Document:

Unassociated Document

    

      
        

        

      

       

       

      INDYMAC
        MBS, INC.,

      Depositor

       

      INDYMAC
        BANK, F.S.B.,

      Seller
        and Servicer

       

      And

       

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY

      Trustee

       

      POOLING
        AND SERVICING AGREEMENT

       

      DATED
        AS
        OF JUNE 1, 2006

       

      ______________________________

       

      INDYMAC
        RESIDENTIAL MORTGAGE-BACKED TRUST, SERIES 2006-L2

       

      RESIDENTIAL
        MORTGAGE-BACKED CERTIFICATES, SERIES 2006-L2

       

       

       

       

      

      
        

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      Table
        of Contents

       

      

      

       

      ARTICLE
        I
        DEFINITIONS3

       

      
        	 	
                Section
                  1.01.

              	
                Defined
                  Terms.

              	
                 

              

      

      
        	 	
                Section
                  1.02.

              	
                Allocation
                  of Certain Interest Shortfalls.

              	
                 

              

      

      
        	 	
                Section
                  1.03.

              	
                Accounting.

              	
                 

              

      

       

      ARTICLE
        II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES39

       

      
        	 	
                Section
                  2.01.

              	
                Conveyance
                  of Mortgage Loans.

              	
                 

              

      

      
        	 	
                Section
                  2.02.

              	
                Acceptance
                  by Trustee.

              	
                 

              

      

      
        	 	
                Section
                  2.03.

              	
                Repurchase
                  or Substitution of Mortgage Loans by the Seller.

              	
                 

              

      

      
        	 	
                Section
                  2.04.

              	
                [Reserved].

              	
                 

              

      

      
        	 	
                Section
                  2.05.

              	
                Representations,
                  Warranties and Covenants of the Servicer.

              	
                 

              

      

      
        	 	
                Section
                  2.06.

              	
                Representations
                  and Warranties of the Depositor.

              	
                 

              

      

      
        	 	
                Section
                  2.07.

              	
                Issuance
                  of Certificates.

              	
                 

              

      

      
        	 	
                Section
                  2.08.

              	
                Conveyance
                  of REMIC 1 Regular Interests and Acceptance of REMIC 2 by
                  Trustee.

              	
                 

              

      

      
        	 	
                Section
                  2.09.

              	
                Purposes
                  and Powers of the Trust.

              	
                 

              

      

       

      ARTICLE
        III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS52

       

      
        	 	
                Section
                  3.01.

              	
                Servicer
                  to Act as Servicer.

              	
                 

              

      

      
        	 	
                Section
                  3.02.

              	
                Sub-Servicing
                  Agreements Between Servicer and Sub-Servicers; Special
                  Servicing.

              	
                 

              

      

      
        	 	
                Section
                  3.03.

              	
                Successor
                  Sub-Servicers.

              	
                 

              

      

      
        	 	
                Section
                  3.04.

              	
                Liability
                  of the Servicer.

              	
                 

              

      

      
        	 	
                Section
                  3.05.

              	
                No
                  Contractual Relationship Between Sub-Servicers and the Trustee
                  or
                  Certificateholders.

              	
                 

              

      

      
        	 	
                Section
                  3.06.

              	
                Assumption
                  or Termination of Sub-Servicing Agreements by Trustee.

              	
                 

              

      

      
        	 	
                Section
                  3.07.

              	
                Collection
                  of Certain Mortgage Loan Payments.

              	
                 

              

      

      
        	 	
                Section
                  3.08.

              	
                Sub-Servicing
                  Accounts.

              	
                 

              

      

      
        	 	
                Section
                  3.09.

              	
                Collection
                  of Taxes, Assessments and Similar Items; Servicing Accounts.

              	
                 

              

      

      
        	 	
                Section
                  3.10.

              	
                Collection
                  Account; Distribution Account.

              	
                 

              

      

      
        	 	
                Section
                  3.11.

              	
                Withdrawals
                  from the Collection Account and Distribution Account.

              	
                 

              

      

      
        	 	
                Section
                  3.12.

              	
                Investment
                  of Funds in the Collection Account and the Distribution
                  Account.

              	
                 

              

      

      
        	 	
                Section
                  3.13.

              	
                [Reserved].

              	
                 

              

      

      
        	 	
                Section
                  3.14.

              	
                Maintenance
                  of Errors and Omissions and Fidelity Coverage.

              	
                 

              

      

      
        	 	
                Section
                  3.15.

              	
                Enforcement
                  of Due-On-Sale Clauses; Assumption Agreements.

              	
                 

              

      

      
        	 	
                Section
                  3.16.

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              	
                 

              

      

      
        	 	
                Section
                  3.17.

              	
                Trustee
                  to Cooperate; Release of Mortgage Files.

              	
                 

              

      

      
        	 	
                Section
                  3.18.

              	
                Servicing
                  Compensation.

              	
                 

              

      

      
        	 	
                Section
                  3.19.

              	
                Reports
                  to the Trustee; Collection Account Statements.

              	
                 

              

      

      
        	 	
                Section
                  3.20.

              	
                Statement
                  as to Compliance.

              	
                 

              

      

      
        	 	
                Section
                  3.21.

              	
                Assessments
                  of Compliance and Attestation Reports.

              	
                 

              

      

      
        	 	
                Section
                  3.22.

              	
                Commission
                  Reporting.

              	
                 

              

      

      
        	 	
                Section
                  3.23.

              	
                Reserved.

              	
                 

              

      

      
        	 	
                Section
                  3.24.

              	
                Access
                  to Certain Documentation.

              	
                 

              

      

      
        	 	
                Section
                  3.25.

              	
                Title,
                  Maintenance and Disposition of REO Property.

              	
                 

              

      

      
        	 	
                Section
                  3.26.

              	
                Obligations
                  of the Servicer in Respect of Prepayment Interest Shortfalls.

              	
                 

              

      

      
        	 	
                Section
                  3.27.

              	
                [Reserved].

              	
                 

              

      

      
        	 	
                Section
                  3.28.

              	
                Obligations
                  of the Servicer in Respect of Mortgage Rates and Monthly
                  Payments.

              	
                 

              

      

      
        	 	
                Section
                  3.29.

              	
                Excess
                  Reserve Fund Account.

              	
                 

              

      

       

      ARTICLE
        IV FLOW OF FUNDS80

       

      
        	 	
                Section
                  4.01.

              	
                Distributions.

              	
                 

              

      

      
        	 	
                Section
                  4.02.

              	
                Statements.

              	
                 

              

      

      
        	 	
                Section
                  4.03.

              	
                Remittance
                  Reports; Advances.

              	
                 

              

      

      
        	 	
                Section
                  4.04.

              	
                Distributions
                  on the REMIC Regular Interests.

              	
                 

              

      

      
        	 	
                Section
                  4.05.

              	
                Allocation
                  of Realized Losses.

              	
                 

              

      

      
        	 	
                Section
                  4.06.

              	
                The
                  Policy.

              	
                 

              

      

      
        	 	
                Section
                  4.07.

              	
                Reserved.

              	
                 

              

      

       

      ARTICLE
        V
        THE CERTIFICATES94

       

      
        	 	
                Section
                  5.01.

              	
                The
                  Certificates.

              	
                 

              

      

      
        	 	
                Section
                  5.02.

              	
                Registration
                  of Transfer and Exchange of Certificates.

              	
                 

              

      

      
        	 	
                Section
                  5.03.

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              	
                 

              

      

      
        	 	
                Section
                  5.04.

              	
                Persons
                  Deemed Owners.

              	
                 

              

      

      
        	 	
                Section
                  5.05.

              	
                Appointment
                  of Paying Agent.

              	
                 

              

      

       

      ARTICLE
        VI THE SERVICER AND THE DEPOSITOR101

       

      
        	 	
                Section
                  6.01.

              	
                Liability
                  of the Servicer and the Depositor.

              	
                 

              

      

      
        	 	
                Section
                  6.02.

              	
                Merger
                  or Consolidation of, or Assumption of the Obligations of, the Servicer
                  or
                  the Depositor.

              	
                 

              

      

      
        	 	
                Section
                  6.03.

              	
                Limitation
                  on Liability of the Servicer and Others.

              	
                 

              

      

      
        	 	
                Section
                  6.04.

              	
                Servicer
                  Not to Resign.

              	
                 

              

      

      
        	 	
                Section
                  6.05.

              	
                Delegation
                  of Duties.

              	
                 

              

      

      
        	 	
                Section
                  6.06.

              	
                Inspection.

              	
                 

              

      

       

      ARTICLE
        VII DEFAULT103

       

      
        	 	
                Section
                  7.01.

              	
                Servicer
                  Events of Termination.

              	
                 

              

      

      
        	 	
                Section
                  7.02.

              	
                Trustee
                  to Act; Appointment of Successor.

              	
                 

              

      

      
        	 	
                Section
                  7.03.

              	
                Waiver
                  of Defaults.

              	
                 

              

      

      
        	 	
                Section
                  7.04.

              	
                Notification
                  to Certificateholders.

              	
                 

              

      

      
        	 	
                Section
                  7.05.

              	
                Survivability
                  of Servicer Liabilities.

              	
                 

              

      

       

      ARTICLE
        VIII THE TRUSTEE108

       

      
        	 	
                Section
                  8.01.

              	
                Duties
                  of Trustee.

              	
                 

              

      

      
        	 	
                Section
                  8.02.

              	
                Certain
                  Matters Affecting the Trustee.

              	
                 

              

      

      
        	 	
                Section
                  8.03.

              	
                Trustee
                  Not Liable for Certificates or Mortgage Loans.

              	
                 

              

      

      
        	 	
                Section
                  8.04.

              	
                Trustee
                  May Own Certificates.

              	
                 

              

      

      
        	 	
                Section
                  8.05.

              	
                Trustee
                  Fee and Expenses.

              	
                 

              

      

      
        	 	
                Section
                  8.06.

              	
                Eligibility
                  Requirements for Trustee.

              	
                 

              

      

      
        	 	
                Section
                  8.07.

              	
                Resignation
                  or Removal of Trustee.

              	
                 

              

      

      
        	 	
                Section
                  8.08.

              	
                Successor
                  Trustee.

              	
                 

              

      

      
        	 	
                Section
                  8.09.

              	
                Merger
                  or Consolidation of Trustee.

              	
                 

              

      

      
        	 	
                Section
                  8.10.

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              	
                 

              

      

      
        	 	
                Section
                  8.11.

              	
                Limitation
                  of Liability.

              	
                 

              

      

      
        	 	
                Section
                  8.12.

              	
                Trustee
                  May Enforce Claims Without Possession of Certificates.

              	
                 

              

      

      
        	 	
                Section
                  8.13.

              	
                Suits
                  for Enforcement.

              	
                 

              

      

      
        	 	
                Section
                  8.14.

              	
                Waiver
                  of Bond Requirement.

              	
                 

              

      

      
        	 	
                Section
                  8.15.

              	
                Waiver
                  of Inventory, Accounting and Appraisal Requirement.

              	
                 

              

      

      
        	 	
                Section
                  8.16.

              	
                Reserved.

              	
                 

              

      

      
        	 	
                Section
                  8.17.

              	
                Access
                  to Records of Trustee.

              	
                 

              

      

       

      ARTICLE
        IX REMIC ADMINISTRATION118

       

      
        	 	
                Section
                  9.01.

              	
                REMIC
                  Administration.

              	
                 

              

      

      
        	 	
                Section
                  9.02.

              	
                Prohibited
                  Transactions and Activities.

              	
                 

              

      

      
        	 	
                Section
                  9.03.

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

              	
                 

              

      

       

      ARTICLE
        X
        TERMINATION122

       

      
        	 	
                Section
                  10.01.

              	
                Termination.

              	
                 

              

      

      
        	 	
                Section
                  10.02.

              	
                Additional
                  Termination Requirements.

              	
                 

              

      

       

      ARTICLE
        XI MISCELLANEOUS PROVISIONS125

       

      
        	 	
                Section
                  11.01.

              	
                Amendment.

              	
                 

              

      

      
        	 	
                Section
                  11.02.

              	
                Recordation
                  of Agreement; Counterparts.

              	
                 

              

      

      
        	 	
                Section
                  11.03.

              	
                Limitation
                  on Rights of Certificateholders.

              	
                 

              

      

      
        	 	
                Section
                  11.04.

              	
                Governing
                  Law; Jurisdiction.

              	
                 

              

      

      
        	 	
                Section
                  11.05.

              	
                Notices

              	
                 

              

      

      
        	 	
                Section
                  11.06.

              	
                Severability
                  of Provisions.

              	
                 

              

      

      
        	 	
                Section
                  11.07.

              	
                Article
                  and Section References.

              	
                 

              

      

      
        	 	
                Section
                  11.08.

              	
                Notice
                  to the Rating Agencies and the Certificate Insurer.

              	
                 

              

      

      
        	 	
                Section
                  11.09.

              	
                Further
                  Assurances.

              	
                 

              

      

      
        	 	
                Section
                  11.10.

              	
                Benefits
                  of Agreement.

              	
                 

              

      

      
        	 	
                Section
                  11.11.

              	
                Acts
                  of Certificateholders.

              	
                 

              

      

      
        	 	
                Section
                  11.12.

              	
                Grant
                  of Security Interest.

              	
                 

              

      

      
        	 	
                Section
                  11.13.

              	
                Official
                  Record.

              	
                 

              

      

      
        	 	
                Section
                  11.14.

              	
                Protection
                  of Assets.

              	
                 

              

      

      
        	 	
                Section
                  11.15.

              	
                Qualifying
                  Special Purpose Entity.

              	
                 

              

      

      
        	 	
                Section
                  11.16.

              	
                Rights
                  of the Certificate Insurer.

              	
                 

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBITS:

       

      
        	
                Exhibit
                  A-1

              	
                Form
                  of Class A-1 Certificates

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class A-2 Certificates

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class A-3 Certificates

              
	
                Exhibit
                  A-4

              	
                Form
                  of Class M Certificate

              
	
                Exhibit
                  A-5

              	
                Form
                  of Class B Certificate

              
	
                Exhibit
                  A-6

              	
                Form
                  of Class C Certificate

              
	
                Exhibit
                  A-7

              	
                Form
                  of Class R Certificate

              
	
                Exhibit
                  B

              	
                Copy
                  of Financial Guaranty Insurance Policy with respect to the Class
                  A
                  Certificates

              
	
                Exhibit
                  C

              	
                Form
                  of Mortgage Loan Purchase Agreement

              
	
                Exhibit
                  D

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  E

              	
                Form
                  of Request for Release

              
	
                Exhibit
                  F-1

              	
                Form
                  of Trustee’s Initial Certification

              
	
                Exhibit
                  F-2

              	
                Form
                  of Trustee’s Final Certification

              
	
                Exhibit
                  F-3

              	
                Form
                  of Receipt of Mortgage Note

              
	
                Exhibit
                  G

              	
                [Reserved]
                  

              
	
                Exhibit
                  H

              	
                Form
                  of Lost Note Affidavit

              
	
                Exhibit
                  I

              	
                Form
                  of Certification with respect to ERISA and the Code

              
	
                Exhibit
                  J

              	
                Form
                  of Investment Letter

              
	
                Exhibit
                  K

              	
                Reserved

              
	
                Exhibit
                  L

              	
                Form
                  of Transferor Certificate

              
	
                Exhibit
                  M

              	
                Form
                  of Class R Certificate Transfer Affidavit

              
	
                Exhibit
                  N-1

              	
                Form
                  of Certification to be Provided by the Depositor with Form
                  10-K

              
	
                Exhibit
                  N-2

              	
                Trustee’s
                  Officer’s Certificate

              
	
                Exhibit
                  O

              	
                Servicing
                  Criteria to be Addressed in Assessment of Compliance

              
	
                Exhibit
                  P

              	
                Form
                  10-D, Form 8-K and Form 10-K Reporting Responsibility 

              
	 	 
	
                Schedule
                  I

              	
                List
                  of Multiple Mortgage Loans to Single
                  Borrowers

              

      

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      This
        Pooling and Servicing Agreement is dated as of June 1, 2006 (the “Agreement”),
        among INDYMAC MBS, INC., as depositor (the “Depositor”), INDYMAC BANK, F.S.B.,
        as seller and servicer (the “Seller” and “Servicer”, as applicable) and DEUTSCHE
        BANK NATIONAL TRUST COMPANY, as trustee (the “Trustee”).

       

      PRELIMINARY
        STATEMENT:

       

      The
        Depositor intends to sell pass-through certificates (collectively, the
“Certificates”), to be issued hereunder in multiple classes, which Certificates
        in the aggregate will evidence the entire beneficial ownership interest in
        the
        Trust Fund created hereunder. The Certificates will consist of seven classes
        of
        certificates, designated as (i) the Class A-1 Certificates, (ii) the Class
        A-2
        Certificates, (iii) the Class A-3 Certificates, (iv) the Class M Certificates,
        (v) the Class B Certificates, (vi) the Class C Certificates and (vii) the
        Class
        R Certificates.

       

      REMIC
        1

       

      As
        provided herein, the Trustee shall make an election to treat the segregated
        pool
        of assets consisting of the Mortgage Loans and certain other related assets
        subject to this Agreement (exclusive of the Excess Reserve Fund Account)
        as a
        real estate mortgage investment conduit (a “REMIC”) for federal income tax
        purposes, and such segregated pool of assets will be designated as “REMIC 1.”
The Class R-1 Interest represents the sole class of “residual interests” in
        REMIC 1 for purposes of the REMIC Provisions.

       

      The
        following table irrevocably sets forth the designation, the Uncertificated
        REMIC
        1 Pass-Through Rate, the initial Uncertificated Principal Balance, and for
        purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
        “latest possible maturity date” for each of the REMIC 1 Regular Interests. None
        of the REMIC 1 Regular Interests will be certificated.

       

      

      
        	
                Designation

              	 	
                Uncertificated
                  REMIC 1

                Pass-Through
                  Rate

              	 	
                Initial
                  Uncertificated

                Principal
                  Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date(1)

              	 
	
                LT1AA

              	 	 	
                Variable(2

              	
                )

              	
                $

              	
                220,993,633.67

              	 	 	
                January
                  25, 2012

              	 
	
                LT1A1

              	 	 	
                Variable(2

              	
                )

              	
                $

              	
                1,267,950.00

              	 	 	
                January
                  25, 2012

              	 
	
                LT1A2

              	 	 	
                Variable(2

              	
                )

              	
                $

              	
                675,590.00

              	 	 	
                January
                  25, 2012

              	 
	
                LT1A3

              	 	 	
                Variable(2

              	
                )

              	
                $

              	
                281,050.00

              	 	 	
                January
                  25, 2012

              	 
	
                LT1M

              	 	 	
                Variable(2

              	
                )

              	
                $

              	
                10,150.00

              	 	 	
                January
                  25, 2012

              	 
	
                LT1B

              	 	 	
                Variable(2

              	
                )

              	
                $

              	
                20,290.00

              	 	 	
                January
                  25, 2012

              	 
	
                LT1ZZ

              	 	 	
                Variable(2

              	
                )

              	
                $

              	
                2,255,044.16

              	 	 	
                January
                  25, 2012

              	 

      

      ___________________

      
        	
                (1)

              	
                For
                  purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                  the
                  earlier of (a) January 25, 2012 and (b) 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 has been designated as the “latest possible
                  maturity date” for each Uncertificated REMIC 1 Regular
                  Interest.

              

        	 	 

        	(2)	Calculated in accordance with the definition of
                “Uncertificated REMIC 1 Pass-Through Rate”
herein.

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      REMIC
        2

       

      As
        provided herein, the Trustee shall make an election to treat the segregated
        pool
        of assets consisting of the REMIC 1 Regular Interests as a REMIC for federal
        income tax purposes, and such segregated pool of assets will be designated
        as
“REMIC 2.” The Class R-2 Interest represents the sole class of “residual
        interests” in REMIC 2 for purposes of the REMIC Provisions.

       

      The
        following table sets forth (or describes) the Class designation, Pass-Through
        Rate and initial Certificate Principal Balance for each Class of Certificates
        that represents one or more of the “regular interests” in REMIC 2 created
        hereunder:

      

      
        	
                Designation

              	 	
                Pass-Through

                Rate

              	 	
                Initial

                Certificate
                  Principal

                Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date(1)

              	 
	
                Class
                  A-1

              	 	 	
                Variable(2

              	
                )

              	
                $

              	
                126,795,000.00

              	 	 	
                January
                  25, 2012

              	 
	
                Class
                  A-2

              	 	 	
                Variable(2

              	
                )

              	
                $

              	
                67,559,000.00

              	 	 	
                January
                  25, 2012

              	 
	
                Class
                  A-3

              	 	 	
                Variable(2

              	
                )

              	
                $

              	
                28,105,000.00

              	 	 	
                January
                  25, 2012

              	 
	
                Class
                  M

              	 	 	
                Variable(2

              	
                )

              	
                $

              	
                1,015,000.00

              	 	 	
                January
                  25, 2012

              	 
	
                Class
                  B

              	 	 	
                Variable(2

              	
                )

              	
                $

              	
                2,029,000.00

              	 	 	
                January
                  25, 2012

              	 
	
                Class
                  C

              	 	 	
                Variable(3

              	
                )

              	
                $

              	
                707.83

              	 	 	
                January
                  25, 2012

              	 
	 	 	 	 	 	 	 	 	 	 	 

      

      __________________

      
        	
                (1)

              	
                For
                  purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                  the
                  earlier of (a) January 25, 2012 and (b) 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 has been designated as the “latest possible
                  maturity date” for each Class of Certificates that represents one or more
                  of the “regular interests” in REMIC
                  2.

