

     

    (v) 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
      Custodian is a true copy and that the original of such document has been
      forwarded to the public recording office; and

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (b) Within
      45
      days after the Closing Date, the Trustee or the Custodian on behalf of the
      Trustee, will, for the benefit of Holders of the Certificates, review each
      Mortgage File to ascertain that all required documents set forth in Section
      2.01
      have been received and appear on their face to contain the requisite signatures
      by or on behalf of the respective parties thereto, and shall deliver to the
      Trustee, the Depositor, the Master Servicer, the Servicer and any NIMS Insurer
      an Interim Certification in the form annexed hereto as Exhibit B-2 (or in the
      form annexed to the Custodial Agreement as Exhibit B-2, as applicable) to the
      effect that, as to each Mortgage Loan listed in the Mortgage Loan Schedule
      (other than any Mortgage Loan prepaid in full or any Mortgage Loan specifically
      identified in such certification as not covered by such certification), (i)
      all
      of the applicable documents specified in Section 2.01(c) are in its possession
      and (ii) such documents have been reviewed by it and appear to relate to such
      Mortgage Loan. The Trustee, or the Custodian on behalf of the Trustee, shall
      determine whether such documents are executed and endorsed, but shall be under
      no duty or obligation to inspect, review or examine any such documents,
      instruments, certificates or other papers to determine that the same are valid,
      binding, legally effective, properly endorsed, genuine, enforceable or
      appropriate for the represented purpose or that they have actually been recorded
      or are in recordable form or that they are other than what they purport to
      be on
      their face. Neither the Trustee nor the Custodian shall have any responsibility
      for verifying the genuineness or the legal effectiveness of or authority for
      any
      signatures of or on behalf of any party or endorser.

     

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

     

    
      
        
        

      

      
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    (d) Within
      180 days following the Closing Date, the Trustee, or the Custodian, shall
      deliver to the Trustee, the Depositor, the Master Servicer and any NIMS Insurer
      a Final Certification substantially in the form attached as Exhibit B-3 (or
      in
      the form annexed to the Custodial Agreement as Exhibit B-3, as applicable)
      evidencing the completeness of the Mortgage Files in its possession or control,
      with any exceptions noted thereto.

     

    (e) Nothing
      in this Agreement shall be construed to constitute an assumption by the Trust
      Fund, the Trustee, the Custodian or the Certificateholders of any unsatisfied
      duty, claim or other liability on any Mortgage Loan or to any
      Mortgagor.

     

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

     

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

     

    Section
      2.03. Representations
      and Warranties of the Depositor. 

     

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

     

    (i) the
      Depositor is a corporation duly organized, validly existing and in good standing
      under the laws governing its creation and existence and has full corporate
      power
      and authority to own its property, to carry on its business as presently
      conducted, to enter into and perform its obligations under this Agreement,
      and
      to create the trust pursuant hereto;

     

    (ii) the
      execution and delivery by the Depositor of this Agreement have been duly
      authorized by all necessary corporate action on the part of the Depositor;
      none
      of the execution and delivery of this Agreement, the consummation of the
      transactions herein contemplated, 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;

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (b) The
      representations and warranties of the Transferor with respect to the related
      Mortgage Loans in the Transfer Agreement, which have been assigned to the
      Trustee hereunder, were made as of the date specified in the Transfer Agreement
      (or underlying agreement, if such Transfer Agreement is in the form of an
      assignment of a prior agreement). To the extent that any fact, condition or
      event with respect to a Mortgage Loan constitutes a breach of both (i) a
      representation or warranty of the Transferor under the Transfer Agreement and
      (ii) a representation or warranty of the Seller under the Mortgage Loan Sale
      Agreement, the only right or remedy of the Trustee, any Certificateholder or
      any
      NIMS Insurer hereunder shall be their rights to enforce the obligations of
      the
      Transferor under any applicable representation or warranty made by it. The
      Trustee acknowledges that, except as otherwise provided in the Mortgage Loan
      Sale Agreement, the Seller shall not have any obligation or liability with
      respect to any breach of a representation or warranty made by it with respect
      to
      the Mortgage Loans sold by it if the fact, condition or event constituting
      such
      breach also constitutes a breach of a representation or warranty made by the
      Transferor in the Transfer Agreement without regard to whether the Transferor
      fulfills its contractual obligations in respect of such representation or
      warranty. The Trustee further acknowledges that the Depositor shall have no
      obligation or liability with respect to any breach of any representation or
      warranty with respect to the Mortgage Loans (except as set forth in Section
      2.03(a)(vi)) under any circumstances. 

     

    Section
      2.04. Discovery
      of Breach. 

     

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

     

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

     

    
      
        
        

      

      
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    (a) With
      respect to any Mortgage Loan repurchased by the Depositor pursuant to this
      Agreement, by the Seller pursuant to the Mortgage Loan Sale Agreement or by
      the
      Transferor pursuant to the Transfer Agreement, the principal portion of the
      funds (including the related FPD Purchase Price (excluding any FPD Premium)
      in
      the case of a First Payment Mortgage Loan) received by the Trustee in respect
      of
      such repurchase of a Mortgage Loan will be considered a Principal Prepayment
      and
      the Purchase Price or FPD Purchase Price (excluding any FPD Premium) shall
      be
      deposited in the Collection Account or a Custodial Account, as applicable.
      The
      Trustee (i) upon receipt of the full amount of the Purchase Price for a Deleted
      Mortgage Loan, (ii) upon receipt of a written certification from the Master
      Servicer that it has received the full amount of the Purchase Price for a
      Deleted Mortgage Loan and has deposited such amount in the Collection Account
      or
      (iii) upon receipt of notification from the Custodian that it had received
      the
      Mortgage File for a Qualifying Substitute Mortgage Loan substituted for a
      Deleted Mortgage Loan (and any applicable Substitution Amount), shall release
      or
      cause to be released and reassign to the Depositor, the Seller or the
      Transferor, as applicable, the related Mortgage File for the Deleted Mortgage
      Loan and shall execute and deliver such instruments of transfer or assignment,
      in each case without recourse, representation or warranty, as shall be necessary
      to vest in such party or its designee or assignee title to any Deleted Mortgage
      Loan released pursuant hereto, free and clear of all security interests, liens
      and other encumbrances created by this Agreement, which instruments shall be
      prepared by the Servicer, and the Trustee shall have no further responsibility
      with respect to the Mortgage File relating to such Deleted Mortgage Loan. The
      Seller indemnifies and holds the Trust Fund, the Master Servicer, the Securities
      Administrator, the Trustee, the Depositor, and NIMS Insurer and each
      Certificateholder harmless against any and all taxes, claims, losses, penalties,
      fines, forfeitures, reasonable legal fees and related costs, judgments, and
      any
      other costs, fees and expenses that the Trust Fund, the Trustee, the Master
      Servicer, the Securities Administrator, the Depositor, any NIMS Insurer and
      any
      Certificateholder may sustain in connection with any actions of such Seller
      relating to a repurchase of a Mortgage Loan other than in compliance with the
      terms of this Section 2.05 and the Mortgage Loan Sale Agreement, to the extent
      that any such action causes an Adverse REMIC Event.

     

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

     

    
      
        
        

      

      
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    (c) Notwithstanding
      any other provision of this Agreement, the right to substitute Mortgage Loans
      pursuant to this Article II shall be subject to the additional limitations
      that
      no substitution of a Qualifying Substitute Mortgage Loan for a Deleted Mortgage
      Loan shall be made unless the Trustee and any NIMS Insurer has received an
      Opinion of Counsel addressed to the Trustee (at the expense of the party seeking
      to make the substitution) that, under current law, such substitution will not
      cause an Adverse REMIC Event.

     

    Section
      2.06. Grant
      Clause. 

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      III

     

    THE
      CERTIFICATES

     

    Section
      3.01. The
      Certificates. 

     

    (a) The
      Certificates shall be issuable in registered form only and shall be securities
      governed by Article 8 of the New York Uniform Commercial Code. The Book-Entry
      Certificates will be evidenced by one or more certificates, beneficial ownership
      of which will be held in the dollar denominations in Certificate Principal
      Amount or in the Percentage Interests specified herein. Each Class of Book-Entry
      Certificates will be issued in the minimum denominations in Certificate
      Principal Amount specified in the Preliminary Statement hereto and in integral
      multiples of $1 in excess thereof. The Class P and Class X Certificates shall
      each be maintained in definitive, fully registered form in the minimum
      denomination specified in the Preliminary Statement hereto and in integral
      multiples of 1% in excess thereof. Each of the Class LT-R and Class R
      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 each 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 (or its custodian) of the Mortgage Files described in Section 2.01.
      No
      Certificate shall be entitled to any benefit under this Agreement, or be valid
      for any purpose, unless there appears on such Certificate a certificate of
      authentication substantially in the form provided for herein, executed by an
      authorized officer of the Trustee or the Authenticating Agent, if any, by manual
      signature, and such certification upon any Certificate shall be conclusive
      evidence, and the only evidence, that such Certificate has been duly
      authenticated and delivered hereunder. All Certificates shall be dated the
      date
      of their authentication. At any time and from time to time after the execution
      and delivery of this Agreement, the Depositor may deliver Certificates executed
      by the Depositor to the Trustee or the Authenticating Agent for authentication
      and the Trustee or the Authenticating Agent shall authenticate and deliver
      such
      Certificates as in this Agreement provided and not otherwise.

     

    
      
        
        

      

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

     

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

     

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

     

    Section
      3.02. Registration.
      

     

    The
      Trustee is hereby appointed, and hereby accepts its appointment as, Certificate
      Registrar in respect of the Certificates (and, after a Section 7.01(c) Purchase
      Event, the Lower Tier REMIC 1 Uncertificated Regular Interests, if applicable)
      and shall maintain books for the registration and for the transfer of
      Certificates (and, after a Section 7.01(c) Purchase Event, the Lower Tier
      REMIC 1 Uncertificated Regular Interests, if applicable) (the “Certificate
      Register”). The Trustee may appoint a bank or trust company to act as
      Certificate Registrar. A registration book shall be maintained for the
      Certificates (and Lower Tier REMIC 1 Uncertificated Regular Interests, as
      the case may be) collectively. The Certificate Registrar may resign or be
      discharged or removed and a new successor may be appointed in accordance with
      the procedures and requirements set forth in Sections 6.06 and 6.07 hereof
      with
      respect to the resignation, discharge or removal of the Trustee and the
      appointment of a successor Trustee. The Certificate Registrar may appoint,
      by a
      written instrument delivered to the Holders, any NIMS Insurer and the Master
      Servicer, any bank or trust company to act as co-registrar under such conditions
      as the Certificate Registrar may prescribe; provided,
      however,
      that the
      Certificate Registrar shall not be relieved of any of its duties or
      responsibilities hereunder by reason of such appointment.

     

    
      
        
        

      

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

     

    Section
      3.03. Transfer
      and Exchange of Certificates. 

     

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

     

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

     

    
      
        
        

      

      
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    (c) By
      acceptance of a Restricted Certificate or a Regulation S Global Security,
      whether upon original issuance or subsequent transfer, each Holder of such
      a
      Certificate acknowledges the restrictions on the transfer of such Certificate
      set forth thereon and agrees that it will transfer such a Certificate only
      as
      provided herein. In addition, each Holder of a Regulation S Global Security
      shall be deemed to have represented and warranted to the Trustee, the
      Certificate Registrar and any of their respective successors that: (i) such
      Person is not a U.S. person within the meaning of Regulation S and was, at
      the
      time the buy order was originated, outside the United States and (ii) such
      Person understands that such Certificates have not been registered under the
      Securities Act, and that (x) until the expiration of the 40-day distribution
      compliance period (within the meaning of Regulation S), no offer, sale, pledge
      or other transfer of such Certificates or any interest therein shall be made
      in
      the United States or to or for the account or benefit of a U.S. person (each
      as
      defined in Regulation S), (y) if in the future it decides to offer, resell,
      pledge or otherwise transfer such Certificates, such Certificates may be
      offered, resold, pledged or otherwise transferred only (A) to a person which
      the
      seller reasonably believes is a “qualified institutional buyer” (a “QIB”) as
      defined in Rule 144A, that is purchasing such Certificates for its own account
      or for the account of a qualified institutional buyer to which notice is given
      that the transfer is being made in reliance on Rule 144A or (B) in an offshore
      transaction (as defined in Regulation S) in compliance with the provisions
      of
      Regulation S, in each case in compliance with the requirements of this
      Agreement; and it will notify such transferee of the transfer restrictions
      specified in this Section.

     

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

     

    (i) The
      Certificate Registrar shall register the transfer of a Restricted Certificate
      if
      the requested transfer is (x) to the Depositor or 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 by a
      transferor that has provided the Trustee with a certificate in the form of
      Exhibit F hereto; or

     

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

     

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

     

    
      
        
        

      

      
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    Notwithstanding
      the foregoing, no opinion or certificate shall be required for the initial
      issuance of the ERISA-Restricted Certificates. The Trustee and the Certificate
      Registrar 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 and the Certificate Registrar 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 or the Certificate Registrar in
      accordance with the foregoing requirements. The Trustee and the Certificate
      Registrar shall be entitled, but not obligated, to recover from any Holder
      of
      any ERISA-Restricted Certificate that was in fact a Plan or a Person acting
      on
      behalf of any such Plan any payments made on such ERISA-Restricted Certificate
      at and after either such time. Any such payments so recovered by the Trustee
      shall be paid and delivered by the Trustee to the last preceding Holder of
      such
      Certificate that is not such a Plan or Person acting on behalf of a
      Plan.

     

    (ii)
      No
      transfer of an ERISA-Restricted Trust Certificate shall be made prior to the
      termination of the Swap Agreement and the Interest Rate Cap Agreement, unless
      the Trustee or the Certificate Registrar shall have received a representation
      letter from the transferee of such Certificate, substantially in the form set
      forth in Exhibit H, to the effect that either (i) such transferee is neither
      a
      Plan nor a Person acting on behalf of any such Plan or using the assets of
      any
      such Plan to effect such transfer or (ii) the acquisition and holding of the
      ERISA-Restricted Trust Certificate are eligible for exemptive relief under
      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,
      prior to the termination of the Swap Agreement and the Interest Rate Cap
      Agreement, any purported transfer of an ERISA-Restricted Trust Certificate
      to or
      on behalf of a Plan without the delivery to the Trustee or the Certificate
      Registrar, as applicable, of a representation letter as described above shall
      be
      void and of no effect. If the ERISA-Restricted Trust Certificate is a Book-Entry
      Certificate, prior to the termination of the Swap Agreement and the Interest
      Rate Cap Agreement, the transferee will be deemed to have made a representation
      as provided in clause (i) or (ii) of this paragraph, as applicable.

     

    If
      any
      ERISA-Restricted Trust Certificate, or any interest therein, is acquired or
      held
      in violation of the provisions of the preceding paragraph, the next preceding
      permitted beneficial owner will be treated as the beneficial owner of that
      Certificate, retroactive to the date of transfer to the purported beneficial
      owner. Any purported beneficial owner whose acquisition or holding of an
      ERISA-Restricted Trust Certificate, or interest therein, was effected in
      violation of the provisions of the preceding paragraph shall indemnify to the
      extent permitted by law and hold harmless the Depositor, the Securities
      Administrator, the Trustee, the Certificate Registrar, 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.

     

    
      
        
        

      

      
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    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      neither the Trustee nor the Certificate Registrar shall be under any liability
      to any Person for any registration of transfer of any ERISA-Restricted Trust
      Certificate that is in fact not permitted by this Section 3.03(d)(ii) or for
      making any payments due on such Certificate to the Holder thereof or taking
      any
      other action with respect to such Holder under the provisions of this Agreement
      so long as the transfer was registered by the Trustee or the Certificate
      Registrar, as applicable, in accordance with the foregoing
      requirements.

     

    (e) As
      a
      condition of the registration of transfer or exchange of any Certificate, the
      Trustee or the Certificate Registrar, as applicable, 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
      neither the Trustee nor the Certificate Registrar shall have any obligation
      to
      require such payment or to determine whether or not any such tax or charge
      may
      be applicable. No service charge shall be made to the Certificateholder for
      any
      registration, transfer or exchange of a Certificate.

     

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

     

    
      
        
        

      

      
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    Prior
      to
      and as a condition of the registration of any transfer, sale or other
      disposition of a Residual Certificate, the proposed transferee shall deliver
      to
      the Trustee or the Certificate Registrar an affidavit in substantially the
      form
      attached hereto as Exhibit D-1 representing and warranting, among other things,
      that such transferee is not a Disqualified Organization, an agent or nominee
      acting on behalf of a Disqualified Organization or a Non-Permitted Foreign
      Holder (any such transferee, a “Permitted Transferee”), and the proposed
      transferor shall deliver to the Trustee or the Certificate Registrar 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, the
      Securities Administrator, any NIMS Insurer and the Trustee satisfactory in
      form
      and substance to the Depositor, that such proposed transferee or, if the
      proposed transferee is an agent or nominee, the proposed beneficial owner,
      is
      not a Disqualified Organization, agent or nominee thereof, or a Non-Permitted
      Foreign Holder. Notwithstanding the registration in the Certificate Register
      of
      any transfer, sale, or other disposition of a Residual Certificate to a
      Disqualified Organization, an agent or nominee thereof, or Non-Permitted Foreign
      Holder, such registration shall be deemed to be of no legal force or effect
      whatsoever and such Disqualified Organization, agent or nominee thereof, or
      Non-Permitted Foreign Holder shall not be deemed to be a Certificateholder
      for
      any purpose hereunder, including, but not limited to, the receipt of
      distributions on such Residual Certificate. Neither the Trustee nor the
      Certificate Registrar shall be under any liability to any person for any
      registration or transfer of a Residual Certificate to a Disqualified
      Organization, agent or nominee thereof or Non-permitted Foreign Holder or for
      the maturity of any payments due on such Residual Certificate to the Holder
      thereof or for taking any other action with respect to such Holder under the
      provisions of the Agreement, so long as the transfer was effected in accordance
      with this Section 3.03(f), unless a Responsible Officer of the Trustee or the
      Certificate Registrar, as applicable,, 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 and the Certificate Registrar shall be entitled,
      but
      not obligated, to recover from any Holder of a Residual Certificate that was
      a
      Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
      Holder at the time it became a Holder or any subsequent time it became a
      Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
      Holder, all payments made on such Residual Certificate at and after either
      such
      times (and all costs and expenses, including but not limited to attorneys’ fees,
      incurred in connection therewith). Any payment (not including any such costs
      and
      expenses) so recovered by the Trustee shall be paid and delivered to the last
      preceding Holder of such Residual Certificate.

     

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

     

    (g) Each
      Holder or Certificate Owner of a Restricted Certificate, ERISA-Restricted
      Certificate or Residual Certificate, or an interest therein, by such Holder’s or
      Owner’s acceptance thereof, shall be deemed for all purposes to have consented
      to the provisions of this section.

     

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

     

    (i) Subject
      to clauses (ii) and (iii) of this Section 3.03(h), transfers of a Global
      Security representing any Class B Certificate shall be limited to transfers
      of
      such Global Security, in whole or in part, to nominees of DTC or to a successor
      of DTC or such successor’s nominee.

     

    
      
        
        

      

      
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    (ii) Restricted
      Global Security to Regulation S Global Security. If a holder of a beneficial
      interest in a Restricted Global Security deposited with or on behalf of DTC
      wishes at any time to exchange its interest in such Restricted Global Security
      for an interest in a Regulation S Global Security, or to transfer its interest
      in such Restricted Global Security to a Person who wishes to take delivery
      thereof in the form of an interest in a Regulation S Global Security, such
      holder, provided
      such
      holder is not a U.S. person, may, subject to the rules and procedures of DTC,
      exchange or cause the exchange of such interest for an equivalent beneficial
      interest in the Regulation S Global Security. Upon receipt by the Trustee,
      as
      Certificate Registrar, of (I) instructions from DTC directing the Trustee,
      as
      Certificate Registrar, to be credited a beneficial interest in a Regulation
      S
      Global Security in an amount equal to the beneficial interest in such Restricted
      Global Security to be exchanged but not less than the minimum denomination
      applicable to such holder’s Certificates held through a Regulation S Global
      Security, (II) a written order given in accordance with DTC’s procedures
      containing information regarding the participant account of DTC and, in the
      case
      of a transfer pursuant to and in accordance with Regulation S, the Euroclear
      or
      Clearstream account to be credited with such increase and (III) a certificate
      in
      the form of Exhibit M-1 hereto given by the holder of such beneficial interest
      stating that the exchange or transfer of such interest has been made in
      compliance with the transfer restrictions applicable to the Global Securities,
      including that the holder is not a U.S. person, and pursuant to and in
      accordance with Regulation S, the Trustee, as Certificate Registrar, shall
      reduce the principal amount of the Restricted Global Security and increase
      the
      principal amount of the Regulation S Global Security by the aggregate principal
      amount of the beneficial interest in the Restricted Global Security to be
      exchanged, and shall instruct Euroclear or Clearstream, as applicable,
      concurrently with such reduction, to credit or cause to be credited to the
      account of the Person specified in such instructions a beneficial interest
      in
      the Regulation S Global Security equal to the reduction in the principal amount
      of the Restricted Global Security.

     

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

     

    
      
        
        

      

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

     

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

    

    Section
      3.04. Cancellation
      of Certificates. 

     

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

     

    Section
      3.05. Replacement
      of Certificates. 

     

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

     

    
      
        
        

      

      
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    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 Securities Administrator, the Trustee,
      the
      Certificate Registrar, any NIMS Insurer and any agent of any of them may treat
      the Person in whose name any Certificate is registered upon the books of the
      Certificate Registrar as the owner of such Certificate for the purpose of
      receiving distributions pursuant to Sections 5.01 and 5.02 and for all other
      purposes whatsoever, and none of the Depositor, the Master Servicer, the
      Securities Administrator, the Trustee, the Certificate Registrar, any NIMS
      Insurer or any agent of any of them shall be affected by notice to the
      contrary.

     

    Section
      3.07. Temporary
      Certificates. 

     

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

     

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

     

    Section
      3.08. Appointment
      of Paying Agent. 

     

    (a) The
      Trustee, subject to the consent of the NIMS Insurer, may appoint a Paying Agent
      (which may be the Trustee) for the purpose of making distributions to
      Certificateholders hereunder. The Trustee shall cause such Paying Agent (if
      other than the Trustee) to execute and deliver to the Trustee an instrument
      in
      which such Paying Agent shall agree with the Trustee that such Paying Agent
      will
      hold (and, if the Trustee is Paying Agent, the Trustee agrees that it 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.

     

    
      
        
        

      

      
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    (b) Any
      Paying Agent shall comply with its reporting obligations under Regulation AB
      with respect to the Trust Fund in form and substance similar to those of the
      Trustee pursuant to Section 6.20, and the related assessment of compliance
      shall
      cover, at a minimum, the elements of the servicing criteria applicable to the
      Paying Agent indicated in Exhibit S attached hereto. The Paying Agent 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 Paying Agent, as applicable,
      specifying (A) the identity of each such Subcontractor and B) which elements
      of
      the servicing criteria set forth under Item 1122(d) of Regulation AB will be
      addressed in assessments of compliance provided by each such Subcontractor.
      In
      addition, the Paying Agent shall notify the Sponsor, the Master Servicer, the
      Trustee and the Depositor within five (5) calendar days of knowledge thereof
      (i)
      of any legal proceedings pending against the Paying Agent of the type described
      in Item 1117 (§ 229.1117) of Regulation AB, (ii) any merger, consolidation or
      sale of substantially all of the assets of the Paying Agent and (iii) if the
      Paying Agent shall become (but only to the extent not previously disclosed)
      at
      any time an affiliate of any of the parties listed on Exhibit V hereto or any
      of
      their affiliates. On or before March 1st
      of each
      year, the Depositor shall distribute the information in Exhibit V to the Paying
      Agent.

     

    (c) Any
      Paying Agent agrees to indemnify the Depositor, the Securities Administrator,
      the Trustee and the Master Servicer, and each of their respective directors,
      officers, employees and agents and the Trust Fund and hold each of them harmless
      from and against any losses, damages, penalties, fines, forfeitures, legal
      fees
      and expenses and related costs, judgments, and any other costs, fees and
      expenses that any of them may sustain arising out of or based upon the failure
      by such Paying Agent to deliver any information, report or certification when
      and as required under Section 6.20 and Section 9.25(a). This indemnification
      shall survive the termination of this Agreement or the termination of such
      Paying Agent hereunder.

     

    Section
      3.09. Book-Entry
      Certificates. 

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    (c) If
      (i)
      (A) the Depositor advises the Trustee in writing that the Clearing Agency is
      no
      longer willing or able to discharge properly its responsibilities with respect
      to the Book-Entry Certificates, and (B) the Depositor is unable to locate a
      qualified successor or (ii) after the occurrence of an Event of Default,
      Certificate Owners representing beneficial interests aggregating not less than
      50% of the Class Principal Amount of a Class of Book-Entry Certificates
      identified as such to the Trustee by an Officer’s Certificate from the Clearing
      Agency advise the Trustee and the Clearing Agency through the Clearing Agency
      Participants in writing that the continuation of a book-entry system through
      the
      Clearing Agency is no longer in the best interests of the Certificate Owners
      of
      a Class of Book-Entry Certificates, the Trustee shall notify any NIMS Insurer
      and shall notify or cause the Certificate Registrar to notify the Clearing
      Agency to effect notification to all Certificate Owners, through the Clearing
      Agency, of the occurrence of any such event and of the availability of
      Definitive Certificates to Certificate Owners requesting the same. Upon
      surrender to the Trustee of the Book-Entry Certificates by the Clearing Agency,
      accompanied by registration instructions from the Clearing Agency for
      registration, the Trustee shall issue the Definitive Certificates. Neither
      the
      Depositor nor the Trustee shall be liable for any delay in delivery of such
      instructions and may conclusively rely on, and shall be protected in relying
      on,
      such instructions. Upon the issuance of Definitive Certificates all references
      herein to obligations imposed upon or to be performed by the Clearing Agency
      shall be deemed to be imposed upon and performed by the Trustee, to the extent
      applicable, with respect to such Definitive Certificates and the Trustee shall
      recognize the holders of the Definitive Certificates as Certificateholders
      hereunder. Notwithstanding the foregoing, the Trustee, upon the instruction
      of
      the Depositor, shall have the right to issue Definitive Certificates on the
      Closing Date in connection with credit enhancement programs.

     

    
      
        
        

      

      
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    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 Structured Asset Securities Corporation Mortgage
      Pass-Through Certificates, Series 2006-WF3.” The Collection Account shall relate
      solely to the Certificates and to the Lower Tier REMIC 1 Uncertificated Regular
      Interests issued by the Trust Fund hereunder, and funds in such Collection
      Account shall not be commingled with any other monies.

     

    (b) The
      Collection Account shall be an Eligible Account. If an existing Collection
      Account ceases to be an Eligible Account, the Master Servicer shall establish
      a
      new Collection Account that is an Eligible Account within 10 days and transfer
      all funds and investment property on deposit in such existing Collection Account
      into such new Collection Account.

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    (iv) all
      Insurance Proceeds;

     

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

     

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

     

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

     

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

     

    (e) Funds
      in
      the Collection Account may be invested in Eligible Investments selected by
      and
      at the written direction of the Master Servicer, which shall mature not later
      than one Business Day prior to the Master Servicer Remittance Date (except
      that
      if such Eligible Investment is an obligation of the Securities Administrator,
      then such Eligible Investment shall mature not later than such applicable Master
      Servicer Remittance Date) and any such Eligible Investment shall not be sold
      or
      disposed of prior to its maturity. All such Eligible Investments shall be made
      in the name of the Master Servicer in trust for the benefit of the Trustee
      and
      Holders of the Structured Asset Securities Corporation Mortgage Pass-Through
      Certificates, Series 2006-WF3. All income and gain realized from any Eligible
      Investment shall be for the benefit of the Master Servicer and shall be subject
      to its withdrawal or order from time to time, subject to Section 5.05 hereof,
      and shall not be part of the Trust Fund. The amount of any losses incurred
      in
      respect of any such investments shall be deposited in such Collection Account
      by
      the Master Servicer out of its own funds, without any right of reimbursement
      therefor, immediately as realized. The foregoing requirements for deposit in
      the
      Collection Account are exclusive, it being understood and agreed that, without
      limiting the generality of the foregoing, payments of interest on funds in
      the
      Collection Account and payments in the nature of late payment charges,
      assumption fees and other incidental fees and charges relating to the Mortgage
      Loans (other than Prepayment Premiums) need not be deposited by the Master
      Servicer in the Collection Account and may be retained by the Master Servicer
      or
      the Servicer as additional servicing compensation. If the Master Servicer
      deposits in the Collection Account any amount not required to be deposited
      therein, it may at any time withdraw such amount from such Collection Account.
      

     

    
      
        
        

      

      
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    Section
      4.02. Application
      of Funds in the Collection Account. 

     

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

     

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

     

    (ii) to
      reimburse itself or the Servicer following a final liquidation of a Mortgage
      Loan (except as otherwise provided in the Servicing Agreement) for any
      previously unreimbursed Advances or Servicing Advances made by it or by the
      Servicer (A) that it determines in good faith will not be recoverable from
      amounts representing late recoveries of payments of principal or interest
      respecting the particular Mortgage Loan as to which such Advance or Servicing
      Advance was made or from Liquidation Proceeds or Insurance Proceeds with respect
      to such Mortgage Loan and/or (B) to the extent that such unreimbursed Advances
      or Servicing Advances exceed the related Liquidation Proceeds or Insurance
      Proceeds, it being understood, in the case of each such reimbursement, that
      such
      Master Servicer’s or Servicer’s right thereto shall be prior to the rights of
      the Certificateholders;

     

    (iii) to
      reimburse itself or the Servicer from Liquidation Proceeds for Liquidation
      Expenses and for amounts expended by it pursuant to Section 9.22(c) or the
      Servicing Agreement in good faith in connection with the restoration of damaged
      property and, to the extent that Liquidation Proceeds after such reimbursement
      exceed the unpaid principal balance of the related Mortgage Loan, together
      with
      accrued and unpaid interest thereon at the applicable Mortgage Rate less the
      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;

     

    
      
        
        

      

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

     

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

     

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

     

    (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 Securities Administrator for deposit into the Securities
      Administration Account in the amounts and in the manner provided
      herein;

     

    (ix) to
      make
      payment to itself, the Securities Administrator, the Trustee and others pursuant
      to any 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;

     

    (xii) to
      reimburse the Trustee and a successor master servicer (solely in its capacity
      as
      successor master servicer), for any fee or advance occasioned by a termination
      of the Master Servicer, and the assumption of such duties by the Securities
      Administrator 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 Securities Administrator
      thereto shall be prior to the rights of the Certificateholders; and

     

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

     

    
      
        
        

      

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

     

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

     

    Section
      4.03. Reports
      to Certificateholders. 

     

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

     

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

     

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

     

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

     

    (iv) (A) the
      aggregate amount of any Advances required to be made as of the end of the month
      immediately preceding the month in which the Distribution Date occurs by or
      on
      behalf of the Servicer (or the Master Servicer) 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;

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    (x) [Reserved];

     

    (xi) the
      number and aggregate Scheduled Principal Balance of Mortgage Loans in each
      Mortgage Pool, as reported to the Securities Administrator 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, each as of the close of business on the last
      Business Day of the calendar month immediately preceding the month in which
      such
      Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties
      (the
      information in this item (xi) to be calculated utilizing the OTS delinquency
      method);

     

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

     

    (xiii) 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;

     

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

     

    (xv) 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);

     

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

     

    
      
        
        

      

      
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    (xvii) 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); 

     

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

     

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

     

    (xx) the
      aggregate amount of any insurance claim payments received with respect to any
      Primary Mortgage Insurance Policy during the related Collection Period;

     

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

     

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

     

    (xxiii) the
      amount of any Net Swap Payment to the Supplemental Interest Trust made pursuant
      to Section 5.07, any Net Swap Payment to the Swap Counterparty made pursuant
      to
      Section 5.02, any Swap Termination Payment to the Supplemental Interest Trust
      made pursuant to Sections 5.07 and any Swap Termination Payment to the Swap
      Counterparty made pursuant to Section 5.02;

     

    (xxiv) whether
      a
      Trigger Event is in effect for such Distribution Date; and

     

    (xxv) the
      amount of any FPD Premiums, if any for such Distribution Date.

     

    

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

     

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

     

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

     

    
      
        
        

      

      
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    The
      Securities Administrator shall make such report and any additional loan level
      information (and, at its option, any additional files containing the same
      information in an alternative format) available each month to the Trustee,
      any
      NIMS Insurer, Certificateholders and the Rating Agencies via the Securities
      Administrator’s internet website. The Securities Administrator’s internet
      website shall initially be located at “www.ctslink.com.”
      Assistance in using the website can be obtained by calling the Securities
      Administrator’s customer service desk at 1-301-815-6600. Such parties that are
      unable to use the website are entitled to have a paper copy mailed to them
      via
      first class mail by calling the customer service desk and indicating such.
      The
      Securities Administrator shall have the right to change the way such statements
      are distributed in order to make such distribution more convenient and/or more
      accessible to the above parties and the Securities Administrator shall provide
      timely and adequate notification to all above parties regarding any such
      changes.

     

    The
      foregoing information and reports shall be prepared and determined by the
      Securities Administrator based solely on Mortgage Loan data provided to the
      Securities Administrator by the Master Servicer (in a format agreed to by the
      Securities Administrator and the Master Servicer) no later than 2:00 p.m.
      Eastern Time four Business Days prior to the Distribution Date and on the
      information provided to the Securities Administrator by the Swap Counterparty
      and the Cap Counterparty. In preparing or furnishing the foregoing information
      to the Trustee, Certificateholders and any NIMS Insurer, the Securities
      Administrator shall be entitled to rely conclusively on the accuracy and
      completeness of the information or data (i) regarding the Mortgage Loans and
      the
      related REO Property, that has been provided to the Securities Administrator
      by
      the Master Servicer (ii) regarding the Swap Agreement, that has been provided
      to
      the Securities Administrator by the Swap Counterparty and (iii) regarding the
      Interest Rate Cap Agreement, that has been provided to the Securities
      Administrator by the Cap Counterparty, and the Securities Administrator shall
      not be obligated to verify, recompute, reconcile or recalculate any such
      information or data. The Securities Administrator shall be entitled to
      conclusively rely on the Mortgage Loan data provided by the Master Servicer
      and
      shall have no liability for any errors or omissions in such Mortgage Loan data.
      The information and reports described in the first paragraph of this Section
      4.03(a) shall be provided to the Trustee by the Securities Administrator no
      later than 12:00 p.m. Eastern Time two Business Days prior to the Distribution
      Date.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    Section
      4.04. Certificate
      Account. 

     

    (a) The
      Trustee shall establish and maintain in its name, as trustee, a trust account
      (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National
      Association, as Trustee, in trust for the benefit of the Holders of Structured
      Asset Securities Corporation Mortgage Pass-Through Certificates, Series
      2006-WF3” until disbursed pursuant to the terms of this Agreement. The
      Certificate Account shall be an Eligible Account and shall be for the benefit
      of
      the Certificateholders, subject to the rights of the Trustee set forth herein.
      If the existing Certificate Account ceases to be an Eligible Account, the
      Trustee shall establish a new Certificate Account that is an Eligible Account
      within ten Business Days and transfer all funds and investment property on
      deposit in such existing Certificate Account into such new Certificate Account.
      The Certificate Account shall relate solely to the Certificates and to the
      Lower
      Tier REMIC 1 Uncertificated Regular Interests issued hereunder and funds in
      the
      Certificate Account shall be held separate and apart from and shall not be
      commingled with any other monies including, without limitation, other monies
      of
      the Trustee held under this Agreement.

     

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

     

    
      
        
        

      

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

     

    (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.

     

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

     

    Section
      4.05. Securities
      Administration Account.

     

    (a) On
      the
      Closing Date, the Securities Administrator shall open and shall thereafter
      maintain an account to be held in trust (the “Securities Administration
      Account”), entitled “Wells Fargo Bank, N.A., as Securities Administrator, in
      trust for the benefit of the Holders of Structured Asset Securities Corporation
      Mortgage Pass-Through Certificates, Series 2006-WF3.” The Securities
      Administration Account shall relate solely to the Certificates issued by the
      Trust Fund hereunder, and funds in such Securities Administration Account shall
      not be commingled with any other monies.

     

    (b) The
      Securities Administration Account shall be an Eligible Account. If an existing
      Securities Administration Account ceases to be an Eligible Account, the
      Securities Administrator shall establish a new Securities Administration Account
      that is an Eligible Account within 10 Business Days of notice thereof to the
      Securities Administrator, and shall transfer all funds on deposit in such
      existing Securities Administration Account into such new Securities
      Administration Account.

     

    
      
        
        

      

      
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    (c) The
      Securities Administrator shall make withdrawals from the Securities
      Administration Account only for the following purposes:

     

    (i) to
      withdraw amounts deposited in the Securities Administration Account in
      error;

     

    (ii) to
      make
      payments of any investment income or earnings on the Securities Administration
      Account to (A) the Trustee to pay the Trustee Fee, if due, (B) the Custodian
      to
      pay the Custodial Compensation, if due and (C) then any remaining amounts of
      investment income or earnings to itself;

     

    (iii) to
      reimburse itself for any amounts reimbursable under the terms of this
      Agreement;

     

    (iv) to
      make
      payments to the Trustee for deposit into the Certificate Account pursuant to
      Section 4.04; and

     

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

     

    (d) The
      Securities Administrator shall give to the Trustee prior written notice of
      the
      name and address of the depository institution at which the Securities
      Administration Account is maintained and the account number of such Securities
      Administration Account. On each Deposit Date, the entire amount on deposit
      in
      the Securities Administration Account (less any amounts withdrawn pursuant
      to
      Section 4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit
      into
      the Certificate Account by wire transfer in immediately available funds. The
      Securities Administrator, at its option, may choose to make daily remittances
      from the Securities Administration Account to the Trustee for deposit into
      the
      Certificate Account.

     

    (e) The
      Securities Administrator shall cause to be deposited into the Securities
      Administration Account on the Master Servicer Remittance Date, any monies
      remitted by the Master Servicer to the Securities Administrator on such date
      pursuant to the terms of this Agreement.

     

    (f) The
      Securities Administrator may invest, or cause to be invested, funds held in
      the
      Securities Administration Account, which funds, if invested, shall be invested
      in Eligible Investments (which may be obligations of the Securities
      Administrator or its Affiliate). All such investments must be payable on demand
      or mature no later than the next Deposit Date, and shall not be sold or disposed
      of prior to their maturity. All such Eligible Investments will be made in the
      name of the Trustee (in its capacity as such) or its nominee. All income and
      gain realized from any such investment for each Distribution Date shall be
      compensation (1) to the Trustee, in payment of its Trustee Fee, to the extent
      not paid when due in accordance with Section 6.12, (2) to the Custodian, in
      payment of its Custodial Compensation, to the extent not paid when due in
      accordance with Section 6.12 and (3) to the Securities Administrator, any income
      and gain remaining. The Securities Administrator shall pay to the Trustee the
      Trustee Fee and to the Custodian its Custodial Compensation on behalf of the
      Trust Fund and all income and gain realized from any such investments shall
      be
      subject to its withdrawal on order from time to time. The amount of any losses
      incurred in respect of any such investments shall be paid by the Securities
      Administrator for deposit in the Securities Administration Account out of its
      own funds, without any right of reimbursement therefor, immediately as realized.
      

     

    
      
        
        

      

      
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    ARTICLE
      V

     

    DISTRIBUTIONS
      TO HOLDERS OF CERTIFICATES

     

    Section
      5.01. Distributions
      Generally. 

     

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

     

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

     

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

     

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

     

    Section
      5.02. Distributions
      from the Certificate Account. 

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    (iii) concurrently,
      on a pro
      rata
      basis,
      to each class of the Group 1 Senior Certificates, Current Interest and any
      Carryforward Interest for each such Class and such Distribution Date;
provided,
      however,
      that
      any shortfall in Current Interest and Carryforward Interest shall be allocated
      among such Classes in proportion to the amount of Current Interest and
      Carryforward Interest that would otherwise be distributable thereon;
      and

     

    (iv) for
      application pursuant to Section 5.02(d) below, any Interest Remittance Amount
      for Pool 1 remaining undistributed after application pursuant to clauses (i)
      through (iii) of this Section 5.02(b) for such Distribution Date.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    (3) to
      the
      Class A1 and Class A5 Certificates, pro
      rata,
      in
      proportion to their outstanding Class Principal Amounts, until the Class
      Principal Amount of each such Class has been reduced to zero; and

     

    (4) for
      application pursuant to clause (C) below, any such Principal Distribution Amount
      for Pool 1 remaining undistributed for such Distribution Date.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    (4) for
      application pursuant to clause (C) below, any such Principal Distribution Amount
      for Pool 2 remaining undistributed for such Distribution Date.

     

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

     

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

     

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

     

    (3) for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      as
      provided in subsection (f) of
      this
      Section, any Principal Distribution Amount remaining after application pursuant
      to clauses (1) and (2) of this Section 5.02(e)(i)(C).

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    
      
        
        

      

      
        98

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

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

     

    (K) to
      the
      Class M10 Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for
      such Distribution Date over (b) the amount paid to the Supplemental Interest
      Trust for deposit into the Swap Account or distributed to the Senior
      Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class
      M6,
      Class M7, Class M8 and Class M9 Certificates on such date pursuant to clauses
      (A) through (J) above, and (y) the M10 Principal Distribution Amount for such
      date, until the Class Principal Amount of such Class has been reduced to zero;
      

     

    (L) to
      the
      Class B Certificates, an amount equal to the lesser of (x) the excess of (a)
      the
      aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such
      Distribution Date over (b) the amount paid to the Supplemental Interest Trust
      for deposit into the Swap Account or distributed to the Senior Certificates
      and
      the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
      M8, Class M9 and Class M10 Certificates on such date pursuant to clauses (A)
      through (K) above, and (y) the B Principal Distribution Amount for such date,
      until the Class Principal Amount of such Class has been reduced to zero; and
      

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

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

     

    (B) to
      the
      Class M1, Class M2 and Class M3 Certificates, sequentially and in that order,
      in
      reduction of their respective Class Principal Amounts, until the aggregate
      of
      the Class Principal Amounts of such Classes and the Senior Certificates, after
      giving effect to distributions on such Distribution Date, equals the M3 Target
      Amount; 

     

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

     

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

     

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

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    (I) to
      the
      Class M10 Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate of the Class Principal Amounts of such Class, the Senior Certificates
      and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7,
      Class M8 and Class M9 Certificates, after giving effect to distributions on
      such
      Distribution Date, equals the M10 Target Amount; and

     

    (J) to
      the
      Class B Certificates, in reduction of their Class Principal Amount, until the
      aggregate of the Class Principal Amounts of such Class, the Senior Certificates
      and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7,
      Class M8, Class M9 and Class M10 Certificates, after giving effect to
      distributions on such Distribution Date, equals the B Target
      Amount.

     

    

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

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

     

    (v) on
      the
      Distribution Date occurring in September 2011 (or the next succeeding
      Distribution Date on which sufficient funds are available in the Certificate
      Account to make such distributions to the Class P Certificates), $100 to the
      Class P Certificates in payment of its Class P Principal Amount; 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    
      	
              Section
                5.03.

            	
              Allocation
                of Losses. 

            

    

     

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

     

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

     

    (ii) to
      the
      Class M10 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

    Section
      5.04. Advances
      by Master Servicer, Servicer and Securities Administrator. 

     

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

     

    
      
        
        

      

      
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    (b) In
      the
      event that the Master Servicer or the Servicer fails for any reason to make
      an
      Advance required to be made pursuant to this Section 5.04 on or before the
      Master Servicer Remittance Date, the Securities Administrator, as successor
      master servicer pursuant to Section 6.14, shall, on or before the related
      Distribution Date, deposit in the Certificate Account an amount equal to the
      excess of (a) Advances required to be made by the Master Servicer or the
      Servicer that would have been deposited in such Certificate Account over (b)
      the
      amount of any Advance made by the Master Servicer or the Servicer with respect
      to such Distribution Date; provided,
      however,
      that the
      Securities Administrator shall be required to make such Advance only if it
      is
      not prohibited by law from doing so and it has determined that such Advance
      would be recoverable from amounts to be received with respect to such Mortgage
      Loan, including late payments, Liquidation Proceeds, Insurance Proceeds, or
      otherwise. The Securities Administrator shall be entitled to be reimbursed
      from
      the Certificate Account for Advances made by it pursuant to this Section 5.04
      as
      if it were the Master Servicer.

     

    Section
      5.05. Compensating
      Interest Payments. 

     

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

     

    Section
      5.06. Basis
      Risk Reserve Fund. 

     

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

     

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

     

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

     

    Section
      5.07. Supplemental
      Interest Trust. 

     

    
      
        
        

      

      
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    (a) A
      separate trust is hereby established (the “Supplemental Interest Trust”), the
      corpus of which shall be held by the Trustee, in trust, for the benefit of
      the
      Certificateholders and the Swap Counterparty. The Trustee, as trustee of the
      Supplemental Interest Trust, shall establish an account (the “Swap Account”),
      into which LBH shall initially deposit $1,000. The Swap Account shall be an
      Eligible Account, and funds on deposit therein shall be held separate and apart
      from, and shall not be commingled with, any other monies, including, without
      limitation, other monies of the Trustee held pursuant to this Agreement. After
      payment in full to the Swap Counterparty of any Net Swap Payments or Swap
      Termination Payments owed to it pursuant to the Swap Agreement, any funds
      remaining in such fund upon termination of the Swap Account shall be released
      to
      Holders of the Class X Certificates pursuant to Sections 5.02(g)(xi) and
      5.02(g)(xii).

     

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

     

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

     

    (d) The
      Trustee shall deposit into the Interest Rate Cap Account any amounts received
      from the Cap Counterparty under the Interest Rate Cap Agreement and shall
      distribute from the Interest Rate Cap Account any Interest Rate Cap Amount
      pursuant to Section 5.02(h) or 5.02(l), as applicable. 

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    (i) It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as
      an entity separate from the holder of the Class X Certificates unless and until
      the date when either (a) there is more than one Class X Certificateholder or
      (b)
      any Class of Certificates in addition to the Class X Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes. Neither the Securities Administrator nor the
      Trustee shall be responsible for any entity level tax reporting for the
      Supplemental Interest Trust.

     

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

     

    Section
      5.08. Rights
      of Swap Counterparty. 

     

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

     

    
      
        
        

      

      
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    Section
      5.09. Termination
      Receipts. 

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        111

        
          

        

      

      
        
        

      

    

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

     

    ARTICLE
      VI

     

    CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS OF DEFAULT

     

    Section
      6.01. Duties
      of Trustee and Securities Administrator. 

     

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

     

    
      
        
        

      

      
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    (b) Each
      of
      the Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to the Trustee or the Securities Administrator which
      are
      specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they are on their face in
      the
      form required by this Agreement; provided,
      however,
      that
      neither the Trustee nor the Securities Administrator shall be responsible for
      the accuracy or content of any such resolution, certificate, statement, opinion,
      report, document, order or other instrument furnished by the Master Servicer,
      the Servicer, the Swap Counterparty, the Cap Counterparty or the Credit Risk
      Manager to the Trustee or the Securities Administrator pursuant to this
      Agreement, and shall not be required to recalculate or verify any numerical
      information furnished to the Trustee or the Securities Administrator pursuant
      to
      this Agreement. Subject to the immediately preceding sentence, if any such
      resolution, certificate, statement, opinion, report, document, order or other
      instrument is found not to conform on its face to the form required by this
      Agreement in a material manner the Trustee or Securities Administrator, as
      applicable, shall notify the Person providing such resolutions, certificates,
      statements, opinions, reports or other documents of the non-conformity, and
      if
      the instrument is not corrected to the Trustee’s or Securities Administrator’s,
      as applicable, satisfaction, the Trustee or Securities Administrator, as
      applicable, will provide notice thereof to the Certificateholders and any NIMS
      Insurer and will, at the expense of the Trust Fund, which expense shall be
      reasonable given the scope and nature of the required action, take such further
      action as directed by the Certificateholders and any NIMS Insurer.

     

    (c) Neither
      the Trustee nor the Securities Administrator shall have any liability arising
      out of or in connection with this Agreement, except for its negligence or
      willful misconduct. No provision of this Agreement shall be construed to relieve
      the Trustee or the Securities Administrator from liability for its own negligent
      action, its own negligent failure to act or its own willful misconduct;
provided,
      however,
      that:

     

    (i) Neither
      the Trustee nor the Securities Administrator shall be liable with respect to
      any
      action taken, suffered or omitted to be taken by it in good faith in accordance
      with the direction of the Holders as provided in Section 6.18
      hereof;

     

    (ii) For
      all
      purposes under this Agreement, the Trustee shall not be deemed to have notice
      of
      any Event of Default unless a Responsible Officer of the Trustee has actual
      knowledge thereof or unless written notice of any event which is in fact such
      a
      default is received by the Trustee at the Corporate Trust Office, and such
      notice references the Holders of the Certificates and this
      Agreement;

     

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

     

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

     

    
      
        
        

      

      
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    (v) Neither
      the Trustee nor the Securities Administrator shall be responsible for any act
      or
      omission of the Master Servicer, the Servicer, the Credit Risk Manager, the
      Depositor, the Seller or the Custodian and neither the Securities Administrator
      nor the Trustee shall be responsible for any act or omission of the
      other.

     

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

     

    (e) Neither
      the Trustee nor the Securities Administrator shall be personally liable with
      respect to any action taken, suffered or omitted to be taken by it in good
      faith
      in accordance with the 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 the
      Securities Administrator or exercising any trust or power conferred upon the
      Trustee or the Securities Administrator, as applicable, under this
      Agreement.

     

    (f) Neither
      the Trustee nor the Securities Administrator shall be required to perform
      services under this Agreement, or to expend or risk its own funds or otherwise
      incur financial liability in connection with the performance of any of its
      duties or the exercise of any of its rights or powers hereunder 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 or the Securities
      Administrator, as applicable, to perform, or be responsible for the manner
      of
      performance of, any of the obligations of the Master Servicer or the Servicer
      under this Agreement or the Servicing Agreement except during such time, if
      any,
      as the Securities Administrator shall be the successor to, and be vested with
      the rights, duties, powers and privileges of, the Master Servicer in accordance
      with the terms of this Agreement.

     

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

     

    (h) The
      Trustee shall not and, except as otherwise provided herein, the Securities
      Administrator shall not have any duty (A) to see to any recording, filing,
      or
      depositing of this Agreement or any agreement referred to herein or any
      financing statement or continuation statement evidencing a security interest,
      or
      to see to the maintenance of any such recording or filing or depositing or
      to
      any rerecording, refiling or redepositing of any thereof, (B) to see to any
      insurance or claim under any Insurance Policy, and (C) to see to the payment
      or
      discharge of any tax, assessment, or other governmental charge or any lien
      or
      encumbrance of any kind owing with respect to, assessed or levied against,
      any
      part of the Trust Fund or the Supplemental Interest Trust other than from funds
      available in the Collection Account, the Securities Administration Account
      or
      the Certificate Account, as applicable. Except as otherwise provided herein,
      neither the Trustee nor the Securities Administrator shall have any duty to
      confirm or verify the contents of any reports or certificates of the Master
      Servicer, the Servicer, the Swap Counterparty, the Cap Counterparty or the
      Credit Risk Manager delivered to the Trustee or the Securities Administrator
      pursuant to this Agreement believed by the Trustee or the Securities
      Administrator, as applicable, to be genuine and to have been signed or presented
      by the proper party or parties.

     

    
      
        
        

      

      
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    (i) Neither
      the Securities Administrator nor the Trustee shall be liable in its individual
      capacity for an error of judgment made in good faith by a Responsible Officer
      or
      other officers of the Trustee or the Securities Administrator, as applicable,
      unless it shall be proved that the Trustee or the Securities Administrator,
      as
      applicable, was negligent in ascertaining the pertinent facts.

     

    (j) Notwithstanding
      anything in this Agreement to the contrary, none of the Securities
      Administrator, any Paying Agent or the Trustee shall be liable for special,
      indirect or consequential losses or damages of any kind whatsoever (including,
      but not limited to, lost profits), even if the Securities Administrator, the
      Paying Agent or the Trustee, as applicable, has been advised of the likelihood
      of such loss or damage and regardless of the form of action, provided,
      however,
      that
      this Subsection 6.01(j) shall not apply in connection with any failure by the
      Securities Administrator to comply with the provisions of Subsections 6.01(l)
      hereof and Subsections 9.25(a) and (b) hereof.

     

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

     

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

     

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

     

    Except
      as
      otherwise provided in Section 6.01:

     

    (a) Each
      of
      the Trustee and the Securities Administrator may request, and may rely and
      shall
      be protected in acting or refraining from acting upon any resolution, Officer’s
      Certificate, certificate of auditors 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;

     

    
      
        
        

      

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

     

    (c) Neither
      the Trustee nor the Securities Administrator shall be personally liable for
      any
      action taken, suffered or omitted by it in good faith and reasonably believed
      by
      it to be authorized or within the discretion or rights or powers conferred
      upon
      it by this Agreement;

     

    (d) Unless
      an
      Event of Default shall have occurred and be continuing, neither the Trustee
      nor
      the Securities Administrator shall be bound to make any investigation into
      the
      facts or matters stated in any resolution, certificate, statement, instrument,
      opinion, report, notice, request, consent, order, approval, bond or other paper
      or document (provided
      the same
      appears regular on its face), unless requested in writing to do so by 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(c) Purchase Event, the LTURI-holder;
provided,
      however,
      that, if
      the payment within a reasonable time to the Trustee or the Securities
      Administrator, as applicable, of the costs, expenses or liabilities likely
      to be
      incurred by it in the making of such investigation is, in the opinion of the
      Trustee or the Securities Administrator, as applicable, not reasonably assured
      to the Trustee or the Securities Administrator by the security afforded to
      it by
      the terms of this Agreement, the Trustee or the Securities Administrator, as
      applicable, may require reasonable indemnity against such expense or liability
      or payment of such estimated expenses from any NIMS Insurer or the
      Certificateholders, as applicable, as a condition to proceeding. The reasonable
      expense thereof shall be paid by the party requesting such investigation and
      if
      not reimbursed by the requesting party shall be reimbursed to the Trustee by
      the
      Trust Fund;

     

    (e) Each
      of
      the Trustee and the Securities Administrator may execute any of the trusts
      or
      powers hereunder or perform any duties hereunder either directly or by or
      through agents, custodians or attorneys, which agents, custodians or attorneys
      shall have any and all of the rights, powers, duties and obligations of the
      Trustee and the Securities Administrator conferred on them by such appointment,
      provided
      that
      each of the Trustee and the Securities Administrator shall continue to be
      responsible for its duties and obligations hereunder to the extent provided
      herein, and provided,
      further,
      that
      neither the Trustee nor the Securities Administrator shall be responsible for
      any misconduct or negligence on the part of any such agent or attorney appointed
      with due care by the Trustee or the Securities Administrator, as
      applicable;

     

    (f) Neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the trusts or powers vested in it by this Agreement or to
      institute, conduct or defend any litigation hereunder or in relation hereto,
      in
      each case at the request, order or direction of any of the Certificateholders
      or
      any NIMS Insurer pursuant to the provisions of this Agreement, unless such
      Certificateholders or any NIMS Insurer shall have offered to the Trustee or
      the
      Securities Administrator, as applicable, reasonable security or indemnity
      against the costs, expenses and liabilities which may be incurred therein or
      thereby;

     

    (g) The
      right
      of the Trustee and the Securities Administrator to perform any discretionary
      act
      enumerated in this Agreement shall not be construed as a duty, and neither
      the
      Trustee nor the Securities Administrator shall be answerable for other than
      its
      negligence or willful misconduct in the performance of such act;
      and

     

    
      
        
        

      

      
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    (h) Neither
      the Trustee nor the Securities Administrator shall be required to give any
      bond
      or surety in respect of the execution of the Trust Fund or Supplemental Interest
      Trust created hereby or the powers granted hereunder.

     

    Section
      6.03. Trustee
      and Securities Administrator Not Liable for Certificates. 

     

    The
      Trustee and the Securities Administrator make no representations as to the
      validity or sufficiency of this Agreement, the Swap Agreement, the Interest
      Rate
      Cap Agreement, the Certificates (other than the certificate of authentication
      on
      the Certificates) or the Lower Tier REMIC 1 Uncertificated Regular Interests,
      or
      of any Mortgage Loan, or related document save that the Trustee and the
      Securities Administrator represent that, assuming due execution and delivery
      by
      the other parties hereto, this Agreement has been duly authorized, executed
      and
      delivered by it and constitutes its valid and binding obligation, enforceable
      against it in accordance with its terms except that such enforceability may
      be
      subject to (A) applicable bankruptcy and insolvency laws and other similar
      laws
      affecting the enforcement of the rights of creditors generally, and (B) general
      principles of equity regardless of whether such enforcement is considered in
      a
      proceeding in equity or at law. The Trustee and the Securities Administrator
      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, the Securities
      Administration Account, any Escrow Account or any other fund or account
      maintained with respect to the Certificates. The Trustee and the Securities
      Administrator shall not be responsible for the legality or validity of this
      Agreement, the Swap Agreement, the Interest Rate Cap Agreement or the validity,
      priority, perfection or sufficiency of the security for the Certificates or
      the
      Lower Tier REMIC 1 Uncertificated Regular Interests issued or intended to be
      issued hereunder. The Trustee shall not, and except as otherwise provided
      herein, the Securities Administrator shall not be responsible for filing any
      financing or continuation statement in any public office at any time or to
      otherwise perfect or maintain the perfection of any security interest or lien
      granted to it hereunder or to record this Agreement.

     

    Section
      6.04. Trustee
      and the Securities Administrator May Own Certificates. 

     

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

     

    Section
      6.05. Eligibility
      Requirements for Trustee and Securities Administrator. 

     

    
      
        
        

      

      
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    The
      Trustee and the Securities Administrator hereunder shall at all times be (i)
      an
      institution whose accounts are insured by the FDIC, (ii) a corporation or
      national banking association, organized and doing business under the laws of
      any
      State or the United States of America, authorized under such laws to exercise
      corporate trust powers, having a combined capital and surplus of not less than
      $50,000,000 and subject to supervision or examination by federal or state
      authority and (iii) not an Affiliate of the Master Servicer or the Servicer
      (except in the case of the Securities Administrator). 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 addition, the Securities Administrator (i) may not
      be
      an originator of Mortgage Loans, the Master Servicer, a Servicer, the Depositor
      or an affiliate of the Depositor unless the Securities Administrator is in
      an
      institutional trust department of the Securities Administrator, (ii) must be
      authorized to exercise corporate trust powers under the laws of its jurisdiction
      of organization and (iii) must be rated at least “A/F1” by Fitch, if Fitch is a
      Rating Agency that has rated the Securities Administrator, or the equivalent
      rating by S&P or Moody’s. In case at any time the Trustee or the Securities
      Administrator shall cease to be eligible in accordance with provisions of this
      Section, the Trustee or the Securities Administrator, as applicable, shall
      resign immediately in the manner and with the effect specified in Section
      6.06.

     

    Section
      6.06. Resignation
      and Removal of Trustee and the Securities Administrator. 

     

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

     

    
      
        
        

      

      
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    (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 or the
      Securities Administrator shall become incapable of acting, or shall be adjudged
      a bankrupt or insolvent, or a receiver of the Trustee or the Securities
      Administrator of its property shall be appointed, or any public officer shall
      take charge or control of the Trustee or the Securities Administrator or of
      either of their property or affairs for the purpose of rehabilitation,
      conservation or liquidation, (iii) the Securities Administrator shall fail
      to
      observe or perform in any material respect any of the covenants or agreements
      of
      the Securities Administrator contained in this Agreement, including (A) any
      failure to remit payment to the Trustee on the Deposit Date which failure
      continues unremedied for a period of one Business Day (unless such failure
      to
      remit payment is directly caused by a failure by the Master Servicer to remit
      payments to the Securities Administrator and the Trustee has not terminated
      the
      Master Servicer as a result of such failure to remit, in which case the
      Securities Administrator shall remit payment as promptly as possible, but in
      no
      case later than one Business Day after recovering payment from the Master
      Servicer) and (B) any failure to provide the information, reports, assessments
      or attestations required pursuant to Subsection 9.25(a) or 9.25(b) hereof,
      (iv)
      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, (v) the
      continued use of the Trustee or Securities Administrator would result in a
      downgrading of the rating by any Rating Agency of any Class of Certificates
      with
      a rating, (vi) the Paying Agent shall fail to provide the information required
      pursuant to Subsection 3.08(b) hereof or (vii) the Depositor desires to replace
      the Securities Administrator with a successor Securities Administrator, then
      the
      Depositor, the Master Servicer, the Trustee (with regard to clause (iii) only)
      or any NIMS Insurer shall remove the Trustee, the Paying Agent or the Securities
      Administrator, as applicable, and the Depositor shall appoint a successor
      trustee, successor paying agent or successor securities administrator, as
      applicable, acceptable to any NIMS Insurer and the Master Servicer by written
      instrument, one copy of which instrument shall be delivered to the Trustee,
      Paying Agent or Securities Administrator so removed, one copy each to the
      successor trustee, successor paying agent or successor securities administrator,
      as applicable, and one copy to each of the Master Servicer and any NIMS
      Insurer.

     

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

     

    (d) Any
      resignation or removal of the Trustee or the Securities Administrator, as
      applicable, and appointment of a successor trustee or successor securities
      administrator pursuant to any of the provisions of this Section shall become
      effective upon acceptance of appointment by the successor trustee or the
      successor securities administrator, as applicable, as provided in Section
      6.07.

     

    Section
      6.07. Successor
      Trustee and Successor Securities Administrator. 

     

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

     

    
      
        
        

      

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

     

    (c) Upon
      acceptance of appointment by a successor trustee or successor securities
      administrator, as applicable, as provided in this Section, the predecessor
      trustee or predecessor securities administrator, as applicable, shall mail
      notice of the succession of such trustee or securities administrator, as
      applicable, 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 or predecessor securities
      administrator, as applicable.

     

    (d) Upon
      the
      resignation or removal of the Trustee pursuant to Section 6.06, the Trustee
      shall deliver the amounts held in its possession for the benefit of the
      Certificateholders to the successor trustee upon the appointment of the
      successor trustee.

     

    Section
      6.08. Merger
      or Consolidation of Trustee or the Securities Administrator.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    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.

     

    
      
        
        

      

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

     

    Section
      6.11. Indemnification
      of Trustee and Securities Administrator. 

     

    The
      Trustee and the Securities Administrator and their respective directors,
      officers, employees and agents shall be entitled to indemnification from the
      Trust Fund for any loss, liability or expense incurred in connection with any
      legal proceeding or incurred without negligence or willful misconduct on their
      part, arising out of, or in connection with, the acceptance or administration
      of
      the trusts created hereunder or in connection with the performance of their
      duties hereunder or under the Swap Agreement, the Interest Rate Cap Agreement,
      the Mortgage Loan Sale Agreement, the Transfer Agreement, the Servicing
      Agreement or the Custodial Agreement, including any applicable fees and expenses
      payable pursuant to Section 6.12 and the costs and expenses of defending
      themselves against any claim in connection with the exercise or performance
      of
      any of their powers or duties hereunder, provided
      that:

     

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

     

    (ii) while
      maintaining control over its own defense, the Trustee or the Securities
      Administrator, as applicable, shall cooperate and consult fully with the
      Depositor, the Master Servicer and any NIMS Insurer in preparing such defense;
      and

     

    
      
        
        

      

      
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    (iii) notwithstanding
      anything to the contrary in this Section 6.11, the Trust Fund shall not be
      liable for settlement of any such claim by the Trustee or the Securities
      Administrator, as applicable, entered into without the prior consent of the
      Depositor, the Master Servicer and any NIMS Insurer, which consent shall not
      be
      unreasonably withheld.

     

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

     

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

     

    Section
      6.12. Fees
      and Expenses of Securities Administrator, Trustee and Custodian.

     

    The
      Trustee shall be entitled, annually, to the Trustee Fee, which shall be paid
      by
      the Securities Administrator on the first Distribution Date of each Anniversary
      Year. The Custodian shall be entitled to the Custodial Compensation which shall
      be paid by the Securities Administrator as invoiced by the Custodian. The
      Securities Administrator shall be entitled to any investment income and earnings
      on the Securities Administration Account (other than any amounts required to
      be
      deducted in respect of the Trustee Fee and the Custodial Compensation as
      provided in Section 4.05(f)). The Trustee and the Securities Administrator
      shall
      be entitled to reimbursement of all reasonable expenses, disbursements and
      advances incurred or made by the Securities Administrator or Trustee, as
      applicable, 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 such party is entitled as provided therein),
      except for expenses, disbursements and advances that either (i) do not
      constitute “unanticipated expenses” within the meaning of Treasury Regulation
      Section 1.860G-1(b)(3)(ii) or (ii) arise from its negligence, bad faith or
      willful misconduct. If either the Trustee Fee or the Custodial Compensation
      is
      not fully paid from (i) the Securities Administrator’s own funds or (ii)
      investment income and earnings on amounts on deposit in the Securities
      Administration Account, as applicable, then prior to any distribution to
      Certificateholders pursuant to Section 5.02 hereof, the Trust Fund shall
      immediately reimburse the Trustee, or the Custodian, as applicable, upon demand
      for any such shortfall from amounts on deposit in the Certificate Account.
      The
      Custodian shall receive compensation and reimbursement or payment of its
      expenses under the Custodial Agreement as provided therein; provided
      that,
      to the
      extent required under Section 6 or Section 20 of the Custodial Agreement, the
      Trustee is hereby authorized to pay such compensation from amounts on deposit
      in
      the Certificate Account prior to any distributions to Certificateholders
      pursuant to Section 5.02 hereof.