              

      

      (2) Calculated
        in accordance with the definition of “Pass-Through Rate” herein.

      
        	
                (3)

              	
                The
                  Class C Certificates will accrue interest at its variable Pass-Through
                  Rate on its uncertificated Notional Amount outstanding from time
                  to time
                  which shall equal the aggregate Uncertificated Principal Balance
                  of the
                  REMIC 1 Regular Interests. The Class C Certificates will not accrue
                  interest on its Certificate Principal
                  Balances.

              

      

       

      As
        of the
        Cut-off Date, the Closing Date Mortgage Loans had an aggregate Stated Principal
        Balance equal to $225,503,707.83.

       

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      ARTICLE
        I

       

      DEFINITIONS

       

      Section
        1.01.  Defined
        Terms.

       

      Whenever
        used in this Agreement or in the Preliminary Statement, the following words
        and
        phrases, unless the context otherwise requires, shall have the meanings
        specified in this Article. Unless otherwise specified, all calculations in
        respect of interest on the Class A Certificates and the Subordinated
        Certificates shall be made on the basis of a 360-day year and the actual
        number
        of days elapsed, and all other calculations of interest described herein
        shall
        be made on the basis of a 360-day year consisting of twelve 30-day months.
        The
        Class R Certificates are not entitled to distributions in respect of interest
        and, accordingly, will not accrue interest.

       

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

       

      “Account”:
        Either of the Collection Account or Distribution Account.

       

      “Accrual
        Period”: With respect to the Class A Certificates and the Subordinated
        Certificates and each Distribution Date, the period commencing on the preceding
        Distribution Date (or in the case of the first such Accrual Period, commencing
        on the Closing Date) and ending on the day preceding the current Distribution
        Date. With respect to the Class C Certificates and each Distribution Date,
        the
        calendar month prior to the month of such Distribution Date.

       

      “Accrued
        Certificate Interest”: With respect to the Class A Certificates, the
        Subordinated Certificates and the Class C Certificates and any Distribution
        Date, the amount of interest accrued during the related Accrual Period at
        the
        related Pass-Through Rate on the Certificate Principal Balance (or Notional
        Amount in the case of the Class C Certificates) of such Class immediately
        prior
        to such Distribution Date, in each case, reduced by any Net Interest Shortfalls
        allocated to such Class as set forth in Section 1.02.

       

      “Adjustable-Rate
        Mortgage Loan”: A Mortgage Loan which provides at any period during the life of
        such loan for the adjustment of the Mortgage Rate payable in respect thereto.
        The Adjustable-Rate Mortgage Loans are identified as such on the Mortgage
        Loan
        Schedule.

       

      “Adjustment
        Date”: With respect to each Adjustable-Rate Mortgage Loan, each adjustment date
        on which the Mortgage Rate of such Mortgage Loans may change pursuant to
        the
        related Mortgage Note. The first Adjustment Date following the Cut-off Date
        as
        to each Adjustable-Rate Mortgage Loan is set forth in the Mortgage Loan
        Schedule.

       

      “Advance”:
        As to any Mortgage Loan or REO Property, any advance made by the Servicer
        in
        respect of any Distribution Date pursuant to Section 4.03.

       

      “Adverse
        REMIC Event”: As defined in Section 9.01 hereof.

       

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

       

      “Agreement”:
        This Pooling and Servicing Agreement and all amendments hereof and supplements
        hereto.

       

      “Allocated
        Realized Loss Amount”: With respect to any Distribution Date and any Class of
        Subordinated Certificates, the sum of (i) the amount of any Realized Losses
        allocated to such Class of Certificates on such Distribution Date pursuant
        to
        Section 4.05(b) and (ii) the amount of any Allocated Realized Loss Amount
        for
        such Class of Certificates remaining unpaid on the preceding Distribution
        Date
        minus the amount of the increase in the related Certificate Principal Balance
        due to the receipt of Subsequent Recoveries as provided in Section
        4.01.

       

      “Applicable
        Regulations”: As to any Mortgage Loan, all federal, state and local laws,
        statutes, rules and regulations applicable thereto.

       

      “Assignment”:
        An assignment of Mortgage, notice of transfer or equivalent instrument, in
        recordable form (excepting therefrom, if applicable, the mortgage recordation
        information which has not been required pursuant to Section 2.01 hereof or
        returned by the applicable recorder’s office), which is sufficient under the
        laws of the jurisdiction wherein the related Mortgaged Property is located
        to
        reflect of record the sale of the Mortgage.

       

      “Available
        Funds”: With respect to any Distribution Date, an amount equal to the excess, if
        any, of: (i) the sum of (a) the aggregate of the related Monthly Payments
        received on or prior to the related Determination Date, including any Subsequent
        Recoveries, (b) Liquidation Proceeds, Principal Prepayments and other
        unscheduled recoveries of principal and interest in respect of the Mortgage
        Loans during the related Prepayment Period, (c) the aggregate of any amounts
        received in respect of a related REO Property withdrawn from any REO Account
        and
        deposited in the Collection Account for such Distribution Date, (d) the
        aggregate of any amounts deposited in the Collection Account by the Servicer
        in
        respect of Prepayment Interest Shortfalls for such Distribution Date, (e)
        the
        aggregate of any Advances made by the Servicer for such Distribution Date,
        (f)
        the aggregate of any related advances made by the Trustee for such Distribution
        Date pursuant to Section 7.02 and (g) the amounts, if any, received pursuant
        to
        an Optional Termination; over (ii) the sum of (a) amounts reimbursable or
        payable to the Servicer pursuant to Section 3.11(a) or Section 3.18 or to
        the
        Trustee pursuant to Section 3.06 or Section 3.11(b), (b) amounts deposited
        in
        the Collection Account or the Distribution Account pursuant to clauses (i)
        (a)
        through (i)(f) above, as the case may be, in error, (c) the Trustee Fee payable
        from the Distribution Account pursuant to Section 4.01(a) and Section 8.05
        and
        (d) any indemnification payments or expense reimbursements made by the Trust
        Fund pursuant to Section 8.05.

       

      “Bankruptcy
        Code”: The Bankruptcy Reform Act of 1978 (Title 11 of the United States Code),
        as amended.

       

      “Book-Entry
        Certificate”: Any Certificate registered in the name of the Depository or its
        nominee.

       

      “Business
        Day”: Any day other than a Saturday, a Sunday or a day on which banking or
        savings institutions in the State of New York, the State of California or
        in the
        city in which the Corporate Trust Office of the Trustee is located are
        authorized or obligated by law or executive order to be closed.

       

      “Certificate”:
        Any Regular Certificate or Class R Certificate.

       

      “Certificate
        Factor”: With respect to any Class of the Regular Certificates (other than the
        Class C Certificates) as of any Distribution Date, a fraction, expressed
        as a
        decimal carried to six places, the numerator of which is the aggregate
        Certificate Principal Balance of such Class of Certificates on such Distribution
        Date (after giving effect to any distributions of principal and allocations
        of
        Realized Losses in reduction of the Certificate Principal Balance of the
        Certificates to be made on such Distribution Date), and the denominator of
        which
        is the initial aggregate Certificate Principal Balance of such Class of
        Certificates as of the Closing Date. With respect to the Class C Certificates
        as
        of any Distribution Date, a fraction, expressed as a decimal carried to six
        places, the numerator of which is the aggregate Notional Amount of such Class
        of
        Certificates on such Distribution Date (after giving effect to reductions
        thereof to be made on such Distribution Date due to reductions of the Pool
        Balance by scheduled principal due during the related Remittance Period,
        to the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period), and the denominator of which is the
        initial aggregate Notional Amount of such Class of Certificates as of the
        Closing Date.

       

      “Certificateholder”:
        The person in whose name a Certificate is registered in the Certificate
        Register, except that, solely for the purpose of giving any consent pursuant
        to
        this Agreement, any Certificate registered in the name of the Seller, the
        Depositor or its Affiliate shall not be eligible to vote or be considered
        Outstanding and the Percentage Interest evidenced thereby shall not be taken
        into account in determining whether the requisite amount of Percentage Interests
        necessary to effect a consent has been obtained unless the Seller, the Depositor
        or its Affiliates own 100% of the Percentage Interests evidenced by a Class
        of
        Certificates, in which case the Certificates shall be Outstanding for purposes
        of any provision of this Agreement requiring the consent of the Holders of
        Certificates of a particular Class as a condition to the taking of any action.
        The Trustee is entitled to rely conclusively on a certification of the Depositor
        or any Affiliate of the Depositor in determining which Certificates are
        registered in the name of an Affiliate of the Depositor.

       

      “Certificate
        Insurer”: Financial Guaranty Insurance Company, a New York stock insurance
        corporation or its successors in interest.

       

      “Certificate
        Insurer Default”: The existence and continuance of any of the following: (a) a
        failure by the Certificate Insurer to make a payment required under the Policy
        in accordance with its terms.

       

      “Certificate
        Margin”: With respect to the Class A Certificates and each Class of Subordinated
        Certificates and the Accrual Period for any Distribution Date, the margin
        indicated as follows:

      

      
        	
                Class

              	
                Certificate
                  Margin (%)

                (Accrual
                  Periods for Distribution Dates up to and including the Optional
                  Termination Date)

              	
                Certificate
                  Margin (%) (Accrual Periods for Distribution Dates that occur after
                  the
                  Optional Termination Date)

              
	
                Class
                  A-1 Certificates

              	
                0.050%

              	
                0.100%

              
	
                Class
                  A-2 Certificates

              	
                0.150%

              	
                0.300%

              
	
                Class
                  A-3 Certificates

              	
                0.230%

              	
                0.460%

              
	
                Class
                  M Certificates

              	
                1.500%

              	
                2.250%

              
	
                Class
                  B Certificates

              	
                1.500%

              	
                2.250%

              

      

      

      “Certificate
        Owner”: With respect to each Book-Entry Certificate, any beneficial owner
        thereof.

       

      “Certificate
        Principal Balance”: With respect to any Class of Regular Certificates (other
        than the Class C Certificates) immediately prior to any Distribution Date,
        an
        amount equal to the initial Certificate Principal Balance thereof (A) reduced
        by
        the sum of all amounts actually distributed in respect of principal of such
        Class and (B) further reduced, in the case of a Subordinated Certificate,
        by
        Realized Losses allocated thereto on all prior Distribution Dates plus, with
        respect to the Subordinated Certificates, any increase in the Certificate
        Principal Balance of such Certificate due to receipt of Subsequent Recoveries
        pursuant to Section 4.01 (or, in the case of any date of determination up
        to and
        including the first Distribution Date, the initial Certificate Principal
        Balance
        of such Certificate, as stated on the face thereof). With respect to the
        Class C
        Certificates as of any date of determination, an amount equal to the excess,
        if
        any, of (A) the then aggregate Uncertificated Principal Balances of the REMIC
        1
        Regular Interests over (B) the then aggregate Certificate Principal Balances
        of
        the Class A Certificates and the Subordinated Certificates then
        outstanding.

       

      “Certificate
        Register” and “Certificate Registrar”: The register maintained and registrar
        appointed pursuant to Section 5.02 hereof.

       

      “Class”:
        Collectively, Certificates which have the same priority of payment and bear
        the
        same class designation and the form of which is identical except for variation
        in the Percentage Interest evidenced thereby.

       

      “Class
        A
        Certificate”: Any one of the Class A-1, Class A-2 or Class A-3 Certificates
        executed by the Trustee, and authenticated and delivered by the Certificate
        Registrar, substantially in the form annexed hereto as Exhibit A-1, Exhibit
        A-2
        or Exhibit A-3, respectively, and evidencing (i) a Regular Interest in REMIC
        2,
        and (ii) the right to receive the Net WAC Rate Carryover Amount.

       

      “Class
        A
        Principal Distribution Amount”: With respect to any Distribution Date, the
        excess, if any, of (x) the Certificate Principal Balance of the Class A
        Certificates immediately prior to such Distribution Date over (y) the lesser
        of
        (A) the product of (i) 94.30% and (ii) the aggregate Stated Principal Balance
        of
        the Mortgage Loans as of the last day of the related Remittance Period (after
        giving effect to scheduled payments of principal due during the related
        Remittance Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) and
        (B)
        an amount, not less than zero, the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Remittance Period (after
        giving
        effect to scheduled payments of principal due during the related Remittance
        Period, to the extent received or advanced, and unscheduled collections of
        principal received during the related Prepayment Period) minus the
        Overcollateralization Floor Amount.

       

      “Class
        B
        Certificate”: Any one of the Class B Certificates executed by the Trustee, and
        authenticated and delivered by the Certificate Registrar, substantially in
        the
        form annexed hereto as Exhibit A-5, and evidencing (i) a Regular Interest
        in
        REMIC 2, and (ii) the right to receive the Net WAC Rate Carryover
        Amount.

       

      “Class
        B
        Principal Distribution Amount”: With respect to any Distribution Date, the
        excess, if any, of (x) the sum of (i) the Certificate Principal Balance of
        the
        Class A Certificates (after taking into account the distribution of the Class
        A
        Principal Distribution Amount on such Distribution Date), (ii) the Certificate
        Principal Balance of the Class M Certificates (after taking into account
        the
        distribution of the Class M Principal Distribution Amount on such Distribution
        Date), and (iii) the Certificate Principal Balance of the Class B Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 97.00% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Remittance Period (after
        giving
        effect to scheduled payments of principal due during the related Remittance
        Period, to the extent received or advanced, and unscheduled collections of
        principal received during the related Prepayment Period) and (B) an amount,
        not
        less than zero, the aggregate Stated Principal Balance of the Mortgage Loans
        as
        of the last day of the related Remittance Period (after giving effect to
        scheduled payments of principal due during the related Remittance Period,
        to the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) minus the Overcollateralization Floor
        Amount.

       

      “Class
        C
        Certificate”: Any one of the Class C Certificates executed by the Trustee, and
        authenticated and delivered by the Certificate Registrar, substantially in
        the
        form annexed hereto as Exhibit A-6, and evidencing a Regular Interest in
        REMIC
        2.

       

      “Class
        M
        Certificate”: Any one of the Class M Certificates executed by the Trustee, and
        authenticated and delivered by the Certificate Registrar, substantially in
        the
        form annexed hereto as Exhibit A-4, and evidencing (i) a Regular Interest
        in
        REMIC 2 and (ii) the right to receive the Net WAC Rate Carryover
        Amount.

       

      “Class
        M
        Principal Distribution Amount”: With respect to any Distribution Date, the
        excess, if any, of (x) the sum of (i) the Certificate Principal Balance of
        the
        Class A Certificates (after taking into account the payment of the Class
        A
        Principal Distribution Amount on such Distribution Date) and (ii) the
        Certificate Principal Balance of the Class M Certificates immediately prior
        to
        such Distribution Date over (y) the lesser of (A) the product of (i) 95.20%
        and
        (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Remittance Period (after giving effect to scheduled payments
        of principal due during the related Remittance Period, to the extent received
        or
        advanced, and unscheduled collections of principal received during the related
        Prepayment Period) and (B) an amount, not less than zero, the aggregate Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Remittance Period (after giving effect to scheduled payments of principal
        due
        during the related Remittance Period, to the extent received or advanced,
        and
        unscheduled collections of principal received during the related Prepayment
        Period) minus the Overcollateralization Floor Amount.

       

      “Class
        Certificate Balance”: As used in the Policy, shall have the same meaning as set
        forth under Certificate Principal Balance.

       

      “Class
        R
        Certificate”: Any one of the Class R Certificates executed by the Trustee, and
        authenticated and delivered by the Certificate Registrar, substantially in
        the
        form annexed hereto as Exhibit A-7 and evidencing the ownership of the Class
        R-1
        Interest and the Class R-2 Interest.

       

      “Class
        R-1 Interest”: The uncertificated Residual Interest in REMIC 1.

       

      “Class
        R-2 Interest”: The uncertificated Residual Interest in REMIC 2.

       

      “Close
        of
        Business”: As used herein, with respect to any Business Day, 5:00 p.m. (New York
        time).

       

      “Closing
        Date”: June 15, 2006.

       

      “Code”:
        The Internal Revenue Code of 1986, as amended.

       

      “Collection
        Account”: The account or accounts created and maintained by the Servicer
        pursuant to Section 3.10(a), which shall be entitled “Deutsche Bank National
        Trust Company, as Trustee, in trust for registered Holders of IndyMac
        Residential Mortgage-Backed Trust Certificates, Series 2006-L2,” which must be
        an Eligible Account.

       

      “Compensating
        Interest”: As defined in Section 3.26 hereof.

       

      “Corporate
        Trust Office”: The principal corporate trust office of the Trustee at which at
        any particular time its corporate trust business in connection with this
        Agreement shall be administered, which office at the date of the execution
        of
        this instrument is located at 1761 East St. Andrew Place, Santa Ana, CA
        92705-4934, or at such other addresses as the Trustee may designate from
        time to
        time by notice to the Certificateholders, the Depositor, the Servicer, the
        Certificate Insurer and the Seller.

       

      “Corresponding
        Certificate”: With respect to each REMIC 1 Regular Interest, as
        follows:

       

      
        	
                REMIC
                  1 Regular Interest

              	
                Class

              
	
                REMIC
                  1 Regular Interest
                  LT1A1

              	
                A-1

              
	
                REMIC
                  1 Regular Interest LT1A2

              	
                A-2

              
	
                REMIC
                  1 Regular Interest LT1A3

              	
                A-3

              
	
                REMIC
                  1 Regular Interest LT1M

              	
                M

              
	
                REMIC
                  1 Regular Interest LT1B

              	
                B

              

      

      

      “Credit
        Enhancement Percentage”: For any Distribution Date, the percentage obtained by
        dividing (x) the sum of (i) the aggregate Certificate Principal Balances
        of all
        classes of certificates subordinated to such class and (ii) the
        Overcollateralization Amount (in each case after taking into account the
        distributions of the Principal Distribution Amount for that Distribution
        Date)
        by (y) the aggregate Stated Principal Balance of the mortgage loans as of
        the
        last day of the related Remittance Period (after giving effect to scheduled
        payments of principal due during that Remittance Period, to the extent received
        or advanced, and principal prepayments received in the Prepayment Period
        related
        to that Distribution Date).

       

      “Custodian”:
        Deutsche Bank National Trust Company, as custodian of the Mortgage Files,
        and
        any successor thereto.

       

      “Cut-off
        Date”: With respect to each Mortgage Loan, June 1, 2006. With respect to all
        Qualified Substitute Mortgage Loans, their respective dates of substitution.
        References herein to the “Cut-off Date,” when used with respect to more than one
        Mortgage Loan, shall be to the respective Cut-off Dates for such Mortgage
        Loans.

       

      “Debt
        Service Reduction”: With respect to any Mortgage Loan, a reduction in the
        scheduled Monthly Payment for such Mortgage Loan by a court of competent
        jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
        resulting from a Deficient Valuation.

       

      “Deficiency
        Amount”: With respect to any Distribution Date and the Insured Certificates, an
        amount, if any, equal to the sum of: (i) the aggregate amount by which the
        Accrued Certificate Interest allocable to the Insured Certificates for such
        Distribution Date exceeds the Interest Remittance Amount available on such
        Distribution Date (less the Premium payable to the Certificate Insurer on
        such
        Distribution Date); and (ii) (a) with respect to any Distribution Date that
        is
        not the Final Distribution Date, the aggregate amount, if any, by which the
        aggregate Certificate Principal Balance of the Insured Certificates after
        distribution of Available Funds on such Distribution Date exceeds the sum
        of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the last day
        of
        the related Remittance Period; or (b) on the Final Distribution Date, the
        aggregate outstanding Certificate Principal Balance of the Insured Certificates
        to the extent otherwise not distributed on such date, taking into account
        all
        sources other than the Policy.

       

      “Deficient
        Valuation”: With respect to any Mortgage Loan, a valuation of the related
        Mortgaged Property by a court of competent jurisdiction in an amount less
        than
        the then outstanding Stated Principal Balance of the Mortgage Loan, which
        valuation results from a proceeding initiated under the Bankruptcy
        Code.

       

      “Definitive
        Certificates”: As defined in Section 5.02(c) hereof.

       

      “Deleted
        Mortgage Loan”: A Mortgage Loan replaced or to be replaced by one or more
        Qualified Substitute Mortgage Loans.