     

    Section
      6.13. Collection
      of Monies. 

     

    
      
        
        

      

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

     

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

     

    (ii) Any
      failure by the Master Servicer to duly perform, within the required time period
      and without notice, its obligations to provide any certifications required
      pursuant to Sections 9.25 and 9.26; or

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    
      
        
        

      

      
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    The
      Securities Administrator and the Trustee shall be entitled to be reimbursed
      from
      the Master Servicer (or by the Trust Fund, if the Master Servicer is unable
      to
      fulfill its obligations hereunder) for all costs associated with the transfer
      of
      master servicing from the predecessor Master Servicer, including, without
      limitation, any costs or expenses associated with the complete transfer of
      all
      master servicing data and the completion, correction or manipulation of such
      servicing data as may be required by the Securities Administrator to correct
      any
      errors or insufficiencies in the master servicing data or otherwise to enable
      the Securities Administrator to master service the Mortgage Loans properly
      and
      effectively. 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, and the Securities Administrator
      and the Trustee, as applicable, shall be entitled to withdraw such reimbursement
      from amounts on deposit in the Certificate Account pursuant to Section 4.04(b);
      provided
      that the
      terminated Master Servicer shall reimburse the Trust for any such expense
      incurred by the Trust; and provided,
      further,
      that
      the Securities Administrator shall decide whether and to what extent it is
      in
      the best interest of the Certificateholders to pursue any remedy against any
      party obligated to make such reimbursement.

     

    Notwithstanding
      the termination of its activities as Master Servicer, each terminated Master
      Servicer shall continue to be entitled to reimbursement to the extent provided
      in Section 4.02 to the extent such reimbursement relates to the period prior
      to
      such Master Servicer’s termination.

     

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

     

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

     

    
      
        
        

      

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

     

    
      
        
        

      

      
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    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.

     

    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 Securities Administrator and the
      Certificateholders at their respective addresses appearing on the Certificate
      Register, any NIMS Insurer, the Swap Counterparty and the Cap Counterparty.
      The
      Trustee shall also, within 45 days after the occurrence of any Event of Default
      known to a Responsible Officer of the Trustee, give written notice thereof
      to
      Securities Administrator, 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.

     

    
      
        
        

      

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

     

    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 or the Securities Administrator
      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 or the Securities Administrator,
      as
      applicable, shall give notice thereof to the Master Servicer, any NIMS Insurer,
      the Trustee, the Securities Administrator, the Swap Counterparty and the Cap
      Counterparty, as applicable.

     

    Section
      6.20. Preparation
      of Tax Returns and Other Reports. 

     

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

     

    
      
        
        

      

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

     

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

     

    (d) Reports
      Filed on Form 10-D. 

     

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

    

    (ii) As
      set
      forth on Exhibit P-1 hereto, within five calendar days after the related
      Distribution Date, (A) certain parties to the Structured Asset Securities
      Corporation Mortgage Loan Trust 2006-WF3 transaction shall be required to
      provide to the Securities Administrator and the Depositor, to the extent known
      by a responsible officer thereof, in EDGAR-compatible form (which may be Word
      or
      Excel documents easily convertible to EDGAR format), or in such other form
      as
      otherwise agreed upon by the Securities Administrator and such party, the form
      and substance of any Additional Form 10-D Disclosure Notification if applicable,
      and include with such Additional Form 10-D Disclosure Notification in the form
      attached hereto as Exhibit P-4, and (B) the Depositor will approve, as to form
      and substance, or disapprove, as the case may be, the inclusion of the
      Additional Form 10-D Disclosure on Form 10-D. The Sponsor will be responsible
      for any reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-D Disclosure
      on Form 10-D pursuant to this paragraph.

    

    
      
        
        

      

      
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    (iii) After
      preparing the Form 10-D, the Securities Administrator shall forward
      electronically a 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. Within two Business Days, but in no event later than the
      12th
      calendar
      day after the related Distribution Date, a duly authorized representative of
      the
      Exchange Act Signing Party shall sign the Form 10-D and return an electronic
      or
      fax copy of such signed Form 10-D (with an original executed hard copy to follow
      by overnight mail) to the Securities Administrator. If a Form 10-D cannot be
      filed on time or if a previously filed Form 10-D needs to be amended, the
      Securities Administrator will follow the procedures set forth in subsection
      (g)(ii) of this Section 6.20. Promptly (but no later than one Business Day)
      after filing with the Commission, the Securities Administrator will make
      available on its internet website a final executed copy of each Form 10-D filed
      by the Securities Administrator. Each party to this Agreement acknowledges
      that
      the performance by the Securities Administrator of its duties under this Section
      6.20(d) related to the timely preparation and filing of Form 10-D is contingent
      upon such parties strictly observing all applicable deadlines in the performance
      of their duties under this Section 6.20(d). The Securities Administrator shall
      have no liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare and/or timely file such Form 10-D,
      where such failure results from the Securities Administrator’s inability or
      failure to obtain or receive, on a timely basis, any information from any other
      party hereto needed to prepare, arrange for execution or file such Form 10-D,
      not resulting from its own negligence, bad faith or willful
      misconduct.

     

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

    

    (e) Reports
      Filed on Form 10-K.

     

    
      
        
        

      

      
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    (i) Within
      90
      days after the end of each fiscal year of the Trust Fund or such earlier date
      as
      may be required by the Exchange Act (the “10-K Filing Deadline”) (it being
      understood that the fiscal year for the Trust Fund ends on December
      31st
      of each
      year), commencing in March 2007, the Securities Administrator shall prepare
      and
      file on behalf of the Trust Fund a Form 10-K, in form and substance as required
      by the Exchange Act. Each such Form 10-K shall include the following items,
      in
      each case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement, the Servicing
      Agreement and the Custodial Agreement, (A) an annual compliance statement for
      each Servicer, each Additional Servicer and the Master Servicer, as described
      under Section 9.26 hereof and in each Servicing Agreement, (B)(I) the annual
      reports on assessment of compliance with servicing criteria for each Servicer,
      the Custodian, each Additional Servicer, the Master Servicer, the Credit Risk
      Manager, any Servicing Function Participant, the Paying Agent and the Securities
      Administrator (each, a “Reporting Servicer”), as described under Section 9.25(a)
      hereof and in each Servicing Agreement and Custodial Agreement, and (II) if
      any
      Reporting Servicer’s report on assessment of compliance with servicing criteria
      described under Section 9.25(a) hereof or in the Servicing Agreement or the
      Custodial Agreement identifies any material instance of noncompliance,
      disclosure identifying such instance of noncompliance, or if any Reporting
      Servicer’s report on assessment of compliance with servicing criteria described
      under Section 9.25(a) hereof or in the Servicing Agreement or the Custodial
      Agreement is not included as an exhibit to such Form 10-K, disclosure that
      such
      report is not included and an explanation why such report is not included,
      (C)(I) the registered public accounting firm attestation report for each
      Reporting Servicer, as described under Section 9.25(b) hereof and in each
      Servicing Agreement and Custodial Agreement and (II) if any registered public
      accounting firm attestation report described under Section 9.25(b) hereof or
      in
      the Servicing Agreement or the Custodial Agreement identifies any material
      instance of noncompliance, disclosure identifying such instance of
      noncompliance, or if any such registered public accounting firm attestation
      report is not included as an exhibit to such Form 10-K, disclosure that such
      report is not included and an explanation why such report is not included,
      and
      (D) a Sarbanes-Oxley Certification. Any disclosure or information in addition
      to
      (A) through (D) above that is required to be included on Form 10-K (“Additional
      Form 10-K Disclosure”) shall be determined and prepared by and at the direction
      of the Depositor pursuant to the following paragraph and the Securities
      Administrator will have no duty or liability for any failure hereunder to
      determine or prepare any Additional Form 10-K Disclosure, except as set forth
      in
      the next paragraph. 

    

    (ii) As
      set
      forth on Exhibit P-2 hereto, no later than March 15 of each year that the Trust
      Fund is subject to the Exchange Act reporting requirements, commencing in 2007,
      (A) certain parties to the Structured Asset Securities Corporation Mortgage
      Loan
      Trust 2006-WF3 transaction shall be required to provide to the Securities
      Administrator and the Depositor, to the extent known by a responsible officer
      thereof, in EDGAR-compatible form (which may be Word or Excel documents easily
      convertible to EDGAR format), or in such other form as otherwise agreed upon
      by
      the Securities Administrator and such party, the form and substance of any
      Additional Form 10-K Disclosure, if applicable, and include with such Additional
      Form 10-K Disclosure, an Additional Disclosure Notification in the form attached
      hereto as Exhibit P-4, and (B) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-K Disclosure on Form 10-K. The Securities Administrator has no duty
      under this Agreement to monitor or enforce the performance by the parties listed
      on Exhibit P-2 of their duties under this paragraph or proactively solicit
      or
      procure from such parties any Form 10-K Disclosure Information. The Sponsor
      will
      be responsible for any reasonable fees and expenses assessed or incurred by
      the
      Securities Administrator in connection with including any Additional Form 10-K
      Disclosure on Form 10-K pursuant to this paragraph. 

    

    
      
        
        

      

      
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    (iii) After
      preparing the Form 10-K, the Securities Administrator shall forward
      electronically a copy of the Form 10-K to the Exchange Act Signing Party for
      review and approval. If the Master Servicer is the Exchange Act Signing Party
      and the Form 10-K includes Additional Form 10-K Disclosure, then the Form 10-K
      shall also be electronically distributed to the Depositor for review and
      approval. No later than the close of business New York City time on the 4th
      Business Day prior to the 10-K Filing Deadline, a senior officer of the Exchange
      Act Signing Party shall sign the Form 10-K and return an electronic or fax
      copy
      of such signed Form 10-K (with an original executed hard copy to follow by
      overnight mail) to the Securities Administrator. If a Form 10-K cannot be filed
      on time or if a previously filed Form 10-K needs to be amended, the Securities
      Administrator will follow the procedures set forth in subsection (g) of this
      Section 6.20. Promptly (but no later than one Business Day) after filing with
      the Commission, the Securities Administrator will make available on its internet
      website a final executed copy of each Form 10-K filed by the Securities
      Administrator. The parties to this Agreement acknowledge that the performance
      by
      the Securities Administrator of its duties under this Section 6.20(e) related
      to
      the timely preparation and filing of Form 10-K is contingent upon such parties
      (and any Additional Servicer or Servicing Function Participant) strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 6.20(e), Section 9.25(a), Section 9.25(b) and Section 9.26. The
      Securities Administrator shall have no liability for any loss, expense, damage,
      claim arising out of or with respect to any failure to properly prepare and/or
      timely file such Form 10-K, where such failure results from the Securities
      Administrator’s inability or failure to obtain or receive, on a timely basis,
      any information from any other party hereto needed to prepare, arrange for
      execution or file such Form 10-K, not resulting from its own negligence, bad
      faith or willful misconduct.

    

    (iv) Each
      Form
      10-K shall include the Sarbanes-Oxley Certification. The Securities
      Administrator, the Paying Agent and, if the Depositor is the Exchange Act
      Signing Party, the Master Servicer, shall, and the Securities Administrator,
      the
      Paying Agent and the Master Servicer (if applicable) shall cause any Servicing
      Function Participant engaged by it to, provide to the Person who signs the
      Sarbanes-Oxley Certification (the “Certifying Person”), by March 15 of each year
      in which the Trust Fund is subject to the reporting requirements of the Exchange
      Act (each, a “Back-Up Certification”), in the form attached hereto as Exhibit
      Q-1 (or, in the case of (x) the Paying Agent, such other form as agreed to
      between the Paying Agent and the Exchange Act Signing Party and (y) the
      Securities Administrator, the form attached hereto as Exhibit Q-2), upon which
      the Certifying Person, the entity for which the Certifying Person acts as an
      officer, and such entity’s officers, directors and Affiliates (collectively with
      the Certifying Person, “Certification Parties”) can reasonably rely. The senior
      officer of the Exchange Act Signing Party shall serve as the Certifying Person
      on behalf of the Trust Fund. In the event the Master Servicer, the Securities
      Administrator, the Paying Agent or any Servicing Function Participant engaged
      by
      such parties is terminated or resigns pursuant to the terms of this Agreement,
      such party or Servicing Function Participant shall provide a Back-Up
      Certification to the Certifying Person pursuant to this Section 6.20(e)(iv)
      with
      respect to the period of time it was subject to this Agreement.

    

    
      
        
        

      

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

    

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

    

    (f) Reports
      Filed on Form 8-K.

     

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

    

    (ii) As
      set
      forth on Exhibit P-3 hereto, for so long as the Trust Fund is subject to the
      Exchange Act reporting requirements, no later than Noon New York City time
      on
      the 2nd Business Day after the occurrence of a Reportable Event (A) certain
      parties to the Structured Asset Securities Corporation Mortgage Loan Trust
      2006-WF3 transaction shall be required to provide to the Securities
      Administrator and the Depositor, to the extent known by a responsible officer
      thereof, in EDGAR-compatible form (which may be Word or Excel documents easily
      convertible to EDGAR format), or in such other form as otherwise agreed upon
      by
      the Securities Administrator and such party, the form and substance of any
      Form
      8-K Disclosure Information, if applicable, and include with such Form 8-K
      Disclosure Information, an Additional Disclosure Notification in the form
      attached hereto as Exhibit P-4, and (B) the Depositor will approve, as to form
      and substance, or disapprove, as the case may be, the inclusion of the Form
      8-K
      Disclosure Information. The Securities Administrator has no duty under this
      Agreement to monitor or enforce the performance by the parties listed on Exhibit
      P-3 of their duties under this paragraph or proactively solicit or procure
      from
      such parties any Form 8-K Disclosure Information. The Sponsor will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Securities Administrator in connection with including any Form 8-K Disclosure
      Information on Form 8-K pursuant to this paragraph. 

    

    
      
        
        

      

      
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    (iii) After
      preparing the Form 8-K, the Securities Administrator shall forward
      electronically, no later than Noon New York City time on the 3rd
      Business
      Day after the Reportable Event, a copy of the Form 8-K to the Exchange Act
      Signing Party for review and approval. If the Master Servicer is the Exchange
      Act Signing Party, then the Form 8-K shall also be electronically distributed
      to
      the Depositor for review and approval. No later than Noon New York City time
      on
      the 4th
      Business
      Day after the Reportable Event, a duly authorized representative of the Exchange
      Act Signing Party shall sign the Form 8-K and return an electronic or fax copy
      of such signed Form 8-K (with an original executed hard copy to follow by
      overnight mail) to the Securities Administrator. If a Form 8-K cannot be filed
      on time or if a previously filed Form 8-K needs to be amended, the Securities
      Administrator will follow the procedures set forth in subsection (g) of this
      Section 6.20. Promptly (but no later than one Business Day) after filing with
      the Commission, the Securities Administrator will make available on its internet
      website a final executed copy of each Form 8-K prepared and filed by it pursuant
      to this Section 6.20(f). The parties to this Agreement acknowledge that the
      performance by the Securities Administrator of its duties under this Section
      6.20(f) related to the timely preparation and filing of Form 8-K is contingent
      upon such parties strictly observing all applicable deadlines in the performance
      of their duties under this Section 6.20(f). The Securities Administrator shall
      have no liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare and/or timely file such Form 8-K,
      where such failure results from the Securities Administrator’s inability or
      failure to obtain or receive, on a timely basis, any information from any other
      party hereto needed to prepare, arrange for execution or file such Form 8-K,
      not
      resulting from its own negligence, bad faith or willful misconduct.

    

    (g) Suspension
      of Reporting Obligation; Amendments; Late Filings.

     

    (i) On
      or
      before January 30th of the first year in which the Securities Administrator
      is
      able to do so under applicable law, unless otherwise directed by the Depositor,
      the Securities Administrator shall prepare and file a Form 15 relating to the
      automatic suspension of reporting in respect of the Trust Fund under the
      Exchange Act. The Paying Agent is entitled to assume that a Form 15 will be
      filed for such year unless the Securities Administrator notifies the Paying
      Agent that a Form 15 will not be filed.

    

    
      
        
        

      

      
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    (ii) In
      the
      event that the Securities Administrator becomes aware that it will be unable
      to
      timely file with the Commission all or any required portion of any Form 8-K,
      10-D or 10-K required to be filed by this Agreement because required disclosure
      information was either not delivered to it or delivered to it after the delivery
      deadlines set forth in this Agreement or for any other reason, the Securities
      Administrator will promptly notify the Depositor. In the case of Form 10-D
      and
      10-K, the parties to this Agreement and each Servicer will cooperate to prepare
      and file a Form 12b-25 and a 10-D/A and 10-K/A as applicable, pursuant to Rule
      12b-25 of the Exchange Act. In the case of Form 8-K, the Securities
      Administrator will, upon receipt of all required Form 8-K Disclosure Information
      and upon the approval and direction of the Depositor, include such disclosure
      information on the next Form 10-D. In the event that any previously filed Form
      8-K, 10-D or 10-K needs to be amended with respect to an additional disclosure
      item, the Securities Administrator will notify the Depositor and any applicable
      party and such parties will cooperate to prepare any necessary 8-K/A, 10-D/A
      or
      10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K
      shall be signed by a senior officer or a duly authorized representative, as
      applicable, of the Exchange Act Signing Party. The parties to this Agreement
      acknowledge that the performance by the Securities Administrator of its duties
      under this Section 6.20(g) related to the timely preparation and filing of
      Form
      15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent
      upon
      each such party performing its duties under this Section. The Securities
      Administrator shall have no liability for any loss, expense, damage, claim
      arising out of or with respect to any failure to properly prepare and/or timely
      file any such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or
      10-K,
      where such failure results from the Securities Administrator’s inability or
      failure to obtain or receive, on a timely basis, any information from any other
      party hereto needed to prepare, arrange for execution or file such Form 15,
      Form
      12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not resulting from its
      own
      negligence, bad faith or willful misconduct.

    

    (h) Any
      party
      that signs any Exchange Act report that the Securities Administrator is required
      to file shall provide to the Securities Administrator prompt notice of the
      execution of such Exchange Act report along with the name and contact
      information for the person signing such report and shall promptly deliver to
      the
      Securities Administrator the original executed signature page for such report.
      In addition, each of the parties agrees to provide to the Securities
      Administrator such additional information related to such party as the
      Securities Administrator may reasonably request, including evidence of the
      authorization of the person signing any certification or statement, financial
      information and reports, and such other information related to such party or
      its
      performance hereunder. 

    

    (i) The
      Depositor and the Master Servicer, by mutual agreement, shall determine which
      of
      the Depositor or the Master Servicer shall be the initial Exchange Act Signing
      Party. Upon such determination, the Depositor shall timely notify the Securities
      Administrator, and such notice shall provide contact information for the
      Exchange Act Signing Party. If the Depositor and Master Servicer, at any time,
      mutually agree to change the identity of the Exchange Act Signing Party, the
      Depositor shall provide timely notice to the Securities Administrator of any
      such change. Any notice delivered pursuant to this Section 6.20 may be by fax
      or
      electronic copy, notwithstanding the notice provisions of Section
      11.07.

    

    Section
      6.21. Reporting
      Requirements of the Commission

     

    
      
        
        

      

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

     

    Section
      6.22. No
      Merger. 

     

    The
      Trustee shall not cause or otherwise knowingly permit the assets of the Trust
      Fund to be merged or consolidated with any other entity, except as a result
      of a
      final judicial determination.

     

    Section
      6.23. Indemnification
      by the Securities Administrator. 

     

    The
      Securities Administrator agrees to indemnify the Depositor, the Trustee and
      the
      Master Servicer, and each of their respective directors, officers, employees
      and
      agents and the Trust Fund and hold each of them harmless from and against any
      losses, damages, penalties, fines, forfeitures, legal fees and expenses and
      related costs, judgments, and any other costs, fees and expenses that any of
      them may sustain arising out of or based upon the engagement of any
      Subcontractor in violation of Section 6.01(l) or any failure by the Securities
      Administrator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Agreement, including
      any report under Sections 6.20, 9.25(a) or (b).

     

    ARTICLE
      VII

     

    PURCHASE
      OF MORTGAGE LOANS AND

    TERMINATION
      OF THE TRUST FUND

     

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

     

    (a) The
      respective obligations and responsibilities of the Trustee and the Master
      Servicer created hereby (other than the obligation of the Trustee to make
      payments to Certificateholders and the Swap Counterparty as set forth in Section
      7.02, the obligation of the Master Servicer to make a final remittance to the
      Securities Administrator pursuant to Section 4.01, and the obligations of the
      Master Servicer to the Securities Administrator pursuant to Section 9.10 and
      to
      the Securities Administrator and the Trustee pursuant to Sections 9.14 and
      9.31)
      shall terminate on the earliest of (i) the final payment or other liquidation
      of
      the last Mortgage Loan remaining in the Trust Fund and the disposition of all
      REO Property, (ii) the sale of the property held by the Trust Fund in accordance
      with Section 7.01(b) and (iii) the Latest Possible Maturity Date (each, a “Trust
      Fund Termination Event”); provided,
      however,
      that in
      no event shall the Trust Fund created hereby continue beyond the expiration
      of
      21 years from the death of the last survivor of the descendants of Joseph P.
      Kennedy, the late Ambassador of the United States to the Court of St. James’s,
      living on the date hereof. Upon the occurrence of a Trust Fund Termination
      Event, each REMIC shall be terminated in a manner that shall qualify as a
“qualified liquidation” under the REMIC Provisions.

     

    
      
        
        

      

      
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    (b) On
      any
      Distribution Date occurring on or after the Initial Optional Termination Date,
      the Master Servicer or LTURI-holder, as applicable, with the prior written
      consent of any NIMS Insurer and the Seller, which consent shall not be
      unreasonably withheld, has the option to cause the Trust Fund to adopt a plan
      of
      complete liquidation pursuant to Section 7.03(a)(i) hereof to sell all of its
      property. Upon exercise of such option, the property of the Trust Fund shall
      be
      sold to the Master Servicer at a price (the “Termination Price”) equal to the
      sum of (i) 100% of the unpaid principal balance of each Mortgage Loan on the
      day
      of such purchase plus interest accrued thereon at the applicable Mortgage Rate
      with respect to any Mortgage Loan to the Due Date in the Collection Period
      immediately preceding the related Distribution Date to the date of such
      repurchase, (ii) the fair market value of any REO Property and any other
      property held by any REMIC, such fair market value to be determined by an
      independent appraiser or appraisers mutually agreed upon by the Master Servicer,
      any NIMS Insurer and the Trustee (reduced, in the case of REO Property, by
      (1)
      reasonably anticipated disposition costs and (2) any amount by which the fair
      market value as so reduced exceeds the outstanding principal balance of the
      related Mortgage Loan plus interest accrued thereon at the applicable Net
      Mortgage Rate to the date of such purchase), (iii) any unreimbursed Servicing
      Advances and (iv) any Swap Termination Payment payable to the Swap Counterparty
      as a result of a termination pursuant to this Section 7.01; provided,
      however, if
      there
      are any NIM Securities outstanding, the Master Servicer may only exercise its
      option after receiving the prior written consent of the holders of such NIM
      Securities and, if such consent is given, the Termination Price shall also
      include an amount equal to the sum of (1) any accrued interest on the NIM
      Securities, (2) the unpaid principal balance of any such NIM Securities and
      (3)
      any other reimbursable expenses owed by the issuer of the NIM Securities (the
      “NIM Redemption Amount”). The Master Servicer, the Servicer, the Trustee, the
      Securities Administrator and the Custodian shall be reimbursed from the
      Termination Price for any Mortgage Loan or related REO Property for any Advances
      made or other amounts advanced with respect to the Mortgage Loans that are
      reimbursable to any such entity under this Agreement, the Servicing Agreement
      or
      the Custodial Agreement, together with any accrued and unpaid compensation
      and
      any other amounts due to the Master Servicer, the Securities Administrator
      or
      the Trustee hereunder or the Servicer or the Custodian. If the NIMS Insurer
      directs the Master Servicer to exercise its right to cause the Trust Fund to
      adopt a plan of complete liquidation as described above, then (i) the Master
      Servicer shall cause the Trust Fund to adopt a plan of complete liquidation
      as
      described above, (ii) the NIMS Insurer shall remit the Termination Price in
      immediately available funds to the Master Servicer at least three Business
      Days
      prior to the applicable Distribution Date and, upon receipt of such funds from
      the NIMS Insurer, the Master Servicer shall promptly deposit such funds in
      the
      Collection Account and (iii) upon termination of the Trust Fund, the Trustee
      will transfer the property of the Trust Fund to the NIMS Insurer. The NIMS
      Insurer shall be obligated to reimburse the Master Servicer and the Trustee
      for
      its reasonable out-of-pocket expenses incurred in connection with its
      termination of the Trust Fund at the direction of the NIMS Insurer and shall
      indemnify and hold harmless the Master Servicer for any losses, liabilities
      or
      expenses resulting from any claims directly arising out of or relating to the
      Master Servicer’s termination of the Trust Fund at the direction of the NIMS
      Insurer, except to the extent such losses, liabilities or expenses arise out
      of
      or result from the Master Servicer’s negligence, bad faith or willful
      misconduct.

     

    
      
        
        

      

      
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    (c) On
      any
      Distribution Date occurring on or after the Initial Optional Termination Date
      and provided
      there
      are no NIM Securities outstanding, the Master Servicer, with the prior written
      consent of the Seller, which consent shall not be unreasonably withheld, has
      the
      option to purchase all of the Lower Tier REMIC 1 Uncertificated Regular
      Interests. Upon exercise of such option, the Lower Tier REMIC 1 Uncertificated
      Regular Interests shall be sold to the Master Servicer at a price (the “Lower
      Tier REMIC 1 Uncertificated Regular Interests Purchase Price”) equal to the sum
      of (i) 100% of the unpaid principal balance of each Mortgage Loan on the day
      of
      such purchase plus interest accrued thereon at the applicable Mortgage Rate
      with
      respect to any Mortgage Loan to the Due Date in the Collection Period
      immediately preceding the related Distribution Date to the date of such
      repurchase and (ii) the fair market value of any REO Property and any other
      property held by any REMIC, such fair market value to be determined by an
      independent appraiser or appraisers mutually agreed upon by the Master Servicer,
      any NIMS Insurer and the Trustee (reduced, in the case of REO Property, by
      (1)
      reasonably anticipated disposition costs and (2) any amount by which the fair
      market value as so reduced exceeds the outstanding principal balance of the
      related Mortgage Loan plus interest accrued thereon at the applicable Net
      Mortgage Rate to the date of such purchase). If the Master Servicer elects
      to
      exercise such option, each REMIC created pursuant to this Agreement (other
      than
      REMIC 1) shall be terminated in such a manner so that the termination of each
      such REMIC shall qualify as a “qualified liquidation” under the REMIC Provisions
      and the Lower Tier REMIC 1 Uncertificated Regular Interests and the Class LT-R
      Certificates will evidence the entire beneficial interest in the property of
      the
      Trust Fund. Following a purchase of the Lower Tier REMIC 1 Uncertificated
      Regular Interests pursuant to this subsection, the Trust Fund (and REMIC 1)
      will
      remain outstanding and final payment on the Certificates (other than the Class
      LT-R Certificates) will be made in accordance with Sections 7.03(a)(iii) and
      5.02. The Trust Fund will terminate upon the occurrence of a Trust Fund
      Termination Event, in accordance with Section 7.01(a).

     

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

     

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

     

    
      
        
        

      

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

    

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

    

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    (iii) On
      the
      date specified for final payment of the Certificates (other than the Class
      LT-R
      Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
      Regular Interests), the Trustee shall make final distributions of principal
      and
      interest on such Certificates and shall pay, in the case of a Trust Fund
      Termination Event, any Swap Termination Payment owed to the Swap Counterparty
      on
      the related Swap Payment Date (to the extent not paid on previous Swap Payment
      Dates) in accordance with Sections 5.01 and 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

     

    
      
        
        

      

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

     

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

     

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

     

    Section
      7.04. Optional
      Repurchase Right.

     

    The
      NIMS
      Insurer, if any, may repurchase any Distressed Mortgage Loan for a purchase
      price equal to the outstanding principal balance of such Mortgage Loan, plus
      accrued interest thereon to the date of repurchase plus any unreimbursed
      Advances, Servicing Advances or Servicing Fees allocable to such Distressed
      Mortgage Loan. Any such repurchase shall be accomplished by the NIMS Insurer’s
      remittance of the purchase price for the Distressed Mortgage Loan to the Master
      Servicer for deposit into the Collection Account. The NIMS Insurer shall not
      use
      any procedure in selecting Distressed Mortgage Loans to be repurchased which
      would be materially adverse to Certificateholders.

     

     

    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.

     

    
      
        
        

      

      
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    (b) No
      Certificateholder, solely by virtue of its status as Certificateholder, shall
      have any right by virtue or by availing of any provision of this Agreement
      to
      institute any suit, action or proceeding in equity or at law upon or under
      or
      with respect to this Agreement, unless such Holder previously shall have given
      to the Trustee a written notice of an Event of Default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      evidencing not less than 25% of the Class Principal Amount (or Percentage
      Interest) of Certificates of each Class affected thereby shall, with the prior
      written consent of any NIMS Insurer, have made written request upon the Trustee
      to institute such action, suit or proceeding in its own name as Trustee
      hereunder and shall have offered to the Trustee such reasonable indemnity as
      it
      may require against the cost, expenses and liabilities to be incurred therein
      or
      thereby, and the Trustee, for sixty days after its receipt of such notice,
      request and offer of indemnity, shall have neglected or refused to institute
      any
      such action, suit or proceeding and no direction inconsistent with such written
      request has been given the Trustee during such sixty-day period by such
      Certificateholders or any NIMS Insurer; it being understood and intended, and
      being expressly covenanted by each Certificateholder with every other
      Certificateholder, any NIMS Insurer, the Securities Administrator and the
      Trustee, that no one or more Holders of Certificates shall have any right in
      any
      manner whatever by virtue or by availing of any provision of this Agreement
      to
      affect, disturb or prejudice the rights of the Holders of any other of such
      Certificates or the rights of any NIMS Insurer, or to obtain or seek to obtain
      priority over or preference to any other such Holder or any NIMS Insurer, or
      to
      enforce any right under this Agreement, except in the manner herein provided
      and
      for the benefit of all Certificateholders. For the protection and enforcement
      of
      the provisions of this Section, each and every Certificateholder, the NIMS
      Insurer and the Trustee shall be entitled to such relief as can be given either
      at law or in equity.

     

    Section
      8.02. Access
      to List of Holders. 

     

    (a) If
      the
      Trustee is not acting as Certificate Registrar, the Certificate Registrar will
      furnish or cause to be furnished to the Trustee and any NIMS Insurer, within
      fifteen days after receipt by the Certificate Registrar of a request by the
      Trustee or any NIMS Insurer in writing, a list, in such form as the Trustee
      may
      reasonably require, of the names and addresses of the Certificateholders of
      each
      Class as of the most recent Record Date.

     

    (b) If
      any
      NIMS Insurer or three or more Holders or Certificate Owners (hereinafter
      referred to as “Applicants”) apply in writing to the Trustee, and such
      application states that the Applicants desire to communicate with other Holders
      with respect to their rights under this Agreement or under the Certificates
      and
      is accompanied by a copy of the communication which such Applicants propose
      to
      transmit, then the Trustee shall, within five Business Days after the receipt
      of
      such application, afford such Applicants reasonable access during the normal
      business hours of the Trustee to the most recent list of Certificateholders
      held
      by the Trustee or shall, as an alternative, send, at the Applicants’ expense,
      the written communication proffered by the Applicants to all Certificateholders
      at their addresses as they appear in the Certificate Register.

     

    
      
        
        

      

      
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    (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
      Securities Administrator, any NIMS Insurer, the Certificate Registrar and the
      Trustee that neither the Depositor, the Master Servicer, the Securities
      Administrator, any NIMS Insurer, the Certificate Registrar nor the Trustee
      shall
      be held accountable by reason of the disclosure of any such information as
      to
      the names and addresses of the Certificateholders hereunder, regardless of
      the
      source from which such information was derived.

     

    Section
      8.03. Acts
      of Holders of Certificates. 

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by Holders or Certificate
      Owner, if the Holder is a Clearing Agency, may be embodied in and evidenced
      by
      one or more instruments of substantially similar tenor signed by such Holders
      in
      person or by agent duly appointed in writing; and, except as herein otherwise
      expressly provided, such action shall become effective when such instrument
      or
      instruments are delivered to the Trustee and the Securities Administrator and,
      where expressly required herein, to the Master Servicer. Such instrument or
      instruments (as the action embodies therein and evidenced thereby) are herein
      sometimes referred to as an “act” of the Holders signing such instrument or
      instruments. Proof of execution of any such instrument or of a writing
      appointing any such agents shall be sufficient for any purpose of this Agreement
      and conclusive in favor of the Trustee, the Securities Administrator and the
      Master Servicer, if made in the manner provided in this Section. Each of the
      Trustee, the Securities Administrator and the Master Servicer shall promptly
      notify the others of receipt of any such instrument by it, and shall promptly
      forward a copy of such instrument to the others.