       

      “Delinquency
        Percentage”: For any Distribution Date, the percentage obtained by dividing (x)
        the aggregate Stated Principal Balance of Mortgage Loans 60 days Delinquent
        or
        more or that are secured by Mortgaged Properties that have become REO Properties
        by (y) the aggregate Stated Principal Balance of the Mortgage Loans, in each
        case, as of the last day of the previous calendar month.

       

      “Delinquent”:
        A Mortgage Loan is “Delinquent” if any Monthly Payment due on a Due Date is not
        made by the Close of Business on the next scheduled Due Date for such Mortgage
        Loan. A Mortgage Loan is “30 days Delinquent” if such Monthly Payment has not
        been received by the Close of Business on the corresponding day of the month
        immediately succeeding the month in which such Monthly Payment was due. The
        determination of whether a Mortgage Loan is “60 days Delinquent”, “90 days
        Delinquent”, etc. shall be made in a like manner.

       

      “Depositor”:
        IndyMac MBS, Inc., a Delaware corporation, or any successor in
        interest.

       

      “Depository”:
        The initial Depository shall be The Depository Trust Company, whose nominee
        is
        Cede & Co., or any other organization registered as a “clearing agency”
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended.
        The
        Depository shall initially be the registered Holder of the Book-Entry
        Certificates. The Depository shall at all times be a “clearing corporation” as
        defined in Section 8-102(5) of the Uniform Commercial Code of the State of
        New
        York.

       

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

       

      “Determination
        Date”: With respect to any Distribution Date, the 18th
        day of
        the calendar month in which such Distribution Date occurs, or, if such
        18th
        day is
        not a Business Day, the Business Day immediately succeeding such 18th
        day,
        except that if the succeeding Business Day is less than two Business Days
        before
        the related Distribution Date, then the Determination Date shall be the Business
        Day preceding the 18th
        day of
        the month.

      

       

      “Directly
        Operate”: With respect to any REO Property, the furnishing or rendering of
        services to the tenants thereof, the management or operation of such REO
        Property, the holding of such REO Property primarily for sale to customers,
        the
        performance of any construction work thereon or any use of such REO Property
        in
        a trade or business conducted by the REMIC other than through an Independent
        Contractor; provided, however, that the Servicer on behalf of the Trustee
        shall
        not be considered to Directly Operate an REO Property solely because the
        Servicer on behalf of the Trustee establishes rental terms, chooses tenants,
        enters into or renews leases, deals with taxes and insurance, or makes decisions
        as to repairs or capital expenditures with respect to such REO
        Property.

       

      “Disqualified
        Organization”: A “disqualified organization” under Section 860E of the Code,
        which as of the Closing Date is any of: (i) the United States, any state
        or
        political subdivision thereof, any foreign government, any international
        organization, or any agency or instrumentality of any of the foregoing, (ii)
        any
        organization (other than a cooperative described in Section 521 of the Code)
        which is exempt from the tax imposed by Chapter 1 of the Code unless such
        organization is subject to the tax imposed by Section 511 of the Code, (iii)
        any
        organization described in Section 1381(a)(2)(C) of the Code, (iv) an “electing
        large partnership” within the meaning of Section 775 of the Code or (v) any
        other Person so designated by the Depositor based upon an Opinion of Counsel
        provided by nationally recognized counsel to the Depositor that the holding
        of
        an ownership interest in a Class R Certificate by such Person may cause the
        Trust Fund or any Person having an ownership interest in any Class of
        Certificates (other than such Person) to incur liability for any federal
        tax
        imposed under the Code that would not otherwise be imposed but for the transfer
        of an ownership interest in the Class R Certificate to such Person. A
        corporation will not be treated as an instrumentality of the United States
        or of
        any state or political subdivision thereof, if all of its activities are
        subject
        to tax and, a majority of its board of directors is not selected by a
        governmental unit. The term “United States”, “state” and “international
        organizations” shall have the meanings set forth in Section 7701 of the
        Code.

       

      “Distribution
        Account”: The trust account or accounts created and maintained by the Trustee
        pursuant to Section 3.10(b) which shall be entitled “Distribution Account,
        Deutsche Bank National Trust Company, as Trustee, in trust for registered
        Holders of IndyMac Residential Mortgage-Backed Trust Certificates, Series
        2006-L2,” and which must be an Eligible Account.

       

      “Distribution
        Date”: The 25th
        day of
        each month, or if such 25th
        day is
        not a Business Day, the Business Day immediately following such 25th
        day,
        commencing in July 2006.

       

      “Due
        Date”: With respect to each Mortgage Loan and any Distribution Date, the first
        day of the calendar month in which such Distribution Date occurs on which
        the
        Monthly Payment for such Mortgage Loan was due (or, in the case of any Mortgage
        Loan under the terms of which the Monthly Payment for such Mortgage Loan
        was due
        on a day other than the first day of the calendar month in which such
        Distribution Date occurs, the day during the related Remittance Period on
        which
        such Monthly Payment was due) exclusive of any days of grace.

       

      “Eligible
        Account”: Any of (i) an account or accounts maintained with a federal or state
        chartered depository institution or trust company, the short-term unsecured
        debt
        obligations of which (or, in the case of a depository institution or trust
        company that is the principal subsidiary of a holding company, the short-term
        unsecured debt obligations of such holding company) are rated “P-1” by Moody’s
        and “A-1” by S&P (or comparable ratings if Moody’s and S&P are not the
        Rating Agencies) at the time any amounts are held on deposit therein, (ii)
        with
        the prior written consent of the Certificate Insurer, an account or accounts
        the
        deposits in which are fully insured by the FDIC (to the limits established
        by
        such corporation), the uninsured deposits in which account are otherwise
        secured
        such that, as evidenced by an Opinion of Counsel delivered to the Trustee
        and to
        each Rating Agency, the Certificateholders will have a claim with respect
        to the
        funds in such account or a perfected first priority security interest against
        such collateral (which shall be limited to Permitted Investments) securing
        such
        funds that is superior to claims of any other depositors or creditors of
        the
        depository institution with which such account is maintained, (iii) a trust
        account or accounts maintained with the trust department of a federal or
        state
        chartered depository institution, national banking association or trust company
        acting in its fiduciary capacity or (iv) with the prior written consent of
        the
        Certificate Insurer, an account otherwise acceptable to each Rating Agency
        without reduction or withdrawal of their then current ratings of any Class
        of
        Certificates (without regard to the Policy) as evidenced by a letter from
        each
        Rating Agency to the Trustee. Eligible Accounts may bear interest.

       

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

       

      “Escrow
        Payments”: The amounts constituting ground rents, taxes, assessments, water
        rates, fire and other payments required to be escrowed by the Mortgagor with
        the
        mortgagee pursuant to any Mortgage Loan.

       

      “Estate
        in Real Property”: A fee simple estate in a parcel of real
        property.

       

      “Excess
        Overcollateralization Amount”: With respect to any Distribution Date, the
        excess, if any, of (i) the Overcollateralized Amount for such Distribution
        Date
        (assuming that 100% of the Principal Remittance Amount is applied as a principal
        payment on such Distribution Date) over (ii) the Overcollateralization Target
        Amount for such Distribution Date.

       

      “Excess
        Reserve Fund Account”: The reserve fund designated, established and maintained
        pursuant to Section 3.29.

       

      “Expense
        Adjusted Maximum Mortgage Rate”: With respect to any Adjustable-Rate Mortgage
        Loan, the then applicable Maximum Mortgage Rate thereon minus the Expense
        Fee
        Rate. With respect to any Fixed-Rate Mortgage Loan, the Net Mortgage Rate
        thereon.

       

      “Expense
        Amount”: For any Distribution Date, the sum of (i) product of the Expense Fee
        Rate and the aggregate Stated Principal Balance of the Mortgage Loans as
        of the
        Due Date occurring in the prior calendar month and (ii) the Premium payable
        to
        the Certificate Insurer for that Distribution Date.

       

      “Expense
        Fee Rate”: As to each Mortgage Loan, the sum of the Servicing Fee Rate and the
        Trustee Fee Rate.

       

      “Extra
        Principal Distribution Amount”: With respect to any Distribution Date through
        the Distribution Date in September 2006, zero. With respect to any Distribution
        Date on or after the Distribution Date in October 2006,
        the
        lesser of (x) the Total Monthly Excess Spread for that Distribution Date
        and (y)
        the Overcollateralization Deficiency Amount for that Distribution
        Date.

       

      “Fannie
        Mae”: Fannie Mae or any successor thereto.

       

      “FDIC”:
        Federal Deposit Insurance Corporation or any successor thereto.

       

      “Final
        Distribution Date”: The Distribution Date in January 2012.

       

      “Final
        Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
        Property (other than a Mortgage Loan or REO Property purchased by the Seller
        or
        the Servicer pursuant to or as contemplated by Section 2.03, Section 3.16(c)
        or
        Section 10.01), a determination made by the Servicer that all Insurance
        Proceeds, Liquidation Proceeds and other payments or recoveries which the
        Servicer, in its reasonable good faith judgment, expects to be finally
        recoverable in respect thereof have been so recovered. The Servicer shall
        maintain records, prepared by a Servicing Officer, of each Final Recovery
        Determination made thereby.

       

      “Fixed-Rate
        Mortgage Loan”: A Mortgage Loan whose Mortgage Rate is fixed for the life of
        such Mortgage Loan at the fixed Mortgage Rate set forth in the related Mortgage
        Note.

       

      “Formula
        Rate”: With respect to the Class A Certificates and Subordinated Certificates
        and any Distribution Date, a per annum rate equal to the lesser of (i) LIBOR
        plus the related Certificate Margin and (ii) the Maximum Cap Rate.

       

      “Freddie
        Mac”: Freddie Mac or any successor thereto.

       

      “Gross
        Margin”: With respect to each Adjustable-Rate Mortgage Loan, the fixed
        percentage set forth in the related Mortgage Note that is added on each
        Adjustment Date to the Index, in accordance with the terms of the related
        Mortgage Note, used to determine the Mortgage Rate for such Mortgage
        Loan.

       

      “Highest
        Priority”: As of any date of determination, the Class of Subordinated
        Certificates then outstanding with a Certificate Principal Balance greater
        than
        zero, with the highest priority for payments pursuant to Section 4.01, in
        the
        following order of decreasing priority: Class M Certificates and Class B
        Certificates.

       

      “Holder”:
        A Certificateholder.

       

      “Independent”:
        When used with respect to any specified Person, any such Person who (a) is
        in
        fact independent of the Depositor, the Servicer and their respective Affiliates,
        (b) does not have any direct financial interest in or any material indirect
        financial interest in the Depositor or the Servicer or any Affiliate thereof,
        and (c) is not connected with the Depositor or the Servicer or any Affiliate
        thereof as an officer, employee, promoter, underwriter, trustee, partner,
        director or Person performing similar functions; provided, however, that
        a
        Person shall not fail to be Independent of the Depositor or the Servicer
        or any
        Affiliate thereof merely because such Person is the beneficial owner of 1%
        or
        less of any class of securities issued by the Depositor or the Servicer or
        any
        Affiliate thereof, as the case may be.

       

      “Independent
        Contractor”: Either (i) any Person (other than the Servicer) that would be an
“independent contractor” with respect to any of the REMICs created hereunder
        within the meaning of Section 856(d)(3) of the Code if such REMIC were a
        real
        estate investment trust (except that the ownership tests set forth in that
        section shall be considered to be met by any Person that owns, directly or
        indirectly, 35% or more of any Class of Certificates), so long as each such
        REMIC does not receive or derive any income from such Person and provided
        that
        the relationship between such Person and such REMIC is at arm’s length, all
        within the meaning of Treasury Regulation Section 1.856-4(b)(5), or (ii)
        any
        other Person (including the Servicer), if the Trustee and the Certificate
        Insurer have received an Opinion of Counsel to the effect that the taking
        of any
        action in respect of any REO Property by such Person, subject to any conditions
        therein specified, that is otherwise herein contemplated to be taken by an
        Independent Contractor, will not cause such REO Property to cease to qualify
        as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code
        (determined without regard to the exception applicable for purposes of Section
        860D(a) of the Code), or cause any income realized in respect of such REO
        Property to fail to qualify as Rents from Real Property.

       

      “Index”:
        With respect to each Adjustable-Rate Mortgage Loan and with respect to each
        related Adjustment Date, the index as specified in the related Mortgage
        Note.

       

      “Initial
        Deposit”: $71,500.00, which amount will be deposited into the Excess Reserve
        Fund Account for distribution to the holders of the Class A Certificates
        and the
        Subordinated Certificates as set forth in Section 4.01(e) on the First
        Distribution Date. 

       

      “Insurance
        Account”: The account or accounts created and maintained pursuant to Section
        4.06, which shall be entitled “Deutsche Bank National Trust Company, as Trustee,
        in trust for the registered holders of IndyMac Residential Mortgage-Backed
        Trust
        Certificates, Series 2006-L2.” The Insurance Account must be an Eligible
        Account.

       

      “Insurance
        Agreement”: The Insurance and Indemnity Agreement, dated as of June 15, 2006,
        among the Certificate Insurer, the Trustee, the Servicer, the Seller and
        the
        Depositor.

       

      “Insurance
        Proceeds”: Proceeds of any title policy or other insurance policy covering a
        Mortgage Loan, to the extent such proceeds are not to be applied to the
        restoration of the related Mortgaged Property or released to the Mortgagor
        in
        accordance with the procedures that the Servicer would follow in servicing
        mortgage loans held for its own account, subject to the terms and conditions
        of
        the related Mortgage Note and Mortgage.

       

      “Insured
        Amount”: With respect to the Insured Certificates and (i) a Distribution Date,
        any Deficiency Amount for such Distribution Date and a Preference Amount
        and
        (ii) any other date, any Preference Amount to be paid pursuant to the terms
        of
        the Policy on such date.

       

      “Insured
        Certificates”: The Class A Certificates.

       

      “Interest
        Determination Date”: With respect to the Class A Certificates and Subordinated
        Certificates and each Accrual Period, the second LIBOR Business Day preceding
        the commencement of such Accrual Period.

       

      “Interest
        Remittance Amount”: With respect to any Distribution Date, that portion of the
        Available Funds for such Distribution Date attributable to interest received
        or
        advanced on the Mortgage Loans or to amounts in respect of Prepayment Interest
        Shortfalls paid by the Servicer.

       

      “Late
        Collections”: With respect to any Mortgage Loan, all amounts received subsequent
        to the Determination Date immediately following any related Remittance Period,
        whether as late payments of Monthly Payments or as Insurance Proceeds,
        Subsequent Recoveries, Liquidation Proceeds or otherwise, which represent
        late
        payments or collections of principal and/or interest due (without regard
        to any
        acceleration of payments under the related Mortgage and Mortgage Note) but
        delinquent on a contractual basis for such Remittance Period and not previously
        recovered.

       

      “Late
        Payment Rate”: With respect to the Policy, the lesser of (a) the greater of (i)
        the per annum rate of interest published in the Wall Street Journal from
        time to
        time as the “prime rate” plus 3%, and (ii) the then applicable highest rate of
        interest on the Insured Certificates and (b) the maximum rate permissible
        under
        applicable usury or similar laws limiting interest rates, as determined by
        the
        Certificate Insurer. The Late Payment Rate shall be computed on the basis
        of the
        actual number of days elapsed over a year of 360 days.

       

      “LIBOR”:
        With respect to each Accrual Period for the Class A Certificates and the
        Subordinated Certificates, the rate determined by the Trustee on the related
        Interest Determination Date on the basis of the London interbank offered
        rate
        for one-month United States dollar deposits, as such rate appears on the
        Telerate Page 3750, as of 11:00 a.m. (London time) on such Interest
        Determination Date. If such rate does not appear on Telerate Page 3750, LIBOR
        on
        such Interest Determination Date will be determined on the basis of the offered
        rates of the Reference Banks for one-month United States dollar deposits,
        as of
        11:00 a.m. (London time) on such Interest Determination Date. The Trustee
        will
        request the principal London office of each of the Reference Banks to provide
        a
        quotation of its rate. On such Interest Determination Date, LIBOR for the
        related Accrual Period will be established by the Trustee as
        follows:

       

      (i) If
        on
        such Interest Determination Date two or more Reference Banks provide such
        offered quotations, LIBOR for the related Accrual Period shall be the arithmetic
        mean of such offered quotations (rounded upwards if necessary to the nearest
        whole multiple of 1/16 of 1%); and

       

      (ii) If
        on
        such Interest Determination Date fewer than two Reference Banks provide such
        offered quotations, LIBOR for the related Accrual Period shall be the arithmetic
        mean of the rates quoted by major banks in New York City, selected by the
        Servicer and approved by the Certificate Insurer, at approximately 11:00
        A.M.
        (New York City time) on that day for loans in United States dollars to leading
        European banks.

       

      “LIBOR
        Business Day”: Any day on which dealings in deposits of United States dollars
        are transacted in the London interbank market.

       

      “Liquidated
        Mortgage Loan”: As to any Distribution Date, any Mortgage Loan in respect of
        which the Servicer has determined, in accordance with the servicing procedures
        and the Servicing Standard specified herein, as of the end of the related
        Prepayment Period, that all Liquidation Proceeds which it expects to recover
        with respect to the liquidation of the Mortgage Loan or disposition of the
        related REO Property have been recovered.

       

      “Liquidation
        Event”: With respect to any Mortgage Loan, any of the following events: (i) such
        Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made
        as to
        such Mortgage Loan; or (iii) such Mortgage Loan is removed from the Trust
        Fund
        by reason of its being purchased, sold or replaced pursuant to or as
        contemplated by Section 2.03, Section 3.16(c) or Section 10.01. With respect
        to
        any REO Property, either of the following events: (i) a Final Recovery
        Determination is made as to such REO Property; or (ii) such REO Property
        is
        removed from the Trust Fund by reason of its being sold or purchased pursuant
        to
        Section 3.23 or Section 10.01.

       

      “Liquidation
        Proceeds”: The amount (other than amounts received in respect of the rental of
        any REO Property prior to REO Disposition) received by the Servicer in
        connection with: (i) the taking of all or a part of a Mortgaged Property
        by
        exercise of the power of eminent domain or condemnation; (ii) the liquidation
        of
        a defaulted Mortgage Loan by means of a trustee’s sale, foreclosure sale or
        otherwise; or (iii) the repurchase, substitution or sale of a Mortgage Loan
        or
        an REO Property pursuant to or as contemplated by Section 2.03, Section 3.16(c),
        Section 3.23 or Section 10.01.

       

      “Loan-to-Value
        Ratio”: As of any date and as to any Mortgage Loan, the fraction, expressed as
        a
        percentage, the numerator of which is the Stated Principal Balance of the
        Mortgage Loan and the denominator of which is the Value of the related Mortgaged
        Property.

       

      “Losses”:
        As defined in Section 9.03.

       

      “Lost
        Note Affidavit”: With respect to any Mortgage Loan as to which the original
        Mortgage Note has been permanently lost or destroyed and has not been replaced,
        an affidavit from the Seller certifying that the original Mortgage Note has
        been
        lost, misplaced or destroyed (together with a copy of the related Mortgage
        Note
        and indemnifying the Trust against any loss, cost or liability resulting
        from
        the failure to deliver the original Mortgage Note) in the form of Exhibit
        H
        hereto.

       

      “Majority
        Certificateholders”: The Holders of Certificates evidencing at least 51% of the
        Voting Rights.

       

      “Marker
        Rate”: With respect to the Class C Certificates and any Distribution Date, a per
        annum rate equal to two (2) times the weighted average of the Uncertificated
        REMIC 1 Pass-Through Rates for REMIC 1 Regular Interest LT1A1, REMIC 1 Regular
        Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular Interest
        LT1M,
        REMIC 1 Regular Interest LT1B and REMIC 1 Regular Interest LT1ZZ, with the
        rate
        on each such REMIC 1 Regular Interest (other than REMIC 1 Regular Interest
        LT1ZZ) subject to a cap equal to the lesser of (i) LIBOR plus the related
        Certificate Margin and (ii) the Net WAC Rate for the purpose of this
        calculation; and with the rate on REMIC 1 Regular Interest LT1ZZ subject
        to a
        cap of zero for the purpose of this calculation; provided, however, that
        for
        this purpose, calculations of the Uncertificated REMIC 1 Pass-Through Rate
        and
        the related caps with respect to REMIC 1 Regular Interest LT1A1, REMIC 1
        Regular
        Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular Interest
        LT1M
        and REMIC 1 Regular Interest LT1B shall be multiplied by a fraction, the
        numerator of which is the actual number of days in the Accrual Period and
        the
        denominator of which is 30.