     

    (b) The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      any notary public or other officer authorized by law to take acknowledgments
      or
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by an
      officer of a corporation or a member of a partnership on behalf of such
      corporation or partnership, such certificate or affidavit shall also constitute
      sufficient proof of his authority. The fact and date of the execution of any
      such instrument or writing, or the authority of the individual executing the
      same, may also be proved in any other manner which the Trustee deems
      sufficient.

     

    (c) The
      ownership of Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests
      (whether or not such Certificates or Lower Tier REMIC 1 Uncertificated Regular
      Interests shall be overdue and notwithstanding any notation of ownership or
      other writing thereon made by anyone other than the Trustee) shall be proved
      by
      the Certificate Register, and none of the Trustee, the Master Servicer, the
      Securities Administrator, the NIMS Insurer, or the Depositor shall be affected
      by any notice to the contrary.

     

    (d) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Certificate or Lower Tier REMIC 1 Uncertificated
      Regular Interest shall bind every future Holder of the same Certificate or
      Lower
      Tier REMIC 1 Uncertificated Regular Interest and the Holder of every Certificate
      or Lower Tier REMIC 1 Uncertificated Regular Interest issued upon the
      registration of transfer thereof or in exchange therefor or in lieu thereof,
      in
      respect of anything done, omitted or suffered to be done by the Trustee or
      the
      Master Servicer in reliance thereon, whether or not notation of such action
      is
      made upon such Certificate or Lower Tier REMIC 1 Uncertificated Regular
      Interest.

     

    
      
        
        

      

      
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        ARTICLE
          IX

         

        ADMINISTRATION
          AND SERVICING OF MORTGAGE LOANS; CREDIT RISK MANAGER

         

        Section
          9.01. Duties
          of the Master Servicer. 

         

        The
          Certificateholders, by their purchase and acceptance of the Certificates
          or
          Lower Tier REMIC 1 Uncertificated Regular Interests, appoint Aurora Loan
          Services LLC, as Master Servicer. For and on behalf of the Depositor, the
          Trustee and the Certificateholders, the Master Servicer shall master service
          the
          Mortgage Loans in accordance with the provisions of this Agreement and
          the
          provisions of each Servicing Agreement. Notwithstanding anything in this
          Agreement, the Servicing Agreement or the Credit Risk Management Agreement
          to
          the contrary, the Master Servicer shall have no duty or obligation to enforce
          the Credit Risk Management Agreement, or to supervise, monitor or oversee
          the
          activities of the Servicer under its Credit Risk Management Agreement with
          respect to any action taken or not taken by the Servicer at the direction
          of the
          Seller or pursuant to a recommendation of the Credit Risk Manager.

         

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

         

        (a) The
          Master Servicer, at its expense, shall maintain in effect a Master Servicer
          Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
          affording coverage with respect to all directors, officers, employees and
          other
          Persons acting on such Master Servicer’s behalf, and covering errors and
          omissions in the performance of the Master Servicer’s obligations hereunder. The
          Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
          Fidelity Bond shall be in such form and amount that would be consistent
          with
          coverage customarily maintained by master servicers of mortgage loans similar
          to
          the Mortgage Loans and the Master Servicer shall provide the Trustee and
          any
          NIMS Insurer upon request, with a copy of such policy and fidelity bond.
          The
          Master Servicer shall (i) require the Servicer to maintain an Errors and
          Omissions Insurance Policy and the Servicer Fidelity Bond in accordance
          with the
          provisions of the Servicing Agreement, (ii) cause the Servicer to provide
          to the
          Master Servicer certificates evidencing that such policy and bond is in
          effect
          and to furnish to the Master Servicer any notice of cancellation, non-renewal
          or
          modification of the policy or bond received by it, as and to the extent
          provided
          in the Servicing Agreement, and (iii) furnish copies of such policies and
          of the
          certificates and notices referred to in clause (ii) to the Trustee upon
          request.

         

        (b) The
          Master Servicer shall promptly report to the Trustee and any NIMS Insurer
          any
          material changes that may occur in the Master Servicer Fidelity Bond or
          the
          Master Servicer Errors and Omissions Insurance Policy and shall furnish
          to the
          Trustee and any NIMS Insurer, on request, certificates evidencing that
          such bond
          and insurance policy are in full force and effect. The Master Servicer
          shall
          promptly report to the Trustee and any NIMS Insurer all cases of embezzlement
          or
          fraud, if such events involve funds relating to the Mortgage Loans. The
          total
          losses, regardless of whether claims are filed with the applicable insurer
          or
          surety, shall be disclosed in such reports together with the amount of
          such
          losses covered by insurance. If a bond or insurance claim report is filed
          with
          any of such bonding companies or insurers, the Master Servicer shall promptly
          furnish a copy of such report to the Trustee and any NIMS Insurer. Any
          amounts
          relating to the Mortgage Loans collected by the Master Servicer under any
          such
          bond or policy shall be promptly remitted by the Master Servicer to the
          Trustee
          for deposit into the Certificate Account. Any amounts relating to the Mortgage
          Loans collected by the Servicer under any such bond or policy shall be
          remitted
          to the Master Servicer to the extent provided in the Servicing
          Agreement.

         

        
          
            
            

          

          
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        Section
          9.03. Master
          Servicer’s Financial Statements and Related Information. 

         

        For
          each
          year this Agreement is in effect, the Master Servicer shall submit to the
          Trustee, any NIMS Insurer, each Rating Agency and the Depositor a copy
          of its
          annual unaudited financial statements on or prior to March 15 of each year,
          beginning March 15, 2007. Such financial statements shall include a balance
          sheet, income statement, statement of retained earnings, statement of additional
          paid-in capital, statement of changes in financial position and all related
          notes and schedules and shall be in comparative form, certified by a nationally
          recognized firm of Independent Accountants to the effect that such statements
          were examined and prepared in accordance with generally accepted accounting
          principles applied on a basis consistent with that of the preceding
          year.

         

        Section
          9.04. Power
          to Act; Procedures. 

         

        (a) The
          Master Servicer shall master service the Mortgage Loans and shall have
          full
          power and authority, subject to the REMIC Provisions and the provisions
          of
          Article X hereof, and the Servicer shall have full power and authority
          (to the
          extent provided in the Servicing Agreement) to do any and all things that
          it may
          deem necessary or desirable in connection with the servicing and administration
          of the Mortgage Loans, including but not limited to the power and authority
          (i)
          to execute and deliver, on behalf of the Certificateholders and the Trustee,
          customary consents or waivers and other instruments and documents, (ii)
          to
          consent to transfers of any Mortgaged Property and assumptions of the Mortgage
          Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
          Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
          of
          the ownership of the Mortgaged Property securing any Mortgage Loan, in
          each
          case, in accordance with the provisions of this Agreement and the Servicing
          Agreement, as applicable; provided
          that the
          Master Servicer shall not take, or knowingly permit the Servicer to take,
          any
          action that is inconsistent with or prejudices the interests of the Trust
          Fund
          or the Certificateholders in any Mortgage Loan or the rights and interests
          of
          the Depositor, the Trustee, the Certificateholders under this Agreement.
          The
          Master Servicer shall represent and protect the interests of the Trust
          Fund in
          the same manner as it protects its own interests in mortgage loans in its
          own
          portfolio in any claim, proceeding or litigation regarding a Mortgage Loan
          and
          shall not make or knowingly permit the Servicer to make any modification,
          waiver
          or amendment of any term of any Mortgage Loan that would cause an Adverse
          REMIC
          Event. Without limiting the generality of the foregoing, the Master Servicer
          in
          its own name or in the name of the Servicer, and the Servicer, to the extent
          such authority is delegated to the Servicer under the Servicing Agreement,
          is
          hereby authorized and empowered by the Trustee when the Master Servicer
          or the
          Servicer, as the case may be, believes it appropriate in its best judgment
          and
          in accordance with Accepted Servicing Practices and the Servicing Agreement,
          to
          execute and deliver, on behalf of itself and the Certificateholders, the
          Trustee
          or any of them, any and all instruments of satisfaction or cancellation,
          or of
          partial or full release or discharge and all other comparable instruments,
          with
          respect to the Mortgage Loans and with respect to the Mortgaged Properties.
          The
          Trustee shall furnish to the Master Servicer, upon request, with any powers
          of
          attorney empowering the Master Servicer or the Servicer to execute and
          deliver
          instruments of satisfaction or cancellation, or of partial or full release
          or
          discharge, and to foreclose upon or otherwise liquidate Mortgaged Property,
          and
          to appeal, prosecute or defend in any court action relating to the Mortgage
          Loans or the Mortgaged Property, in accordance with the Servicing Agreement
          and
          this Agreement, and the Trustee shall execute and deliver such other documents,
          as the Master Servicer may request, necessary or appropriate to enable
          the
          Master Servicer to master service the Mortgage Loans and carry out its
          duties
          hereunder and to allow the Servicer to service the Mortgage Loans, in each
          case
          in accordance with Accepted Servicing Practices (and the Trustee shall
          have no
          liability for misuse of any such powers of attorney by the Master Servicer
          or
          the Servicer). If the Master Servicer or the Trustee has been advised that
          it is
          likely that the laws of the state in which action is to be taken prohibit
          such
          action if taken in the name of the Trustee or that the Trustee would be
          adversely affected under the “doing business” or tax laws of such state if such
          action is taken in its name, then upon request of the Trustee the Master
          Servicer shall join with the Trustee in the appointment of a co-trustee
          pursuant
          to Section 6.09 hereof. In no event shall the Master Servicer, without
          the
          Trustee’s written consent: (i) initiate any action, suit or proceeding solely
          under the Trustee’s name without indicating the Master Servicer in its
          applicable, representative capacity, so long as the jurisdictional and
          procedural rules will allow for this insertion to occur, (ii) initiate
          any
          action, suit or proceeding not directly relating to the servicing of a
          Mortgage
          Loan (including but not limited to actions, suits or proceedings against
          Certificateholders, or against the Depositor, the Seller or the Transferor
          for
          breaches of representations and warranties) solely under the Trustee’s name,
          (iii) engage counsel to represent the Trustee in any action, suit or proceeding
          not directly relating to the servicing of a Mortgage Loan (including but
          not
          limited to actions, suits or proceedings against Certificateholders, or
          against
          the Depositor, the Seller or the Transferor for breaches of representations
          and
          warranties), or (iv) prepare, execute or deliver any government filings,
          forms,
          permits, registrations or other documents or take any action with the intent
          to
          cause, and that actually causes, the Trustee to be registered to do business
          in
          any state. The Master Servicer shall indemnify the Trustee for any and
          all
          costs, liabilities and expenses incurred by the Trustee in connection with
          the
          negligent or willful misuse of such powers of attorney by the Master Servicer.
          In the performance of its duties hereunder, the Master Servicer shall be
          an
          independent contractor and shall not, except in those instances where it
          is
          taking action in the name of the Trustee on behalf of the Trust Fund, be
          deemed
          to be the agent of the Trustee.

         

        
          
            
            

          

          
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        (b) In
          master
          servicing and administering the Mortgage Loans, the Master Servicer shall
          employ
          procedures and exercise the same care that it customarily employs and exercises
          in master servicing and administering loans for its own account, giving
          due
          consideration to Accepted Servicing Practices where such practices do not
          conflict with this Agreement. Consistent with the foregoing, the Master
          Servicer
          may, and may permit the Servicer to, in its discretion (i) waive any late
          payment charge (but not any Prepayment Premium, except as set forth below)
          and
          (ii) extend the due dates for payments due on a Mortgage Note for a period
          not
          greater than 120 days; provided,
          however,
          that the
          maturity of any Mortgage Loan shall not be extended past the date on which
          the
          final payment is due on the latest maturing Mortgage Loan as of the Cut-off
          Date. In the event of any extension described in clause (ii) above, the
          Master
          Servicer shall make or cause the Servicer (if required by the Servicing
          Agreement) to make Advances on the related Mortgage Loan in accordance
          with the
          provisions of Section 5.04 on the basis of the amortization schedule of
          such
          Mortgage Loan without modification thereof by reason of such extension.
          Notwithstanding anything to the contrary in this Agreement, the Master
          Servicer
          shall not make or knowingly permit any modification, waiver or amendment
          of any
          material term of any Mortgage Loan, unless: (1) such Mortgage Loan is in
          default
          or default by the related Mortgagor is, in the reasonable judgment of the
          Master
          Servicer or the Servicer, reasonably foreseeable, (2) in the case of a
          waiver of
          a Prepayment Premium, (a) such Mortgage Loan is in default or default by
          the
          related Mortgagor is, in the reasonable judgment of the Master Servicer
          or the
          Servicer, reasonably foreseeable and such waiver would maximize recovery
          of
          total proceeds taking into account the value of such Prepayment Premium
          and the
          related Mortgage Loan or (b) if the prepayment is not the result of a refinance
          by the Servicer or any of its affiliates and (i) such Mortgage Loan is
          in
          default or default by the related Mortgagor is, in the reasonable judgment
          of
          the Master Servicer or the Servicer, reasonably foreseeable and such waiver
          would maximize recovery of total proceeds taking into account the value
          of such
          Prepayment Premium and the related Mortgage Loan or (ii) the collection
          of the
          Prepayment Premium would be in violation of applicable law or (iii) the
          collection of such Prepayment Premium would be considered “predatory” pursuant
          to written guidance published or issued by any applicable federal, state
          or
          local regulatory authority acting in its official capacity and having
          jurisdiction over such matters and (3) the Master Servicer shall have provided
          or caused to be provided to the Trustee an Opinion of Counsel addressed
          to the
          Trustee (which opinion shall, if provided by the Master Servicer, be an
          expense
          reimbursed from the Collection Account pursuant to Section 4.02(v)) to
          the
          effect that such modification, waiver or amendment would not result in
          an
          Adverse REMIC Event; provided
          that in
          no event shall an Opinion of Counsel be required for the waiver of a Prepayment
          Premium under clause (2) above.

         

        
          
            
            

          

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

         

        (a) The
          Servicing Agreement requires the Servicer to service the Mortgage Loans
          in
          accordance with the provisions thereof. References in this Agreement to
          actions
          taken or to be taken by the Master Servicer include actions taken or to
          be taken
          by the Servicer on behalf of the Master Servicer. Any fees and other amounts
          payable to the Servicer shall be deducted from amounts remitted to the
          Master
          Servicer by the Servicer (to the extent permitted by the Servicing Agreement)
          and shall not be an obligation of the Trust Fund, the Trustee or the Master
          Servicer.

         

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

         

        (c) The
          Master Servicer, for the benefit of the Trustee, any NIMS Insurer and the
          Certificateholders, shall enforce the obligations of the Servicer under
          the
          Servicing Agreement, and shall, in the event that the Servicer fails to
          perform
          its obligations in accordance therewith, terminate the rights and obligations
          of
          the Servicer thereunder and either act as servicer of the related Mortgage
          Loans
          or cause the other parties hereto to enter into a Servicing Agreement (and
          such
          parties hereby agree to execute and deliver any such successor Servicing
          Agreement), with a successor Servicer. Such enforcement, including, without
          limitation, the legal prosecution of claims, termination of the Servicing
          Agreement and the pursuit of other appropriate remedies, shall be in such
          form
          and carried out to such an extent and at such time as the Master Servicer,
          in
          its good faith business judgment, would require were it the owner of the
          related
          Mortgage Loans. The Master Servicer shall pay the costs of such enforcement
          at
          its own expense, and shall be reimbursed therefor initially (i) from a
          general
          recovery resulting from such enforcement only to the extent, if any, that
          such
          recovery exceeds all amounts due in respect of the related Mortgage Loans,
          (ii)
          from a specific recovery of costs, expenses or attorneys’ fees against the party
          against whom such enforcement is directed, and then, (iii) to the extent
          that
          such amounts are insufficient to reimburse the Master Servicer for the
          costs of
          such enforcement, from the Collection Account.

        
          
            
            

          

          
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        (d) The
          Master Servicer shall be entitled to conclusively rely on any certifications
          or
          other information provided by the Servicer under the terms of the Servicing
          Agreement, in its preparation of any certifications, filings or reports,
          in
          accordance with the terms hereof or as may be required by applicable law
          or
          regulation.

         

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

         

        (a) To
          the
          extent provided in the Servicing Agreement, the Master Servicer shall cause
          the
          Servicer to establish and maintain one or more custodial accounts at a
          depository institution (which may be a depository institution with which
          the
          Master Servicer or the Servicer establishes accounts in the ordinary course
          of
          its servicing activities), the accounts of which are insured to the maximum
          extent permitted by the FDIC (each, an “Escrow Account”) and to deposit therein
          any collections of amounts received with respect to amounts due for taxes,
          assessments, water rates, standard hazard insurance policy premiums, Payaheads,
          if applicable, or any comparable items for the account of the Mortgagors.
          Withdrawals from any Escrow Account may be made (to the extent amounts
          have been
          escrowed for such purpose) only in accordance with the Servicing Agreement.
          The
          Servicer shall be entitled to all investment income not required to be
          paid to
          Mortgagors on any Escrow Account maintained by the Servicer. The Master
          Servicer
          shall make (or cause to be made) to the extent provided in the Servicing
          Agreement advances to the extent necessary in order to effect timely payment
          of
          taxes, water rates, assessments, standard hazard insurance policy premiums
          or
          comparable items in connection with the related Mortgage Loan (to the extent
          that the Mortgagor is required, but fails, to pay such items), provided
          that it
          or the Servicer has determined that the funds so advanced are recoverable
          from
          escrow payments, reimbursement pursuant to Section 4.02 or
          otherwise.

         

        (b) Costs
          incurred by the Master Servicer or by the Servicer in effecting the timely
          payment of taxes and assessments on the properties subject to the Mortgage
          Loans
          may be added to the amount owing under the related Mortgage Note where
          the terms
          of the Mortgage Note so permit; provided,
          however,
          that the
          addition of any such cost shall not be taken into account for purposes
          of
          calculating the distributions to be made to Certificateholders. Such costs,
          to
          the extent that they are unanticipated, extraordinary costs, and not ordinary
          or
          routine costs shall be recoverable as a Servicing Advance by the Master
          Servicer
          pursuant to Section 4.02.

         

        
          
            
            

          

          
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        Section
          9.07. Termination
          of Servicing Agreement; Successor Servicers. 

         

        (a) The
          Master Servicer shall be entitled to terminate the rights and obligations
          of the
          Servicer under the Servicing Agreement in accordance with the terms and
          conditions of the Servicing Agreement and without any limitation by virtue
          of
          this Agreement; provided,
          however,
          that in
          the event of termination of the Servicing Agreement by the Master Servicer,
          the
          Master Servicer shall provide for the servicing of the Mortgage Loans by
          a
          successor Servicer to be appointed as provided in the Servicing
          Agreement.

         

        The
          parties acknowledge that notwithstanding the preceding sentence, there
          may be a
          transition period, not to exceed 90 days, in order to effect the transfer
          of
          servicing to a successor Servicer. The Master Servicer shall be entitled
          to be
          reimbursed from the Servicer (or by the Trust Fund, if the Servicer is
          unable to
          fulfill its obligations hereunder) for all costs associated with the transfer
          of
          servicing from the predecessor servicer, including without limitation,
          any costs
          or expenses associated with the complete transfer of all servicing data
          and the
          completion, correction or manipulation of such servicing data, as may be
          required by the Master Servicer to correct any errors or insufficiencies
          in the
          servicing data or otherwise to enable the Master Servicer to service the
          Mortgage Loans properly and effectively.

         

        (b) If
          the
          Master Servicer acts as a successor Servicer, it will not assume liability
          for
          the representations and warranties of the Servicer, if any, 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 Servicing Agreement, and in the event of any such assumption
          by
          the successor Servicer, the Trustee or the Master Servicer, as applicable,
          may,
          in the exercise of its business judgment, release the terminated Servicer
          from
          liability for such representations and warranties.

         

        (c) If
          the
          Master Servicer acts as a successor Servicer, it will have the same obligations
          to make Advances as the Servicer under the Servicing Agreement and to reimburse
          the successor Servicer for unreimbursed Advances if required by the Servicing
          Agreement but will have no obligation to make an Advance if it determines
          in its
          reasonable judgment that such Advance is non-recoverable. To the extent
          that the
          Master Servicer is unable to find a successor Servicer that is willing
          to
          service the Mortgage Loans for the Servicing Fee because of the obligation
          of
          the Servicer to make Advances regardless of whether such Advance is recoverable,
          the Servicing Agreement may be amended to provide that the successor Servicer
          shall have no obligation to make an Advance if it determines in its reasonable
          judgment that such Advance is non-recoverable and provides an Officer’s
          Certificate to such effect to the Master Servicer, the Trustee and the
          NIMS
          Insurer.

         

        Section
          9.08. Master
          Servicer Liable for Enforcement. 

         

        Notwithstanding
          anything contained in the Servicing Agreement to the contrary, the Master
          Servicer shall remain obligated and liable to the Trustee, any NIMS Insurer
          and
          the Certificateholders in accordance with the provisions of this Agreement,
          to
          the extent of its obligations hereunder, without diminution of such obligation
          or liability by virtue of the Servicing Agreement. The Master Servicer
          shall use
          commercially reasonable efforts to ensure that the Mortgage Loans are serviced
          in accordance with the provisions of this Agreement and shall use commercially
          reasonable efforts to enforce the provisions of the Servicing Agreement
          for the
          benefit of the Certificateholders and any NIMS Insurer. The Master Servicer
          shall be entitled to enter into any agreement with the Servicer for
          indemnification of the Master Servicer and nothing contained in this Agreement
          shall be deemed to limit or modify such indemnification. Except as expressly
          set
          forth herein, the Master Servicer shall have no liability for the acts
          or
          omissions of the Servicer in the performance by the Servicer of its obligations
          under the Servicing Agreement.

          
            
              
              

            

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

         

        The
          Servicing Agreement that may be entered into and any other transactions
          or
          services relating to the Mortgage Loans involving the Servicer in its capacity
          as such and not as an originator shall be deemed to be between the Servicer,
          the
          Seller and the Master Servicer, and the Trustee, any NIMS Insurer and the
          Depositor shall not be deemed parties thereto and shall have no obligations,
          duties or liabilities with respect to the Servicer except as set forth
          in
          Section 9.10 hereof, but shall have rights thereunder as third party
          beneficiaries. It is furthermore understood and agreed by the parties hereto
          that the obligations of the Servicer are set forth in their entirety in
          the
          Servicing Agreement and the Servicer has no obligations under and is not
          otherwise bound by the terms of this Agreement.

         

        Section
          9.10. Assumption
          of Servicing Agreement by Securities Administrator. 

         

        (a) In
          the
          event the Master Servicer shall for any reason no longer be the Master
          Servicer
          (including by reason of any Event of Default under this Agreement), after
          a
          period not to exceed ninety days after the Securities Administrator receives
          written notice from the Trustee pursuant to Section 6.14 or Section 9.28,
          as
          applicable, the Securities Administrator shall thereupon assume all of
          the
          rights and obligations of such Master Servicer hereunder and under the
          Servicing
          Agreement entered into with respect to the Mortgage Loans. The Securities
          Administrator, its designee or any successor master servicer appointed
          by the
          Securities Administrator shall be deemed to have assumed all of the Master
          Servicer’s interest herein and therein to the same extent as if the Servicing
          Agreement had been assigned to the assuming party, except that the Master
          Servicer shall not thereby be relieved of any liability or obligations
          of the
          Master Servicer under the Servicing Agreement accruing prior to its replacement
          as Master Servicer, and shall be liable to the Securities Administrator
          and any
          NIMS Insurer, and hereby agrees to indemnify and hold harmless the Securities
          Administrator and any NIMS Insurer from and against all costs, damages,
          expenses
          and liabilities (including reasonable attorneys’ fees) incurred by the
          Securities Administrator or any NIMS Insurer as a result of such liability
          or
          obligations of the Master Servicer and in connection with the Securities
          Administrator’s assumption (but not its performance, except to the extent that
          costs or liability of the Securities Administrator are created or increased
          as a
          result of negligent or wrongful acts or omissions of the Master Servicer
          prior
          to its replacement as Master Servicer) of the Master Servicer’s obligations,
          duties or responsibilities thereunder.

         

        
          
            
            

          

          
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        (b) The
          Master Servicer that has been terminated shall, upon request of the Securities
          Administrator but at the expense of such Master Servicer, deliver to the
          assuming party all documents and records relating to the Servicing Agreement
          and
          the related Mortgage Loans and an accounting of amounts collected and held
          by it
          and otherwise use its best efforts to effect the orderly and efficient
          transfer
          of the Servicing Agreement to the assuming party.

         

        Section
          9.11. Due-on-Sale
          Clauses; Assumption Agreements. 

         

        To
          the
          extent provided in the Servicing Agreement, to the extent Mortgage Loans
          contain
          enforceable due-on-sale clauses, the Master Servicer shall cause the Servicer
          to
          enforce such clauses in accordance with the Servicing Agreement. If applicable
          law prohibits the enforcement of a due-on-sale clause or such clause is
          otherwise not enforced in accordance with the Servicing Agreement, and,
          as a
          consequence, a Mortgage Loan is assumed, the original Mortgagor may be
          released
          from liability in accordance with the Servicing Agreement.

         

        Section
          9.12. Release
          of Mortgage Files. 

         

        (a) Upon
          (i)
          becoming aware of the payment in full of any Mortgage Loan or (ii) the
          receipt
          by the Master Servicer of a notification that payment in full has been
          or will
          be escrowed in a manner customary for such purposes, the Master Servicer
          shall,
          or shall cause the Servicer to, promptly notify the Trustee (or the Custodian)
          and the Securities Administrator by a certification (which certification
          shall
          include a statement to the effect that all amounts received in connection
          with
          such payment that are required to be deposited in the Collection Account
          maintained by the Master Servicer pursuant to Section 4.01 have been or
          will be
          so deposited) of a Servicing Officer and shall request (on the form attached
          hereto as Exhibit C or on the form attached to the Custodial Agreement)
          the
          Trustee or the Custodian, to deliver to the Servicer the related Mortgage
          File.
          Upon receipt of such certification and request, the Trustee or the Custodian
          (with the consent, and at the direction of the Trustee), shall promptly
          release
          the related Mortgage File to the Servicer and neither the Trustee nor the
          Custodian shall have any further responsibility with regard to such Mortgage
          File. Upon any such payment in full, the Master Servicer is authorized,
          and the
          Servicer, to the extent such authority is provided for under the Servicing
          Agreement, is authorized, to give, as agent for the Trustee, as the mortgagee
          under the Mortgage that secured the Mortgage Loan, an instrument of satisfaction
          (or assignment of mortgage without recourse) regarding the Mortgaged Property
          subject to the Mortgage, which instrument of satisfaction or assignment,
          as the
          case may be, shall be delivered to the Person or Persons entitled thereto
          against receipt therefor of such payment, it being understood and agreed
          that no
          expenses incurred in connection with such instrument of satisfaction or
          assignment, as the case may be, shall be chargeable to the Collection
          Account.

         

        (b) From
          time
          to time and as appropriate for the servicing or foreclosure of any Mortgage
          Loan
          and in accordance with Accepted Servicing Practices and the Servicing Agreement,
          the Trustee shall execute such documents as shall be prepared and furnished
          to
          the Trustee by the Master Servicer, or by the Servicer (in form reasonably
          acceptable to the Trustee) and as are necessary to the prosecution of any
          such
          proceedings. The Trustee or the Custodian, shall, upon request of the Master
          Servicer, or of the Servicer, and delivery to the Trustee or the Custodian,
          of a
          request for release of documents and a receipt signed by a Servicing Officer
          substantially in the form of Exhibit C, release the related Mortgage File
          held
          in its possession or control to the Master Servicer (or the Servicer).
          Such
          receipt shall obligate the Master Servicer or Servicer to return the Mortgage
          File to the Trustee or the Custodian, as applicable, when the need therefor
          by
          the Master Servicer or Servicer no longer exists unless the Mortgage Loan
          shall
          be liquidated, in which case, upon receipt of a certificate of a Servicing
          Officer similar to that hereinabove specified, the receipt shall be released
          by
          the Trustee or the Custodian, as applicable, to the Master Servicer (or
          the
          Servicer).

        
          
            
            

          

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

         

        (a) The
          Master Servicer shall transmit, or cause the Servicer to transmit, to the
          Trustee such documents and instruments coming into the possession of the
          Master
          Servicer or the Servicer from time to time as are required by the terms
          hereof
          or of the Servicing Agreement to be delivered to the Trustee or the Custodian.
          Any funds received by the Master Servicer or by the Servicer in respect
          of any
          Mortgage Loan or which otherwise are collected by the Master Servicer or
          the
          Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any
          Mortgage Loan shall be held for the benefit of the Trustee and the
          Certificateholders subject to the Master Servicer’s right to retain or withdraw
          from the Collection Account the Master Servicing Fee and other amounts
          provided
          in this Agreement and to the right of the Servicer to retain its Servicing
          Fee
          and other amounts as provided in the Servicing Agreement. The Master Servicer
          shall, and shall (to the extent provided in the Servicing Agreement) cause
          the
          Servicer to, provide access to information and documentation regarding
          the
          Mortgage Loans to the Trustee, any NIMS Insurer, their respective agents
          and
          accountants at any time upon reasonable request and during normal business
          hours, and to Certificateholders that are savings and loan associations,
          banks
          or insurance companies, the Office of Thrift Supervision, the FDIC and
          the
          supervisory agents and examiners of such Office and Corporation or examiners
          of
          any other federal or state banking or insurance regulatory authority if
          so
          required by applicable regulations of the Office of Thrift Supervision
          or other
          regulatory authority, such access to be afforded without charge but only
          upon
          reasonable request in writing and during normal business hours at the offices
          of
          the Master Servicer designated by it. In fulfilling such a request the
          Master
          Servicer shall not be responsible for determining the sufficiency of such
          information.

         

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

         

        
          
            
            

          

          
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        (d) The
          Master Servicer agrees that it shall not, and shall not authorize the Servicer
          to, create, incur or subject any Mortgage Loans, or any funds that are
          deposited
          in any Custodial Account, Escrow Account or the Collection Account, or
          any funds
          that otherwise are or may become due or payable to the Trustee, to any
          claim,
          lien, security interest, judgment, levy, writ of attachment or other
          encumbrance, nor assert by legal action or otherwise any claim or right
          of
          setoff against any Mortgage Loan or any funds collected on, or in connection
          with, a Mortgage Loan.

         

        Section
          9.14. Representations
          and Warranties of the Master Servicer. 

         

        (a) The
          Master Servicer hereby represents and warrants to the Depositor, any NIMS
          Insurer, the Securities Administrator and the Trustee, for the benefit
          of the
          Certificateholders, as of the Closing Date that:

         

        (i) it
          is
          validly existing and in good standing under the laws of the state of its
          incorporation, and as Master Servicer has full power and authority to transact
          any and all business contemplated by this Agreement and to execute, deliver
          and
          comply with its obligations under the terms of this Agreement, the execution,
          delivery and performance of which have been duly authorized by all necessary
          corporate action on the part of the Master Servicer;

         

        (ii) the
          execution and delivery of this Agreement by the Master Servicer and its
          performance and compliance with the terms of this Agreement will not (A)
          violate
          the Master Servicer’s charter or bylaws, (B) violate any law or regulation or
          any administrative decree or order to which it is subject or (C) constitute
          a
          default (or an event which, with notice or lapse of time, or both, would
          constitute a default) under, or result in the breach of, any material contract,
          agreement or other instrument to which the Master Servicer is a party or
          by
          which it is bound or to which any of its assets are subject, which violation,
          default or breach would materially and adversely affect the Master Servicer’s
          ability to perform its obligations under this Agreement;

         

        
          
            
            

          

          
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        (iii) this
          Agreement constitutes, assuming due authorization, execution and delivery
          hereof
          by the other respective parties hereto, a legal, valid and binding obligation
          of
          the Master Servicer, enforceable against it in accordance with the terms
          hereof,
          except as such enforcement may be limited by bankruptcy, insolvency,
          reorganization, moratorium and other laws affecting the enforcement of
          creditors’ rights in general, and by general equity principles (regardless of
          whether such enforcement is considered in a proceeding in equity or at
          law);

         

        (iv) the
          Master Servicer is not in default with respect to any order or decree of
          any
          court or any order or regulation of any federal, state, municipal or
          governmental agency to the extent that any such default would materially
          and
          adversely affect its performance hereunder;

         

        (v) the
          Master Servicer is not a party to or bound by any agreement or instrument
          or
          subject to any charter provision, bylaw or any other corporate restriction
          or
          any judgment, order, writ, injunction, decree, law or regulation that may
          materially and adversely affect its ability as Master Servicer to perform
          its
          obligations under this Agreement or that requires the consent of any third
          person to the execution of this Agreement or the performance by the Master
          Servicer of its obligations under this Agreement; 

         

        (vi) no
          litigation is pending or, to the best of the Master Servicer’s knowledge,
          threatened against the Master Servicer which would prohibit its entering
          into
          this Agreement or performing its obligations under this Agreement;

         

        (vii) the
          Master Servicer, or an affiliate thereof the primary business of which
          is the
          servicing of conventional residential mortgage loans, is a Fannie Mae-
          or
          Freddie Mac-approved seller/servicer;

         

        (viii) no
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Master
          Servicer of or compliance by the Master Servicer with this Agreement or
          the
          consummation of the transactions contemplated by this Agreement, except
          for such
          consents, approvals, authorizations and orders (if any) as have been
          obtained;

         

        (ix) the
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of the Master Servicer;

         

        (x) the
          Master Servicer has obtained an Errors and Omissions Insurance Policy and
          a
          Fidelity Bond in accordance with Section 9.02 each of which is in full
          force and
          effect, and each of which provides at least such coverage as is required
          hereunder; and

         

        (xi) the
          information about the Master Servicer under the heading “The Master Servicer” in
          the Offering Documents relating to the Master Servicer does not include
          an
          untrue statement of a material fact and does not omit to state a material
          fact,
          with respect to the statements made, necessary in order to make the statements
          in light of the circumstances under which they were made not
          misleading.

         

        
          
            
            

          

          
            157

            
              

            

          

          
            
            

          

        

        (b) It
          is
          understood and agreed that the representations and warranties set forth
          in this
          Section 9.14 shall survive the execution and delivery of this Agreement.
          The
          Master Servicer shall indemnify the Depositor, the Securities Administrator,
          the
          Trustee and any NIMS Insurer and hold them harmless against any loss, damages,
          penalties, fines, forfeitures, legal fees and related costs, judgments,
          and
          other costs and expenses resulting from any claim, demand, defense or assertion
          based on or grounded upon, or resulting from, a breach of the Master Servicer’s
          representations and warranties contained in Section 9.14(a). It is understood
          and agreed that the enforcement of the obligation of the Master Servicer
          set
          forth in this Section to indemnify the Depositor, the Trustee, the Securities
          Administrator and any NIMS Insurer as provided in this Section constitutes
          the
          sole remedy (other than as set forth in Section 6.14) of the Depositor,
          the
          Trustee, the Securities Administrator and any NIMS Insurer, respecting
          a breach
          of the foregoing representations and warranties. Such indemnification shall
          survive any termination of the Master Servicer as Master Servicer hereunder,
          and
          any termination of this Agreement.

         

        Any
          cause
          of action against the Master Servicer relating to or arising out of the
          breach
          of any representations and warranties made in this Section shall accrue
          upon
          discovery of such breach by any of the Depositor, the Master Servicer,
          the
          Trustee or any NIMS Insurer or notice thereof by any one of such parties
          to the
          other parties.

         

        (c) It
          is
          understood and agreed that the representations and warranties of the Depositor
          set forth in Sections 2.03(a)(i) through (vi) shall survive the execution
          and
          delivery of this Agreement. The Depositor shall indemnify the Master Servicer
          and hold each harmless against any loss, damages, penalties, fines, forfeitures,
          legal fees and related costs, judgments, and other costs and expenses resulting
          from any claim, demand, defense or assertion based on or grounded upon,
          or
          resulting from, a breach of the Depositor’s representations and warranties
          contained in Sections 2.03(a)(i) through (vi) hereof. It is understood
          and
          agreed that the enforcement of the obligation of the Depositor set forth
          in this
          Section to indemnify the Master Servicer as provided in this Section constitutes
          the sole remedy hereunder of the Master Servicer respecting a breach by
          the
          Depositor of the representations and warranties in Sections 2.03(a)(i)
          through
          (vi) hereof.

         

        (d) Any
          cause
          of action against the Master Servicer relating to or arising out of the
          breach
          of any representations and warranties made in this Section shall accrue
          upon
          discovery of such breach by either the Depositor, the Master Servicer,
          the
          Trustee or any NIMS Insurer or notice thereof by any one of such parties
          to the
          other parties. Notwithstanding anything in this Agreement to the contrary,
          the
          Master Servicer shall not be liable for special, indirect or consequential
          losses or damages of any kind whatsoever (including, but not limited to,
          lost
          profits).

         

        Section
          9.15. Opinion.
          

         

        On
          or
          before the Closing Date, the Master Servicer shall cause to be delivered
          to the
          Depositor, the Seller, the Trustee, the Swap Counterparty and any NIMS
          Insurer
          one or more Opinions of Counsel, dated the Closing Date, in form and substance
          reasonably satisfactory to the Depositor and Lehman Brothers Inc., as to
          the due
          authorization, execution and delivery of this Agreement by the Master Servicer
          and the enforceability thereof. 

         

        
          
            
            

          

          
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        Section
          9.16. Standard
          Hazard and Flood Insurance Policies. 

         

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

         

        Pursuant
          to Section 4.01, any amounts collected by the Master Servicer, or by the
          Servicer, under any insurance policies maintained pursuant to this Section
          9.16
          or the Servicing Agreement (other than amounts to be applied to the restoration
          or repair of the property subject to the related Mortgage or released to
          the
          Mortgagor in accordance with the Servicing Agreement) shall be deposited
          into
          the Collection Account, subject to withdrawal pursuant to Section 4.02.
          Any cost
          incurred by the Master Servicer or the Servicer in maintaining any such
          insurance if the Mortgagor defaults in its obligation to do so shall be
          added to
          the amount owing under the Mortgage Loan where the terms of the Mortgage
          Loan so
          permit; provided,
          however,
          that the
          addition of any such cost shall not be taken into account for purposes
          of
          calculating the distributions to be made to Certificateholders and shall
          be
          recoverable by the Master Servicer or the Servicer pursuant to Section
          4.02.

         

        Section
          9.17. Presentment
          of Claims and Collection of Proceeds. 

         

        The
          Master Servicer shall cause the Servicer (to the extent provided in the
          Servicing Agreement) to, prepare and present on behalf of the Trustee and
          the
          Certificateholders all claims under the Insurance Policies with respect
          to the
          Mortgage Loans, and take such actions (including the negotiation, settlement,
          compromise or enforcement of the insured’s claim) as shall be necessary to
          realize recovery under such policies. Any proceeds disbursed to the Master
          Servicer (or disbursed to the Servicer and remitted to the Master Servicer)
          in
          respect of such policies or bonds shall be promptly deposited in the Collection
          Account or the Custodial Account upon receipt, except that any amounts
          realized
          that are to be applied to the repair or restoration of the related Mortgaged
          Property as a condition requisite to the presentation of claims on the
          related
          Mortgage Loan to the insurer under any applicable Insurance Policy need
          not be
          so deposited (or remitted).

         

        Section
          9.18. Maintenance
          of the Primary Mortgage Insurance Policies. 

         

        (a) The
          Master Servicer shall cause Wells Fargo Bank, N.A. to remit insurance premiums
          relating to existing lender-paid Primary Mortgage Insurance Policies acquired
          by
          Wells Fargo Bank, N.A. prior to the Closing Date. The Master Servicer shall
          not
          take, or knowingly permit the Servicer (consistent with the Servicing Agreement)
          to take, any action that would result in noncoverage under any applicable
          Primary Mortgage Insurance Policy of any loss which, but for the actions
          of such
          Master Servicer or the Servicer, would have been covered thereunder. The
          Master
          Servicer shall not, and shall not knowingly permit the Servicer to, cancel
          or
          refuse to renew any such Primary Mortgage Insurance Policy that is in effect
          at
          the date of the initial issuance of the Certificates and is required to
          be kept
          in force hereunder except in accordance with the provisions of this Agreement
          and the Servicing Agreement, as applicable.

         

        
          
            
            

          

          
            159

            
              

            

          

          
            
            

          

        

        (b) The
          Master Servicer agrees, to the extent provided in the Servicing Agreement,
          to
          cause the Servicer to present, on behalf of the Trustee and the
          Certificateholders, claims to the insurer under any Primary Mortgage Insurance
          Policies and, in this regard, to take such reasonable action as shall be
          necessary to permit recovery under any Primary Mortgage Insurance Policies
          respecting defaulted Mortgage Loans. Pursuant to Section 4.01, any amounts
          collected by the Master Servicer or the Servicer under any Primary Mortgage
          Insurance Policies shall be deposited in the Collection Account, subject
          to
          withdrawal pursuant to Section 4.02.

         

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

         

        The
          Trustee (or the 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 Custodian) shall
          also
          retain possession and custody of each Mortgage File in accordance with
          and
          subject to the terms and conditions of this Agreement. The Master Servicer
          shall
          promptly deliver or cause the Servicer to deliver to the Trustee (or the
          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 the Servicer from
          time
          to time.

         

        Section
          9.20. [Reserved] 

         

        Section
          9.21. Compensation
          to the Master Servicer. 

         

        The
          Master Servicer shall be entitled to withdraw from the Collection Account,
          subject to Section 5.05, the Master Servicing Fee to the extent permitted
          by
          Section 4.02. Servicing compensation in the form of assumption fees, if
          any,
          late payment charges, as collected, if any, or otherwise (but not including
          any
          Prepayment Premium) shall be retained by the Master Servicer (or the Servicer)
          and shall not be deposited in the Collection Account. If the Master Servicer
          does not retain or withdraw the Master Servicing Fee from the Collection
          Account
          as provided herein, the Master Servicer shall be entitled to direct the
          Trustee
          to pay the Master Servicing Fee to such Master Servicer by withdrawal from
          the
          Certificate Account to the extent that payments have been received with
          respect
          to the applicable Mortgage Loan. The Master Servicer shall be required
          to pay
          all expenses incurred by it in connection with its activities hereunder
          and
          shall not be entitled to reimbursement therefor except as provided in this
          Agreement. Pursuant to Sections 4.01(e) and 4.04(c), all income and gain
          realized from any investment of funds in the Collection Account and Certificate
          Account shall be for the benefit of the Master Servicer as additional
          compensation. The provisions of this Section 9.21 are subject to the provisions
          of Section 6.14.

         

        
          
            
            

          

          
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        Section
          9.22. REO
          Property. 

         

        (a) In
          the
          event the Trust Fund acquires ownership of any REO Property in respect
          of any
          Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
          or to its nominee, on behalf of the Certificateholders. The Master Servicer
          shall use its reasonable best efforts to sell, or cause the Servicer, to
          the
          extent provided in the Servicing Agreement any REO Property as expeditiously
          as
          possible and in accordance with the provisions of this Agreement and the
          Servicing Agreement, as applicable, but in all events within the time period,
          and subject to the conditions set forth in Article X hereof. Pursuant to
          its
          efforts to sell such REO Property, the Master Servicer shall protect and
          conserve, or cause the Servicer to protect and conserve, such REO Property
          in
          the manner and to such extent required by the Servicing Agreement, subject
          to
          Article X hereof.

         

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

         

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

         

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

         

        Section
          9.23. Notices
          to the Depositor and the Securities Administrator 

         

        (a) The
          Master Servicer shall promptly notify the Securities Administrator and
          the
          Depositor (i) of any legal proceedings pending against the Master Servicer
          of
          the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the
          Master Servicer shall become (but only to the extent not previously disclosed
          to
          the Master Servicer and the Depositor) at any time an affiliate of any
          of the
          parties listed on Exhibit V to this Agreement. On or before March 1st
          of each
          year, the Depositor shall distribute the information in Exhibit V to the
          Master
          Servicer.

         

        (b) Not
          later
          than four Business Days prior to the Distribution Date of each month, the
          Master
          Servicer shall provide to the Securities Administrator, the Sponsor and
          the
          Depositor notice of the occurrence of any material modifications, extensions
          or
          waivers of terms, fees, penalties or payments relating to the Mortgage
          Loans
          during the related Collection Period or that have cumulatively become material
          over time (Item 1121(a)(11) of Regulation AB) along with all information,
          data,
          and materials related thereto as may be required to be included in the
          related
          Distribution Report on Form 10-D. The parties to this Agreement acknowledge
          that
          the performance by the Master Servicer of its duties under this Section
          9.23(b)
          related to the timely preparation and delivery of such information is contingent
          upon the Servicer’s strictly observing all requirements and deadlines in the
          performance of their duties under the Servicing Agreement. The Master Servicer
          shall have no liability for any loss, expense, damage or claim arising
          out of or
          with respect to any failure to properly prepare and/or timely deliver all
          such
          information where such failure results from the Master Servicer’s inability or
          failure to obtain or receive, on a timely basis, any information from the
          Servicer needed to prepare or deliver such information, which failure does
          not
          result from the Master Servicer’s own negligence, bad faith or willful
          misconduct.

        
          
            
            

          

          
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        Section
          9.24. Reports
          to the Trustee. 

         

        (a) Not
          later
          than 30 days after each Distribution Date, the Master Servicer shall, upon
          request, forward to the Trustee and the Securities Administrator a statement,
          deemed to have been certified by a Servicing Officer, setting forth the
          status
          of the Collection Account maintained by the Master Servicer as of the close
          of
          business on the related Distribution Date, indicating that all distributions
          required by this Agreement to be made by the Master Servicer have been
          made (or
          if any required distribution has not been made by the Master Servicer,
          specifying the nature and status thereof) and showing, for the period covered
          by
          such statement, the aggregate of deposits into and withdrawals from the
          Collection Account maintained by the Master Servicer. Copies of such statement
          shall be provided by the Master Servicer, upon request, to the Depositor,
          Attention: Contract Finance, any NIMS Insurer and any Certificateholders
          (or by
          the Trustee at the Master Servicer’s expense if the Master Servicer shall fail
          to provide such copies to the Certificateholders (unless (i) the Master
          Servicer
          shall have failed to provide the Trustee with such statement or (ii) the
          Trustee
          shall be unaware of the Master Servicer’s failure to provide such
          statement)).

         

        (b) Not
          later
          than two Business Days following each Distribution Date, the Master Servicer
          shall deliver to one Person designated by the Depositor, in a format consistent
          with other electronic loan level reporting supplied by the Master Servicer
          in
          connection with similar transactions, “loan level” information with respect to
          the Mortgage Loans as of the related Determination Date, to the extent
          that such
          information has been provided to the Master Servicer by the Servicer or
          by the
          Depositor.

         

        (c) All
          information, reports and statements prepared by the Master Servicer under
          this
          Agreement shall be based on information supplied to the Master Servicer
          by the
          Servicer without independent verification thereof and the Master Servicer
          shall
          be entitled to rely on such information. 

         

        
          
            
            

          

          
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        Section
          9.25. Assessment
          of Compliance and Attestation Reports.

         

        (a)  Assessment
          of Compliance

         

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

         

        (ii) When
          the
          Master Servicer, the Credit Risk Manager, the Paying Agent and the Securities
          Administrator (or any Servicing Function Participant engaged by such party)
          submit their assessments to the Securities Administrator, such parties
          will also
          at such time include the assessment (and attestation pursuant to subsection
          (b)
          of this Section 9.25) of each Servicing Function Participant engaged by
          it and
          shall indicate to the Securities Administrator what Relevant Servicing
          Criteria
          will be addressed in any such reports prepared by any such Servicing Function
          Participant.

         

        (iii) Promptly
          after receipt of each report on assessment of compliance, the Securities
          Administrator shall confirm that the assessments, taken as a whole, address
          all
          applicable Servicing Criteria and taken individually address the Relevant
          Servicing Criteria (and disclose the inapplicability of the Servicing Criteria
          not determined to be Relevant Criteria) for each party as set forth on
          Exhibit S
          and on any similar exhibit set forth in the Servicing Agreement in respect
          of
          the Servicer, and the Custodial Agreement in respect of the Custodian,
          and shall
          notify the Depositor of any exceptions.

         

        (b)  Attestation
          Reports

         

        (i) By
          March
          15 of each year, commencing in March 2007, the Master Servicer, the Credit
          Risk
          Manager, the Paying Agent and the Securities Administrator, each at its
          own
          expense, shall cause, and each such party shall cause any Servicing Function
          Participant engaged by it to cause, each at its own expense, a registered
          public
          accounting firm (which may also render other services to the Master Servicer,
          the Credit Risk Manager, the Paying Agent and the Securities Administrator,
          as
          the case may be) that is a member of the American Institute of Certified
          Public
          Accountants to furnish a report to the Sponsor, the Depositor, the Master
          Servicer and the Securities Administrator, 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.

         

        
          
            
            

          

          
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        (ii) Promptly
          after receipt of such report from the Master Servicer, the Credit Risk
          Manager,
          the Paying Agent, the Securities Administrator or any Servicing Function
          Participant engaged by such parties, the Securities Administrator shall
          confirm
          that each assessment submitted pursuant subsection (a) of this Section
          9.25 is
          coupled with an attestation meeting the requirements of this Section and
          notify
          the Depositor of any exceptions.

         

        (iii) The
          Paying Agent’s obligation to provide assessments of compliance and attestations
          under this Section 9.25 shall terminate upon the filing of a Form 15 suspension
          notice on behalf of the Trust Fund. Notwithstanding the foregoing, after
          the
          occurrence of such event, and provided
          that the
          Depositor is not otherwise provided with such reports or copies of such
          reports,
          the Paying Agent shall be obligated to provide a copy of such reports,
          by March
          15 of each year, to the Depositor.

         

        Section
          9.26. Annual
          Statement of Compliance with Applicable Servicing Criteria. 

         

        The
          Master Servicer shall deliver (and the Master Servicer shall cause any
          Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
          and
          the Securities Administrator on or before March 15 of each year, commencing
          in
          March 2007, an Officer’s Certificate stating, as to the signer thereof, that (A)
          a review of such party’s activities during the preceding calendar year or
          portion thereof and of such party’s performance under this Agreement, or such
          other applicable agreement in the case of an Additional Servicer, has been
          made
          under such officer’s supervision and (B) to the best of such officer’s
          knowledge, based on such review, such party has fulfilled all its obligations
          under this Agreement, or such other applicable agreement in the case of
          an
          Additional Servicer, in all material respects throughout such year or portion
          thereof, or, if there has been a failure to fulfill any such obligation
          in any
          material respect, specifying each such failure known to such officer and
          the
          nature and status thereof.

         

        Section
          9.27. Merger
          or Consolidation. 

         

        Any
          Person into which the Master Servicer may be merged or consolidated, or
          any
          Person resulting from any merger, conversion, other change in form or
          consolidation to which the Master Servicer shall be a party, or any Person
          succeeding to the business of the Master Servicer, shall be the successor
          to the
          Master Servicer hereunder, without the execution or filing of any paper
          or any
          further act on the part of any of the parties hereto, anything herein to
          the
          contrary notwithstanding; provided,
          however,
          that the
          successor or resulting Person to the Master Servicer shall be a Person
          that
          shall be qualified and approved to service mortgage loans for Fannie Mae
          or
          Freddie Mac and shall have a net worth of not less than
          $15,000,000.

         

        
          
            
            

          

          
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        Section
          9.28. Resignation
          of Master Servicer. 

         

        Except
          as
          otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer
          shall
          not resign from the obligations and duties hereby imposed on it unless
          it
          determines that the Master Servicer’s duties hereunder are no longer permissible
          under applicable law or are in material conflict by reason of applicable
          law
          with any other activities carried on by it and cannot be cured. Any such
          determination permitting the resignation of the Master Servicer shall be
          evidenced by an Opinion of Counsel that shall be Independent to such effect
          delivered to the Trustee and any NIMS Insurer. No such resignation shall
          become
          effective until the Securities Administrator shall have assumed, or a successor
          master servicer acceptable to any NIMS Insurer and the Securities Administrator
          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, the Securities Administrator
          and any
          NIMS Insurer.

         

        Section
          9.29. Assignment
          or Delegation of Duties by the Master Servicer. 

         

        (a) Except
          as
          expressly provided herein, the Master Servicer shall not assign or transfer
          any
          of its rights, benefits or privileges hereunder to any other Person, or
          delegate
          to or subcontract with, or authorize or appoint any Subservicer, Subcontractor
          or other Person to perform any of the duties, covenants or obligations
          to be
          performed by the Master Servicer hereunder; provided,
          however,
          that the
          Master Servicer shall have the right without the prior written consent
          of the
          Trustee, any NIMS Insurer or the Depositor to delegate or assign to or
          subcontract with or authorize or appoint an Affiliate of the Master Servicer
          to
          perform and carry out any duties, covenants or obligations to be performed
          and
          carried out by the Master Servicer hereunder. In no case, however, shall
          any
          such delegation, subcontracting or assignment to an Affiliate of the Master
          Servicer relieve the Master Servicer of any liability hereunder. Notice
          of such
          permitted assignment, and the name of any such affiliated Subcontractor
          or
          Subservicer shall be given promptly by the Master Servicer to the Depositor,
          the
          Trustee, the Securities Administrator and any NIMS Insurer. If, pursuant
          to any
          provision hereof, the duties of the Master Servicer are transferred to
          a
          successor master servicer, the entire amount of the Master Servicing Fees
          and
          other compensation payable to the Master Servicer pursuant hereto, including
          amounts payable to or permitted to be retained or withdrawn by the Master
          Servicer pursuant to Section 9.21 hereof, shall thereafter be payable to
          such
          successor master servicer.

         

        (b) Notwithstanding
          the foregoing, for so long as reports are required to be filed with the
          Commission under the Exchange Act with respect to the Trust, the Master
          Servicer
          shall not utilize any Subcontractor for the performance of its duties hereunder
          if such Subcontractor would be “participating in the servicing function” within
          the meaning of Item 1122 of Regulation AB without (i) giving notice to
          the
          Securities Administrator and the Depositor and (ii) requiring any such
          Subcontractor to provide to the Master Servicer an attestation report as
          provided for in Section 9.25 and an assessment report as provided in Section
          9.26, which reports the Master Servicer shall include in its attestation
          and
          assessment reports.

         

        
          
            
            

          

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

         

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

         

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

         

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

         

        The
          Master Servicer shall not be liable for any acts or omissions of the Servicer.
          In particular, the Master Servicer shall not be liable for any course of
          action
          taken by the Servicer with respect to loss mitigation of defaulted Mortgage
          Loans at the direction of the Credit Risk Manager or the Seller pursuant
          to the
          Credit Risk Management Agreement. Further, the Master Servicer shall not
          be
          liable for performance by the Servicer under the Credit Risk Management
          Agreement.

         

        
          
            
            

          

          
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        Section
          9.31. Indemnification;
          Third-Party Claims. 

         

        The
          Master Servicer agrees to indemnify the Depositor, the Sponsor, the Trustee,
          the
          Securities Administrator and any NIMS Insurer and their respective officers,
          directors, agents and affiliates, and hold each of them harmless against
          any and
          all claims, losses, penalties, fines, forfeitures, reasonable legal fees
          and
          related costs, judgments, and any other costs, liability, fees and expenses
          that
          the Depositor, the Sponsor, the Trustee, the Securities Administrator or
          any
          NIMS Insurer may sustain arising out of or based upon (a) any material
          breach by
          the Master Servicer of any of its obligations hereunder, including particularly
          its obligations to provide any reports under Section 9.25(a), Section 9.25(b)
          or
          Section 9.26, or any information, data or materials required to be included
          in
          any Exchange Act report, (b) any material misstatement or omission in any
          information, data or materials provided by the Master Servicer, or (c)
          the
          negligence, bad faith or willful misconduct of the Master Servicer in connection
          with its performance hereunder. The Depositor, the Sponsor, the Trustee,
          the
          Securities Administrator and any NIMS Insurer shall immediately notify
          the
          Master Servicer if a claim is made by a third party with respect to this
          Agreement or the Mortgage Loans entitling the Depositor, the Sponsor, the
          Trustee, the Securities Administrator or any NIMS Insurer to indemnification
          hereunder, whereupon the Master Servicer shall assume the defense of any
          such
          claim and pay all expenses in connection therewith, including counsel fees,
          and
          promptly pay, discharge and satisfy any judgment or decree which may be
          entered
          against it or them in respect of such claim. This indemnification shall
          survive
          the termination of this Agreement or the termination of the Master Servicer
          as a
          party to this Agreement.

         

        Section
          9.32. Special
          Servicing of Delinquent Mortgage Loans. 

         

        If
          permitted under the terms of the Servicing Agreement, the Seller may appoint,
          pursuant to the terms of the Servicing Agreement and with the written consent
          of
          the Depositor, the Master Servicer, the Trustee, the Securities Administrator
          and any NIMS Insurer, a special servicer to special service any Distressed
          Mortgage Loans. Any applicable termination fee related to the termination
          of the
          Servicer and the appointment of any special servicer shall be paid by the
          Seller
          from its own funds, without right of reimbursement from the Trust Fund.
          Any fees
          paid to any such special servicer shall not exceed the Servicing Fee
          Rate.

         

        Section
          9.33. Alternative
          Index. 

         

        In
          the
          event that the Index for any Mortgage Loan, as specified in the related
          Mortgage
          Note, becomes unavailable for any reason, the Master Servicer shall select
          an
          alternative index, which in all cases shall be an index that constitutes
          a
          qualified rate on a regular interest under the REMIC Provisions, in accordance
          with the terms of such Mortgage Note or, if such Mortgage Note does not
          make
          provision for the selection of an alternative index in such event, the
          Master
          Servicer shall, subject to applicable law, select an alternative index
          based on
          information comparable to that used in connection with the original Index
          and,
          in either case, such alternative index shall thereafter be the Index for
          such
          Mortgage Loan.

        
          
            
            

          

          
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        Section
          9.34. Duties
          of the Credit Risk Manager. 

         

        (a) The
          Certificateholders, by their purchase and acceptance of the Certificates,
          appoint Risk Management Group, LLC as Credit Risk Manager. For and on behalf
          of
          the Depositor, the Credit Risk Manager will provide reports and recommendations
          concerning certain delinquent and defaulted Mortgage Loans, and as to the
          collection of any Prepayment Premiums with respect to the Mortgage Loans.
          Such
          reports and recommendations will be based upon information provided pursuant
          to
          Credit Risk Management Agreement to the Credit Risk Manager by the Servicer.
          The
          Credit Risk Manager shall look solely to the Servicer and/or the Master
          Servicer
          for all information and data (including loss and delinquency information
          and
          data) and loan level information and data relating to the servicing of
          the
          Mortgage Loans, and neither the Securities Administrator nor the Trustee
          shall
          have any obligation to provide any such information to the Credit Risk
          Manager
          and shall not otherwise have any responsibility under the Credit Risk Management
          Agreement.

         

        (b) On
          or
          about the 15th
          calendar
          day of each month, the Credit Risk Manager shall have prepared and shall
          make
          available to any NIMS Insurer, the Trustee, the Swap Counterparty, the
          Securities Administrator and each Certificateholder, the following reports
          (each
          such report to be made in a format compatible with EDGAR filing
          requirements):

         

        (i) Forecasted
          Loss Report:
          A
          summary of those Mortgage Loans which are either REO Properties or are
          in
          foreclosure and for which a loss is projected to occur upon liquidation.
          The
          Forecasted Loss Report shall be presented in substantially the same format
          attached hereto as Exhibit R-1;

         

        (ii) Watch
          List Report:
          A
          summary of those Mortgage Loans that are Delinquent and may represent potential
          forecasted loss candidates if the economics of such Mortgage Loans remains
          the
          same. The Watch List Report shall be presented in substantially the same
          format
          attached hereto as Exhibit R-2;

         

        (iii) Red
          Flag Dashboard Report:
          A
          summary of those Mortgage Loans that represent specific non-performance
          problems; i.e.
          foreclosures that are exceeding their stated timelines by 60 days or more.
          The
          Red Flag Dashboard Report shall be presented in substantially the same
          format
          attached hereto as Exhibit R-3;

         

        (iv) Gain/Loss
          Report:
          A
          summary of those Mortgage Loans that have liquidated during the current
          month
          and their resulting gain or loss and loss severity. The Gain/Loss Report
          shall
          be presented in substantially the same format attached hereto as Exhibit
          R-4;

         

        (v) Mortgage
          Insurance Claims Report:
          [Not
          Applicable];

         

        (vi) Prepayment
          Premiums Report:
          A
          summary of Prepayment Premiums assessed or waived by the Servicer. The
          Prepayment Premiums Report shall be presented in substantially the same
          format
          attached hereto as Exhibit R-6; and

         

        (vii) Highlight
          Summary Report:
          Highlight Summary Reports shall include statistical and/or graphical portrayals
          of:

         

        
          
            
            

          

          
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        (A) Delinquency
          Trend:
          The
          delinquency trend, over time, of the Mortgage Loans;

         

        (B) Prepayment
          Analysis:
          The
          constant prepayment rate “CPR” experience of the Mortgage Loans;
          and

         

        (C) Standard
          Default Assumption:
          The
          Standard Default Assumption experience of the Mortgage Loans.

         

        The
          Highlight Summary Report shall be presented in substantially the same format
          attached hereto as Exhibit R-7.

         

        The
          Credit Risk Manager shall make such reports and any additional information
          reasonably requested by the Depositor available each month to
          Certificateholders, the Trustee, the Securities Administrator, any NIMS
          Insurer
          and the Rating Agencies via the Credit Risk Manager’s internet website. The
          Credit Risk Manager’s internet website shall initially be located at
          http://www.rmgglobal.com/rmgpd/sasco06-wf3.asp.
          The
          Trustee shall not have any obligation to review such reports or otherwise
          monitor or supervise the activities of the Credit Risk Manager.

         

        (c) [Reserved].

         

        (d) The
          Credit Risk Manager shall reasonably cooperate with the Depositor, the
          Trustee
          and the Securities Administrator in connection with the Trust Fund’s satisfying
          the reporting requirements under the Exchange Act with respect to reports
          prepared by the Credit Risk Manager.

         

        (e) The
          Credit Risk Manager has not and shall not engage any Subcontractor without
          (a)
          giving notice to the Sponsor, the Trustee, the Securities Administrator,
          the
          Master Servicer and the Depositor and (b) requiring any such Subcontractor
          to
          provide to the Credit Risk Manager an assessment report as provided for
          in
          Section 9.25(a) above and an attestation report as provided in Section
          9.25(b)
          above, which reports the Credit Risk Manager shall include in its assessment
          and
          attestation reports.

         

        (f) By
          March
          15 of each year (or if such day is not a Business Day, the immediately
          preceding
          Business Day), the Credit Risk Manager shall deliver a signed certification,
          in
          the form attached hereto as Exhibit U (the “Credit Risk Manager Certification”),
          for the benefit of the Depositor, the Sponsor, the Master Servicer, the
          Securities Administrator and the Trustee and for the benefit of the Person(s)
          signing the Form 10-K Certification; provided
          (i) that
          the Credit Risk Manager Certification shall be so provided by March 15
          of such
          year only to the extent that the Securities Administrator delivers a draft
          (without exhibits) of the applicable Annual Report on Form 10-K to the
          Credit
          Risk Manager by the 5th Business Day in March of such year and (ii) in
          the event
          that the Securities Administrator delivers the draft Form 10-K referred
          to in
          clause (i) after the 5th Business Day in March of such year, the Credit
          Risk
          Manager shall deliver the Credit Risk Manager Certification as soon as
          practicable but no later than five calendar days of delivery to the Credit
          Risk
          Manager of such draft Form 10-K.

         

        
          
            
            

          

          
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        (g) In
          the
          event that prior to the filing date of the Form 10-K in March of each year,
          the
          Credit Risk Manager has knowledge or information material to the Credit
          Risk
          Manager Certification, the Credit Risk Manager shall promptly notify the
          Depositor and the Securities Administrator, in writing. 

         

        Section
          9.35. Limitation
          Upon Liability of the Credit Risk Manager. 

         

        Except
          as
          provided pursuant to Section 9.36 of this Agreement, neither the Credit
          Risk
          Manager, nor any of the directors, officers, employees or agents of the
          Credit
          Risk Manager, shall be under any liability to the Trustee, the Securities
          Administrator, the Certificateholders or the Depositor for any action taken
          or
          for refraining from the taking of any action in good faith pursuant to
          this
          Agreement, in reliance upon information provided by the Servicer under
          the
          Credit Risk Management Agreement or for errors in judgment; provided, however,
          that
          this provision shall not protect the Credit Risk Manager or any such person
          against liability that would otherwise be imposed by reason of willful
          malfeasance, bad faith or gross negligence in its performance of its duties
          or
          by reason of reckless disregard for its obligations and duties under this
          Agreement or the Credit Risk Management Agreement. The Credit Risk Manager
          and
          any director, officer, employee or agent of the Credit Risk Manager may
          rely in
          good faith on any document of any kind prima facie properly executed and
          submitted by any Person respecting any matters arising hereunder, and may
          rely
          in good faith upon the accuracy of information furnished by the Servicer
          pursuant to the Credit Risk Management Agreement in the performance of
          its
          duties thereunder and hereunder.

         

        Section
          9.36. Indemnification
          by the Credit Risk Manager.

         

        The
          Credit Risk Manager agrees to indemnify the Depositor, the Master Servicer,
          the
          Trustee and the Securities Administrator, and each of their respective
          directors, officers, employees and agents and the Trust Fund and hold each
          of
          them harmless from and against any losses, damages, penalties, fines,
          forfeitures, legal fees and expenses and related costs, judgments, and
          any other
          costs, fees and expenses that any of them may sustain arising out of or
          based
          upon the engagement of any Subcontractor in violation of Section 9.34(e)
          or any
          failure by the Credit Risk Manager to deliver any information, report,
          certification, accountants’ letter or other material when and as required under
          this Agreement, including any report under Sections 9.25(a) or (b).