       

      “Maximum
        Cap Rate”: For any Distribution Date, a per annum rate (subject to adjustment
        based on the actual number of days elapsed in the related Accrual Period)
        equal
        to the weighted average (weighted based on their Stated Principal Balances
        as of
        the first day of the related Remittance Period, adjusted to reflect unscheduled
        principal payments made thereafter that were included in the Principal
        Distribution Amount on the immediately preceding Distribution Date) of the
        Expense Adjusted Maximum Mortgage Rates of the Mortgage Loans minus the Premium
        Rate on such Distribution Date (multiplied by a fraction the numerator of
        which
        is the Certificate Principal Balance of the Class A Certificates immediately
        prior to such Distribution Date and the denominator of which is the aggregate
        Stated Principal Balance of the Mortgage Loans as of the first day of the
        related Remittance Period, adjusted to reflect unscheduled principal payments
        made thereafter that were included in the Principal Distribution Amount on
        the
        immediately preceding Distribution Date).

       

      “Maximum
        LT1ZZ Uncertificated Accrued Interest Deferral Amount”: With respect to any
        Distribution Date, the excess of (a) accrued interest at the Uncertificated
        REMIC 1 Pass-Through Rate applicable to REMIC 1 Regular Interest LT1ZZ for
        such
        Distribution Date on a balance equal to the Uncertificated Principal Balance
        of
        REMIC 1 Regular Interest LT1ZZ minus the REMIC 1 Overcollateralized Amount,
        in
        each case for such Distribution Date, over (b) Uncertificated Accrued Interest
        on REMIC 1 Regular Interest LT1A1, REMIC 1 Regular Interest LT1A2, REMIC
        1
        Regular Interest LT1A3, REMIC 1 Regular Interest LT1M and REMIC 1 Regular
        Interest LT1B, with the rate on each such REMIC 1 Regular Interest subject
        to a
        cap equal to the lesser of (i) LIBOR plus the related Certificate Margin
        and
        (ii) the Net WAC Rate for the purpose of this calculation; provided, however,
        that for this purpose, calculations of the Uncertificated REMIC 1 Pass-Through
        Rate and the related caps with respect to REMIC 1 Regular Interest LT1A1,
        REMIC
        1 Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular
        Interest LT1M and REMIC 1 Regular Interest LT1B shall be multiplied by a
        fraction, the numerator of which is the actual number of days in the Accrual
        Period and the denominator of which is 30.

       

      “Maximum
        Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
        percentage set forth in the related Mortgage Note as the maximum Mortgage
        Rate
        thereunder.

       

      “Minimum
        Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
        percentage set forth in the related Mortgage Note as the minimum Mortgage
        Rate
        thereunder.

       

      “Monthly
        Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
        principal and interest on such Mortgage Loan which is payable by the related
        Mortgagor from time to time under the related Mortgage Note, determined:
        (a)
        after giving effect to (i) any reduction in such payment due to any Deficient
        Valuation and/or Debt Service Reduction with respect to such Mortgage Loan
        and
        (ii) any reduction in the amount of interest collectible from the related
        Mortgagor pursuant to the Relief Act; (b) without giving effect to any extension
        granted or agreed to by the Servicer pursuant to Section 3.01; and (c) on
        the
        assumption that all other amounts, if any, due under such Mortgage Loan are
        paid
        when due.

       

      “Moody’s”:
        Moody’s Investors Service, Inc., or its successor in interest.

       

      “Mortgage”:
        The mortgage, deed of trust or other instrument creating a first lien on,
        or
        first priority security interest in, a Mortgaged Property securing a Mortgage
        Note.

       

      “Mortgage
        File”: The mortgage documents listed in Section 2.01 pertaining to a particular
        Mortgage Loan and any additional documents required to be added to the Mortgage
        File pursuant to this Agreement.

       

      “Mortgage
        Loan”: Each mortgage loan transferred and assigned to the Trustee pursuant to
        Section 2.01 or Section 2.03(d) as from time to time held as a part of the
        Trust
        Fund, the Mortgage Loans so held being identified in the Mortgage Loan
        Schedule.

       

      “Mortgage
        Loan Purchase Agreement”: The agreement between the Seller and the Depositor,
        regarding the transfer of the Mortgage Loans by the Seller to or at the
        direction of the Depositor, substantially in the form attached hereto as
        Exhibit
        C.

       

      “Mortgage
        Loan Schedule”: As of any date, the list of Mortgage Loans included in the Trust
        Fund on such date, attached hereto as Exhibit D, as initially prepared by
        the
        Seller pursuant to the Mortgage Loan Purchase Agreement. The Mortgage Loan
        Schedule shall set forth the following information with respect to each Mortgage
        Loan, as applicable:

       

      
        	 	
                (1)

              	
                the
                  Mortgage Loan identifying number;

              

      

       

      
        	 	
                (2)

              	
                [reserved];

              

      

       

      
        	 	
                (3)

              	
                the
                  state and zip code of the Mortgaged
                  Property;

              

      

       

      
        	 	
                (4)

              	
                the
                  original months to maturity;

              

      

       

      
        	 	
                (5)

              	
                the
                  stated remaining months to maturity from the Cut-off Date based
                  on the
                  original amortization schedule;

              

      

       

      
        	 	
                (6)

              	
                the
                  Loan-to-Value Ratio at origination;

              

      

       

      
        	 	
                (7)

              	
                the
                  Mortgage Rate in effect immediately following the Cut-off
                  Date;

              

      

       

      
        	 	
                (8)

              	
                the
                  date on which the first Monthly Payment was due on the Mortgage
                  Loan;

              

      

       

      
        	 	
                (9)

              	
                the
                  stated maturity date;

              

      

       

      
        	 	
                (10)

              	
                the
                  amount of the Monthly Payment at
                  origination;

              

      

       

      
        	 	
                (11)

              	
                the
                  amount of the Monthly Payment due on the first Due Date after the
                  Cut-off
                  Date;

              

      

       

      
        	 	
                (12)

              	
                the
                  last Due Date on which a Monthly Payment was actually applied to
                  the
                  unpaid Stated Principal Balance;

              

      

       

      
        	 	
                (13)

              	
                the
                  original principal amount of the Mortgage
                  Loan;

              

      

       

      
        	 	
                (14)

              	
                the
                  Stated Principal Balance of the Mortgage Loan as of the Close of
                  Business
                  on the Cut-off Date;

              

      

       

      
        	 	
                (15)

              	
                a
                  code indicating the purpose of the Mortgage Loan (i.e., purchase
                  financing, rate/term refinancing, cash-out
                  refinancing);

              

      

       

      
        	 	
                (16)

              	
                the
                  Mortgage Rate at origination;

              

      

       

      
        	 	
                (17)

              	
                a
                  code indicating the documentation program (i.e., full/alternate
                  documentation, reduced documentation or no
                  ratio);

              

      

       

      
        	 	
                (18)

              	
                the
                  Value of the Mortgaged Property;

              

      

       

      
        	 	
                (19)

              	
                the
                  sale price of the Mortgaged Property, if
                  applicable;

              

      

       

      
        	 	
                (20)

              	
                the
                  actual unpaid Stated Principal Balance of the Mortgage Loan as
                  of the
                  Cut-off Date;

              

      

       

      
        	 	
                (21)

              	
                a
                  code indicating the lien priority for the Mortgage Loan;
                  and

              

      

       

      
        	 	
                (22)

              	
                in
                  the case of each Adjustable-Rate Mortgage Loan, the Minimum Mortgage
                  Rate,
                  the Maximum Mortgage Rate, the Gross Margin, the next Adjustment
                  Date and
                  the Periodic Rate Cap.

              

      

       

      The
        Mortgage Loan Schedule shall set forth the following information, with respect
        to the Mortgage Loans in the aggregate as of the Cut-off Date: (1) the number
        of
        Mortgage Loans; (2) the current aggregate Stated Principal Balance of the
        Mortgage Loans; (3) the weighted average Mortgage Rate of the Mortgage Loans;
        and (4) the weighted average maturity of the Mortgage Loans. The Mortgage
        Loan
        Schedule shall be amended from time to time by the Servicer in accordance
        with
        the provisions of this Agreement. With respect to any Qualified Substitute
        Mortgage Loan, Cut-off Date shall refer to the related Cut-off Date for such
        Mortgage Loan, determined in accordance with the definition of Cut-off Date
        herein.

       

      “Mortgage
        Note”: The original executed note or other evidence of the indebtedness of a
        Mortgagor under a Mortgage Loan.

       

      “Mortgage
        Pool”: The pool of Mortgage Loans, identified on Exhibit D from time to time,
        and any REO Properties acquired in respect thereof.

       

      “Mortgage
        Rate”: With respect to each Mortgage Loan, the annual rate at which interest
        accrues on such Mortgage Loan from time to time in accordance with the
        provisions of the related Mortgage Note, which rate in the case of each
        Fixed-Rate Mortgage Loan is the fixed rate set forth in the related Mortgage
        Note, and which rate in the case of each Adjustable-Rate Mortgage Loan (A)
        as of
        any date of determination until the first Adjustment Date following the Cut-off
        Date, shall be the rate set forth in the Mortgage Loan Schedule as the Mortgage
        Rate in effect immediately following the Cut-off Date, and (B) as of any
        date of
        determination thereafter, shall be the rate as adjusted on the most recent
        Adjustment Date, to equal the sum (rounded as provided in the Mortgage Note
        and
        as specified by the Servicer) of the Index, determined as set forth in the
        related Mortgage Note, plus the related Gross Margin, subject to the limitations
        set forth in the related Mortgage Note. With respect to each Mortgage Loan
        that
        is secured by a Mortgaged Property that becomes an REO Property, as of any
        date
        of determination, the annual rate determined in accordance with the immediately
        preceding sentence as of the date such Mortgaged Property became an REO
        Property.

       

      “Mortgaged
        Property”: The underlying property securing a Mortgage Loan, including any REO
        Property, consisting of an Estate in Real Property.

       

      “Mortgagor”:
        The obligor on a Mortgage Note.

       

      “Net
        Interest Shortfalls”: As defined in Section 1.02.

       

      “Net
        Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other
        disposition of the related Mortgaged Property (including any REO Property),
        the
        related Liquidation Proceeds net of Advances, Servicing Advances, Servicing
        Fees
        and any other accrued and unpaid servicing fees received and retained in
        connection with the liquidation of such Mortgage Loan or Mortgaged
        Property.

       

      “Net
        Mortgage Rate”: With respect to any Mortgage Loan (or the related REO Property),
        as of any date of determination, a per annum rate of interest equal to the
        then
        applicable Mortgage Rate for such Mortgage Loan minus the Servicing Fee Rate
        and
        the Trustee Fee Rate.

       

      “Net
        Prepayment Interest Shortfall”: With respect to any Distribution Date, the
        excess, if any, of any Prepayment Interest Shortfalls for such date over
        the
        related Compensating Interest.

       

      “Net
        WAC
        Rate”: With respect to any Distribution Date and the Class A Certificates and
        the Subordinated Certificates, a per annum rate (subject to adjustment based
        on
        the actual number of days elapsed in the related Accrual Period) equal to
        weighted average (weighted based on the Stated Principal Balances of the
        Mortgage Loans as of the first day of the related Remittance Period, adjusted
        to
        reflect unscheduled principal payments made thereafter that were included
        in the
        Principal Distribution Amount on the immediately preceding Distribution Date)
        of
        the Net Mortgage Rates on the Mortgage Loans minus the Premium Rate on such
        Distribution Date (multiplied by a fraction the numerator of which is the
        aggregate Certificate Principal Balance of the Class A Certificates immediately
        prior to such Distribution Date and the denominator of which is the aggregate
        Stated Principal Balance of the Mortgage Loans as of the first day of the
        related Remittance Period, adjusted to reflect unscheduled principal payments
        made thereafter that were included in the Principal Distribution Amount on
        the
        immediately preceding Distribution Date). For federal income tax purposes,
        for
        any Distribution Date with respect to the Class A, Class M or Class B
        Certificates, the Net WAC Rate shall be expressed as the weighted average
        (adjusted for the actual number of days elapsed in the related Interest Accrual
        Period) of the Uncertificated REMIC 1 Pass-Through Rates on the REMIC 1 Regular
        Interests, weighted on the basis of the Uncertificated Balance of each such
        REMIC 1 Regular Interest.

       

      “Net
        WAC
        Rate Carryover Amount”: With respect to the Class A, Class M and Class B
        Certificates and any Distribution Date, the sum of (A) the positive excess,
        if
        any, of (i) the amount of interest that would have accrued on such Class
        of
        Certificates for such Distribution Date if the Pass-Through Rate for such
        Class
        of Certificates for such Distribution Date were calculated at the related
        Formula Rate over (ii) the amount of interest accrued on such Class of
        Certificates at the Net WAC Rate for such Distribution Date and (B) the related
        Net WAC Rate Carryover Amount for the previous Distribution Date not previously
        paid, together with interest thereon for the most recently ended related
        Accrual
        Period at a rate equal to the related Formula Rate for such Class of
        Certificates for such Distribution Date.

       

      “New
        Lease”: Any lease of REO Property entered into on behalf of the Trust, including
        any lease renewed or extended on behalf of the Trust if the Trust has the
        right
        to renegotiate the terms of such lease.

       

      “Nonrecoverable
        Advance”: Any Advance previously made in respect of a Mortgage Loan or REO
        Property that, in the good faith business judgment of the Servicer, will
        not be
        ultimately recoverable from Late Collections, Insurance Proceeds or Liquidation
        Proceeds on such Mortgage Loan or REO Property as provided herein.

       

      “Notional
        Amount”: Immediately prior to any Distribution Date, with respect to the Class C
        Certificates, the aggregate Uncertificated Principal Balances of the REMIC
        1
        Regular Interests.

       

      “Officers’
        Certificate”: A certificate signed by the Chairman of the Board, the Vice
        Chairman of the Board, the President or a vice president (however denominated),
        the Treasurer, the Secretary, or one of the assistant treasurers or assistant
        secretaries of the Servicer, the Seller or the Depositor, as
        applicable.

       

      “Opinion
        of Counsel”: A written opinion of counsel, who may, without limitation, be a
        salaried counsel for the Depositor or the Servicer, acceptable to the Trustee
        and the Certificate Insurer, except that any opinion of counsel relating
        to (a)
        the qualification of any REMIC as a REMIC or (b) compliance with the REMIC
        Provisions must be an opinion of Independent counsel.

       

      “Optional
        Termination Date”: The earliest Distribution Date on which the Terminator would
        be permitted to exercise its option to terminate the Trust pursuant to Section
        10.01.

       

      “Overcollateralization
        Deficiency Amount”: With respect to any Distribution Date, the amount, if any,
        by which the Overcollateralization Target Amount exceeds the Overcollateralized
        Amount on such Distribution Date (assuming that 100% of the Principal Remittance
        Amount is applied as a principal distribution on such Distribution
        Date).

       

      “Overcollateralization
        Floor Amount”: With respect to any Distribution Date, an amount equal to 0.50%
        of the aggregate Stated Principal Balance of the Mortgage Loans as of the
        Cut-off Date.

       

      “Overcollateralization
        Target Amount”: With respect to any Distribution Date (i) prior to October 2006,
        0%, (ii) beginning in October 2006 and prior to the Stepdown Date, 1.50%
        of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date,
        (iii) on or after the Stepdown Date provided a Trigger Event is not in effect,
        the greater of (x) 3.00% of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Remittance Period (after
        giving
        effect to scheduled payments of principal due during the related Remittance
        Period, to the extent received or advanced, and unscheduled collections of
        principal received during the related Prepayment Period) and (y) the
        Overcollateralization Floor Amount, and (iv) on or after the Stepdown Date
        and
        if a Trigger Event is in effect, the Overcollateralization Target Amount
        for the
        immediately preceding Distribution Date. Notwithstanding the foregoing, on
        and
        after any Distribution Date following the reduction of the aggregate Certificate
        Principal Balance of the Class A, Class M and Class B Certificates to zero,
        the
        Overcollateralization Target Amount shall be zero.

       

      “Overcollateralized
        Amount”: With respect to any Distribution Date, the amount, if any, by which (i)
        the aggregate Stated Principal Balance of the Mortgage Loans (after giving
        effect to scheduled payments of principal due during the related Remittance
        Period, to the extent received or advanced, and unscheduled collections of
        principal received during the related Prepayment Period) exceeds (ii) the
        aggregate Certificate Principal Balance of the Class A Certificates and the
        Subordinated Certificates as of such Distribution Date after giving effect
        to
        distributions to be made on such Distribution Date.

       

      “Ownership
        Interest”: As to any Certificate, any ownership or security interest in such
        Certificate, including any interest in such Certificate as the Holder thereof
        and any other interest therein, whether direct or indirect, legal or beneficial,
        as owner or as pledgee.

       

      “Pass-Through
        Rate”: With respect to the Class A Certificates and each Class of the
        Subordinated Certificates and any Distribution Date, the lesser of (x) the
        related Formula Rate for such Distribution Date and (y) the Net WAC Rate
        for
        such Distribution Date. With respect to the Class C Certificates and any
        Distribution Date, a per annum rate equal to the percentage equivalent of
        a
        fraction, the numerator of which is the sum of the amounts calculated pursuant
        to clauses (a) through (g) below, and the denominator of which is the aggregate
        of the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1AA,
        REMIC 1 Regular Interest LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular
        Interest LT1A3, REMIC 1 Regular Interest LT1M, REMIC 1 Regular Interest LT1B
        and
        REMIC 1 Regular Interest LT1ZZ. For purposes of calculating the Pass-Through
        Rate for the Class C Certificates, the numerator is equal to the sum of the
        following components:

       

      (a) the
        Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1AA
        minus the Marker Rate, applied to an amount equal to the Uncertificated
        Principal Balance of REMIC 1 Regular Interest LT1AA;

       

      (b) the
        Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1A1
        minus the Marker Rate, applied to an amount equal to the Uncertificated
        Principal Balance of REMIC 1 Regular Interest LT1A1;

       

      (c) the
        Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1A2
        minus the Marker Rate, applied to an amount equal to the Uncertificated
        Principal Balance of REMIC 1 Regular Interest LT1A2;

       

      (d) the
        Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1A3
        minus the Marker Rate, applied to an amount equal to the Uncertificated
        Principal Balance of REMIC 1 Regular Interest LT1A3;

       

      (e) the
        Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1M
        minus
        the Marker Rate, applied to an amount equal to the Uncertificated Principal
        Balance of REMIC 1 Regular Interest LT1M;

       

      (f) the
        Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1B
        minus
        the Marker Rate, applied to an amount equal to the Uncertificated Principal
        Balance of REMIC 1 Regular Interest LT1B; and

       

      (g) the
        Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1ZZ
        minus the Marker Rate, applied to an amount equal to the Uncertificated
        Principal Balance of REMIC 1 Regular Interest LT1ZZ.

       

      “Paying
        Agent”: Any paying agent appointed pursuant to Section 5.05.

       

      “Percentage
        Interest”: With respect to any Certificate (other than a Class R Certificate), a
        fraction, expressed as a percentage, the numerator of which is the initial
        Certificate Principal Balance or initial Notional Amount represented by such
        Certificate and the denominator of which is the aggregate initial Certificate
        Principal Balance or aggregate initial Notional Amount of the related Class.
        With respect to a Class R Certificate, the portion of the Class evidenced
        thereby, expressed as a percentage, as stated on the face of such Certificate;
        provided, however, that the sum of all such percentages for such Class totals
        100%.

       

      “Periodic
        Rate Cap”: With respect to each Adjustable-Rate Mortgage Loan and any Adjustment
        Date therefor, the fixed percentage set forth in the related Mortgage Note,
        which is the maximum amount by which the Mortgage Rate for such Mortgage
        Loan
        may increase or decrease (without regard to the Maximum Mortgage Rate or
        the
        Minimum Mortgage Rate) on such Adjustment Date from the Mortgage Rate in
        effect
        immediately prior to such Adjustment Date.

       

      “Permitted
        Investments”: Any one or more of the following obligations or securities
        acquired at a purchase price of not greater than par, regardless of whether
        issued or managed by the Depositor, the Servicer, the Trustee or any of their
        respective Affiliates or for which an Affiliate of the Trustee serves as
        an
        advisor:

       

      (i) direct
        obligations of, or obligations fully guaranteed as to timely payment of
        principal and interest by, the United States or any agency or instrumentality
        thereof, provided such obligations are backed by the full faith and credit
        of
        the United States;

       

      (ii) (A)
        demand
        and time deposits in, certificates of deposit of, bankers’ acceptances issued by
        or federal funds sold by any depository institution or trust company (including
        the Trustee or its agent acting in their respective commercial capacities)
        incorporated under the laws of the United States of America or any state
        thereof
        and subject to supervision and examination by federal and/or state authorities;
        and (B) any other demand or time deposit or deposit which is fully insured
        by
        the FDIC;

       

      (iii) repurchase
        obligations with a term not to exceed 30 days with respect to any security
        described in clause (i) above and entered into with a depository institution
        or
        trust company (acting as principal) rated “A2” or higher by Moody’s and “A” by
        S&P; provided, however, that collateral transferred pursuant to such
        repurchase obligation must be of the type described in clause (i) above and
        must
        (A) be valued daily at current market prices plus accrued interest, (B) pursuant
        to such valuation, be equal, at all times, to 105% of the cash transferred
        by
        the Trustee in exchange for such collateral and (C) be delivered to the Trustee
        or, if the Trustee is supplying the collateral, an agent for the Trustee,
        in
        such a manner as to accomplish perfection of a security interest in the
        collateral by possession of certificated securities;

       

      (iv) with
        the
        prior written consent of the Certificate Insurer, securities bearing interest
        or
        sold at a discount that are issued by any corporation incorporated under
        the
        laws of the United States of America or any State thereof and that are rated
        by
        a Rating Agency in its highest long-term unsecured rating category at the
        time
        of such investment or contractual commitment providing for such
        investment;

       

      (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 30 days after the date of acquisition thereof) that is rated by S&P
        (and if rated by any other Rating Agency, also by such other Rating Agency)
        in
        its highest short-term unsecured debt rating available at the time of such
        investment;

       

      (vi) units
        of
        money market funds that have been rated “Aaa” by Moody’s and “AAAm” by S&P,
        including any such funds that may be managed or co-advised by the Trustee
        or an
        Affiliate of the Trustee; and

       

      (vii) if
        previously confirmed in writing to the Trustee, any other demand, money market
        or time deposit, or any other obligation, security or investment, as may
        be
        acceptable to the Rating Agencies and the Certificate Insurer in writing
        as a
        permitted investment of funds backing securities having ratings of “Aaa” by
        Moody’s and “AAA” by S&P;

       

      provided,
        however, that no instrument described hereunder shall evidence either the
        right
        to receive (a) only interest with respect to the obligations underlying such
        instrument or (b) both principal and interest payments derived from obligations
        underlying such instrument and the interest and principal payments with respect
        to such instrument provide a yield to maturity at par greater than 120% of
        the
        yield to maturity at par of the underlying obligations. Furthermore, any
        Permitted Investment shall be relatively risk free and no options or voting
        rights shall be exercised with respect to any Permitted Investment and no
        Permitted Investment may be sold or disposed of before its
        maturity.

       

      “Permitted
        Transferee”: Any transferee of a Class R Certificate, other than a Disqualified
        Organization or a non-U.S. Person.

       

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

       

      “Plan”:
        Any employee benefit plan or certain other retirement plans and arrangements,
        including individual retirement accounts and annuities, Keogh plans and bank
        collective investment funds and insurance company general or separate accounts
        in which such plans, accounts or arrangements are invested, that are subject
        to
        ERISA or Section 4975 of the Code.

       

      “Policy”:
        The Financial Guaranty Insurance Policy No. 05030074 issued by the Certificate
        Insurer in respect of the Insured Certificates, a copy of which is attached
        hereto as Exhibit B.

       

      “Pool
        Balance”: As of any date of determination, the aggregate Stated Principal
        Balance of the Mortgage Loans as of such date.

       

      “Premium”:
        The premium payable to the Certificate Insurer under the Policy.

       

      “Premium
        Rate”: A rate, expressed as a per annum rate (as set forth in the Insurance
        Agreement), at which the Premium is payable to the Certificate Insurer under
        the
        Policy.

       

      “Prepayment
        Assumption”: A prepayment rate for the Mortgage Loans of 30% of the constant
        prepayment rate assumption (which represents an assumed annualized rate of
        prepayment relative to the then-outstanding balance of a pool of new mortgage
        loans).

       

      “Prepayment
        Charge”: With respect to any Mortgage Loan, the charges or premiums, if any, due
        in connection with a full or partial prepayment of such Mortgage Loan in
        accordance with the terms thereof.

       

      “Prepayment
        Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan
        that was the subject of a Principal Prepayment in full during the portion
        of the
        related Prepayment Period occurring between the first day and the Determination
        Date of the calendar month in which such Distribution Date occurs, an amount
        equal to interest at the applicable Net Mortgage Rate on the amount of such
        Principal Prepayment for the number of days commencing on the first day of
        the
        calendar month in which such Distribution Date occurs and ending on the date
        on
        which such prepayment is so applied.

       

      “Prepayment
        Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
        Loan that was the subject of a Principal Prepayment in full during the portion
        of the related Prepayment Period occurring between the first day of the related
        Prepayment Period and the last day of the calendar month preceding the month
        in
        which such Distribution Date occurs, an amount equal to one month’s interest on
        the Mortgage Loan less any interest payments made by the Mortgagor. The
        obligations of the Servicer in respect of any Prepayment Interest Shortfall
        are
        set forth in Section 3.24.

       

      “Prepayment
        Period”: With respect to any Distribution Date, the period commencing on the
        16th
        day in
        the calendar month preceding the calendar month in which such Distribution
        Date
        occurs (or, in the case of the first Distribution Date, commencing on the
        day
        after the Cut-Off Date) and ending on the 15th
        day of
        the calendar month in which such Distribution Date occurs.

       

      “Principal
        Distribution Amount”: With respect to any Distribution Date, an amount equal to
        the sum of (a) the excess of the Principal Remittance Amount over the Excess
        Overcollateralization Amount, if any, for such Distribution Date plus (b)
        the
        Extra Principal Distribution Amount.

       

      “Principal
        Prepayment”: Any payment of principal made by the Mortgagor on a Mortgage Loan
        which is received in advance of its scheduled Due Date and which is not
        accompanied by an amount of interest representing the full amount of scheduled
        interest due on any Due Date in any month or months subsequent to the month
        of
        prepayment.

       

      “Principal
        Remittance Amount”: With respect to any Distribution Date, the sum of (i) each
        scheduled payment of principal collected or advanced on the Mortgage Loans
        by
        the Servicer that was due during the related Remittance Period, (ii) the
        principal portion of all partial and full Principal Prepayments of the Mortgage
        Loans applied by the Servicer during the related Prepayment Period, (iii)
        the
        principal portion of all related Net Liquidation Proceeds, Subsequent Recoveries
        and Insurance Proceeds received during such Prepayment Period, (iv) that
        portion
        of the Purchase Price, representing principal of any purchased or repurchased
        Mortgage Loan, deposited to the Collection Account during such Prepayment
        Period, (v) the principal portion of any related Substitution Adjustments
        deposited in the Collection Account during such Prepayment Period and (vi)
        on
        the Distribution Date on which the Trust Fund is to be terminated pursuant
        to
        Section 10.01, that portion of the Termination Price, in respect of
        principal.

       

      “Private
        Certificate”: Any of the
        Class B,
        Class C and Class R Certificates.

       

      “Purchase
        Price”: With respect to any Mortgage Loan or REO Property to be purchased
        pursuant to or as contemplated by Section 2.03, Section 3.16(c) or Section
        10.01, and as confirmed by an Officers’ Certificate from the Servicer to the
        Trustee, an amount equal to the sum of (i) 100% of the Stated Principal Balance
        thereof as of the date of purchase (or such other price as provided in Section
        10.01), (ii) in the case of (x) a Mortgage Loan, accrued interest on such
        Stated
        Principal Balance at the applicable Mortgage Rate in effect from time to
        time
        from the Due Date as to which interest was last covered by a payment by the
        Mortgagor or an advance by the Servicer, which payment or advance had as
        of the
        date of purchase been distributed pursuant to Section 4.01, through the end
        of
        the calendar month in which the purchase is to be effected, and (y) an REO
        Property, the sum of (1) accrued interest on such Stated Principal Balance
        at
        the applicable Mortgage Rate in effect from time to time from the Due Date
        as to
        which interest was last covered by a payment by the Mortgagor or an advance
        by
        the Servicer through the end of the calendar month immediately preceding
        the
        calendar month in which such REO Property was acquired, plus (2) REO Imputed
        Interest for such REO Property for each calendar month commencing with the
        calendar month in which such REO Property was acquired and ending with the
        calendar month in which such purchase is to be effected, net of the total
        of all
        Insurance Proceeds, Liquidation Proceeds and Advances that as of the date
        of
        purchase had been distributed as or to cover REO Imputed Interest pursuant
        to
        Section 4.03, (iii) any unreimbursed Servicing Advances and Advances and
        any
        unpaid Servicing Fees allocable to such Mortgage Loan or REO Property, (iv)
        any
        amounts previously withdrawn from the Collection Account in respect of such
        Mortgage Loan or REO Property pursuant to Section 3.23, and (v) in the case
        of a
        Mortgage Loan required to be purchased pursuant to Section 2.03, expenses
        reasonably incurred or to be incurred by the Servicer, the Certificate Insurer
        or the Trustee in respect of the breach or defect giving rise to the purchase
        obligation, including any costs and damages incurred by the Trust Fund in
        connection with any violation by such loan of any predatory or abusive lending
        law.

       

      “Qualified
        Insurer”: Any insurance company acceptable to Fannie Mae and/or Freddie
        Mac.

       

      “Qualified
        Substitute Mortgage Loan”: A mortgage loan substituted for a Deleted Mortgage
        Loan pursuant to the terms of this Agreement or the Mortgage Loan Purchase
        Agreement which must, on the date of such substitution, (i) have an outstanding
        Stated Principal Balance (or in the case of a substitution of more than one
        mortgage loan for a Deleted Mortgage Loan, an outstanding aggregate Stated
        Principal Balance), after application of all scheduled payments of principal
        and
        interest due during or prior to the month of substitution, not in excess
        of, and
        not more than 10% less than, the outstanding Stated Principal Balance of
        the
        Deleted Mortgage Loan as of the Due Date in the calendar month during which
        the
        substitution occurs, (ii) have a Mortgage Rate not less than (and not more
        than
        one percentage point in excess of) the Mortgage Rate of the Deleted Mortgage
        Loan, or, if the Deleted Mortgage Loan is an Adjustable Rate Mortgage Loan,
        have
        a
        Mortgage Rate based upon the same loan index and a margin at least equal
        to and
        not greater than 50 basis points higher than the Deleted Mortgage
        Loan
        (iii) if
        the Deleted Mortgage Loan is an Adjustable-Rate Mortgage Loan, have a Maximum
        Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage
        Loan, (iv) if the Deleted Mortgage Loan is an Adjustable-Rate Mortgage Loan,
        have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the
        Deleted Mortgage Loan, (v) if the Deleted Mortgage Loan is an Adjustable-Rate
        Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin
        of
        the Deleted Mortgage Loan, (vi) if the Deleted Mortgage Loan is an
        Adjustable-Rate Mortgage Loan, have a next Adjustment Date not more than
        two
        months later than the next Adjustment Date on the Deleted Mortgage Loan,
        (vii)
        have a remaining term to maturity not greater than (and not more than one
        year
        less than) that of the Deleted Mortgage Loan, (viii) be current as of the
        date
        of substitution, (ix) have 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, (x) [reserved], (xi) have the same Due Date as that of the
        Deleted
        Mortgage Loan and (xii) conform to each representation and warranty set forth
        in
        Section 3.01 of the Mortgage Loan Purchase Agreement applicable to the Deleted
        Mortgage Loan. In the event that one or more mortgage loans are substituted
        for
        one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof
        shall be determined on the basis of aggregate Stated Principal Balance, the
        Mortgage Rates described in clauses (ii) through (vi) hereof shall be satisfied
        for each such mortgage loan, the risk gradings described in clause (x) hereof
        shall be satisfied as to each such mortgage loan, the terms described in
        clause
        (vii) hereof shall be determined on the basis of weighted average remaining
        term
        to maturity (provided that no such mortgage loan may have a remaining term
        to
        maturity longer than the Deleted Mortgage Loan), the Loan-to-Value Ratios
        described in clause (ix) 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 (xii) hereof must be
        satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate,
        as
        the case may be.

       

      “Rating
        Agency”: Moody’s and S&P or their successors, in its capacity as rating
        agency that has assigned ratings to the Class A Certificates and the
        Subordinated Certificates. If such agency or its successor is no longer in
        existence, “Rating Agency” shall be such nationally recognized statistical
        rating agencies, or other comparable Persons, designated by the Depositor
        (and
        if rating the Insured Certificates, consented to in writing by the Certificate
        Insurer), notice of which designation shall be given to the Trustee and
        Servicer.

       

      “Realized
        Loss”: With respect to any Liquidated Mortgage Loan, the amount of loss realized
        equal to the portion of the Stated Principal Balance remaining unpaid after
        application of all Net Liquidation Proceeds in respect of such Mortgage Loan.
        If
        the Servicer receives Subsequent Recoveries with respect to any Mortgage
        Loan,
        the amount of the Realized Loss with respect to that Mortgage Loan will be
        reduced to the extent such recoveries are applied to principal distributions
        on
        any Distribution Date.

       

      “Record
        Date”: With respect to each Distribution Date and the Class A Certificates and
        the Subordinated Certificates (other than any such Certificates that are
        Definitive Certificates), the Business Day immediately preceding such
        Distribution Date. With respect to each Distribution Date and the Class C
        Certificates, the Class R Certificates and any Definitive Certificates, the
        last
        Business Day of the month immediately preceding the month in which such
        Distribution Date occurs (or, in the case of the first Distribution Date,
        the
        Closing Date).

       

      “Reference
        Banks”: Those banks (i) with an established place of business in London,
        England, (ii) not controlling, under the control of or under common control
        with
        the Depositor, the Seller or the Servicer or any affiliate thereof and (iii)
        which have been designated as such by the Depositor; provided, however, that
        if
        fewer than two of such banks provide a LIBOR rate, then the term “Reference
        Banks” shall refer to any leading banks selected by the Depositor which are
        engaged in transactions in United States dollar deposits in the international
        Eurocurrency market.

       

      “Refinance
        Loan”: Any Mortgage Loan the proceeds of which are used to refinance an existing
        Mortgage Loan.

       

      “Regular
        Certificates”: Any of the Class A Certificates, the Subordinated Certificates
        and the Class C Certificates.

       

      “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 published by the Commission or its staff from time
        to
        time.

       

      “Reimbursement
        Amount”: As to any Distribution Date, the sum of (x) (i) all Insured Amounts
        paid by the Certificate Insurer paid under the Policy, but for which the
        Certificate Insurer has not been reimbursed prior to such Distribution Date
        pursuant to Section 4.01, plus (ii) interest accrued on such Insured Amounts
        not
        previously repaid, calculated at the Late Payment Rate from the date the
        Trustee
        received the related Insured Payments or the date such Insured Payments were
        made, and (y) without duplication (i) any amounts then due and owing to the
        Certificate Insurer under the Insurance Agreement, as certified to the Trustee
        by the Certificate Insurer plus (ii) interest on such amounts at the Late
        Payment Rate.

       

      “Relief
        Act”: The Servicemembers Civil Relief Act or any similar state or local
        laws.

       

      “Relief
        Act Interest Shortfall”: With respect to any Distribution Date, for any Mortgage
        Loan with respect to which there has been a reduction in the amount of interest
        collectible thereon for the most recently ended Remittance Period or (without
        duplication) any earlier Remittance Period as a result of the application
        of the
        Relief Act or any similar state laws, the amount by which (i) interest
        collectible on such Mortgage Loan during each such Remittance Period is less
        than (ii) one month’s interest on the Stated Principal Balance of such Mortgage
        Loan at the Mortgage Rate for such Mortgage Loan before giving effect to
        the
        application of the Relief Act or any similar state laws.

       

      “REMIC”:
        A “real estate mortgage investment conduit” within the meaning of Section 860D
        of the Code.

       

      “REMIC
        1”: The segregated pool of assets subject hereto, constituting the primary
        trust
        created hereby and to be administered hereunder, with respect to which a
        REMIC
        election is to be made, consisting of: (i) such Mortgage Loans and Prepayment
        Charges as from time to time are subject to this Agreement, together with
        the
        Mortgage Files relating thereto, and together with all collections thereon
        and
        proceeds thereof; (ii) any REO Property, together with all collections thereon
        and proceeds thereof; (iii) the Trustee’s rights with respect to the Mortgage
        Loans under all insurance policies, required to be maintained pursuant to
        this
        Agreement and any proceeds thereof; (iv) the Depositor’s rights under this
        Agreement (including any security interest created thereby) to the extent
        conveyed pursuant to Section 2.01; and (v) the Collection Account, the
        Distribution Account and such assets that are deposited therein from time
        to
        time and any investments thereof, together with any and all income, proceeds
        and
        payments with respect thereto. Notwithstanding the foregoing, however, REMIC
        I
        specifically excludes the Excess Reserve Fund Account, all payments and other
        collections of principal and interest due on the Mortgage Loans on or before
        the
        Cut-off Date and all Prepayment Charges payable in connection with Principal
        Prepayments made before the Cut-off Date.

       

      “REMIC
        1
        Interest Loss Allocation Amount”: With respect to any Distribution Date, an
        amount equal to (a) the product of (i) the aggregate Stated Principal Balance
        of
        the Mortgage Loans and related REO Properties then outstanding and (ii) the
        Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1AA
        minus the Marker Rate, divided by (b) 12.

       

      “REMIC
        1
        Overcollateralized Amount”: With respect to any date of determination, (i) 1% of
        the aggregate Uncertificated Principal Balances of the REMIC 1 Regular Interests
        minus (ii) the aggregate of the Uncertificated Principal Balances of REMIC
        1
        Regular Interest LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest
        LT1A3, REMIC 1 Regular Interest LT1M, REMIC 1 Regular Interest LT1B and REMIC
        1
        Regular Interest LT1ZZ, in each case as of such date of
        determination.

       

      “REMIC
        1
        Principal Loss Allocation Amount”: With respect to any Distribution Date, an
        amount equal to (a) the product of (i) the aggregate Stated Principal Balance
        of
        the Mortgage Loans and related REO Properties then outstanding and (ii) 1
        minus
        a fraction, the numerator of which is two times the aggregate of the
        Uncertificated Principal Balances of REMIC 1 Regular Interest LT1A1, REMIC
        1
        Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular Interest
        LT1M and REMIC 1 Regular Interest LT1B, and the denominator of which is the
        aggregate of the Uncertificated Principal Balances of REMIC 1 Regular Interest
        LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC
        1
        Regular Interest LT1M, REMIC 1 Regular Interest LT1B and REMIC 1 Regular
        Interest LT1ZZ.

       

      “REMIC
        1
        Regular Interest”: Any of the separate non-certificated beneficial ownership
        interests in REMIC 1 issued hereunder and designated as a “regular interest” in
        REMIC 1. Each REMIC 1 Regular Interest shall accrue interest at the related
        Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and
        shall
        be entitled to distributions of principal, subject to the terms and conditions
        hereof, in an aggregate amount equal to its initial Uncertificated Balance
        as
        set forth in the Preliminary Statement hereto. The following is a list of
        each
        of the REMIC 1 Regular Interests: REMIC 1 Regular Interest LT1AA, REMIC 1
        Regular Interest LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest
        LT1A3, REMIC 1 Regular Interest LT1M, REMIC 1 Regular Interest LT1B and REMIC
        1
        Regular Interest LT1ZZ.

       

      “REMIC
        1
        Regular Interest LT1AA”: One of the separate non-certificated beneficial
        ownership interests in REMIC 1 issued hereunder and designated as a Regular
        Interest in REMIC 1. REMIC 1 Regular Interest LT1AA shall accrue interest
        at the
        related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
        and shall be entitled to distributions of principal, subject to the terms
        and
        conditions hereof, in an aggregate amount equal to its initial Uncertificated
        Principal Balance as set forth in the Preliminary Statement hereto.

       

      “REMIC
        1
        Regular Interest LT1A1”: One of the separate non-certificated beneficial
        ownership interests in REMIC 1 issued hereunder and designated as a Regular
        Interest in REMIC 1. REMIC 1 Regular Interest LT1A1 shall accrue interest
        at the
        related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
        and shall be entitled to distributions of principal, subject to the terms
        and
        conditions hereof, in an aggregate amount equal to its initial Uncertificated
        Principal Balance as set forth in the Preliminary Statement hereto.

       

      “REMIC
        1
        Regular Interest LT1A2”: One of the separate non-certificated beneficial
        ownership interests in REMIC 1 issued hereunder and designated as a Regular
        Interest in REMIC 1. REMIC 1 Regular Interest LT1A2 shall accrue interest
        at the
        related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
        and shall be entitled to distributions of principal, subject to the terms
        and
        conditions hereof, in an aggregate amount equal to its initial Uncertificated
        Principal Balance as set forth in the Preliminary Statement hereto.

       

      “REMIC
        1
        Regular Interest LT1A3”: One of the separate non-certificated beneficial
        ownership interests in REMIC 1 issued hereunder and designated as a Regular
        Interest in REMIC 1. REMIC 1 Regular Interest LT1A3 shall accrue interest
        at the
        related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
        and shall be entitled to distributions of principal, subject to the terms
        and
        conditions hereof, in an aggregate amount equal to its initial Uncertificated
        Principal Balance as set forth in the Preliminary Statement hereto.