         

        Section
          9.37. Removal
          of Credit Risk Manager.

         

        The
          Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
          holding not less than a 66-2/3% Voting Interests in the Trust, in the exercise
          of its or their sole discretion, at any time, without cause, upon ten (10)
          days
          prior written notice. The Certificateholders shall provide such written
          notice
          to the Trustee and upon receipt of such notice, the Trustee shall provide
          written notice to the Credit Risk Manager of its removal, effective upon
          receipt
          of such notice.

         

        
          
            
            

          

          
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        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 860G(a)(9) of the Code. The latest possible maturity
          date for
          purposes of Treasury Regulation 1.860G-1(a)(4) will be the Latest Possible
          Maturity Date.

         

        (c) The
          Securities Administrator 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 Securities Administrator 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 Securities
          Administrator in fulfilling its duties hereunder (including its duties
          as tax
          return preparer). The Securities Administrator shall be entitled to
          reimbursement of expenses to the extent provided in clause (i) above from
          the
          Securities Administration Account, provided,
          however,
          the
          Securities Administrator shall not be entitled to reimbursement for expenses
          incurred in connection with the preparation of tax returns and other reports
          as
          required by Section 6.20 and this Section.

         

        (d) The
          Securities Administrator shall prepare, the Trustee shall sign and the
          Securities Administrator shall file, all of each REMIC’s federal and appropriate
          state tax and information returns as such REMIC’s direct representative. The
          expenses of preparing and filing such returns shall be borne by the Securities
          Administrator.

         

        (e) The
          Securities Administrator 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 Securities Administrator shall provide (i) to the Treasury
          or
          other governmental authority such information as is necessary for the
          application of any tax relating to the transfer of a Residual Certificate
          to any
          disqualified person or organization pursuant to Treasury Regulation
          1.860E-2(a)(5) and any person designated in Section 860E(e)(3) of the Code
          and
          (ii) to the Trustee such information as is necessary for the Trustee to
          provide
          to the Certificateholders such information or reports as are required by
          the
          Code or REMIC Provisions.

         

        
          
            
            

          

          
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        The
          Securities Administrator shall be entitled to receive reasonable compensation
          from the Trust for the performance of its duties under this subsection
          (e);
provided,
          however,
          that
          such compensation shall not exceed $5,000 per year.

         

        (f) The
          Trustee, the Securities Administrator, the Master Servicer and the Holders
          of
          Certificates shall take any action or cause any REMIC to take any action
          necessary to create or maintain the status of any REMIC as a REMIC under
          the
          REMIC Provisions and shall assist each other as necessary to create or
          maintain
          such status. Neither the Trustee, the Securities Administrator, the Master
          Servicer nor the Holder of any Residual Certificate shall knowingly take
          any
          action, cause any REMIC to take any action or fail to take (or fail to
          cause to
          be taken) any action that, under the REMIC Provisions, if taken or not
          taken, as
          the case may be, could result in an Adverse REMIC Event unless the Trustee,
          the
          Securities Administrator, any NIMS Insurer and the Master Servicer have
          received
          an Opinion of Counsel addressed to the Trustee and the Securities Administrator
          (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 Securities Administrator, the Master Servicer, any NIMS
          Insurer
          or their respective designees, in writing, with respect to whether such
          action
          could cause an Adverse REMIC Event to occur with respect to any REMIC,
          and no
          such Person shall take any such action or cause any REMIC to take any such
          action as to which the Trustee, the Securities Administrator, the Master
          Servicer or any NIMS Insurer has advised it in writing that an Adverse
          REMIC
          Event could occur.

         

        (g) Each
          Holder of a Residual Certificate shall pay when due any and all taxes imposed
          on
          the related REMIC by federal or state governmental authorities. To the
          extent
          that such taxes are not paid by a Residual Certificateholder, the Trustee
          (as
          directed by the Securities Administrator) shall pay any remaining REMIC
          taxes
          out of current or future amounts otherwise distributable to the Holder
          of the
          Residual Certificate in 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
          Securities Administrator shall, for federal income tax purposes, maintain
          books
          and records with respect to each REMIC on a calendar year and on an accrual
          basis.

         

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

         

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

         

        
          
            
            

          

          
            172

            
              

            

          

          
            
            

          

        

        (k) 
          On or
          before October 15 of each calendar year beginning in 2006, the Securities
          Administrator shall deliver to the Trustee and any NIMS Insurer an Officer’s
          Certificate stating, without regard to any actions taken by any party other
          than
          the Securities Administrator, the Securities Administrator’s compliance with
          provisions of this Section 10.01. 

         

        (l) 
          The
          Securities Administrator shall treat each of the Basis Risk Reserve Fund
          and the
          Supplemental Interest Trust as an outside reserve fund within the meaning
          of
          Treasury Regulation Section 1.860G-2(h) that is owned by the Holders of
          the
          Class X Certificates and that is not an asset of any REMIC and all amounts
          deposited into the Basis Risk Reserve Fund or the Supplemental Interest
          Trust
          shall be treated as amounts distributed to the Class X
          Certificateholders.

         

        (m) 
          For
          federal income tax purposes, upon any sale of the property held by the
          Trust
          Fund pursuant to Section 7.01(b), any NIM Redemption Amount paid by the
          Master
          Servicer shall not be treated as a portion of the purchase price paid for
          such
          property but shall instead be treated as an amount paid by the Master Servicer
          to the Holder of the Class X Certificates in exchange for an interest in
          the
          Class X Certificates immediately before the purchase of the property held
          by the
          Trust Fund.

         

        (n) The
          Securities Administrator shall treat the beneficial owners of Certificates
          (other than the Class P, Class X, Class LT-R and Class R Certificates)
          as having
          entered into a notional principal contract with respect to the beneficial
          owners
          of the Class X Certificates. Pursuant to each such notional principal contract,
          all beneficial owners of LIBOR Certificates shall be treated as having
          agreed to
          pay, on each Distribution Date, to the beneficial owners of the Class X
          Certificates an aggregate amount equal to the excess, if any, of (i) the
          amount
          payable on such Distribution Date on the interest in the Upper Tier REMIC
          corresponding to such Class of Certificates over
          (ii)
          the
          amount payable on such Class of Certificates on such Distribution Date
          (such
          excess, a “Class I Shortfall”). A Class I Shortfall payable from interest
          collections shall be allocated to each Class of Certificates to the extent
          that
          interest accrued on such Class for the related Accrual Period at the Certificate
          Interest Rate for a Class, computed by substituting “REMIC 3 Net Funds Cap” for
          the applicable “Net Funds Cap” in the definition thereof, exceeds the amount of
          interest accrued for the related Accrual Period based on the applicable
          Net
          Funds Cap, and a Class I Shortfall payable from principal collections shall
          be
          allocated to the most subordinate Class of Certificates with an outstanding
          principal balance to the extent of such balance. In addition, pursuant
          to such
          notional principal contract, the beneficial owner of the Class X Certificates
          shall be treated as having agreed to pay Basis Risk Shortfalls and Unpaid
          Basis
          Risk Shortfalls to the Owners of the LIBOR Certificates in accordance with
          the
          terms of this Agreement. Any payments to the Certificates in light of the
          foregoing shall not be payments with respect to a “regular interest” in a REMIC
          within the meaning of Code Section 860G(a)(1). However, any payment from
          the
          Certificates of a Class I Shortfall shall be treated for tax purposes as
          having
          been received by the beneficial owners of such Certificates in respect
          of their
          Interests in the Upper Tier REMIC and as having been paid by such beneficial
          owners to the Supplemental Interest Trust pursuant to the notional principal
          contract. Thus, each Certificate (other than a Class P, Class R and Class
          LT-R
          Certificates) shall be treated as representing not only ownership of regular
          interests in the Upper Tier REMIC, but also ownership of an interest in
          (and
          obligations with respect to) a notional principal contract. For tax purposes,
          the notional principal contract shall be deemed to have a value in favor
          of the
          Certificates entitled to receive Basis Risk Shortfalls and Unpaid Basis
          Risk
          Shortfalls of $70,421.58 as of the Closing Date.

         

        
          
            
            

          

          
            173

            
              

            

          

          
            
            

          

        

        (o) Notwithstanding
          the priority and sources of payments set forth in Article V hereof or otherwise,
          the Securities Administrator shall account for all distributions on the
          Certificates as set forth in this Section 10.01. In no event shall any
          payments
          of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls provided for in
          this
          Section 10.01 be treated as payments with respect to a “regular interest” in a
          REMIC within the meaning of Code Section 860G(a)(1).

         

        Section
          10.02. Prohibited
          Transactions and Activities. 

         

        Neither
          the Depositor, the Master Servicer nor the Trustee shall sell, dispose
          of, or
          substitute for any of the Mortgage Loans, except in a disposition pursuant
          to
          (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust
          Fund,
          (iii) the termination of each REMIC pursuant to Article VII of this Agreement,
          (iv) a substitution pursuant to Article II of this Agreement or (v) a repurchase
          of Mortgage Loans pursuant to Article II of this Agreement, nor acquire
          any
          assets for any REMIC, nor sell or dispose of any investments in the Certificate
          Account for gain, nor accept any contributions to any REMIC after the Closing
          Date, unless the Trustee and any NIMS Insurer has received an Opinion of
          Counsel
          addressed to the Trustee (at the expense of the party causing such sale,
          disposition, or substitution) that such disposition, acquisition, substitution,
          or acceptance will not (a) result in an Adverse REMIC Event, (b) affect
          the
          distribution of interest or principal on the Certificates or (c) result
          in the
          encumbrance of the assets transferred or assigned to the Trust Fund (except
          pursuant to the provisions of this Agreement).

         

        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 or the Securities Administrator, as applicable, of its duties and
          obligations set forth herein, the Trustee or the Securities Administrator,
          as
          applicable, shall indemnify any NIMS Insurer, the Holder of the related
          Residual
          Certificate or the Trust Fund, as applicable, against any and all losses,
          claims, damages, liabilities or expenses (“Losses”) resulting from such
          negligence; provided,
          however,
          that
          neither the Trustee nor the Securities Administrator shall be liable for
          any
          such Losses attributable to the action or inaction of the Master Servicer,
          the
          Depositor, the Class X Certificateholders, the Holder of such Residual
          Certificate or the Securities Administrator (with regard to the Trustee),
          as
          applicable, nor for any such Losses resulting from misinformation provided
          by
          the Holder of such Residual Certificate on which the Securities Administrator
          has relied. The foregoing shall not be deemed to limit or restrict the
          rights
          and remedies of the Holder of such Residual Certificate now or hereafter
          existing at law or in equity. Notwithstanding the foregoing, however, in
          no
          event shall the Trustee or the Securities Administrator, as applicable,
          have any
          liability (1) for any action or omission that is taken in accordance with
          and in
          compliance with the express terms of, or which is expressly permitted by
          the
          terms of, this Agreement or the Servicing Agreement, (2) for any Losses
          other
          than arising out of a negligent performance by the Trustee or the Securities
          Administrator, as applicable, of its duties and obligations set forth herein,
          and (3) for any special or consequential damages to Certificateholders
          (in
          addition to payment of principal and interest on the Certificates); provided,
          however,
          that
          this sentence shall not apply in connection with any failure by the Securities
          Administrator to comply with the provisions of Subsections 6.01(l) hereof
          and
          Subsections 9.25(a) or (b) hereof. In addition, neither the Trustee nor
          the
          Securities Administrator shall have any liability for the actions or failure
          to
          act of the other.

         

        
          
            
            

          

          
            174

            
              

            

          

          
            
            

          

        

        Section
          10.04. REO
          Property. 

         

        (a) Notwithstanding
          any other provision of this Agreement, the Master Servicer, acting on behalf
          of
          the Trustee hereunder, shall not, except to the extent provided in the
          Servicing
          Agreement, knowingly permit the Servicer to, rent, lease, or otherwise
          earn
          income on behalf of any REMIC with respect to any REO Property which might
          cause
          an Adverse REMIC Event unless the Master Servicer has advised, or has caused
          the
          Servicer to advise, the Trustee and any NIMS Insurer in writing to the
          effect
          that, under the REMIC Provisions, such action would not result in an Adverse
          REMIC Event.

         

        (b) The
          Master Servicer shall cause the Servicer (to the extent provided in its
          Servicing Agreement) to make reasonable efforts to sell any REO Property
          for its
          fair market value. In any event, however, the Master Servicer shall, or
          shall
          cause the Servicer (to the extent provided in its Servicing Agreement)
          to,
          dispose of any REO Property within three years of its acquisition by the
          Trust
          Fund unless the Master Servicer has received a grant of extension from
          the
          Internal Revenue Service to the effect that, under the REMIC Provisions,
          the
          REMIC may hold REO Property for a longer period without causing an Adverse
          REMIC
          Event. If the Master Servicer has received such an extension, then the
          Trustee,
          or the Master Servicer, acting on its behalf hereunder, shall, or shall
          cause
          the Servicer to, continue to attempt to sell the REO Property for its fair
          market value for such period longer than three years as such extension
          permits
          (the “Extended Period”). If the Trustee has not received such an extension and
          the Master Servicer or the Servicer, acting on behalf of the Trustee hereunder,
          is unable to sell the REO Property within 33 months after its acquisition
          by the
          Trust Fund or if the Master Servicer has received such an extension, and
          the
          Master Servicer or the Servicer is unable to sell the REO Property within
          the
          period ending three months before the close of the Extended Period, the
          Master
          Servicer shall cause the Servicer, before the end of the three year period
          or
          the Extended Period, as applicable, to (i) purchase such REO Property at
          a price
          equal to the REO Property’s fair market value or (ii) auction the REO Property
          to the highest bidder (which may be the Servicer) in an auction reasonably
          designed to produce a fair price prior to the expiration of the three-year
          period or the Extended Period, as the case may be.

         

        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.

         

        
          
            
            

          

          
            175

            
              

            

          

          
            
            

          

        

        Section
          11.03. Amendment.
          

         

        (a) On
          or
          prior to a Section 7.01(c) Purchase Event, this Agreement may be amended
          from
          time to time by the Depositor, the Master Servicer, the Securities
          Administrator, and the Trustee, with the consent of any NIMS Insurer, but
          without the consent of the Credit Risk Manager or the Swap Counterparty
          (except
          to the extent that the rights or obligations of (1) the Credit Risk Manager
          or
          the Swap Counterparty hereunder or (2) the Swap Counterparty under the
          Swap
          Agreement are affected thereby, and except to the extent or the ability
          of the
          Trustee on behalf of the Supplemental Interest Trust and the Trust Fund
          to
          perform fully and timely its obligations under the Swap Agreement is adversely
          affected, in which case prior written consent of the Swap Counterparty
          is
          required) and without notice to or the consent of any of the Holders, (i)
          to
          cure any ambiguity, (ii) to cause the provisions herein to conform to or
          be
          consistent with or in furtherance of the statements made with respect to
          the
          Certificates, the Trust Fund or this Agreement in any Offering Document,
          or to
          correct or supplement any provision herein which may be inconsistent with
          any
          other provisions herein or with the provisions of the Servicing Agreement,
          (iii)
          to make any other provisions with respect to matters or questions arising
          under
          this Agreement or (iv) to add, delete, or amend any provisions to the extent
          necessary or desirable to comply with any requirements imposed by the Code
          and
          the REMIC Provisions as evidenced by an Opinion of Counsel. No such amendment
          effected pursuant to the preceding sentence shall, as evidenced by an Opinion
          of
          Counsel, result in an Adverse REMIC Event, nor shall such amendment effected
          pursuant to clause (iii) of such sentence adversely affect in any material
          respect the interests of any Holder. Prior to entering into any amendment
          without the consent of Holders pursuant to this paragraph, the Trustee,
          any NIMS
          Insurer and the Swap Counterparty shall be provided with an Opinion of
          Counsel
          addressed to the Trustee, any NIMS Insurer and the Swap Counterparty (at
          the
          expense of the party requesting such amendment) to the effect that such
          amendment is permitted under this Section. Any such amendment shall be
          deemed
          not to adversely affect in any material respect any Holder, if the Trustee
          receives written confirmation from each Rating Agency that such amendment
          will
          not cause such Rating Agency to reduce the then current rating assigned
          to the
          Certificates.

         

        (b) On
          or
          prior to a Section 7.01(c) Purchase Event, this Agreement may also be amended
          from time to time by the Depositor, the Master Servicer, the Securities
          Administrator and the Trustee, with the consent of any NIMS Insurer, but
          without
          the consent of the Credit Risk Manager or the Swap Counterparty (except
          to the
          extent that the rights or obligations of (1) the Credit Risk Manager or
          the Swap
          Counterparty hereunder or (2) the Swap Counterparty under the Swap Agreement
          are
          affected thereby, and except to the extent the ability of the Trustee on
          behalf
          of the Supplemental Interest Trust and the Trust Fund to perform fully
          and
          timely its obligations under the Swap Agreement is adversely affected,
          in which
          case prior written consent of the Swap Counterparty is required) and with
          the
          consent of the Holders of not less than 66-2/3% of the Class Principal
          Amount
          (or Percentage Interest) of each Class of Certificates affected thereby
          for the
          purpose of adding any provisions to or changing in any manner or eliminating
          any
          of the provisions of this Agreement or of modifying in any manner the rights
          of
          the Holders; provided,
          however,
          that no
          such amendment shall be made unless the Trustee and any NIMS Insurer receives
          an
          Opinion of Counsel addressed to the Trustee and the NIMS Insurer, at the
          expense
          of the party requesting the change, that such change will not cause an
          Adverse
          REMIC Event; and provided, further,
          that no
          such amendment may (i) reduce in any manner the amount of, or delay the
          timing
          of, payments received on Mortgage Loans which are required to be distributed
          on
          any Certificate, without the consent of the Holder of such Certificate
          or (ii)
          reduce the aforesaid percentages of Class Principal Amount (or Percentage
          Interest) of Certificates of each Class, the Holders of which are required
          to
          consent to any such amendment without the consent of the Holders of 100%
          of the
          Class Principal Amount (or Percentage Interest) of each Class of Certificates
          affected thereby. For purposes of this paragraph, references to “Holder” or
“Holders” shall be deemed to include, in the case of any Class of Book-Entry
          Certificates, the related Certificate Owners.

         

        
          
            
            

          

          
            176

            
              

            

          

          
            
            

          

        

        (c) After
          a
          Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination
          Event, this Agreement may be amended from time to time by the Depositor,
          the
          Securities Administrator, the Master Servicer, the LTURI-holder and the
          Trustee,
          but without the consent of the Credit Risk Manager or the Swap Counterparty
          (except to the extent that the rights or obligations of (1) the Credit
          Risk
          Manager or the Swap Counterparty hereunder or (2) the Swap Counterparty
          under
          the Swap Agreement are affected thereby, and except to the extent the ability
          of
          the Trustee on behalf of the Supplemental Interest Trust and the Trust
          Fund to
          perform fully and timely its obligations under the Swap Agreement is adversely
          affected, in which case prior written consent of the Swap Counterparty,
          as
          applicable, is required). Prior to entering into any amendment without
          the
          consent of Holders pursuant to this paragraph, the Trustee and the Swap
          Counterparty shall be provided with an Opinion of Counsel addressed to
          the
          Trustee, any NIMS Insurer and the Swap Counterparty (at the expense of
          the party
          requesting such amendment) to the effect that such amendment is permitted
          under
          this Section and will not result in an Adverse REMIC Event.

         

        (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 Securities
          Administrator, the Depositor, the Swap Counterparty, any NIMS Insurer and
          to the
          Rating Agencies.

         

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

         

        (f) Notwithstanding
          anything to the contrary in the Servicing Agreement, the Trustee shall
          not
          consent to any amendment of the Servicing Agreement unless (i) such amendment
          is
          effected pursuant to the standards provided in Section 11.03(a) or 11.03(b)
          with
          respect to amendment of this Agreement and (ii) except for a Permitted
          Servicing
          Amendment, any such amendment pursuant to Section 11.03(a)(iii) shall not
          be
          materially inconsistent with the provisions of such Servicing
          Agreement.

         

        
          
            
            

          

          
            177

            
              

            

          

          
            
            

          

        

        (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, the Securities
          Administrator and the Trustee to the extent necessary, in the judgment
          of the
          Depositor and its counsel, to comply with the Rules.

         

        Section
          11.04. Voting
          Rights. 

         

        Except
          to
          the extent that the consent of all affected Certificateholders is required
          pursuant to this Agreement, with respect to any provision of this Agreement
          requiring the consent of Certificateholders representing specified percentages
          of aggregate outstanding Certificate Principal Amount (or Percentage Interest),
          Certificates owned by the Depositor, the Master Servicer, the Securities
          Administrator, the Trustee, the Servicer, the Credit Risk Manager or Affiliates
          thereof are not to be counted so long as such Certificates are owned by
          the
          Depositor, the Master Servicer, the Securities Administrator, the Trustee,
          the
          Servicer, the Credit Risk Manager or any Affiliate thereof.

         

        Section
          11.05. Provision
          of Information. 

         

        (a) For
          so
          long as any of the Certificates of any Series or Class are “restricted
          securities” within the meaning of Rule 144(a)(3) under the Act, each of the
          Depositor, the Master Servicer and the Securities Administrator agree to
          cooperate with each other to provide to any Certificateholders, any NIM
          Security
          holder and to any prospective purchaser of Certificates designated by such
          holder, upon the request of such holder or prospective purchaser, any
          information required to be provided to such holder or prospective purchaser
          to
          satisfy the condition set forth in Rule 144A(d)(4) under the Act. Any
          reasonable, out-of-pocket expenses incurred by the Master Servicer or the
          Securities Administrator in providing such information shall be reimbursed
          by
          the Depositor.

         

        (b) The
          Securities Administrator shall provide to any person to whom a Prospectus
          was
          delivered, upon the request of such person specifying the document or documents
          requested, (i) a copy (excluding exhibits) of any report on Form 8-K or
          Form
          10-K filed with the Securities and Exchange Commission pursuant to Section
          6.20(c) and (ii) a copy of any other document incorporated by reference
          in the
          Prospectus. Any reasonable out-of-pocket expenses incurred by the Securities
          Administrator in providing copies of such documents shall be reimbursed
          by the
          Depositor.

         

        (c) On
          each
          Distribution Date, the Securities Administrator shall deliver or cause
          to be
          delivered by first class mail or make available on its website to the Depositor,
          Attention: Contract Finance, a copy of the report delivered to
          Certificateholders pursuant to Section 4.03.

         

        Section
          11.06. Governing
          Law. 

         

        THIS
          AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
          OF THE
          STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS
          (OTHER
          THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS,
          RIGHTS
          AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
          WITH
          SUCH LAWS.

         

        
          
            
            

          

          
            178

            
              

            

          

          
            
            

          

        

        Section
          11.07. Notices.
          

         

        All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given when received by (a) in the case of the
          Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue,
          7th
          Floor, New York, NY 10019, Attention: Mortgage Finance SASCO 2006-WF3,
          (b) in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh
          Avenue, 7th Floor, New York, NY 10019, Attention: Mortgage Finance SASCO
          2006-WF3,(c) in the case of the Trustee, the Corporate Trust Office, (d)
          in the
          case of the Master Servicer, Aurora Loan Services LLC, 10350 Park Meadows
          Drive,
          Littleton, Colorado 80124; Attention: Master Servicing, SASCO 2006-WF3,
          (e) in
          the case of the Securities Administrator, Wells Fargo Bank, N.A., P.O.
          Box 98,
          Columbia, MD 21046, and for overnight deliveries 9062 Old Annapolis Rd.,
          Columbia, MD 21045, Attention: SASCO 2006-WF3, telecopy number 410-715-2380
          (f)
          in the case of the Swap Counterparty, at the address therefore set forth
          in the
          Swap Agreement, (g) in the case of the Credit Risk Manager, Risk Management
          Group, 60 Sackett St. - Suite 5, Brooklyn, NY 11231 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.

         

        Section
          11.11. Benefits
          of Agreement.

         

        
          
            
            

          

          
            179

            
              

            

          

          
            
            

          

        

        The
          Depositor shall promptly notify the Custodian and the Trustee in writing
          of the
          issuance of any Class of NIMS Securities issued by a NIMS Insurer and the
          identity of such NIMS Insurer. Thereafter, the NIMS Insurer shall be deemed
          a
          third-party beneficiary of this Agreement to the same extent as if it were
          a
          party hereto, and shall be subject to and have the right to enforce the
          provisions of this Agreement so long as the NIMS Securities remaining
          outstanding or the NIMS Insurer is owed amounts in respect of its guarantee
          of
          payment of such NIMS Securities. Nothing in this Agreement or in the
          Certificates, express or implied, shall give to any Person, other than
          the
          parties to this Agreement and their successors hereunder, the Swap Counterparty
          and its successors and assignees under the Swap Agreement, the Holders
          of the
          Certificates and the NIMS Insurer, any benefit or any legal or equitable
          right,
          power, remedy or claim under this Agreement, except to the extent specified
          in
          Sections 5.08 and 11.15, as applicable.

         

        Section
          11.12. Special
          Notices to the Rating Agencies and any NIMS Insurer. 

         

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

         

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

         

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

         

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

         

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

         

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

         

        (vi) the
          making of a final payment pursuant to Section 7.02; and

         

        (vii) any
          termination of the rights and obligations of the Servicer under the Servicing
          Agreement.

         

        (b) All
          notices to the Rating Agencies provided for in this Section shall be in
          writing
          and sent by first class mail, telecopy or overnight courier, as
          follows:

         

        

        
          
            
            

          

          
            180

            
              

            

          

          
            
            

          

        

        If
          to
          S&P, to:

        

        Standard
          & Poor’s Ratings Services,

        a
          division of The McGraw-Hill Companies, Inc.

        55
          Water
          Street

        New
          York,
          NY 10041

        Attention:
          Residential Mortgages

        

        If
          to
          Moody’s, to:

         

        Moody’s
          Investors Service, Inc.

        99
          Church
          Street

        New
          York,
          NY 10007

        Attention:
          Residential Pass-Through Monitoring

         

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

         

        Section
          11.13. Conflicts.
          

         

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

         

        Section
          11.14. Counterparts.
          

         

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

         

        Section
          11.15. Transfer
          of Servicing. 

         

        The
          Seller agrees that it shall provide written notice to the Master Servicer,
          the
          Securities Administrator, the Swap Counterparty, any NIMS Insurer and the
          Trustee thirty days prior to any proposed transfer or assignment by such
          Seller
          of its rights under the Servicing Agreement or of the servicing thereunder
          or
          delegation of its rights or duties thereunder or any portion thereof to
          any
          other Person other than the initial Servicer under the Servicing Agreement.
          In
          addition, the ability of the Seller to transfer or assign its rights and
          delegate its duties under the Servicing Agreement or to transfer the servicing
          thereunder to a successor servicer shall be subject to the following
          conditions:

         

        (i) Satisfaction
          of the conditions to such transfer as set forth in the Servicing Agreement
          including, without limitation, receipt of written consent of any NIMS Insurer
          and the Master Servicer to such transfer;

         

        
          
            
            

          

          
            181

            
              

            

          

          
            
            

          

        

        (ii) Such
          successor servicer must be qualified to service loans for Fannie Mae or
          Freddie
          Mac, and must be a member in good standing of MERS;

         

        (iii) Such
          successor servicer must satisfy the seller/servicer eligibility standards
          in the
          Servicing Agreement, exclusive of any experience in mortgage loan
          origination;

         

        (iv) Such
          successor servicer must execute and deliver to the Trustee and the Master
          Servicer an agreement, in form and substance reasonably satisfactory to
          the
          Trustee and the Master Servicer, that contains an assumption by such successor
          servicer of the due and punctual performance and observance of each covenant
          and
          condition to be performed and observed by the Servicer under the Servicing
          Agreement;

         

        (v) There
          must be delivered to the Trustee and the Master Servicer a letter from
          each
          Rating Agency to the effect that such transfer of servicing will not result
          in a
          qualification, withdrawal or downgrade of the then-current rating of any
          of the
          Certificates; and

         

        (vi) The
          Seller shall, at its cost and expense, take such steps, or cause the terminated
          Servicer to take such steps, as may be necessary or appropriate to effectuate
          and evidence the transfer of the servicing of the Mortgage Loans to such
          successor servicer, including, but not limited to, the following: (A) to
          the
          extent required by the terms of the Mortgage Loans and by applicable federal
          and
          state laws and regulations, the Seller shall cause the prior Servicer to
          timely
          mail to each obligor under a Mortgage Loan any required notices or disclosures
          describing the transfer of servicing of the Mortgage Loans to the successor
          servicer; (B) prior to the effective date of such transfer of servicing,
          the
          Seller shall cause the prior Servicer to transmit to any related insurer
          notification of such transfer of servicing; (C) on or prior to the effective
          date of such transfer of servicing, the Seller shall cause the prior Servicer
          to
          deliver to the successor servicer all Mortgage Loan Documents and any related
          records or materials; (D) on or prior to the effective date of such transfer
          of
          servicing, the Seller shall cause the prior Servicer to transfer to the
          successor servicer, all funds held by the prior Servicer in respect of
          the
          Mortgage Loans; (E) on or prior to the effective date of such transfer
          of
          servicing, the Seller shall cause the prior Servicer to, after the effective
          date of the transfer of servicing to the successor servicer, continue to
          forward
          to such successor servicer, within one Business Day of receipt, the amount
          of
          any payments or other recoveries received by the prior Servicer, and to
          notify
          the successor servicer of the source and proper application of each such
          payment
          or recovery; and (F) the Seller shall cause the prior Servicer to, after
          the
          effective date of transfer of servicing to the successor servicer, continue
          to
          cooperate with the successor servicer to facilitate such transfer in such
          manner
          and to such extent as the successor servicer may reasonably request.
          Notwithstanding the foregoing, the prior Servicer shall be obligated to
          perform
          the items listed above to the extent provided in the Servicing
          Agreement.

        

          
            
              
              

            

            
              182

              
                

              

            

            
              
              

            

          

        

        

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

         

        STRUCTURED
          ASSET SECURITIES

        CORPORATION,
          as Depositor

         

        By: /s/
          Ellen
          V. Kiernan           

        Name:
          Ellen V. Kiernan

        Title:
          Senior Vice President 

         

        U.S.
          BANK
          NATIONAL ASSOCIATION, 

        as
          Trustee

        

        

        By: /s/
          James
          H. Byrnes        

        Name:
          James H. Byrnes

        Title:
          Vice President 

         

        AURORA
          LOAN SERVICES LLC, as Master

        Servicer

        

        

        By: /s/
          Jerald W. Dreyer           

        Name:
          Jerald W. Dreyer

        Title:
          Vice President 

         

        WELLS
          FARGO BANK, N.A., as Securities

        Administrator

        

        

        By: /s/
          Michael Pinzon             

        Name:
          Michael Pinzon

        Title:
          Assistant Vice President

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        RISK
          MANAGEMENT GROUP, LLC, as Credit

        Risk
          Manager

         

        By: /s/
          Charles Cacici         

        Name:
          Charles Cacici

        Title:
          President / Manager, Member

        

        By: /s/
          John
          Cafiero         

        Name:
          John Cafiero

        Title:
          Manager, Member

        

        
 

        

        Solely
          for purposes of Sections 5.07(a), 5.07(b), 6.11 and 11.15, 

        accepted
          and agreed to by:

         

        LEHMAN
          BROTHERS HOLDINGS INC.

         

        By:
           /s/
          Michael C. Hitzmann         

        Name:
          Michael C. Hitzmann

        Title:
          Authorized Signatory 

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

         

        FORMS
          OF
          CERTIFICATES

        

        

        
          
            
            

          

          
            A-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B-1

         

        FORM
          OF
          INITIAL CERTIFICATION

         

                                
                                  

        Date

         

        U.S.
          Bank
          National Association

        One
          Federal Street, 3rd
          Floor

        Boston,
          Massachusetts 02110

        

        Structured
          Asset Securities Corporation

        745
          Seventh Avenue, 7th Floor

        New
          York,
          New York 10019

         

        [SERVICER]

        

          
            	 	
                    Re:

                  	
                    Trust
                      Agreement dated as of September 1, 2006 (the “Trust Agreement”), by and
                      among Structured Asset Securities Corporation, as Depositor,
                      U.S. Bank
                      National Association, as Trustee, Aurora Loan Services LLC,
                      as Master
                      Servicer, Wells Fargo Bank, N.A., as Securities Administrator,
                      and Risk
                      Management Group, LLC, as Credit Risk Manager, with respect
                      to Structured
                      Asset Securities Corporation Mortgage Pass-Through Certificates,
                      Series
                      2006-WF3

                  

          

        

         

        Ladies
          and Gentlemen:

         

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

         

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

         

        [Custodian]

        

        By:_____________________________________

        Name:
          

        Title:

        

        

        
          
            
            

          

          
            B-1-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B-2

         

         

        FORM
          OF
          INTERIM CERTIFICATION

         

                                               
                   

        Date

        U.S.
          Bank
          National Association

        One
          Federal Street, 3rd
          Floor

        Boston,
          Massachusetts 02110

        

        Structured
          Asset Securities Corporation

        745
          Seventh Avenue, 7th Floor

        New
          York,
          New York 10019

         

        [SERVICER]

        

          
            	 	
                    Re:

                  	
                    
                      Trust
                        Agreement dated as of September 1, 2006 (the “Trust Agreement”), by and
                        among Structured Asset Securities Corporation, as Depositor,
                        U.S. Bank
                        National Association, as Trustee, Aurora Loan Services LLC,
                        as Master
                        Servicer, Wells Fargo Bank, N.A., as Securities Administrator,
                        and Risk
                        Management Group, LLC, as Credit Risk Manager, with respect
                        to Structured
                        Asset Securities Corporation
                        Mortgage Pass-Through Certificates, Series
                        2006-WF3

                    

                  

          

        

         

        Ladies
          and Gentlemen:

         

        In
          accordance with Section 2.02(b) of the Trust Agreement, the undersigned,
          as
          Custodian, hereby certifies that as to each Mortgage Loan listed in the
          Mortgage
          Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
          I
          hereto) it has received the applicable documents listed in Section 2.01(b)
          of
          the Trust Agreement.