       

      “REMIC
        1
        Regular Interest LT1B”: One of the separate non-certificated beneficial
        ownership interests in REMIC 1 issued hereunder and designated as a Regular
        Interest in REMIC 1. REMIC 1 Regular Interest LT1B shall accrue interest
        at the
        related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
        and shall be entitled to distributions of principal, subject to the terms
        and
        conditions hereof, in an aggregate amount equal to its initial Uncertificated
        Principal Balance as set forth in the Preliminary Statement hereto.

       

      “REMIC
        1
        Regular Interest LT1M”: One of the separate non-certificated beneficial
        ownership interests in REMIC 1 issued hereunder and designated as a Regular
        Interest in REMIC 1. REMIC 1 Regular Interest LT1M shall accrue interest
        at the
        related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
        and shall be entitled to distributions of principal, subject to the terms
        and
        conditions hereof, in an aggregate amount equal to its initial Uncertificated
        Principal Balance as set forth in the Preliminary Statement hereto.

       

      “REMIC
        1
        Regular Interest LT1ZZ”: One of the separate non-certificated beneficial
        ownership interests in REMIC 1 issued hereunder and designated as a Regular
        Interest in REMIC 1. REMIC 1 Regular Interest LT1ZZ shall accrue interest
        at the
        related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
        and shall be entitled to distributions of principal, subject to the terms
        and
        conditions hereof, in an aggregate amount equal to its initial Uncertificated
        Principal Balance as set forth in the Preliminary Statement hereto.

       

      “REMIC
        1
        Target Overcollateralized Amount”: 1% of the Overcollateralization Target
        Amount.

       

      “REMIC
        2”: The segregated pool of assets consisting of all of the REMIC 1 Regular
        Interests conveyed in trust to the Trustee, for the benefit of the Holders
        of
        the Regular Certificates and the Class R Certificate (in respect of the Class
        R-2 Interest), pursuant to Article II hereunder, and all amounts deposited
        therein, with respect to which a separate REMIC election is to be
        made.

       

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

       

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

       

      “Remittance
        Report”: A report prepared by the Servicer and delivered to the Trustee pursuant
        to Section 4.03.

       

      “Rents
        from Real Property”: With respect to any REO Property, gross income of the
        character described in Section 856(d) of the Code.

       

      “REO
        Account”: The account or accounts maintained by the Servicer in respect of an
        REO Property pursuant to Section 3.23.

       

      “REO
        Disposition”: The sale or other disposition of an REO Property on behalf of the
        Trust Fund.

       

      “REO
        Imputed Interest”: As to any REO Property, for any calendar month during which
        such REO Property was at any time part of the Trust Fund, one month’s interest
        at the applicable Net Mortgage Rate on the Stated Principal Balance of such
        REO
        Property (or, in the case of the first such calendar month, of the related
        Mortgage Loan if appropriate) as of the Close of Business on the Distribution
        Date in such calendar month.

       

      “REO
        Principal Amortization”: With respect to any REO Property, for any calendar
        month, the excess, if any, of (a) the aggregate of all amounts received in
        respect of such REO Property during such calendar month, whether in the form
        of
        rental income, sale proceeds (including, without limitation, that portion
        of the
        Termination Price paid in connection with a purchase of all of the Mortgage
        Loans and REO Properties pursuant to Section 10.01 that is allocable to such
        REO
        Property) or otherwise, net of any portion of such amounts (i) payable pursuant
        to Section 3.23 in respect of the proper operation, management and maintenance
        of such REO Property or (ii) payable or reimbursable to the Servicer pursuant
        to
        Section 3.23 for unpaid Servicing Fees in respect of the related Mortgage
        Loan
        and unreimbursed Servicing Advances and Advances in respect of such REO Property
        or the related Mortgage Loan, over (b) the REO Imputed Interest in respect
        of
        such REO Property for such calendar month.

       

      “REO
        Property”: A Mortgaged Property acquired by the Servicer on behalf of the Trust
        Fund through foreclosure or deed-in-lieu of foreclosure, as described in
        Section
        3.23.

       

      “Request
        for Release”: A release signed by a Servicing Officer, in the form of Exhibit E
        attached hereto.

       

      “Reserve
        Interest Rate”: With respect to any Interest Determination Date, the rate per
        annum that the Trustee determines to be either (i) the arithmetic mean (rounded
        upwards if necessary to the nearest whole multiple of 1/16 of 1%) of the
        one-month United States dollar lending rates which banks in the City of New
        York
        selected by the Depositor are quoting on the relevant Interest Determination
        Date to the principal London offices of leading banks in the London interbank
        market or (ii) in the event that the Trustee can determine no such arithmetic
        mean, in the case of any Interest Determination Date after the initial Interest
        Determination Date, the lowest one-month United States dollar lending rate
        which
        such New York banks selected by the Depositor are quoting on such Interest
        Determination Date to leading European banks.

       

      “Residual
        Interest”: The sole class of “residual interests” in a REMIC within the meaning
        of Section 860G(a)(2) of the Code.

       

      “Responsible
        Officer”: When used with respect to the Trustee, any director, any vice
        president, any assistant vice president, the Secretary, any assistant secretary,
        the Treasurer, any assistant treasurer, the Cashier, any assistant cashier,
        any
        trust officer or assistant trust officer, the Controller and any assistant
        controller or any other officer of the Trustee customarily performing functions
        similar to those performed by any of the above designated officers and, with
        respect to a particular matter, to whom such matter is referred because of
        such
        officer’s knowledge of and familiarity with the particular subject.

       

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

       

      “Seller”:
        IndyMac Bank, F.S.B. in its capacity as seller under the Mortgage Loan Purchase
        Agreement.

       

      “Servicer”:
        IndyMac Bank, F.S.B., a federal savings bank, or any successor Servicer
        appointed as herein provided, in its capacity as Servicer
        hereunder.

       

      “Servicer
        Event of Termination”: One or more of the events described in Section
        7.01.

       

      “Servicer
        Remittance Date”: With respect to any Distribution Date, the Business Day prior
        to such Distribution Date.

       

      “Servicing
        Account”: The account or accounts created and maintained pursuant to Section
        3.09.

       

      “Servicing
        Advances”: All customary, reasonable and necessary “out of pocket” costs and
        expenses (including reasonable attorneys’ fees and expenses) incurred by the
        Servicer in the performance of its servicing obligations, including, but
        not
        limited to, the cost of (i) the preservation, restoration, inspection and
        protection of the Mortgaged Property, (ii) any enforcement or judicial
        proceedings, including foreclosures, (iii) the maintenance and liquidation
        of
        the REO Property and (iv) compliance with the obligations under Sections
        3.01,
        3.09, 3.16, and 3.23.

       

      “Servicing
        Fee”: With respect to each Mortgage Loan and for any calendar month, an amount
        equal to one month’s interest (or in the event of any payment of interest which
        accompanies a Principal Prepayment in full made by the Mortgagor during such
        calendar month, interest for the number of days covered by such payment of
        interest) at the Servicing Fee Rate on the same principal amount on which
        interest on such Mortgage Loan accrues for such calendar month. A portion
        of
        such Servicing Fee may be retained by any Sub-Servicer as its servicing
        compensation.

       

      “Servicing
        Fee Rate”: 0.25% per annum.

       

      “Servicing
        Officer”: Any officer of the Servicer involved in, or responsible for, the
        administration and servicing of Mortgage Loans, whose name and specimen
        signature appear on a list of servicing officers furnished by the Servicer
        to
        the Trustee, the Certificate Insurer and the Depositor on the Closing Date,
        as
        such list may from time to time be amended.

       

      “Servicing
        Standard”: Shall mean the standards set forth in Section 3.01.

       

      “Servicing
        Transfer Costs”: Shall mean all reasonable costs and expenses (including without
        limitation, legal fees and expenses) incurred by the Trustee in connection
        with
        the transfer of servicing from a predecessor Servicer, including, without
        limitation, any reasonable costs or expenses associated with the complete
        transfer of all servicing data and the completion, correction or manipulation
        of
        such servicing data as may be required by the Trustee to correct any errors
        or
        insufficiencies in the servicing data or otherwise to enable the Trustee
        or
        another successor Servicer to service the Mortgage Loans properly and
        effectively.

       

      “Startup
        Day”: As defined in Section 9.01(b) hereof.

       

      “Stated
        Principal Balance”: With respect to any Mortgage Loan: (a) as of any date of
        determination up to but not including the Distribution Date on which the
        proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
        would be distributed, the outstanding Stated Principal Balance of such Mortgage
        Loan as of the Cut-off Date, as shown in the Mortgage Loan Schedule, minus
        the
        sum of (i) the principal portion of each Monthly Payment due on a Due Date
        subsequent to the Cut-off Date, to the extent received from the Mortgagor
        or
        advanced by the Servicer and distributed pursuant to Section 4.01 on or before
        such date of determination, (ii) all Principal Prepayments received after
        the
        Cut-off Date, to the extent distributed pursuant to Section 4.01 on or before
        such date of determination, (iii) all Liquidation Proceeds and Insurance
        Proceeds to the extent distributed pursuant to Section 4.01 on or before
        such
        date of determination, and (iv) any Realized Loss incurred with respect thereto
        as a result of a Deficient Valuation made during or prior to the Remittance
        Period for the most recent Distribution Date coinciding with or preceding
        such
        date of determination; and (b) as of any date of determination coinciding
        with
        or subsequent to the Distribution Date on which the proceeds, if any, of
        a
        Liquidation Event with respect to such Mortgage Loan would be distributed,
        zero.
        With respect to any REO Property: (a) as of any date of determination up
        to but
        not including the Distribution Date on which the proceeds, if any, of a
        Liquidation Event with respect to such REO Property would be distributed,
        an
        amount (not less than zero) equal to the Stated Principal Balance of the
        related
        Mortgage Loan as of the date on which such REO Property was acquired on behalf
        of the Trust Fund, minus the aggregate amount of REO Principal Amortization
        in
        respect of such REO Property for all previously ended calendar months, to
        the
        extent distributed pursuant to Section 4.01 on or before such date of
        determination; and (b) as of any date of determination coinciding with or
        subsequent to the Distribution Date on which the proceeds, if any, of a
        Liquidation Event with respect to such REO Property would be distributed,
        zero.

       

      “Stepdown
        Date”: The earlier to occur of (i)
        the
        first Distribution Date on which the Certificate Principal Balance of the
        Class
        A Certificates is reduced to zero and (ii) the later to occur of (a) the
        Distribution Date in July 2009 and (b) the first Distribution Date on which
        the
        Credit Enhancement Percentage for the Class A Certificates (calculated for
        this
        purpose only after taking into account distributions of principal on the
        Mortgage Loans on the last day of the related Remittance Period but prior
        to any
        application of the Principal Distribution Amount to the Certificates) is
        greater
        than or equal to 5.70%.

       

      “Subordinated
        Certificate”: Any Class M Certificate or Class B Certificate.

       

      “Subsequent
        Recoveries”: As of any Distribution Date, amounts received by the Servicer (net
        of any related expenses permitted to be reimbursed pursuant to Section 3.05)
        specifically related to a Mortgage Loan that was the subject of a liquidation
        or
        an REO Disposition prior to the related Prepayment Period that resulted in
        a
        Realized Loss.

       

      “Sub-Servicer”:
        Any Person with which the Servicer has entered into a Sub-Servicing Agreement
        and which meets the qualifications of a Sub-Servicer pursuant to Section
        3.02.

       

      “Sub-Servicing
        Account”: An account established by a Sub-Servicer which meets the requirements
        set forth in Section 3.08 and is otherwise acceptable to the
        Servicer.

       

      “Sub-Servicing
        Agreement”: The written contract between the Servicer and a Sub-Servicer
        relating to servicing and administration of certain Mortgage Loans as provided
        in Section 3.02.

       

      “Substitution
        Adjustment”: As defined in Section 2.03(d) hereof.

       

      “Tax
        Matters Person”: The tax matters person appointed pursuant to Section 9.01(e)
        hereof.

       

      “Termination
        Price”: As defined in Section 10.01(a) hereof.

       

      “Terminator”:
        As defined in Section 10.01 hereof.

       

      “Total
        Monthly Excess Spread”: With respect to any Distribution Date, the sum of (i)
        any Excess Overcollateralization Amount for such Distribution Date and (ii)
        the
        excess, if any, of (x) the Available Funds for such Distribution Date over
        (y)
        the sum for such Distribution Date of (A) the amount required to be distributed
        pursuant to Section 4.01(a) and (B) the Principal Remittance Amount for such
        Distribution Date.

       

      “Transfer”:
        Any direct or indirect transfer, sale, pledge, hypothecation, or other form
        of
        assignment of any Ownership Interest in a Certificate.

       

      “Transferee”:
        Any Person who is acquiring by Transfer any Ownership Interest in a
        Certificate.

       

      “Transferor”:
        Any Person who is disposing by Transfer of any Ownership Interest in a
        Certificate.

       

      “Trigger
        Event”: A Trigger Event is in effect if:

       

      (i) with
        respect to any Distribution Date occurring from and including July 2009 to,
        but
        not including, July 2011, the Mortgage Loans 60 or more days Delinquent,
        in
        bankruptcy, in foreclosure or that are secured by Mortgaged Properties that
        have
        become REO Properties exceed 3.00% of the aggregate Stated Principal Balance
        of
        the Mortgage Loans on such Distribution Date;

       

      (ii) with
        respect to any Distribution Date occurring on or after July 2011, the Mortgage
        Loans 60 or more days Delinquent or that are secured by Mortgaged Properties
        that have become REO Properties exceed 4.50% of the aggregate Stated Principal
        Balance of the Mortgage Loans on such Distribution Date; or

       

      (iii) for
        any
        Distribution Date on or after the Stepdown Date, the
        cumulative amount of Realized Losses incurred on the Mortgage Loans from
        the
        Cut-Off Date through the last day of the related Remittance Period (reduced
        by
        the aggregate amount of Subsequent Recoveries received from the Cut-Off Date
        through the last day of the related Remittance Period) exceeds (a) 1.00%
        of the
        aggregate Stated Principal Balance of the Mortgage Loans with respect to
        the
        Distribution Date in July 2008, plus an additional 1/12th of 0.75% of the
        aggregate Stated Principal Balance of the Mortgage Loans for each Distribution
        Date occurring in each month thereafter to and including the Distribution
        Date
        in June 2009, (b) 1.75% of the aggregate Stated Principal Balance of the
        Mortgage Loans with respect to the Distribution Date in July 2009, plus an
        additional 1/12th of 0.75% of the aggregate Stated Principal Balance of the
        Mortgage Loans for each Distribution Date occurring in each month thereafter
        to
        and including the Distribution Date in June 2010, (c) 2.50% of the aggregate
        Stated Principal Balance of the Mortgage Loans with respect to the Distribution
        Date occurring in July 2010, plus an additional 1/12th of 0.50% of the aggregate
        Stated Principal Balance of the Mortgage Loans for each Distribution Date
        occurring in each month thereafter to and including the Distribution Date
        in
        June 2011 and (d) 3.00% of the aggregate Stated Principal Balance of the
        Mortgage Loans with respect to the Distribution Date occurring in July 2011
        and
        each month thereafter.

       

      “Trust”:
        The trust created hereunder.

       

      “Trustee”:
        Deutsche Bank National Trust Company, a national banking association, or
        its
        successor in interest, or any successor Trustee appointed as herein
        provided.

       

      “Trustee
        Fee”: The amount payable to the Trustee on each Distribution Date pursuant to
        Section 4.01(a) and Section 8.05 as compensation for all services rendered
        by it
        in the execution of the Trust and in the exercise and performance of any
        of the
        powers and duties of the Trustee hereunder, which amount shall equal one
        month’s
        interest at the Trustee Fee Rate on the aggregate Stated Principal Balance
        of
        the Mortgage Loans and any REO Properties as of the first day of the calendar
        month prior to the month of such Distribution Date (or, in the case of the
        initial Distribution Date, as of the Cut-off Date).

       

      “Trustee
        Fee Rate”: 0.010% per annum.

       

      “Trust
        Fund”: All of the assets of the trust created hereunder consisting of REMIC 1,
        REMIC 2, the Excess Reserve Fund Account and the Insurance Account.

       

      “Trust
        REMIC”: REMIC 1 or REMIC 2.

       

      “Uncertificated
        Accrued Interest”: With respect to each REMIC Regular Interest on each
        Distribution Date, an amount equal to one month’s interest at the related
        Uncertificated REMIC Pass-Through Rate on the Uncertificated Principal Balance
        or Uncertificated Notional Amount of such REMIC Regular Interest. In each
        case,
        Uncertificated Accrued Interest will be reduced by any Net Prepayment Interest
        Shortfalls and Relief Act Interest Shortfalls (allocated to such REMIC Regular
        Interest as set forth in Section 1.02).

       

      “Uncertificated
        Principal Balance”: With respect to each REMIC Regular Interest, the amount of
        such REMIC Regular Interest outstanding as of any date of determination.
        As of
        the Closing Date, the Uncertificated Principal Balance of each REMIC Regular
        Interest shall equal the amount set forth in the Preliminary Statement hereto
        as
        its initial Uncertificated Principal Balance. On each Distribution Date,
        the
        Uncertificated Principal Balance of each REMIC Regular Interest shall be
        reduced
        by all distributions of principal made on such REMIC Regular Interest on
        such
        Distribution Date pursuant to Section 4.04 and, if and to the extent necessary
        and appropriate, shall be further reduced on such Distribution Date by Realized
        Losses as provided in Section 4.05, and the Uncertificated Principal Balance
        of
        REMIC 1 Regular Interest LT1ZZ shall be increased by interest deferrals as
        provided in Section 4.05. The Uncertificated Principal Balance of each REMIC
        Regular Interest that has an Uncertificated Principal Balance shall never
        be
        less than zero.

       

      “Uncertificated
        REMIC Pass-Through Rate”: The Uncertificated REMIC 1 Pass-Through
        Rate.

       

      “Uncertificated
        REMIC 1 Pass-Through Rate”: With respect to each REMIC 1 Regular Interest and
        any Distribution Date, a per annum rate equal to the weighted average (weighted
        based on the Stated Principal Balances of the Mortgage Loans as of the first
        day
        of the related Remittance Period, adjusted to reflect unscheduled principal
        payments made thereafter that were included in the Principal Distribution
        Amount
        on the immediately preceding Distribution Date) of the Net Mortgage Rates
        on the
        Mortgage Loans minus the Premium Rate on such Distribution Date (multiplied
        by a
        fraction the numerator of which is the aggregate Certificate Principal Balance
        of the Class A Certificates immediately prior to such Distribution Date and
        the
        denominator of which is the aggregate Stated Principal Balance of the Mortgage
        Loans as of the first day of the related Remittance Period, adjusted to reflect
        unscheduled principal payments made thereafter that were included in the
        Principal Distribution Amount on the immediately preceding Distribution
        Date).

       

      “Uninsured
        Cause”: Any cause of damage to a Mortgaged Property such that the complete
        restoration of such property is not fully reimbursable by the insurance policies
        required to be maintained pursuant to Section 3.14.

       

      “United
        States Person”: A citizen or resident of the United States, a corporation,
        partnership (or other entity treated as a corporation or partnership for
        United
        States federal income tax purposes) created or organized in, or under the
        laws
        of, the United States, any state thereof, or the District of Columbia (except
        in
        the case of a partnership, to the extent provided in Treasury regulations);
        provided, that for purposes solely of the restrictions on the transfer of
        Class
        R Certificates, no partnership or other entity treated as a partnership for
        United States federal income tax purposes shall be treated as a United States
        Person unless (a) all persons that own an interest in such partnership either
        directly or through any entity that is not a corporation for United States
        federal income tax purposes are required by the applicable operative agreement
        to be United States Persons or (b) the partnership treats all income as
        effectively connected income within the meaning of Section 864 of the Code,
        or
        an estate the income of which from sources without the United States is
        includible in gross income for United States federal income tax purposes
        regardless of its connection with the conduct of a trade or business within
        the
        United States, or a trust if a court within the United States is able to
        exercise primary supervision over the administration of the trust and one
        or
        more United States persons have authority to control all substantial decisions
        of the trust. The term “United States” shall have the meaning set forth in
        Section 7701 of the Code or successor provisions. The term “U.S. Person” refers
        to a United States Person.

       

      “Unpaid
        Interest Shortfall Amount”: With respect to the Class A Certificates and any
        Class of Subordinated Certificates and (i) the first Distribution Date, zero,
        and (ii) any Distribution Date after the first Distribution Date, the amount,
        if
        any, by which (a) the sum of (1) the Accrued Certificate Interest for such
        Class
        for the immediately preceding Distribution Date and (2) the outstanding Unpaid
        Interest Shortfall Amount, if any, for such Class for such preceding
        Distribution Date exceeds (b) the aggregate amount distributed to such Class
        in
        respect of interest pursuant to clause (a) of this definition on such preceding
        Distribution Date, plus interest on the amount of interest due but not paid
        on
        the Certificates of such Class on such preceding Distribution Date, to the
        extent permitted by law, at the Pass-Through Rate for such Class for the
        related
        Accrual Period.

       

      “Value”:
        With respect to a Mortgage Loan other than a Refinance Loan, the lesser of
        (a)
        the value of the Mortgaged Property based upon the appraisal made at the
        time of
        the origination of such Mortgage Loan and (b) the sales price of the Mortgaged
        Property at the time of the origination of such Mortgage Loan; with respect
        to a
        Refinance Loan, the value of the Mortgaged Property based upon the appraisal
        made at the time of the origination of such Refinance Loan.

       

      “Voting
        Rights”: The portion of the voting rights of all of the Certificates which is
        allocated to any Certificate. At all times, the Class A Certificates, the
        Subordinated Certificates and the Class C Certificates shall have 99% of
        the
        Voting Rights (allocated among the Holders of the Class A Certificates, the
        Subordinated Certificates and the Class C Certificates in proportion to the
        then
        outstanding Certificate Principal Balances of their respective Certificates),
        and the Class R Certificates shall have 1% of the Voting Rights. The Voting
        Rights allocated to any Class of Certificates (other than the Class R
        Certificates) shall be allocated among all Holders of each such Class in
        proportion to the outstanding Certificate Principal Balance or Notional Amount
        of such Certificates; provided, that any Certificate registered in the name
        of
        the Seller, the Depositor or its Affiliate shall not be eligible to vote
        or be
        considered outstanding and the Percentage Interest evidenced thereby shall
        not
        be taken into account in determining whether the requisite amount of Percentage
        Interests necessary to effect a consent has been obtained unless the Seller,
        the
        Depositor or its Affiliates own 100% of the related Class of such Certificates.
        The Voting Rights allocated to the Class R Certificates shall be allocated
        among
        all Holders of such Class in proportion to such Holders’ respective Percentage
        Interests in the Class R Certificates; provided, however, that when none
        of the
        Regular Certificates are outstanding, 100% of the Voting Rights shall be
        allocated among Holders of the Class R Certificates in accordance with such
        Holders’ respective Percentage Interests in the Class R
        Certificates.

       

      Section
        1.02.  Allocation
        of Certain Interest Shortfalls.

       

      For
        purposes of calculating the amount of the Accrued Certificate Interest for
        the
        Class A Certificates, the Subordinated Certificates and the Class C Certificates
        for any Distribution Date, the aggregate amount of any Net Prepayment Interest
        Shortfalls and any Relief Act Interest Shortfalls incurred in respect of
        the
        Mortgage Loans for any Distribution Date (together, “Net Interest Shortfalls”)
        shall be allocated first, to reduce the interest accrued on the Class C
        Certificates in the related Accrual Period up to an amount equal to one month’s
        interest at the then applicable Pass-Through Rate on the Notional Amount
        of such
        Certificates and, thereafter, to reduce the interest accrued during the related
        Accrual Period on the Class A Certificates and the Subordinated Certificates
        on
        a pro
        rata
        basis
        based on, and to the extent of, one month’s interest at the then applicable
        respective Pass-Through Rate on the respective Certificate Principal Balance
        of
        each such Certificate.

       

      For
        purposes of calculating the amount of Uncertificated Accrued Interest for
        the
        REMIC 1 Regular Interests for any Distribution Date, the aggregate amount
        of any
        Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
        incurred in respect of the Mortgage Loans for any Distribution Date shall
        be
        allocated among REMIC 1 Regular Interest LT1AA, REMIC 1 Regular Interest
        LT1A1,
        REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular
        Interest LT1M, REMIC 1 Regular Interest LT1B and REMIC 1 Regular Interest
        LT1ZZ
pro
        rata based
        on,
        and to the extent of, one month’s interest at the then applicable respective
        Uncertificated REMIC 1 Pass-Through Rate on the respective Uncertificated
        Principal Balance of each such REMIC 1 Regular Interest.

       

      Section
        1.03.  Accounting.

       

      Unless
        otherwise specified herein, for the purpose of any definition or calculation,
        whenever amounts are required to be netted, subtracted or added or any
        distributions are required to be taken into account, such definition or
        calculation, and any related definitions or calculations, shall be determined
        without duplication of such functions.

       

      ARTICLE
        II  

       

      CONVEYANCE
        OF MORTGAGE LOANS;

      ORIGINAL
        ISSUANCE OF CERTIFICATES

       

      Section
        2.01.  Conveyance
        of Mortgage Loans.

       

      The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey to the Trustee without recourse,
        in trust for the benefit of the Certificateholders and the Certificate Insurer,
        all the right, title and interest of the Depositor, including any security
        interest therein for the benefit of the Depositor, in and to: (i) each Mortgage
        Loan identified on the Mortgage Loan Schedule, including the related Stated
        Principal Balance as of the Cut-off Date, all interest and principal received
        thereon after the Cut-off Date (other than interest and principal due on
        such
        Mortgage Loans on or before the Cut-off Date); (ii) property which secured
        each
        such Mortgage Loan and which has been acquired by foreclosure or deed in
        lieu of
        foreclosure; (iii) its interest in any insurance policies in respect of the
        Mortgage Loans; (iv) all proceeds of any of the foregoing; (v) the rights
        of the
        Depositor under the Mortgage Loan Purchase Agreement; and (vi) all other
        assets
        included or to be included in the Trust Fund. 

       

      In
        connection with such transfer and assignment, the Depositor does hereby deliver
        to, and deposit with, the Trustee or its designated agent (the “Custodian”), the
        following documents or instruments with respect to each Mortgage Loan so
        transferred and assigned (with respect to each Mortgage Loan, a “Mortgage
        File”):

       

      (i)  the
        original Mortgage Note, endorsed either (A) in blank or (B) in the following
        form: “Pay to the order of Deutsche Bank National Trust Company, as Trustee,
        without recourse”, or with respect to any lost Mortgage Note, an original Lost
        Note Affidavit stating that the original Mortgage Note was lost, misplaced
        or
        destroyed, together with a copy of the related Mortgage Note; provided, however,
        that such substitutions of Lost Note Affidavits for original Mortgage Notes
        may
        occur only with respect to Mortgage Loans, the aggregate Stated Principal
        Balance of which is less than or equal to 2.0% of the Pool Balance as of
        the
        Cut-off Date;

       

      (ii)  the
        original 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 to be a
        true
        and complete copy of the original submitted for recording;

       

      (iii)  an
        original Assignment, in form and substance acceptable for recording. The
        Mortgage shall be assigned either (A) in blank or (B) to “Deutsche Bank National
        Trust Company, as Trustee, without recourse”;

       

      (iv)  an
        original copy of any intervening Assignment, showing a complete chain of
        assignments;

       

      (v)  the
        original or a certified copy of the lender’s title insurance policy;
        and

       

      (vi)  the
        original or copies of each assumption, modification, written assurance or
        substitution agreement, if any.

       

      With
        respect to up to 30% of the Mortgage Loans, the Depositor may deliver all
        or a
        portion of each related Mortgage File to the Trustee not later than five
        Business Days after the Closing Date (such Mortgage Loans, the “Delayed Delivery
        Mortgage Loans”).

       

      If
        any of
        the documents referred to in Section 2.01(ii), (iii) or (iv) above has as
        of the
        Closing Date been submitted for recording but either (x) has not been returned
        from the applicable public recording office or (y) has been lost or such
        public
        recording office has retained the original of such document, the obligations
        of
        the Depositor to deliver such documents shall be deemed to be satisfied upon
        (1)
        delivery to the Trustee or the Custodian no later than the Closing Date,
        of a
        copy of each such document certified by the Servicer, in its capacity as
        Seller,
        in the case of (x) above or the applicable public recording office in the
        case
        of (y) above to be a true and complete copy of the original that was submitted
        for recording and (2) if such copy is certified by the Servicer, in its capacity
        as Seller, delivery to the Trustee or the Custodian, promptly upon receipt
        thereof of either the original or a copy of such document certified by the
        applicable public recording office to be a true and complete copy of the
        original. If the original lender’s title insurance policy, or a certified copy
        thereof, was not delivered pursuant to Section 2.01(v) above, the Depositor
        shall deliver or cause to be delivered to the Trustee or the Custodian, the
        original or a copy of a written commitment or interim binder or preliminary
        report of title issued by the title insurance or escrow company, with the
        original or a certified copy thereof to be delivered to the Trustee or the
        Custodian, promptly upon receipt thereof. The Servicer or the Depositor shall
        deliver or cause to be delivered to the Trustee or the Custodian promptly
        upon
        receipt thereof any other documents constituting a part of a Mortgage File
        received with respect to any Mortgage Loan, including, but not limited to,
        any
        original documents evidencing an assumption or modification of any Mortgage
        Loan.

       

      Upon
        discovery or receipt of notice of any materially defective document in, or
        that
        a document is missing from, a Mortgage File, the Servicer, in its capacity
        as
        Seller, shall have 90 days to cure such defect or deliver such missing document
        to the Trustee or the Custodian, to the extent required pursuant to Section
        2.03. If the Seller does not cure such defect or deliver such missing document
        within such time period, the Servicer, in its capacity as Seller, shall either
        repurchase or substitute for such Mortgage Loan in accordance with Section
        2.03,
        to the extent required pursuant to Section 2.03.

       

      The
        Depositor (at the expense of the Seller) shall cause the Assignments which
        were
        delivered in blank to be completed and shall cause all Assignments referred
        to
        in Section 2.01(iii) hereof and, to the extent necessary, in Section 2.01(iv)
        hereof to be recorded. The Depositor shall furnish the Trustee, or its
        designated agent, with a copy of each Assignment submitted for recording.
        In the
        event that any such Assignment is lost or returned unrecorded because of
        a
        defect therein, the Depositor shall promptly have a substitute Assignment
        prepared or have such defect cured, as the case may be, and thereafter cause
        each such Assignment to be duly recorded.

       

      Notwithstanding
        the foregoing, however, for administrative convenience and facilitation of
        servicing and to reduce closing costs, the Assignments shall not be required
        to
        be submitted for recording (except with respect to any Mortgage Loan located
        in
        Maryland) unless such failure to record would result in a withdrawal or a
        downgrading by any Rating Agency of the rating on any Class of Certificates
        (with respect to the Class A Certificates only, without regard to the
        Certificate Policy; provided further, however, each Assignment shall be
        submitted for recording by the Seller (or by the Servicer at the expense
        of the
        Seller in the case of clauses (v) and (vi) below) in the manner described
        above,
        at no expense to the Trust Fund, the Servicer or the Trustee, upon the earliest
        to occur of: (i) direction by Holders of Certificates entitled to at least
        25%
        of the Voting Rights, (ii) the occurrence of a Servicer Event of Termination,
        (iii) the occurrence of a bankruptcy or insolvency relating to the Seller,
        (iv)
        the occurrence of a servicing transfer as described in Section 7.02 hereof,
        (v)
        if the Seller is not the Servicer, with respect to any one Assignment, the
        occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor
        under the related Mortgage and (vi) with respect to any Assignments, the
        payment
        in full of the related Mortgage Note if required in the applicable jurisdiction.
        Notwithstanding the foregoing, if the Seller is unable to pay the cost of
        recording the Assignments, such expense shall be paid by the Trustee and
        shall
        be reimbursable to the Trustee as an Extraordinary Trust Fund
        Expense.

       

      The
        Depositor herewith delivers to the Trustee an executed original of the Mortgage
        Loan Purchase Agreement.

       

      The
        Servicer shall forward to the Custodian original documents evidencing an
        assumption, modification, consolidation or extension of any Mortgage Loan
        entered into in accordance with this Agreement within two weeks of their
        execution; provided, however, that the Servicer shall provide the Custodian
        with
        a certified true copy of any such document submitted for recordation within
        two
        weeks of its execution, and shall provide the original of any document submitted
        for recordation or a copy of such document certified by the appropriate public
        recording office to be a true and complete copy of the original within 270
        days
        of its submission for recordation. In the event that the Servicer cannot
        provide
        a copy of such document certified by the public recording office within such
        270
        day period, the Servicer shall deliver to the Custodian, within such 270
        day
        period, an Officer’s Certificate of the Servicer which shall (A) identify the
        recorded document, (B) state that the recorded document has not been delivered
        to the Custodian due solely to a delay caused by the public recording office,
        (C) state the amount of time generally required by the applicable recording
        office to record and return a document submitted for recordation, if known,
        and
        (D) specify the date the applicable recorded document is expected to be
        delivered to the Custodian, and, upon receipt of a copy of such document
        certified by the public recording office, the Servicer shall immediately
        deliver
        such document to the Custodian. In the event the appropriate public recording
        office will not certify as to the accuracy of such document, the Servicer
        shall
        deliver a copy of such document certified by an officer of the Servicer to
        be a
        true and complete copy of the original to the Custodian.

       

      Notwithstanding
        anything to the contrary in this Agreement, within five Business Days after
        the
        Closing Date, the Depositor shall either:

       

      (x) deliver
        to the Trustee the Mortgage File as required pursuant to this Section 2.01
        for
        each Delayed Delivery Mortgage Loan; or

       

      (y)(A) cause
        the
        Seller to repurchase the Delayed Delivery Mortgage Loan or (B) substitute
        a
        Qualified Substitute Mortgage Loan for a Delayed Delivery Mortgage Loan,
        which
        repurchase or substitution shall be accomplished in the manner and subject
        to
        the conditions in Section 2.03 (treating each such Delayed Delivery Mortgage
        Loan as a Deleted Mortgage Loan for purposes of such Section 2.03);

       

      provided,
        however, that if the Depositor fails to deliver a Mortgage File for any Delayed
        Delivery Mortgage Loan within the period specified herein, the Depositor
        shall
        cause the Seller to use its best reasonable efforts to effect a substitution,
        rather than a repurchase of, such Delayed Delivery Mortgage Loan; provided,
        further, that the cure period provided for in Section 2.02 or in Section
        2.03
        shall not apply to the initial delivery of the Mortgage File for such Delayed
        Delivery Mortgage Loan, but rather the Seller shall have five (5) Business
        Days
        to cure such failure to deliver. At the end of such period, the Trustee shall
        send a certification for the Delayed Delivery Mortgage Loans delivered during
        such period in accordance with the provisions of Section 2.02.

       

      Section
        2.02.  Acceptance
        by Trustee.

       

      Subject
        to the provisions of Section 2.01 and subject to the review described below
        and
        any exceptions noted on the exception report described in the next paragraph
        below, the Trustee acknowledges receipt of the documents referred to in Section
        2.01 above and all other assets included in the definition of “Trust Fund” and
        declares that it holds and will hold such documents and the other documents
        delivered to it constituting a Mortgage File, and that it holds or will hold
        all
        such assets and such other assets included in the definition of “Trust Fund” in
        trust for the exclusive use and benefit of all present and future
        Certificateholders and the Certificate Insurer.

       

      The
        Trustee agrees, for the benefit of the Certificateholders and the Certificate
        Insurer, to execute and deliver (or cause the Custodian to execute and deliver)
        to the Depositor on or prior to the Closing Date an acknowledgment of receipt
        of
        the original Mortgage Notes (with any exceptions noted), substantially in
        the
        form attached as Exhibit F-3 hereto.

       

      The
        Trustee agrees, for the benefit of the Certificateholders and the Certificate
        Insurer, to review, or that it has reviewed pursuant to Section 2.01 (or
        to
        cause the Custodian to review or that it has caused the Custodian to have
        reviewed), each Mortgage File on or prior to the Closing Date, with respect
        to
        each Mortgage Loan (or, with respect to any document delivered after the
        Startup
        Day, within 45 days of receipt and with respect to any Qualified Substitute
        Mortgage Loan, within 45 days after the assignment thereof). The Trustee
        further
        agrees, for the benefit of the Certificateholders and the Certificate Insurer,
        to certify in substantially the form attached hereto as Exhibit F-1, within
        45
        days after the Closing Date, with respect to each Mortgage Loan (or, with
        respect to any document delivered after the Startup Day, within 45 days of
        receipt and with respect to any Qualified Substitute Mortgage, within 45
        days
        after the assignment thereof) that, as to each Mortgage Loan listed in the
        Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
        Mortgage Loan specifically identified in the exception report annexed thereto
        as
        not being covered by such certification), (i) all documents required to be
        delivered to it pursuant Section 2.01 of this Agreement are in its possession,
        (ii) such documents have been reviewed by it and have not been mutilated,
        damaged or torn and relate to such Mortgage Loan and (iii) based on its
        examination and only as to the foregoing, the information set forth in the
        Mortgage Loan Schedule that corresponds to items (1) and (2) of the Mortgage
        Loan Schedule accurately reflects information set forth in the Mortgage File.
        It
        is herein acknowledged that, in conducting such review, the Trustee (or the
        Custodian, as applicable) is under no duty or obligation to inspect, review
        or
        examine any such documents, instruments, certificates or other papers to
        determine that they are genuine, enforceable, or appropriate for the represented
        purpose or that they have actually been recorded or that they are other than
        what they purport to be on their face.

       

      Within
        the year commencing on the Closing Date and ending on the first anniversary
        date
        of the Closing Date, the Trustee shall deliver (or cause the Custodian to
        deliver) to the Depositor, the Seller, the Certificate Insurer and the Servicer
        a final certification in the form annexed hereto as Exhibit F-2 evidencing
        the
        completeness of the Mortgage Files, with any applicable exceptions noted
        thereon.

       

      If
        in the
        process of reviewing the Mortgage Files and making or preparing, as the case
        may
        be, the certifications referred to above, the Trustee (or the Custodian,
        as
        applicable) finds any document or documents constituting a part of a Mortgage
        File to be missing or to not meet the requirements of Section 2.01, at the
        conclusion of its review the Trustee shall indicate such on the exception
        report
        annexed to the final certification sent to the Seller, the Depositor, the
        Certificate Insurer and the Servicer. In addition, upon the discovery by
        the
        Seller, the Depositor, the Certificate Insurer or the Servicer (or upon receipt
        by the Trustee of written notification of such breach) of a breach of any
        of the
        representations and warranties made by the Seller in the Mortgage Loan Purchase
        Agreement in respect of any Mortgage Loan which materially adversely affects
        such Mortgage Loan or the interests of the Certificateholders (without regard
        to
        the Policy) in such Mortgage Loan, the party discovering such breach shall
        give
        prompt written notice to the other parties to this Agreement.

       

      Section
        2.03.  Repurchase
        or Substitution of Mortgage Loans by the Seller.

       

      (a)  Upon
        discovery or receipt of written notice of any document which does not conform
        to
        the requirements of Section 2.01, or that a document is missing from a Mortgage
        File, or of the breach by the Seller of any representation, warranty or covenant
        under the Mortgage Loan Purchase Agreement in respect of any Mortgage Loan
        which
        in any such case materially adversely affects the value of such Mortgage
        Loan or
        the interest therein of the Certificateholders or the Certificate Insurer,
        the
        Trustee shall promptly notify the Seller, the Depositor, the Certificate
        Insurer
        and the Servicer of such defect, missing document or breach and request that
        the
        Seller, if and to the extent required under the Mortgage Loan Purchase
        Agreement, deliver such missing document or cure such defect or breach within
        90
        days from the date the Seller was notified of such missing document, defect
        or
        breach, and if the Seller does not deliver such missing document or cure
        such
        defect or breach in all material respects during such period, if and to the
        extent required under the Mortgage Loan Purchase Agreement, the Servicer
        or the
        Trustee, in accordance with Section 3.02(b), shall enforce the Seller’s
        obligation under the Mortgage Loan Purchase Agreement and cause the Seller
        to
        repurchase such Mortgage Loan from the Trust Fund at the Purchase Price on
        or
        prior to the Determination Date following the expiration of such 90 day period;
        provided, that in connection with any such breach that could not reasonably
        have
        been cured within such 90 day period, if the Seller shall have commenced
        to cure
        such breach within such 90 day period, the Seller shall be permitted to proceed
        thereafter diligently and expeditiously to cure the same within the additional
        period provided under the Mortgage Loan Purchase Agreement. The Purchase
        Price
        for the repurchased Mortgage Loan shall be deposited in the Collection Account,
        and the Trustee, upon receipt of written certification from the Servicer
        of such
        deposit, shall release to the Seller the related Mortgage File and shall
        execute
        and deliver such instruments of transfer or assignment, in each case without
        recourse, as the Seller shall furnish to it and as shall be necessary to
        vest in
        the Seller any Mortgage Loan released pursuant hereto and the Trustee shall
        have
        no further responsibility with regard to such Mortgage File (it being understood
        that the Trustee shall have no responsibility for determining the sufficiency
        of
        such assignment for its intended purpose). In lieu of repurchasing any such
        Mortgage Loan as provided above, the Seller may cause such Mortgage Loan
        to be
        removed from the Trust Fund (in which case it shall become a Deleted Mortgage
        Loan) and substitute one or more Qualified Substitute Mortgage Loans in the
        manner and subject to the limitations set forth in Section 2.03(d). It is
        understood and agreed (i) that the obligation of the Seller to cure or to
        repurchase (or to substitute for) any Mortgage Loan as to which a document
        is
        missing, a material defect in a constituent document exists or as to which
        such
        a breach has occurred and is continuing shall constitute the sole remedy
        against
        the Seller respecting such omission, defect or breach available to the Trustee
        on behalf of the Certificateholders and the Certificate Insurer and (ii)
        that
        the Seller shall not have any obligation to provide any such cure, repurchase
        or
        substitution remedy with respect to any such defect or breach to the extent
        such
        defect or breach occurred as a result of the problem associated with the
        related
        Mortgage Loan that is identified on Schedule II to the Mortgage Loan Purchase
        Agreement.