         

        The
          undersigned hereby certifies that as to each Mortgage Loan identified on
          the
          Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule
          I
          hereto, it has reviewed the documents listed in Section 2.01(b) of the
          Trust
          Agreement and has determined that each such document appears regular on
          its face
          and appears to relate to the Mortgage Loan identified in such
          document.

         

        Capitalized
          words and phrases used herein shall have the respective meanings assigned
          to
          them in the Trust Agreement. This Certificate is qualified in all respects
          by
          the terms of said Trust Agreement including, but not limited to, Section
          2.02(b).

         

        [Custodian]

        

        By:_____________________________________

        Name:
          

        Title:

        
          
            
            

          

          
            B-2-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B-3

         

        FORM
          OF
          FINAL CERTIFICATION

         

                                   
                                

        Date

        U.S.
          Bank
          National Association

        One
          Federal Street, 3rd
          Floor

        Boston,
          Massachusetts 02110

        

        Structured
          Asset Securities Corporation

        745
          Seventh Avenue, 7th Floor

        New
          York,
          New York 10019

         

        [SERVICER]

        
          

            
              	 	
                      Re:

                    	
                      
                        Trust
                          Agreement dated as of September 1, 2006 (the “Trust Agreement”), by and
                          among Structured Asset Securities Corporation, as Depositor,
                          U.S. Bank
                          National Association, as Trustee, Aurora Loan Services
                          LLC, as Master
                          Servicer, Wells Fargo Bank, N.A., as Securities Administrator,
                          and Risk
                          Management Group, LLC, as Credit Risk Manager, with respect
                          to Structured
                          Asset Securities Corporation
                          Mortgage Pass-Through Certificates, Series
                          2006-WF3

                      

                    

            

          

           

        

        Ladies
          and Gentlemen:

         

        In
          accordance with Section 2.02(d) of the Trust Agreement, the undersigned,
          as
          Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
          Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan
          paid in
          full or listed on Schedule I hereto) it has received the applicable documents
          listed in Section 2.01(b) of the Trust Agreement.

         

        The
          undersigned hereby certifies that as to each Mortgage Loan identified in
          the
          Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule
          I
          hereto, it has reviewed the documents listed in Section 2.01(b) of the
          Trust
          Agreement and has determined that each such document appears to be complete
          and,
          based on an examination of such documents, the information set forth in
          items
          (i) through (vi) of the definition of Mortgage Loan Schedule is correct.
          

         

        Capitalized
          words and phrases used herein shall have the respective meanings assigned to
          them in the Trust Agreement. This Certificate is qualified in all respects
          by
          the terms of said Trust Agreement.

         

        [Custodian]

        

        By:_____________________________________

        Name:

        Title:
          

        
          
            
            

          

          
            B-3-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B-4

         

        FORM
          OF
          ENDORSEMENT

         

        Pay
          to
          the order of U.S. Bank National Association, as trustee (the “Trustee”) under
          the Trust Agreement dated as of September 1, 2006 by and among Structured
          Asset
          Securities Corporation, as Depositor, the Trustee, Aurora Loan Services
          LLC, as
          Master Servicer, Wells Fargo Bank, N.A., as Securities Administrator, and
          Risk
          Management Group, LLC, as Credit Risk Manager, relating to Structured Asset
          Securities Corporation Mortgage Pass-Through Certificates, Series 2006-WF3,
          without recourse.

         

        

        

        

         

        __________________________________

        [current
          signatory on note]

         

        By:_______________________________

        Name:

        Title:

        
          
            
            

          

          
            B-4-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          C

         

        

        REQUEST
          FOR RELEASE OF DOCUMENTS AND RECEIPT

         

                                     
                         

        Date

         

        [Addressed
          to Trustee

        or,
          if
          applicable, the Custodian]

         

        In
          connection with the administration of the mortgages held by you as Trustee
          under
          a certain Trust Agreement dated as of September 1, 2006 by and among Structured
          Asset Securities Corporation, as Depositor, you, as Trustee, Aurora Loan
          Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as Securities
          Administrator, and Risk Management Group, LLC, as Credit Risk Manager (the
          “Trust Agreement”), the undersigned Servicer hereby requests a release of the
          Mortgage File held by you as Trustee with respect to the following described
          Mortgage Loan for the reason indicated below.

         

        Mortgagor’s
          Name:

         

        Address:

         

        Loan
          No.:

         

        Reason
          for requesting file:

         

        1. Mortgage
          Loan paid in full. (The Servicer hereby certifies that all amounts received
          in
          connection with the loan have been or will be credited to the Certificate
          Account pursuant to the Trust Agreement.)

         

        2. The
          Mortgage Loan is being foreclosed.

         

        3. Mortgage
          Loan substituted. (The Servicer hereby certifies that a Qualifying Substitute
          Mortgage Loan has been assigned and delivered to you along with the related
          Mortgage File pursuant to the Trust Agreement.)

         

        4. Mortgage
          Loan repurchased. (The Servicer hereby certifies that the Purchase Price
          or the
          FPD Purchase Price (in the case of a First Payment Default Mortgage Loan)
          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 (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
                    Residual Certificate has been the subject of an ERISA-Qualifying
                    Underwriting, is an insurance company that is purchasing the
                    Residual
                    Certificate with funds contained in an “insurance company general account”
                    as defined in Section V(e) of Prohibited Transaction Class Exemption
                    (“PTCE”) 95-60 and the purchase and holding of the Residual Certificate
                    are covered under Sections I and III of PTCE 95-60; or (z) herewith
                    delivers to the Trustee an opinion of counsel (a “Benefit Plan Opinion”)
                    satisfactory to the Trustee, and upon which the Trustee, the
                    Master
                    Servicer, the Servicer, the Securities Administrator, the Depositor
                    and
                    any NIMS Insurer shall be entitled to rely, to the effect that
                    the
                    purchase or holding of such Residual Certificate by the Investor
                    will not
                    result in any non-exempt prohibited transactions under Title
                    I of ERISA or
                    Section 4975 of the Code and will not subject the Trustee, the
                    Depositor,
                    the Master Servicer, the Servicer, the Securities Administrator
                    or any
                    NIMS Insurer to any obligation in addition to those undertaken
                    by such
                    entities in the Trust Agreement, which opinion of counsel shall
                    not be an
                    expense of the Trust Fund or any of the above
                    parties.

                

        

         

        
          
            
            

          

          
            D-1-1

            
              

            

          

          
            
            

          

        

        
          	 	
                  5.

                	
                  That
                    the Purchaser hereby acknowledges that under the terms of the
                    Trust
                    Agreement (the “Agreement”) by and among Structured Asset Securities
                    Corporation, as Depositor, U.S. Bank National Association, as
                    Trustee,
                    Aurora Loan Services LLC, as Master Servicer, Wells Fargo Bank,
                    N.A., as
                    Securities Administrator, and Risk Management Group, LLC, as
                    Credit Risk
                    Manager, dated as of September 1, 2006, no transfer of the Residual
                    Certificate shall be permitted to be made to any person unless
                    the
                    Depositor and Trustee have received a certificate from such transferee
                    containing the representations in paragraphs 3 and 4
                    hereof.

                

        

         

        
          	 	
                  6.

                	
                  That
                    the Purchaser does not hold REMIC residual securities as nominee
                    to
                    facilitate the clearance and settlement of such securities through
                    electronic book-entry changes in accounts of participating organizations
                    (such entity, a “Book-Entry
                    Nominee”).

                

        

         

        
          	 	
                  7.

                	
                  That
                    the Purchaser does not have the intention to impede the assessment
                    or
                    collection of any federal, state or local taxes legally required
                    to be
                    paid with respect to such Residual
                    Certificate.

                

        

         

        
          	 	
                  8.

                	
                  That
                    the Purchaser will not transfer a Residual Certificate to any
                    person or
                    entity (i) as to which the Purchaser has actual knowledge that
                    the
                    requirements set forth in paragraph 3, paragraph 6 or paragraph
                    10 hereof
                    are not satisfied or that the Purchaser has reason to believe
                    does not
                    satisfy the requirements set forth in paragraph 7 hereof, and
                    (ii) without
                    obtaining from the prospective Purchaser an affidavit substantially
                    in
                    this form and providing to the Trustee a written statement substantially
                    in the form of Exhibit D-2 to the
                    Agreement.

                

        

         

        
          	 	
                  9.

                	
                  That
                    the Purchaser understands that, as the holder of a Residual Certificate,
                    the Purchaser may incur tax liabilities in excess of any cash
                    flows
                    generated by the interest and that it intends to pay taxes associated
                    with
                    holding such Residual Certificate as they become
                    due.

                

        

         

        
          	 	
                  10.

                	
                  That
                    the Purchaser (i) is not a Non-U.S. Person or (ii) is a Non-U.S.
                    Person
                    that holds a Residual Certificate in connection with the conduct
                    of a
                    trade or business within the United States and has furnished
                    the
                    transferor and the Trustee with an effective Internal Revenue
                    Service Form
                    W-8ECI (Certificate of Foreign Person’s Claim for Exemption From
                    Withholding on Income Effectively Connected With the Conduct
                    of a Trade or
                    Business in the United States) or successor form at the time
                    and in the
                    manner required by the Code or (iii) is a Non-U.S. Person that
                    has
                    delivered to both the transferor and the Trustee an opinion of
                    a
                    nationally recognized tax counsel to the effect that the transfer
                    of such
                    Residual Certificate to it is in accordance with the requirements
                    of the
                    Code and the regulations promulgated thereunder and that such
                    transfer of
                    a Residual Certificate will not be disregarded for federal income
                    tax
                    purposes. “Non-U.S. Person” means any person other than a “United States
                    person” within the meaning of Section 7701(a)(30) of the
                    Code.

                

        

         

        
          
            
            

          

          
            D-1-2

            
              

            

          

          
            
            

          

        

        
          	 	
                  11.

                	
                  That
                    the Purchaser agrees to such amendments of the Trust Agreement
                    as may be
                    required to further effectuate the restrictions on transfer of
                    any
                    Residual Certificate to such a “disqualified organization,” an agent
                    thereof, a Book-Entry Nominee, or a person that does not satisfy
                    the
                    requirements of paragraph 7 and paragraph 10
                    hereof.

                

        

         

        
          	 	
                  12.

                	
                  That
                    the Purchaser consents to the designation of the Securities Administrator
                    as its agent to act as “tax matters person” of the Trust Fund pursuant to
                    the Trust Agreement.

                

        

         

        
          
            
            

          

          
            D-1-3

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the Purchaser has caused this instrument to be executed
          on its
          behalf, pursuant to authority of its Board of Directors, by its [title
          of
          officer] this _____ day of __________, 20__.

         

        _________________________________

        [Name
          of
          Purchaser]

         

        By:______________________________

        Name:
          

        Title:
          

         

        Personally
          appeared before me the above-named [name of officer] ________________,
          known or
          proved to me to be the same person who executed the foregoing instrument
          and to
          be the [title of officer] _________________ of the Purchaser, and acknowledged
          to me that he [she] executed the same as his [her] free act and deed and
          the
          free act and deed of the Purchaser.

         

        Subscribed
          and sworn before me this _____ day of __________, 20__.

         

        NOTARY
          PUBLIC

         

        ______________________________

         

        COUNTY
          OF_____________________

         

        STATE
          OF______________________

         

        My
          commission expires the _____ day of __________, 20__.

         

        

        
          
            
            

          

          
            D-1-4

            
              

            

          

          
            
            

          

        

        EXHIBIT
          D-2

         

        FORM
          OF
          RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

         

        ____________________________

        Date

         

        Re:    Structured
          Asset Securities Corporation

              Mortgage
          Pass-Through
          Certificates, Series 2006-WF3

         

        _______________________
          (the “Transferor”) has reviewed the attached affidavit of
          _____________________________ (the “Transferee”), and has no actual knowledge
          that such affidavit is not true and has no reason to believe that the
          information contained in paragraph 7 thereof is not true, and has no reason
          to
          believe that the Transferee has the intention to impede the assessment
          or
          collection of any federal, state or local taxes legally required to be
          paid with
          respect to a Residual Certificate. In addition, the Transferor has conducted
          a
          reasonable investigation at the time of the transfer and found that the
          Transferee had historically paid its debts as they came due and found no
          significant evidence to indicate that the Transferee will not continue
          to pay
          its debts as they become due.

         

        Very
          truly yours,

         

        _______________________________

        Name:

        Title:

        
          
            
            

          

          
            D-2-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          E

         

        LIST
          OF
          SERVICING AGREEMENTS

        

        
          	
                  1.

                	
                  The
                    Reconstituted Servicing Agreement dated as of September 1, 2006,
                    among the
                    Seller, the Master Servicer and the
                    Servicer.

                

        

        

        

        
          
            
            

          

          
            E-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          F

         

        FORM
          OF
          RULE 144A TRANSFER CERTIFICATE

         

        Re:   Structured
          Asset Securities Corporation

         Mortgage
          Pass-Through Certificates Series 2006-WF3

        

        Reference
          is hereby made to the Trust Agreement dated as of September 1, 2006 (the
“Trust
          Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
          U.S. Bank National Association, as Trustee, Aurora Loan Services LLC, as
          Master
          Servicer, Wells Fargo Bank, N.A., as Securities Administrator and Risk
          Management Group, LLC, as Credit Risk Manager. Capitalized terms used but
          not
          defined herein shall have the meanings given to them in the Trust
          Agreement.

         

        This
          letter relates to $__________ initial Certificate Balance of Class     
          Certificates
          which are held in the form of Definitive Certificates registered in the
          name of
                                
          (the
“Transferor”). The Transferor has requested a transfer of such Definitive
          Certificates for Definitive Certificates of such Class registered in the
          name of
          [insert name of transferee].

         

        In
          connection with such request, and in respect of such Certificates, the
          Transferor hereby certifies that such Certificates are being transferred
          in
          accordance with (i) the transfer restrictions set forth in the Trust Agreement
          and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
          that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own account or for the
          account of a “qualified institutional buyer,” which purchaser is aware that the
          sale to it is being made in reliance upon Rule 144A, in a transaction meeting
          the requirements of Rule 144A and in accordance with any applicable securities
          laws of any state of the United States or any other applicable
          jurisdiction.

         

        This
          certificate and the statements contained herein are made for your benefit
          and
          the benefit of the Placement Agent and the Depositor.

         

        _____________________________________

        [Name
          of
          Transferor]

         

        By:__________________________________

        Name:

        Title:

         

        Dated:
          ___________, ____

        

        

        
          
            
            

          

          
            F-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          G

        

        FORM
          OF
          PURCHASER’S LETTER FOR 

        INSTITUTIONAL
          ACCREDITED INVESTORS

         

                        
                                   

        Date

         

        Dear
          Sirs:

         

        In
          connection with our proposed purchase of $______________ principal amount
          of
          Structured Asset Securities Corporation Mortgage Pass-Through Certificates,
          Series 2006-WF3, [Class B] Certificates (the “Privately Offered Certificates”)
          of the Structured Asset Securities Corporation (the “Depositor”), we confirm
          that:

         

        
          	
                  (1)

                	
                  We
                    understand that the Privately Offered Certificates have not been,
                    and will
                    not be, registered under the Securities Act of 1933, as amended
                    (the
                    “Securities Act”), and may not be sold except as permitted in the
                    following sentence. We agree, on our own behalf and on behalf
                    of any
                    accounts for which we are acting as hereinafter stated, that
                    if we should
                    sell any Privately Offered Certificates within two years of the
                    later of
                    the date of original issuance of the Privately Offered Certificates
                    or the
                    last day on which such Privately Offered Certificates are owned
                    by the
                    Depositor or any affiliate of the Depositor (which includes the
                    Placement
                    Agent) we will do so only (A) to the Depositor, (B) to “qualified
                    institutional buyers” (within the meaning of Rule 144A under the
                    Securities Act) in accordance with Rule 144A under the Securities
                    Act
                    (“QIBs”), (C) pursuant to the exemption from registration provided by
                    Rule
                    144 under the Securities Act, or (D) to an institutional “accredited
                    investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
                    Regulation D under the Securities Act that is not a QIB (an “Institutional
                    Accredited Investor”) which, prior to such transfer, delivers to the
                    Trustee under the Trust Agreement dated as of September 1, 2006
                    by and
                    among the Depositor, Aurora Loan Services LLC, as Master Servicer,
                    U.S.
                    Bank National Association, as Trustee (the “Trustee”), Wells Fargo Bank,
                    N.A., as Securities Administrator and Risk Management Group,
                    LLC, as
                    Credit Risk Manager, a signed letter in the form of this letter;
                    and we
                    further agree, in the capacities stated above, to provide to
                    any person
                    purchasing any of the Privately Offered Certificates from us
                    a notice
                    advising such purchaser that resales of the Privately Offered
                    Certificates
                    are restricted as stated herein.

                

        

         

        
          	
                  (2)

                	
                  We
                    understand that, in connection with any proposed resale of any
                    Privately
                    Offered Certificates to an Institutional Accredited Investor,
                    we will be
                    required to furnish to the Trustee and the Depositor a certification
                    from
                    such transferee in the form hereof to confirm that the proposed
                    sale is
                    being made pursuant to an exemption from, or in a transaction
                    not subject
                    to, the registration requirements of the Securities Act. We further
                    understand that the Privately Offered Certificates purchased
                    by us will
                    bear a legend to the foregoing
                    effect.

                

        

         

        
          
            
            

          

          
            G-1

            
              

            

          

          
            
            

          

        

        
          	
                  (3)

                	
                  We
                    are acquiring the Privately Offered Certificates for investment
                    purposes
                    and not with a view to, or for offer or sale in connection with,
                    any
                    distribution in violation of the Securities Act. We have such
                    knowledge
                    and experience in financial and business matters as to be capable
                    of
                    evaluating the merits and risks of our investment in the Privately
                    Offered
                    Certificates, and we and any account for which we are acting
                    are each able
                    to bear the economic risk of such
                    investment.

                

        

         

        
          	
                  (4)

                	
                  We
                    are an Institutional Accredited Investor and we are acquiring
                    the
                    Privately Offered Certificates purchased by us for our own account
                    or for
                    one or more accounts (each of which is an Institutional Accredited
                    Investor) as to each of which we exercise sole investment
                    discretion.

                

        

         

        (5)    We
          have
          received such information as we deem necessary in order to make our investment
          decision.

         

        (6)    If
          we are
          acquiring ERISA-Restricted Certificates, we understand that in accordance
          with
          ERISA, the Code and the Exemption, no Plan and no person acting on behalf
          of
          such a Plan may acquire such Certificate except in accordance with Section
          3.03(d) of the Trust Agreement.

         

        Terms
          used in this letter which are not otherwise defined herein have the respective
          meanings assigned thereto in the Trust Agreement.

        
          
            
            

          

          
            G-2

            
              

            

          

          
            
            

          

        

        You
          and
          the Depositor are entitled to rely upon this letter and are irrevocably
          authorized to produce this letter or a copy hereof to any interested party
          in
          any administrative or legal proceeding or official inquiry with respect
          to the
          matters covered hereby.

         

        Very
          truly yours,

         

        __________________________________

        [Purchaser]

         

        By:
          ________________________________

        Name:
          

        Title:

        
          
            
            

          

          
            G-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          H

         

        FORM
          OF
          ERISA TRANSFER AFFIDAVIT

        

          
            	
                    STATE
                      OF NEW YORK 

                  	
                    )

                  
	 	
                    )
                      ss.: 

                  
	
                    COUNTY
                      OF NEW YORK 

                  	
                    )

                  

          

        

         

        The
          undersigned, being first duly sworn, deposes and says as follows:

         

        1. The
          undersigned is the ______________________ of (the “Investor”), a [corporation
          duly organized] and existing under the laws of __________, on behalf of
          which he
          makes this affidavit.

         

        2. In
          the
          case of an ERISA-Restricted Certificate, the Investor (x) is not, and on
          __________________ [date of transfer] will not be, an employee benefit
          plan or
          other retirement arrangement subject to Section 406 of the Employee Retirement
          Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the
          Internal Revenue Code of 1986, as amended (the “Code”), (collectively, a “Plan”)
          or a person acting on behalf of any such Plan or investing the assets of
          any
          such Plan to acquire a Certificate; (y) if the Certificate has been the
          subject
          of an ERISA-Qualifying Underwriting, is an insurance company that is purchasing
          the Certificate with funds contained in an “insurance company general account”
as defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”)
          95-60 and the purchase and holding of the Certificate are covered under
          Sections
          I and III of PTCE 95-60; or (z) herewith delivers to the Trustee an opinion
          of
          counsel (a “Benefit Plan Opinion”) satisfactory to the Trustee, and upon which
          the Trustee, the Master Servicer, the Servicer, the Securities Administrator,
          the Depositor and any NIMS Insurer shall be entitled to rely, to the effect
          that
          the purchase or holding of such Certificate by the Investor will not result
          in
          any non-exempt prohibited transactions under Title I of ERISA or Section
          4975 of
          the Code and will not subject the Trustee, the Depositor, the Master Servicer,
          the Servicer, the Securities Administrator or any NIMS Insurer to any obligation
          in addition to those undertaken by such entities in the Trust Agreement,
          which
          opinion of counsel shall not be an expense of the Trust Fund or any of
          the above
          parties.

         

        3. In
          the
          case of an ERISA-Restricted Trust Certificate, prior to the termination
          of the
          Swap Agreement and the Interest Rate Cap Agreement either (i) the Investor
          is
          neither a Plan nor a person acting on behalf of any such Plan or using
          the
          assets of any such Plan to effect such transfer or (ii) the acquisition
          and
          holding of the ERISA-Restricted Trust Certificate are eligible for exemptive
          relief under PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE
          96-23.

         

        
          
            
            

          

          
            H-1

            
              

            

          

          
            
            

          

        

        4. The
          Investor hereby acknowledges that under the terms of the Trust Agreement
          (the
“Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
          U.S. Bank National Association, as Trustee, Aurora Loan Services LLC, as
          Master
          Servicer, Wells Fargo Bank, N.A., as Securities Administrator and Risk
          Management Group, LLC, as Credit Risk Manager, dated as of September 1,
          2006, no
          transfer of the ERISA-Restricted Certificates or the ERISA-Restricted Trust
          Certificates shall be permitted to be made to any person unless the Trustee
          has
          received a certificate from such transferee in the form hereof.

         

        
          
            
            

          

          
            H-2

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the Investor has caused this instrument to be executed
          on its
          behalf, pursuant to proper authority, by its duly authorized officer, duly
          attested, this ____ day of _______________, 20___.

         

        _________________________________

        [Investor]

         

        By:______________________________

        Name:

        Title:

         

        ATTEST:

         

         

        _____________________________

         

        
          
            
              	
                      STATE
                        OF

                    	
                      )

                    
	 	
                      )
                        ss.: 

                    
	
                      COUNTY
                        OF 

                    	
                      )

                    

            

          

        

         

        Personally
          appeared before me the above-named ________________, known or proved to
          me to be
          the same person who executed the foregoing instrument and to be the
          ____________________ of the Investor, and acknowledged that he executed
          the same
          as his free act and deed and the free act and deed of the Investor.

         

        Subscribed
          and sworn before me this _____ day of _________ 20___.

         

        ______________________________

        NOTARY
          PUBLIC

         

        My
          commission expires the

        _____
          day
          of __________, 20___.

         

        

         

        
          
            
            

          

          
            H-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          I

         

        [Reserved]

         

        

         

        
          
            
            

          

          
            I-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          J

         

        [Reserved]

         

        

         

        
          
            
            

          

          
            J-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          K

         

        LIST
          OF
          CUSTODIAL AGREEMENTS

         

        
          	
                  1.

                	
                  Custodial
                    Agreement dated as of September 1, 2006 between Wells Fargo Bank,
                    N.A., as
                    Custodian, and U.S. Bank National Association, as
                    Trustee.

                

        

         

        

         

        
          
            
            

          

          
            K-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          L

         

        LIST
          OF
          CREDIT RISK MANAGEMENT AGREEMENTS

         

        
          	
                  1.

                	
                  The
                    Credit Risk Management Agreement dated September 30, 2006 between
                    Risk
                    Management Group, LLC and Wells Fargo Bank,
                    N.A.

                

        

         

        
          
            
            

          

          
            L-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          M-1

         

        FORM
          OF
          TRANSFER CERTIFICATE

        FOR
          TRANSFER FROM RESTRICTED GLOBAL SECURITY

        TO
          REGULATION S GLOBAL SECURITY

        (Transfers
          pursuant to § 3.03(h)(B)

                              
          of the
          Agreement)                            

         

        Re:   Structured
          Asset Securities Corporation

         Mortgage
          Pass-Through Certificates Series 2006-WF3

         

        Reference
          is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
          Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as
          Master
          Servicer, Risk Management Group, LLC, as Credit Risk Manager, U.S. Bank
          National
          Association, as Trustee, and Wells Fargo Bank, N.A., as Securities
          Administrator, dated as of September 1, 2006. Capitalized terms used but
          not
          defined herein shall have the meanings given to them in the
          Agreement.

         

        This
          letter relates to U.S. $                            
          aggregate
          principal amount of Securities which are held in the form of a Restricted
          Global
          Security with DTC in the name of [name of transferor]                                                       
          (the
“Transferor”) to effect the transfer of the Securities in exchange for an
          equivalent beneficial interest in a Regulation S Global Security.

         

        In
          connection with such request, the Transferor does hereby certify that such
          transfer has been effected in accordance with the transfer restrictions
          set
          forth in the Agreement and the Securities and in accordance with Rule 904
          of
          Regulation S, and that:

         

        a. the
          offer
          of the Securities was not made to a person in the United States; 

         

        b. at
          the
          time the buy order was originated, the transferee was outside the United
          States
          or the Transferor and any person acting on its behalf reasonably believed
          that
          the transferee was outside the United States;

         

        c. no
          directed selling efforts have been made in contravention of the requirements
          of
          Rule 903 or 904 of Regulation S, as applicable;

         

        d. the
          transaction is not part of a plan or scheme to evade the registration
          requirements of the United States Securities Act of 1933, as amended;
          and

         

        
          
            e.
              the
              transferee is not a U.S. person (as defined in Regulation
              S).

          

        

         

        
          
            
            

          

          
            M-1-1

            
              

            

          

          
            
            

          

        

        You
          are
          entitled to rely upon this letter and are irrevocably authorized to produce
          this
          letter or a copy hereof to any interested party in any administrative or
          legal
          proceedings or official inquiry with respect to the matters covered hereby.
          Terms used in this certificate have the meanings set forth in Regulation
          S.

         

        

                                                                    
          

        [Name
          of
          Transferor]

        

        

        By:
                                                                  

        Name:

        Title:

         

        Date:             
            ,
                 

         

        

        
          
            
            

          

          
            M-1-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          M-2

        

        FORM
          OF
          TRANSFER CERTIFICATE FOR TRANSFER 

        FROM
          REGULATION S GLOBAL SECURITY

        TO
          RESTRICTED GLOBAL SECURITY

        (Transfers
          pursuant to § 3.03(h)(C)

                                  of
          the
          Agreement)                          

         

        Re:    Structured
          Asset Securities Corporation

         Mortgage
          Pass-Through Certificates Series 2006-WF3

         

        Reference
          is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
          Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as
          Master
          Servicer, Risk Management Group, LLC, as Credit Risk Manager, U.S. Bank
          National
          Association, as Trustee, and Wells Fargo Bank, N.A., as Securities
          Administrator, dated as of September 1, 2006. Capitalized terms used but
          not
          defined herein shall have the meanings given to them in the
          Agreement.

         

        This
          letter relates to U.S. $                            
          aggregate
          principal amount of Securities which are held in the form of a Regulations
          S
          Global Security in the name of [name of transferor]                                                       
          (the
          “Transferor”) to effect the transfer of the Securities in exchange for an
          equivalent beneficial interest in a Restricted Global Security.

         

        In
          connection with such request, and in respect of such Securities, the Transferor
          does hereby certify that such Securities are being transferred in accordance
          with (i) the transfer restrictions set forth in the Agreement and the Securities
          and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
          to a transferee that the Transferor reasonably believes is purchasing the
          Securities for its own account or an account with respect to which the
          transferee exercises sole investment discretion, the transferee and any
          such
          account is a qualified institutional buyer within the meaning of Rule 144A,
          in a
          transaction meeting the requirements of Rule 144A and in accordance with
          any
          applicable securities laws of any state of the United States or any other
          jurisdiction.

         

        

                                                                      
            

          [Name
            of
            Transferor]

          

          By:                                                        

          Name:

          Title:

           

          Date:             
              ,
                   

           

          
            
              
              

            

            
              M-2-1

              
                

              

            

            
              
              

            

          

        

        

          EXHIBIT
            N

          

          INTEREST
            RATE CAP AGREEMENT

        

        
 

        
          
            
            

          

          
            N-1

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          O

        

        SWAP
          AGREEMENT

        

        
          
            
            

          

          
            O-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          P-1

        

        
          	
                  ADDITIONAL
                    FORM 10-D DISCLOSURE

                
	
                  Item
                    on Form 10-D

                	
                  Party
                    Responsible 

                
	
                  Item
                    1: Distribution and Pool Performance Information

                   

                	 
	
                  Information
                    included in the Distribution Date Statement

                	
                  Servicer(1)

                  Master
                    Servicer

                  Securities
                    Administrator

                
	
                  Any
                    information required by 1121 which is NOT included on the Distribution
                    Date Statement

                	
                  Depositor

                
	
                  Item
                    2: Legal Proceedings

                   

                  Any
                    legal proceeding pending against the following entities or their
                    respective property, that is material to Certificateholders,
                    including any
                    proceedings known to be contemplated by governmental
                    authorities:

                	 
	
                  ▪
                    Issuing Entity (Trust Fund)

                	
                  Trustee,
                    Master Servicer, Securities Administrator and Depositor

                
	
                  ▪
                    Sponsor (Seller)

                	
                  Seller
                    (if a party to the Trust Agreement) or Depositor

                
	
                  ▪
                    Depositor

                	
                  Depositor

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer

                
	
                  ▪
                    Custodian

                	
                  Custodian(2)

                
	
                  ▪
                    1110(b) Originator

                	
                  Depositor

                
	
                  ▪
                    Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                    Administrator)

                	
                  Servicer(1)

                
	
                  ▪
                    Any other party contemplated by 1100(d)(1)

                	
                  Depositor

                
	
                  Item
                    3: Sale of Securities and Use of Proceeds

                  Information
                    from Item 2(a) of Part II of Form 10-Q:

                   

                  With
                    respect to any sale of securities by the sponsor, depositor or
                    issuing
                    entity, that are backed by the same asset pool or are otherwise
                    issued by
                    the issuing entity, whether or not registered, provide the sales
                    and use
                    of proceeds information in Item 701 of Regulation S-K. Pricing
                    information
                    can be omitted if securities were not registered.

                	
                  Depositor

                

        

        
          
            
            

          

          
            P-1-1

            
              

            

          

          
            
            

          

        

        

        
          	
                  ADDITIONAL
                    FORM 10-D DISCLOSURE

                
	
                  Item
                    on Form 10-D

                	
                  Party
                    Responsible 

                
	
                  Item
                    4: Defaults Upon Senior Securities

                   

                  Information
                    from Item 3 of Part II of Form 10-Q:

                   

                  Report
                    the occurrence of any Event of Default (after expiration of any
                    grace
                    period and provision of any required notice)

                	
                  Securities
                    Administrator

                  Trustee

                
	
                  Item
                    5: Submission of Matters to a Vote of Security
                    Holders

                   

                  Information
                    from Item 4 of Part II of Form 10-Q

                	
                  Trustee

                
	
                  Item
                    6: Significant Obligors of Pool Assets

                   

                  Item
                    1112(b) - Significant
                    Obligor Financial Information*

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	 
	
                  Item
                    7: Significant Enhancement Provider Information

                   

                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information*

                	 
	
                  ▪
                    Determining applicable disclosure threshold

                	
                  Depositor

                
	
                  ▪
                    Requesting required financial information (including any required
                    accountants’ consent to the use thereof) or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information*

                	 
	
                  ▪
                    Determining current maximum probable exposure

                	
                  Depositor

                
	
                  ▪
                    Determining current significance percentage

                	
                  Depositor

                
	
                  ▪
                    Requesting required financial information (including any required
                    accountants’ consent to the use thereof) or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 
	
                  Item
                    8: Other Information

                   

                  Disclose
                    any information required to be reported on Form 8-K during the
                    period
                    covered by the Form 10-D but not reported

                	
                  Any
                    party responsible for the applicable Form 8-K Disclosure
                    item

                

        

        
          
            
            

          

          
            P-1-2

            
              

            

          

          
            
            

          

        

        

        
          	
                  ADDITIONAL
                    FORM 10-D DISCLOSURE

                
	
                  Item
                    on Form 10-D

                	
                  Party
                    Responsible 

                
	
                  Item
                    9: Exhibits

                	 
	
                  Monthly
                    Statement to Certificateholders

                	
                  Securities
                    Administrator

                
	
                  Exhibits
                    required by Item 601 of Regulation S-K, such as material
                    agreements

                	
                  Depositor

                

        

        

        _______________________

        (1) This
          information to be provided pursuant to the Servicing Agreement.

        (2) This
          information to be provided pursuant to the Custodial Agreement.

        

        

        
          
            
            

          

          
            P-1-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          P-2

        

        
          	
                  ADDITIONAL
                    FORM 10-K DISCLOSURE

                
	
                  Item
                    on Form 10-K

                	
                  Party
                    Responsible 

                
	
                  Item
                    1B: Unresolved Staff Comments

                   

                	
                  Depositor

                
	
                  Item
                    9B: Other Information

                  Disclose
                    any information required to be reported on Form 8-K during the
                    fourth
                    quarter covered by the Form 10-K but not reported

                	
                  Any
                    party responsible for disclosure items on Form 8-K

                
	
                  Item
                    15: Exhibits, Financial Statement Schedules

                	
                  Securities
                    Administrator

                  Depositor

                
	
                  Regulation
                    AB Item 1112(b): Significant Obligors of Pool
                    Assets

                	 
	
                  Significant
                    Obligor Financial Information*

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	 
	
                  Regulation
                    AB Item 1114(b)(2): Credit Enhancement Provider Financial
                    Information

                	 
	
                  ▪
                    Determining applicable disclosure threshold

                	
                  Depositor

                
	
                  ▪
                    Requesting required financial information (including any required
                    accountants’ consent to the use thereof) or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 
	
                  Regulation
                    AB Item 1115(b): Derivative Counterparty Financial
                    Information

                	 
	
                  ▪
                    Determining current maximum probable exposure

                	
                  Depositor

                
	
                  ▪
                    Determining current significance percentage

                	
                  Depositor

                
	
                  ▪
                    Requesting required financial information (including any required
                    accountants’ consent to the use thereof) or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 

        

        
          
            
            

          

          
            P-2-1

            
              

            

          

          
            
            

          

        

        

        
          	
                  ADDITIONAL
                    FORM 10-K DISCLOSURE

                
	
                  Item
                    on Form 10-K

                	
                  Party
                    Responsible 

                
	
                  Regulation
                    AB Item 1117: Legal Proceedings

                   

                  Any
                    legal proceeding pending against the following entities or their
                    respective property, that is material to Certificateholders,
                    including any
                    proceedings known to be contemplated by governmental
                    authorities:

                	 
	
                  ▪
                    Issuing Entity (Trust Fund)

                	
                  Trustee,
                    Master Servicer, Securities Administrator and Depositor

                
	
                  ▪
                    Sponsor (Seller)

                	
                  Seller
                    (if a party to the Trust Agreement) or Depositor

                
	
                  ▪
                    Depositor

                	
                  Depositor

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer

                
	
                  ▪
                    Custodian

                	
                  Custodian(1)

                
	
                  ▪
                    1110(b) Originator

                	
                  Depositor

                
	
                  ▪
                    Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                    Administrator)

                	
                  Servicer(2)

                
	
                  ▪
                    Any other party contemplated by 1100(d)(1)

                	
                  Depositor

                
	
                  Regulation
                    AB Item 1119: Affiliations and Relationships

                	 
	
                  Whether
                    (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                    of
                    the following parties, and (b) to the extent known and material,
                    any of
                    the following parties are affiliated with one another:

                	
                  Depositor
                    as to (a) 

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer 

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Any other 1108(a)(3) servicer

                	
                  Servicer(2)

                
	
                  ▪
                    Any 1110 Originator

                	
                  Depositor

                
	
                  ▪
                    Any 1112(b) Significant Obligor

                	
                  Depositor

                
	
                  ▪
                    Any 1114 Credit Enhancement Provider

                	
                  Depositor

                
	
                  ▪
                    Any 1115 Derivate Counterparty Provider

                	
                  Depositor

                
	
                  ▪
                    Any other 1101(d)(1) material party

                	
                  Depositor

                
	
                  Whether
                    there are any “outside the ordinary course business arrangements” other
                    than would be obtained in an arm’s length transaction between (a) the
                    Sponsor (Seller), Depositor or Issuing Entity on the one hand,
                    and (b) any
                    of the following parties (or their affiliates) on the other hand,
                    that
                    exist currently or within the past two years and that are material
                    to a
                    Certificateholder’s understanding of the Certificates:

                	
                  Depositor
                    as to (a) 

                

        

        
          
            
            

          

          
            P-2-2

            
              

            

          

          
            
            

          

        

        

        
          	
                  ADDITIONAL
                    FORM 10-K DISCLOSURE

                
	
                  Item
                    on Form 10-K

                	
                  Party
                    Responsible 

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer 

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Any other 1108(a)(3) servicer

                	
                  Servicer(2)

                
	
                  ▪
                    Any 1110 Originator

                	
                  Depositor

                
	
                  ▪
                    Any 1112(b) Significant Obligor

                	
                  Depositor

                
	
                  ▪
                    Any 1114 Credit Enhancement Provider

                	
                  Depositor

                
	
                  ▪
                    Any 1115 Derivate Counterparty Provider

                	
                  Depositor

                
	
                  ▪
                    Any other 1101(d)(1) material party

                	
                  Depositor

                
	
                  Whether
                    there are any specific relationships involving the transaction
                    or the pool
                    assets between (a) the Sponsor (Seller), Depositor or Issuing
                    Entity on
                    the one hand, and (b) any of the following parties (or their
                    affiliates)
                    on the other hand, that exist currently or within the past two
                    years and
                    that are material:

                	
                  Depositor
                    as to (a) 

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer 

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Any other 1108(a)(3) servicer

                	
                  Servicer(2)

                
	
                  ▪
                    Any 1110 Originator

                	
                  Depositor

                
	
                  ▪
                    Any 1112(b) Significant Obligor

                	
                  Depositor

                
	
                  ▪
                    Any 1114 Credit Enhancement Provider

                	
                  Depositor

                
	
                  ▪
                    Any 1115 Derivate Counterparty Provider

                	
                  Depositor

                
	
                  ▪
                    Any other 1101(d)(1) material party

                	
                  Depositor

                

        

         

        (1) This
          information to be provided pursuant to the Custodial Agreement.

        (2) This
          information to be provided pursuant to the Servicing Agreement.

        

        

        

        
          
            
            

          

          
            P-2-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          P-3

        

        
          	
                  FORM
                    8-K DISCLOSURE INFORMATION

                
	
                  Item
                    on Form 8-K

                	
                  Party
                    Responsible 

                
	
                  Item
                    1.01- Entry into a Material Definitive Agreement

                   

                  Disclosure
                    is required regarding entry into or amendment of any definitive
                    agreement
                    that is material to the securitization, even if depositor is
                    not a party.
                    

                   

                  Examples:
                    servicing agreement, custodial agreement.

                   

                  Note:
                    disclosure not required as to definitive agreements that are
                    fully
                    disclosed in the prospectus

                	
                  All
                    parties (with respect to any agreement entered into by such
                    party)

                
	
                  Item
                    1.02- Termination of a Material Definitive Agreement

                   

                  Disclosure
                    is required regarding termination of any definitive agreement
                    that is
                    material to the securitization (other than expiration in accordance
                    with
                    its terms), even if depositor is not a party. 

                   

                  Examples:
                    servicing agreement, custodial agreement.

                	
                  All
                    parties (with respect to any agreement entered into by such
                    party)

                
	
                  Item
                    1.03- Bankruptcy or Receivership

                   

                  Disclosure
                    is required regarding the bankruptcy or receivership, with respect
                    to any
                    of the following: 

                	
                  Depositor

                
	
                  ▪
                    Sponsor (Seller)

                	
                  Depositor/Sponsor
                    (Seller)

                
	
                  ▪
                    Depositor

                	
                  Depositor

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer

                
	
                  ▪
                    Affiliated Servicer

                	
                  Servicer(1)

                
	
                  ▪
                    Other Servicer servicing 20% or more of the pool assets at the
                    time of the
                    report

                	
                  Servicer(1)

                
	
                  ▪
                    Other material servicers

                	
                  Servicer(1)

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Significant Obligor

                	
                  Depositor

                
	
                  ▪
                    Credit Enhancer (10% or more)

                	
                  Depositor

                
	
                  ▪
                    Derivative Counterparty

                	
                  Depositor

                
	
                  ▪
                    Custodian

                	
                  Custodian(2)

                

        

        
          
            
            

          

          
            P-3-1

            
              

            

          

          
            
            

          

        

        

        
          	
                  FORM
                    8-K DISCLOSURE INFORMATION

                
	
                  Item
                    on Form 8-K

                	
                  Party
                    Responsible 

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

                   

                  Includes
                    an early amortization, performance trigger or other event, including
                    event
                    of default, that would materially alter the payment priority/distribution
                    of cash flows/amortization schedule.

                   

                  Disclosure
                    will be made of events other than waterfall triggers which are
                    disclosed
                    in the monthly statements to the certificateholders.

                	
                  Depositor

                  Master
                    Servicer

                  Securities
                    Administrator

                
	
                  Item
                    3.03- Material Modification to Rights of Security
                    Holders

                   

                  Disclosure
                    is required of any material modification to documents defining
                    the rights
                    of Certificateholders, including the Trust Agreement.

                	
                  Securities
                    Administrator

                  Trustee
                    (with respect to each, only to the extent it is a party to any
                    such
                    documents)

                  Depositor

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

                  Disclosure
                    is required of any amendment “to the governing documents of the issuing
                    entity”.

                	
                  Depositor

                
	
                  Item
                    6.01- ABS Informational and Computational
                    Material

                	
                  Depositor

                
	
                  Item
                    6.02- Change of Servicer or Securities Administrator

                   

                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master servicer, affiliated servicer, other servicer servicing
                    10% or more
                    of pool assets at time of report, other material servicers or
                    trustee.

                	
                  Master
                    Servicer/Securities Administrator/Depositor/

                  Servicer(1)/Trustee
                    (as to itself and the Master Servicer)

                
	
                  Regulation
                    AB disclosure about any new servicer or master servicer is also
                    required.

                	
                  Servicer(1)/Master
                    Servicer/Depositor

                
	
                  Regulation
                    AB disclosure about any new Trustee is also required.

                	
                  Successor
                    Trustee

                
	
                  Item
                    6.03- Change in Credit Enhancement or External
                    Support

                  Covers
                    termination of any enhancement in manner other than by its terms,
                    the
                    addition of an enhancement, or a material change in the enhancement
                    provided. Applies to external credit enhancements as well as
                    derivatives.
                    

                	
                  Depositor/Securities
                    Administrator/Trustee

                

        

        
          
            
            

          

          
            P-3-2

            
              

            

          

          
            
            

          

        

        

        
          	
                  FORM
                    8-K DISCLOSURE INFORMATION

                
	
                  Item
                    on Form 8-K

                	
                  Party
                    Responsible 

                
	
                  Regulation
                    AB disclosure about any new enhancement provider is also
                    required.

                	
                  Depositor

                
	
                  Item
                    6.04- Failure to Make a Required Distribution

                	
                  Securities
                    Administrator

                  Trustee
                    (so long as the Trustee is the Paying Agent)

                
	
                  Item
                    6.05- Securities Act Updating Disclosure

                   

                  If
                    any material pool characteristic differs by 5% or more at the
                    time of
                    issuance of the securities from the description in the final
                    prospectus,
                    provide updated Regulation AB disclosure about the actual asset
                    pool.

                	
                  Depositor

                
	
                  If
                    there are any new servicers or originators required to be disclosed
                    under
                    Regulation AB as a result of the foregoing, provide the information
                    called
                    for in Items 1108 and 1110 respectively.

                	
                  Depositor

                
	
                  Item
                    7.01- Regulation FD Disclosure

                	
                  All
                    parties

                
	
                  Item
                    8.01- Other Events

                   

                  Any
                    event, with respect to which information is not otherwise called
                    for in
                    Form 8-K, that the registrant deems of importance to
                    certificateholders.

                	
                  Depositor

                
	
                  Item
                    9.01- Financial Statements and Exhibits

                	
                  Responsible
                    party for reporting/disclosing the financial statement or
                    exhibit

                

        

         

        (1) This
          information to be provided pursuant to the Servicing Agreement.

        (2) This
          information to be provided pursuant to the Custodial Agreement.

        

        

        
          
            
            

          

          
            P-3-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          P-4

         

        ADDITIONAL
          DISCLOSURE NOTIFICATION

        

        

        Structured
          Asset Securities Corporation

        745
          Seventh Avenue, 7th Floor

        New
          York,
          NY 10019

        

        Wells
          Fargo Bank, N.A., as Securities Administrator

        Old
          Annapolis Road

        Columbia,
          Maryland 21045

        Attn:
          Corporate Trust Services - SASCO 2006-WF3 - SEC Report Processing

        

        RE:
          **Additional Form [10-D][10-K][8-K] Disclosure** Required

        

        Ladies
          and Gentlemen:

         

        In
          accordance with Section [ ] of the Trust Agreement, dated as of September
          1,
          2006, by and among Structured Asset Securities Corporation, as Depositor,
          Wells
          Fargo Bank, N.A., as Securities Administrator, Aurora Loan Services LLC,
          as
          Master Servicer, Risk Management Group, LLC, as Credit Risk Manager, and
          U.S.
          Bank National Association, as Trustee, the undersigned, as [ ], hereby
          notifies
          you that certain events have come to our attention that [will] [may] need
          to be
          disclosed on Form [10-D][10-K][8-K].

         

        Description
          of Additional Form [10-D][10-K][8-K] Disclosure:

         

        

         

        List
          of any Attachments hereto to be included in the Additional Form
          [10-D][10-K][8-K] Disclosure:

         

        
          
            
            

          

          
            P-4-1

            
              

            

          

          
            
            

          

        

        Any
          inquiries related to this notification should be directed to [ ], phone
          number:
          [ ]; email address: [ ]. 

         

        [NAME
          OF
          PARTY],

        as
          [role]

         

        By:                    

        Name:

        Title:

        cc:    U.S.
          Bank
          National Association

         One
          Federal Street, 3rd
          Floor

         Boston,
          Massachusetts 02110

        

        
          
            
            

          

          
            P-4-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          Q-1

        

        FORM
          OF
          BACK-UP SARBANES-OXLEY CERTIFICATION

        [  ]

        [  ]

        [  ]

         

        Re: Structure
          Asset Securities Corporation Mortgage Pass-Through Certificates,
          Series 2006-WF3 

         

        [_______],
          the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
          the Master Servicer, the Securities Administrator, the Credit Risk Manager
          and
          the Trustee, and each of their officers, directors and affiliates
          that:

         

        (1) I
          have
          reviewed [the servicer compliance statement of the Company provided in
          accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
          report on assessment of the Company’s compliance with the Servicing Criteria set
          forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
          accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act
          of
          1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
          report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
          Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
          servicing reports, officer’s certificates and other information relating to the
          servicing of the Mortgage Loans by the Company during 200[ ] that were
          delivered
          by the Company to any of the Depositor, the Master Servicer and the Securities
          Administrator pursuant to the Agreement (collectively, the “Company Servicing
          Information”);

         

        (2) Based
          on
          my knowledge, the Company Servicing Information, taken as a whole, does
          not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made, not misleading with respect to the period
          of
          time covered by the Company Servicing Information;

         

        (3) Based
          on
          my knowledge, all of the Company Servicing Information required to be provided
          by the Company under the Agreement has been provided to the Depositor,
          the
          Master Servicer and the Securities Administrator;

         

        (4) I
          am
          responsible for reviewing the activities performed by [_______] as [_______]
          under the [_______] (the “Agreement”), and based on my knowledge [and the
          compliance review conducted in preparing the Compliance Statement] and
          except as
          disclosed in [the Compliance Statement,] the Servicing Assessment or the
          Attestation Report, the Company has fulfilled its obligations under the
          Agreement in all material respects; and

        
          
            
            

          

          
            Q-1-1

            
              

            

          

          
            
            

          

        

         

        (5) [The
          Compliance Statement required to be delivered by the Company pursuant to
          the
          Agreement, and] [The] [the] Servicing Assessment and Attestation Report
          required
          to be provided by the Company and [by any Subservicer or Subcontractor]
          pursuant
          to the Agreement, have been provided to the Depositor, the Master Servicer
          and
          the Securities Administrator. Any material instances of noncompliance described
          in such reports have been disclosed to the Depositor, the Master Servicer
          and
          the Securities Administrator. Any material instance of noncompliance with
          the
          Servicing Criteria has been disclosed in such reports.

         

        Capitalized
          terms used but not defined herein have the meanings ascribed to them in
          the
          Trust Agreement, dated as of September 1, 2006 (the “Trust Agreement”) by and
          among Structured Asset Securities Corporation, as Depositor, U.S. Bank
          National
          Association, as Trustee, Aurora Loan Services LLC, as Master Servicer,
          Risk
          Management Group, LLC, as Credit Risk Manager, and Wells Fargo Bank, N.A.,
          as
          Securities Administrator. Capitalized terms used but not defined herein
          shall
          have the meanings given to them in the Trust Agreement.

         

        

         

        [_______]

        as
          [_______]

        By:  

        Name:

        Title:

        Date:

        

        
          
            
            

          

          
            Q-1-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          Q-2

        

        FORM
          OF
          BACK-UP SARBANES-OXLEY CERTIFICATION TO BE PROVIDED BY THE SECURITIES
          ADMINISTRATOR

        

          
            	
                    Re:

                  	
                    Structured
                      Asset Securities Corporation Mortgage Loan Trust 2006-WF3 (the
                      “Trust”),
                      Mortgage Pass-Through Certificates, Series 2006-WF3, issued
                      pursuant to
                      the Trust Agreement, dated as of September, 2006, among Structured
                      Asset
                      Securities Corporation, as Depositor, Aurora Loan Services,
                      LLC, as Master
                      Servicer, Wells Fargo Bank, N.A., as Securities Administrator,
                      Risk
                      Management Group, LLC, as Credit Risk Manager, and
                      U.S. Bank National Association, as
                      Trustee

                  

          

        

               

        The
          Securities Administrator hereby certifies to the Depositor and the Master
          Servicer, and their respective officers, directors and affiliates, and
          with the
          knowledge and intent that they will rely upon this certification,
          that:

         

        (1) I
          have
          reviewed the annual report on Form 10-K for the fiscal year [____] (the
“Annual
          Report”), and all reports on Form 10-D required to be filed in respect of period
          covered by the Annual Report (collectively with the Annual Report, the
          “Reports”), of the Trust;

         

        (2) To
          my
          knowledge, (a) the Reports, taken as a whole, do not contain any untrue
          statement of a material fact or omit to state a material fact necessary
          to make
          the statements made, in light of the circumstances under which such statements
          were made, not misleading with respect to the period covered by the Annual
          Report, and (b) the Securities Administrator’s assessment of compliance and
          related attestation report referred to below, taken as a whole, do not
          contain
          any untrue statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances under
          which
          such statements were made, not misleading with respect to the period covered
          by
          such assessment of compliance and attestation report;

         

        (3) To
          my
          knowledge, the distribution information required to be provided by the
          Securities Administrator under the Trust Agreement for inclusion in the
          Reports
          is included in the Reports;

         

        (4) I
          am
          responsible for reviewing the activities performed by the Securities
          Administrator under the Trust Agreement, and based on my knowledge and
          the
          compliance review conducted in preparing the assessment of compliance of
          the
          Securities Administrator required by the Trust Agreement, and except as
          disclosed in the Reports, the Securities Administrator has fulfilled its
          obligations under the Trust Agreement in all material respects; and

         

        (5) The
          report on assessment of compliance with servicing criteria applicable to
          the
          Securities Administrator for asset-backed securities of the Securities
          Administrator and each Subcontractor utilized by the Securities Administrator
          and related attestation report on assessment of compliance with servicing
          criteria applicable to it required to be included in the Annual Report
          in
          accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
          and
          15d-18 has been included as an exhibit to the Annual Report. Any material
          instances of non-compliance are described in such report and have been
          disclosed
          in the Annual Report.

         

        
          
            
            

          

          
            Q-2-1

            
              

            

          

          
            
            

          

        

        In
          giving
          the certifications above, the Securities Administrator has reasonably relied
          on
          information provided to it by the following unaffiliated parties: [names
          of
          servicer(s), master servicer, subservicer(s), depositor, trustee,
          custodian(s)]

         

        

        Date:      

        

        _____________________________

        [Signature]

        [Title]

        

        

        
          
            
            

          

          
            Q-2-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-1

        

        FORM
          OF
          FORECASTED LOSS REPORT

        

        
          
            
            

          

          
            R-1-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-2

        

        FORM
          OF
          WATCH LIST REPORT

        

        
          
            
            

          

          
            R-2-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-3

        

        FORM
          OF
          REDFLAG DASHBOARD REPORT

        

        
          
            
            

          

          
            R-3-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-4

         

        FORM
          OF
          GAIN/LOSS REPORT

         

        
          
            
            

          

          
            R-4-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-5

        

        [Reserved]

         

        
          
            
            

          

          
            R-5-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-6

         

        FORM
          OF
          PREPAYMENT PREMIUMS REPORT

         

        
          
            
            

          

          
            R-6-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-7

         

        FORM
          OF
          HIGHLIGHT SUMMARY REPORT

        
          
            
            

          

          
            R-7-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          S

        

        SERVICING
          CRITERIA TO BE ADDRESSED IN 

        REPORT
          ON
          ASSESSMENT OF COMPLIANCE

        

        TO: [  ]

        

        Where
          there are multiple checks for criteria the attesting party will identify
          in
          their management assertion that they are attesting only to the portion
          of the
          distribution chain they are responsible for in the related transaction
          agreements. Capitalized terms used herein but not defined herein shall
          have the
          meanings assigned to them in the Trust Agreement dated as of September 1,
          2006, by and among Structured Asset Securities Corporation, as Depositor,
          U.S.
          Bank National Association, as Trustee, Aurora Loan Services LLC, as Master
          Servicer, Wells Fargo Bank, N.A., as Securities Administrator, and Risk
          Management Group, LLC, as Credit Risk Manager.

        

        
          	
                  Regulation
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                  (including
                    the Trustee if acting as Paying Agent)

                	
                  Credit
                    Risk Manager

                	
                  Trustee

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                

        

        
          	 	
                  General Servicing
                     Considerations

                	 	 	 	 	 
	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                	 	 	 	
                  X

                	 
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                	 	 	 	 	 
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the pool assets are maintained. 

                	
                   

                	 	
                   

                	
                  X

                	 
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements. 

                	 	
                  X

                	 	
                  X

                	 

        

         

         

        
          
            
            

          

          
            S-1

            
              

            

          

          
            
            

          

        

        
          

          
            	
                    Regulation
                      AB Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                    (including
                      the Trustee if acting as Paying Agent)

                  	
                    Credit
                      Risk Manager

                  	
                    Trustee

                  	
                    Master
                      Servicer

                  	
                    Securities
                      Administrator

                  

          

        

        
          	 	
                  Cash Collection and Administration

                	 	 	 	 	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on pool assets are deposited into the appropriate custodial bank
                    accounts
                    and related bank clearing accounts no more than two business
                    days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements. 

                	
                  X

                	 	 	
                  X

                	
                  X

                
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel. 

                	
                  X

                	 	 	
                  X

                	 
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction agreements.
                    

                	 	 	 	
                  X

                	 
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of over collateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements. 

                	
                  X

                	 	 	
                  X

                	
                  X

                
	
                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institution” with respect to
                    a foreign financial institution means a foreign financial institution
                    that
                    meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange Act.
                    

                	 	 	 	
                  X

                	
                  X

                
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized access.
                    

                	
                  X

                	 	 	
                  X

                	 
	
                  1122(d)(2)(vii)
                    

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than the person who prepared
                    the
                    reconciliation; and (D) contain explanations for reconciling
                    items. These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements. 

                	
                  X

                	 	 	
                  X

                	 

        

         

         

        
          
            
            

          

          
            S-2

            
              

            

          

          
            
            

          

        

         

        
          

          
            	
                    Regulation
                      AB Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                    (including
                      the Trustee if acting as Paying Agent)

                  	
                    Credit
                      Risk Manager

                  	
                    Trustee

                  	
                    Master
                      Servicer

                  	
                    Securities
                      Administrator

                  

          

        

        
          	 	
                  Investor
                    Remittances and Reporting

                	 	 	 	 	 
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the trustee’s records as to the total unpaid principal
                    balance and number of pool assets serviced by the Servicer.
                    

                	 	
                  X

                	 	
                  X

                	
                  X

                
	
                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements. 

                	
                  X

                	 	 	
                  X

                	
                  X

                

        

         

         

        
          
            
            

          

          
            S-3

            
              

            

          

          
            
            

          

        

        
          

          
            	
                    Regulation
                      AB Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                    (including
                      the Trustee if acting as Paying Agent)

                  	
                    Credit
                      Risk Manager

                  	
                    Trustee

                  	
                    Master
                      Servicer

                  	
                    Securities
                      Administrator

                  

          

        

        
          	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements. 

                	
                  X

                	 	 	
                   X

                	 
	
                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank statements.
                    

                	
                  X

                	 	 	
                  X

                	 
	 	
                  Pool
                    Asset Administration

                	 	 	 	 	 
	
                  1122(d)(4)(i)
                    

                	
                  Collateral
                    or security on pool assets is maintained as required by the transaction
                    agreements or related pool asset documents. 

                	
                   

                	 	 	 	 
	
                  1122(d)(4)(ii)

                	
                  Pool
                    assets and related documents are safeguarded as required by the
                    transaction agreements 

                	
                   

                	 	 	 	 
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements. 

                	
                   

                	 	
                  X

                	 	 
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on pool assets, including any payoffs, made in accordance with
                    the related
                    pool asset documents are posted to the Servicer’s obligor records
                    maintained no more than two business days after receipt, or such
                    other
                    number of days specified in the transaction agreements, and allocated
                    to
                    principal, interest or other items (e.g., escrow) in accordance
                    with the
                    related pool asset documents. 

                	 	 	 	 	 
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the pool assets agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal balance.
                    

                	 	 	 	 	 
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor's pool assets
                    (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents. 

                	 	 	 	
                  X

                	 

        

         

         

        
          
            
            

          

          
            S-4

            
              

            

          

          
            
            

          

        

        
          

          
            	
                    Regulation
                      AB Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                    (including
                      the Trustee if acting as Paying Agent)

                  	
                    Credit
                      Risk Manager

                  	
                    Trustee

                  	
                    Master
                      Servicer

                  	
                    Securities
                      Administrator

                  

          

        

        
          	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements. 

                	 	 	 	
                  X

                	 
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a pool
                    asset is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent pool assets including, for
                    example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or unemployment).
                    

                	 	 	 	 	 
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for pool assets with variable
                    rates
                    are computed based on the related pool asset documents. 

                	 	 	 	 	 
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s pool asset documents,
                    on at least an annual basis, or such other period specified in
                    the
                    transaction agreements; (B) interest on such funds is paid, or
                    credited,
                    to obligors in accordance with applicable pool asset documents
                    and state
                    laws; and (C) such funds are returned to the obligor within 30
                    calendar
                    days of full repayment of the related pool assets, or such other
                    number of
                    days specified in the transaction agreements. 

                	 	 	 	 	 

        

         

         

        
          
            
            

          

          
            S-5

            
              

            

          

          
            
            

          

        

        
          

          
            	
                    Regulation
                      AB Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                    (including
                      the Trustee if acting as Paying Agent)

                  	
                    Credit
                      Risk Manager

                  	
                    Trustee

                  	
                    Master
                      Servicer

                  	
                    Securities
                      Administrator

                  

          

        

        
          	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements. 

                	 	 	 	
                   

                	 
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the Servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission. 

                	 	 	 	
                   

                	 
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements. 

                	 	 	 	
                   

                	 
	
                  1122(d)(4)(xiv)
                    

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements. 

                	 	 	 	
                  X

                	 
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements. 

                	 	 	
                  X

                	 	 

        

        
          
            
            

          

          
            S-6

            
              

            

          

          
            
            

          

        

        EXHIBIT
          T

        

        [RESERVED]

        

        
          
            
            

          

          
            T-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          U

        

        FORM
          OF
          CERTIFICATION

        TO
          BE
          PROVIDED BY THE CREDIT RISK MANAGER

        

         

        FORM
          OF
          CERTIFICATION

         

        Re:
          Structured Asset Securities Corporation Mortgage Pass-Through Certificates
          Series 2006-WF3 issued pursuant to the Trust Agreement dated as of September
          1,
          2006, among Structured Asset Securities Corporation, as Depositor (the
          “Depositor”), Aurora Loan Services LLC, as Master Servicer, Risk Management
          Group, LLC, as Credit Risk Manager, U.S. Bank National Association, as
          Trustee (the “Trustee”), and Wells Fargo Bank,
          N.A., as Securities Administrator. 

        
           

        

        RISK
          MANAGEMENT GROUP, LLC (the “Credit Risk Manager”) certifies to the Depositor,
          the Sponsor, the Master Servicer, the Trustee, the Securities Administrator
          and
          [10-K Signatory Entity], its officers, directors and affiliates, and with
          the
          knowledge and intent that they will rely upon this certification,
          that:

         

        
          	 	
                  1.

                	
                  Based
                    on the knowledge of the Credit Risk Manager, taken as a whole,
                    the
                    information in the reports provided during the calendar year
                    immediately
                    preceding the date of this certificate (the “Relevant Year”) by the Credit
                    Risk Manager pursuant to the Credit Risk Management Agreement dated
                    as of
                    September 30, 2006 (the “Credit Risk Management Agreement”), by
                    and between the Credit Risk Manager and Wells Fargo Bank, N.A.
                    does not
                    contain any untrue statement of a material fact or omit to state
                    a
                    material fact necessary to make the statements made, in light
                    of the
                    circumstances under which such statements were made, not misleading
                    as of
                    the date that each of such reports was provided;
                    and

                

        

         

        
          	 	
                  2.

                	
                  The
                    Credit Risk Manager has fulfilled its obligations under the Credit
                    Risk
                    Management Agreement throughout the Relevant
                    Year.

                

        

         

        RISK
          MANAGEMENT GROUP, LLC

         

         

        By:                

         

        Name:                

         

        Title:                  

         

        
          
            
            

          

          
            U-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          V

         

        TRANSACTION
          PARTIES

         

        Sponsor
          and Seller: Lehman Brothers Holdings Inc.

         

        Depositor:
          Structured Asset Securities Corporation

         

        Trustee:
          U.S. Bank National Association

         

        Securities
          Administrator: Wells Fargo Bank, N.A.

         

        Master
          Servicer: Aurora Loan Services LLC

         

        Credit
          Risk Manager: Risk Management Group, LLC

         

        Swap
          Counterparty: IXIS Financial Products Inc.

         

        Cap
          Counterparty: IXIS Financial Products Inc.

         

        Servicer(s):
          Wells Fargo Bank, N.A.

         

        Originator(s):
          Wells Fargo Bank, N.A.

         

        Custodian(s):
          Wells Fargo Bank, N.A.

         

        Paying
          Agent: U.S. Bank National Association

         

        
          
            
            

          

          
            V-1

            
              

            

          

          
            
            

          

        

        SCHEDULE
          A

         

        MORTGAGE
          LOAN SCHEDULE

         

        [To
          be
          retained in a separate closing binder entitled “SASCO 2006-WF3 Mortgage Loan
          Schedule” at McKee Nelson LLP] 

        
          
            
            

          

          
            S-A-1

            
              

            

          

          
            
            

          

        

        SCHEDULE
          B

         

        FIRST
          PAYMENT DEFAULT MORTGAGE LOANS

         

        [To
          be
          retained in a separate closing binder entitled “SASCO 2006-WF3 First Payment
          Default Mortgage Loans” at McKee Nelson LLP]

         

         

        
          
            
            

          

          
            S-B-1

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