       

      (b)  As
        promptly as practicable following the earlier of discovery by the Depositor
        or
        receipt of notice by the Depositor of the breach of any representation, warranty
        or covenant of the Depositor set forth in Section 2.06 which materially and
        adversely affects the interests of the Certificateholders or the Certificate
        Insurer in any Mortgage Loan, the Depositor shall cure such breach in all
        material respects.

       

      (c)  As
        promptly as practicable following the earlier of discovery by the Servicer
        or
        receipt of notice by the Servicer of the breach of any representation, warranty
        or covenant of the Servicer set forth in Section 2.05 which materially and
        adversely affects the interests of the Certificateholders in any Mortgage
        Loan,
        the Servicer shall cure such breach in all material respects.

       

      (d)  Any
        substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage
        Loans
        made pursuant to Section 2.03(a) must be effected prior to the last Business
        Day
        that is two years after the Closing Date. The final maturity date of such
        Qualified Substitute Mortgage Loan must be on or before June 2011. As to
        any
        Deleted Mortgage Loan for which the Seller substitutes a Qualified Substitute
        Mortgage Loan or Loans, such substitution shall be effected by the Seller
        delivering to the Trustee, for such Qualified Substitute Mortgage Loan or
        Loans,
        the Mortgage Note, the Mortgage and the Assignment to the Trustee, and such
        other documents and agreements, with all necessary endorsements thereon,
        as are
        required by Section 2.01, together with an Officers’ Certificate providing that
        each such Qualified Substitute Mortgage Loan satisfies the definition thereof
        and specifying the Substitution Adjustment (as described below), if any,
        in
        connection with such substitution. The Trustee shall acknowledge receipt
        for
        such Qualified Substitute Mortgage Loan or Loans and, within ten Business
        Days
        thereafter, shall review such documents as specified in Section 2.02 and
        deliver
        to the Servicer, with respect to such Qualified Substitute Mortgage Loan
        or
        Loans, a certification substantially in the form attached hereto as Exhibit
        F-1,
        with any applicable exceptions noted thereon. Within one year of the date
        of
        substitution, the Trustee shall deliver to the Servicer a certification
        substantially in the form of Exhibit F-2 hereto with respect to such Qualified
        Substitute Mortgage Loan or Loans, with any applicable exceptions noted thereon.
        Monthly Payments due with respect to Qualified Substitute Mortgage Loans
        in the
        month of substitution are not part of the Trust Fund and will be retained
        by the
        Seller. For the month of substitution, distributions to Certificateholders
        will
        reflect the collections and recoveries in respect of such Deleted Mortgage
        Loan
        in the Remittance Period ending in the month of substitution and the Seller
        shall thereafter be entitled to retain all amounts subsequently received
        in
        respect of such Deleted Mortgage Loan. The Trustee shall give written notice
        to
        the Certificateholders and the Certificate Insurer that such substitution
        has
        taken place, and the Servicer shall amend the Mortgage Loan Schedule to reflect
        the removal of such Deleted Mortgage Loan from the terms of this Agreement
        and
        the substitution of the Qualified Substitute Mortgage Loan or Loans and shall
        deliver a copy of such amended Mortgage Loan Schedule to the Trustee. Upon
        such
        substitution by the Seller, such Qualified Substitute Mortgage Loan or Loans
        shall constitute part of the Mortgage Pool and shall be subject in all respects
        to the terms of this Agreement and the Mortgage Loan Purchase Agreement,
        including all applicable representations and warranties thereof included
        in the
        Mortgage Loan Purchase Agreement as of the date of substitution.

       

      For
        any
        month in which the Seller substitutes one or more Qualified Substitute Mortgage
        Loans for one or more Deleted Mortgage Loans, the Servicer will determine
        the
        amount (the “Substitution Adjustment”), if any, by which the aggregate Purchase
        Price of all such Deleted Mortgage Loans exceeds the aggregate, as to each
        such
        Qualified Substitute Mortgage Loan, of the Stated Principal Balance thereof
        as
        of the date of substitution, together with one month’s interest on such Stated
        Principal Balance at the applicable Net Mortgage Rate. On the date of such
        substitution, the Seller will deliver or cause to be delivered to the Servicer
        for deposit in the Collection Account, to the extent required under the Mortgage
        Loan Purchase Agreement, an amount equal to the Substitution Adjustment,
        if any,
        and the Trustee, upon receipt of the related Qualified Substitute Mortgage
        Loan
        or Loans and certification by the Servicer of such deposit, shall release
        to the
        Seller the Mortgage File or Files with respect to the applicable Deleted
        Mortgage Loan(s), and shall execute and deliver such instruments of transfer
        or
        assignment, in each case without recourse, as the Seller shall deliver to
        it and
        as shall be necessary to vest therein any Deleted Mortgage Loan released
        pursuant hereto.

       

      In
        addition, the Seller shall obtain at its own expense and deliver to the Trustee
        and the Certificate Insurer an Opinion of Counsel to the effect that such
        substitution will not cause (a) any federal tax to be imposed on the Trust
        Fund,
        including without limitation, any federal tax imposed on “prohibited
        transactions” under Section 860F(a)(l) of the Code or on “contributions after
        the startup date” under Section 860G(d)(l) of the Code or (b) any REMIC to fail
        to qualify as a REMIC at any time that any Certificate is outstanding. If
        such
        Opinion of Counsel can not be delivered, then such substitution may only
        be
        effected at such time as the required Opinion of Counsel can be
        given.

       

      (e)  Upon
        discovery by the Depositor, the Certificate Insurer or the Servicer or receipt
        of written notice by the Trustee that any Mortgage Loan does not constitute
        a
“qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, the
        party discovering such fact shall, within two Business Days, give written
        notice
        thereof to the other parties hereto. In connection therewith, the Servicer
        or
        the Trustee, in accordance with Section 3.02(b), shall enforce the obligations
        of the Seller to repurchase or, subject to the limitations set forth in Section
        2.03(d), substitute one or more Qualified Substitute Mortgage Loans for the
        affected Mortgage Loan within 90 days of the earlier of discovery or receipt
        of
        such notice with respect to such affected Mortgage Loan. Such repurchase
        or
        substitution shall be made by the Seller if the affected Mortgage Loan’s status
        as a non-qualified mortgage is or results from a breach of any representation,
        warranty or covenant made by the Seller under the Mortgage Loan Purchase
        Agreement. Any such repurchase or substitution shall be made in the same
        manner
        as set forth in Section 2.03(d). The Trustee shall reconvey to the Seller,
        as
        the case may be, the Mortgage Loan to be released pursuant hereto in the
        same
        manner, and on the same terms and conditions, as it would a Mortgage Loan
        repurchased pursuant to Section 2.03(a).

       

      Section
        2.04.  [Reserved].

       

      Section
        2.05.  Representations,
        Warranties and Covenants of the Servicer.

       

      The
        Servicer hereby represents, warrants and covenants to the Trustee, for the
        benefit of each of the Trustee, the Certificate Insurer and the
        Certificateholders, and to the Depositor that as of the Closing Date or as
        of
        such date specifically provided herein:

       

      (i)  The
        Servicer is duly organized, validly existing and in good standing under the
        laws
        of the United States and has all licenses necessary to carry on its business
        as
        now being conducted and is licensed, qualified and in good standing in the
        states where each Mortgaged Property is located if the laws of such state
        require licensing or qualification in order to conduct business of the type
        conducted by the Servicer or to ensure the enforceability or validity of
        each
        Mortgage Loan; the Servicer has the power and authority to execute and deliver
        this Agreement and to perform in accordance herewith; the execution, delivery
        and performance of this Agreement (including all instruments of transfer
        to be
        delivered pursuant to this Agreement) by the Servicer and the consummation
        of
        the transactions contemplated hereby have been duly and validly authorized;
        this
        Agreement evidences the valid, binding and enforceable obligation of the
        Servicer, subject to applicable bankruptcy, insolvency, reorganization,
        moratorium or other similar laws affecting the enforcement of creditors’ rights
        generally; and all requisite corporate action has been taken by the Servicer
        to
        make this Agreement valid and binding upon the Servicer in accordance with
        its
        terms;

       

      (ii)  The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Servicer and will not result in the breach
        of
        any term or provision of the charter or by-laws of the Servicer or result
        in the
        breach of any term or provision of, or conflict with or constitute a default
        under or result in the acceleration of any obligation under, any agreement,
        indenture or loan or credit agreement or other instrument to which the Servicer
        or its property is subject, or result in the violation of any law, rule,
        regulation, order, judgment or decree to which the Servicer or its property
        is
        subject;

       

      (iii)  The
        execution and delivery of this Agreement by the Servicer and the performance
        and
        compliance with its obligations and covenants hereunder do not require the
        consent or approval of any governmental authority or, if such consent or
        approval is required, it has been obtained;

       

      (iv)  This
        Agreement, and all documents and instruments contemplated hereby which are
        executed and delivered by the Servicer, constitute and will constitute valid,
        legal and binding obligations of the Servicer, enforceable in accordance
        with
        their respective terms, except as the enforcement thereof may be limited
        by
        applicable bankruptcy laws and general principles of equity;

       

      (v)  
        [Reserved];

       

      (vi)  The
        Servicer does not believe, nor does it have any reason or cause to believe,
        that
        it cannot perform each and every covenant contained in this
        Agreement;

       

      (vii)  There
        is
        no action, suit, proceeding or investigation pending or, to its knowledge,
        threatened against the Servicer that, either individually or in the aggregate,
        (A) may result in any change in the business, operations, financial condition,
        properties or assets of the Servicer that might prohibit or materially and
        adversely affect the performance by such Servicer of its obligations under,
        or
        validity or enforceability of, this Agreement, or (B) may result in any material
        impairment of the right or ability of the Servicer to carry on its business
        substantially as now conducted, or (C) may result in any material liability
        on
        the part of the Servicer, or (D) would draw into question the validity or
        enforceability of this Agreement or of any action taken or to be taken in
        connection with the obligations of the Servicer contemplated herein, or (E)
        would otherwise be likely to impair materially the ability of the Servicer
        to
        perform under the terms of this Agreement;

       

      (viii)  Neither
        this Agreement nor any information, certificate of an officer, statement
        furnished in writing or report delivered to the Trustee by the Servicer in
        connection with the transactions contemplated hereby contains any untrue
        statement of a material fact; and

       

      (ix)  The
        Servicer covenants that its computer and other systems used in servicing
        the
        Mortgage Loans operate in a manner such that the Servicer can service the
        Mortgage Loans in accordance with the terms of this Agreement.

       

      It
        is
        understood and agreed that the representations, warranties and covenants
        set
        forth in this Section 2.05 shall survive delivery of the Mortgage Files to
        the
        Trustee and shall inure to the benefit of the Trustee, the Depositor, the
        Certificate Insurer and the Certificateholders. Upon discovery by any of
        the
        Depositor, the Servicer, the Seller, the Certificate Insurer or the Trustee
        of a
        breach of any of the foregoing representations, warranties and covenants
        which
        materially and adversely affects the value of any Mortgage Loan, or the
        interests therein of the Certificateholders and the Certificate Insurer,
        the
        party discovering such breach shall give prompt written notice (but in no
        event
        later than two Business Days following such discovery) to the Servicer, the
        Seller, the Certificate Insurer and the Trustee.

       

      Section
        2.06.  Representations
        and Warranties of the Depositor.

       

      The
        Depositor represents and warrants to the Trust and to the Trustee, for the
        benefit of each of the Trustee, the Certificateholders and the Certificate
        Insurer, that as of the Closing Date or as of such date specifically provided
        herein:

       

      (i)  This
        Agreement constitutes a legal, valid and binding obligation of the Depositor,
        enforceable against the Depositor in accordance with its terms, except as
        enforceability may be limited by applicable bankruptcy, insolvency,
        reorganization, moratorium or other similar laws, now or hereafter in effect,
        affecting the enforcement of creditors’ rights in general and except as such
        enforceability may be limited by general principles of equity (whether
        considered in a proceeding at law or in equity);

       

      (ii)  Immediately
        prior to the sale and assignment by the Depositor to the Trustee on behalf
        of
        the Trust of each Mortgage Loan, the Depositor had good and marketable title
        to
        each Mortgage Loan (insofar as such title was conveyed to it by the Seller)
        subject to no prior lien, claim, participation interest, mortgage, security
        interest, pledge, charge or other encumbrance or other interest of any
        nature;

       

      (iii)  As
        of the
        Closing Date, the Depositor has transferred all right, title and interest
        in the
        Mortgage Loans to the Trustee on behalf of the Trust;

       

      (iv)  The
        Depositor has not transferred the Mortgage Loans to the Trustee on behalf
        of the
        Trust with any intent to hinder, delay or defraud any of its
        creditors;

       

      (v)  The
        Depositor has been duly incorporated and is validly existing as a corporation
        in
        good standing under the laws of Delaware, with full corporate power and
        authority to own its assets and conduct its business as presently being
        conducted;

       

      (vi)  The
        Depositor is not in violation of its articles of incorporation or by-laws
        or in
        default in the performance or observance of any material obligation, agreement,
        covenant or condition contained in any contract, indenture, mortgage, loan
        agreement, note, lease or other instrument to which the Depositor is a party
        or
        by which it or its properties may be bound, which default might result in
        any
        material adverse changes in the financial condition, earnings, affairs or
        business of the Depositor or which might materially and adversely affect
        the
        properties or assets, taken as a whole, of the Depositor or the ability of
        the
        Depositor to perform its obligations under this Agreement;

       

      (vii)  The
        execution, delivery and performance of this Agreement by the Depositor, and
        the
        consummation of the transactions contemplated thereby, do not and will not
        result in a material breach or violation of any of the terms or provisions
        of,
        or constitute a default under, any indenture, mortgage, deed of trust, loan
        agreement or other agreement or instrument to which the Depositor is a party
        or
        by which the Depositor is bound or to which any of the property or assets
        of the
        Depositor is subject, nor will such actions result in any violation of the
        provisions of the articles of incorporation or by-laws of the Depositor or
        any
        statute or any order, rule or regulation of any court or governmental agency
        or
        body having jurisdiction over the Depositor or any of its properties or assets
        (except for such conflicts, breaches, violations and defaults as would not
        have
        a material adverse effect on the ability of the Depositor to perform its
        obligations under this Agreement and as would not have a material adverse
        effect
        on the validity of this Agreement or the Certificates);

       

      (viii)  No
        consent, approval, authorization, order, registration or qualification of
        or
        with any court or governmental agency or body of the United States or any
        other
        jurisdiction is required for the issuance of the Certificates, or the
        consummation by the Depositor of the other transactions contemplated by this
        Agreement, except such consents, approvals, authorizations, registrations
        or
        qualifications as (a) may be required under state securities or Blue Sky
        laws,
        (b) have been previously obtained or (c) the failure of which to obtain would
        not have a material adverse effect on the performance by the Depositor of
        its
        obligations under, or the validity or enforceability of, this Agreement;
        and

       

      (ix)  There
        are
        no actions, proceedings or investigations pending before or, to the Depositor’s
        knowledge, threatened by any court, administrative agency or other tribunal
        to
        which the Depositor is a party or of which any of its properties is the subject:
        (a) which if determined adversely to the Depositor would have a material
        adverse
        effect on the business, results of operations or financial condition of the
        Depositor; (b) asserting the invalidity of this Agreement or the Certificates;
        (c) seeking to prevent the issuance of the Certificates or the consummation
        by
        the Depositor of any of the transactions contemplated by this Agreement,
        as the
        case may be; or (d) which might materially and adversely affect the performance
        by the Depositor of its obligations under, or the validity or enforceability
        of,
        this Agreement. It is understood and agreed that the representations and
        warranties set forth in this Section 2.06 shall survive delivery of the Mortgage
        Files to the Trustee and shall inure to the of the Certificateholders
and
        the
        Certificate Insurer
        notwithstanding any restrictive or qualified endorsement or assignment. Upon
        discovery by any of the Depositor, the Servicer, the Certificate Insurer
        or the
        Trustee of a breach of any of the foregoing representations and warranties
        which
        materially and adversely affects the value of any Mortgage Loan or the interests
        therein of the Certificateholders and the Certificate Insurer, the party
        discovering such breach shall give prompt written notice to the other parties
        hereto, and in no event later than two Business Days from the date of such
        discovery. Unless such breach shall not be susceptible of cure within 90
        days,
        the obligation of the Depositor set forth in Section 2.03(b) to cure breaches
        shall constitute the sole remedy against the Depositor available to the
        Certificateholders, the Servicer and the Trustee on behalf of the
        Certificateholders respecting a breach of the representations, warranties
        and
        covenants contained in this Section 2.06.

       

      Section
        2.07.  Issuance
        of Certificates.

       

      The
        Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
        to it of the Mortgage Files, subject to the provisions of Sections 2.01 and
        2.02, together with the assignment to it of all other assets included in
        the
        Trust Fund, receipt of which is hereby acknowledged. Concurrently with such
        assignment and delivery and in exchange therefor, the Trustee, pursuant to
        the
        written request of the Depositor executed by an officer of the Depositor,
        has
        executed, authenticated and delivered to or upon the order of the Depositor,
        the
        Certificates in authorized denominations. The interests evidenced by the
        Certificates, constitute the entire beneficial ownership interest in the
        Trust
        Fund. The rights of the Certificateholders to receive distributions from
        the
        proceeds of the Trust Fund in respect of the Certificates, and all ownership
        interests evidenced or constituted by the Certificates, shall be as set forth
        in
        this Agreement.

       

      Section
        2.08.  Conveyance
        of REMIC 1 Regular Interests and Acceptance of REMIC 2 by
        Trustee.

       

      (a)  The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        assets
        described in the definition of REMIC 1 for the benefit of the holders of
        the
        REMIC 1 Regular Interests (which are uncertificated) and the Class R
        Certificates (in respect of the Class R-1 Interest). The Trustee acknowledges
        receipt of the assets described in the definition of REMIC 1 and declares
        that
        it holds and will hold the same in trust for the exclusive use and benefit
        of
        the holders of the REMIC 1 Regular Interests and the Class R Certificates
        (in
        respect of the Class R-1 Interest). The interests evidenced by the Class
        R-1
        Interest, together with the REMIC 1 Regular Interests, constitute the entire
        beneficial ownership interest in REMIC 1.

       

      (b)  Reserved.

       

      (c)  The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        REMIC
        1 Regular Interests (which are uncertificated) for the benefit of the Holders
        of
        the Regular Certificates and the Class R Certificates (in respect of the
        Class
        R-2 Interest). The Trustee acknowledges receipt of the REMIC 1 Regular Interests
        and declares that it holds and will hold the same in trust for the exclusive
        use
        and benefit of the Holders of the Regular Certificates and the Class R
        Certificates (in respect of the Class R-2 Interest). The interests evidenced
        by
        the Class R-2 Interest, together with the Regular Certificates, constitute
        the
        entire beneficial ownership interest in REMIC 2.

       

      (d)  Reserved.

       

      (e)  Concurrently
        with (i) the assignment and delivery to the Trustee of REMIC 1 (including
        the
        Residual Interest therein represented by the Class R-1 Interest) and the
        acceptance by the Trustee thereof, pursuant to Section 2.08(a), (ii) [reserved]
        and (iii) the assignment and delivery to the Trustee of REMIC 2 (including
        the
        Residual Interest therein represented by the Class R-2 Interest) and the
        acceptance by the Trustee thereof, pursuant to Section 2.08(c), the Trustee,
        pursuant to the written request of the Depositor executed by an officer of
        the
        Depositor, has executed, authenticated and delivered to or upon the order
        of the
        Depositor, the Class R Certificates in authorized denominations evidencing
        the
        Class R-1 Interest and the Class R-2 Interest.

       

      Section
        2.09.  Purposes
        and Powers of the Trust.

       

      The
        purpose of the common law trust, as created hereunder, is to engage in the
        following activities:

       

      (i)  to
        acquire and hold the Mortgage Loans and the other assets of the Trust Fund
        and
        the proceeds therefrom;

       

      (ii)  to
        issue
        the Certificates sold to the Depositor in exchange for the Mortgage
        Loans;

       

      (iii)  to
        make
        payments on the Certificates;

       

      (iv)  to
        engage
        in those activities that are necessary, suitable or convenient to accomplish
        the
        foregoing or are incidental thereto or connected therewith; and

       

      (v)  subject
        to compliance with this Agreement, to engage in such other activities as
        may be
        required in connection with the conservation of the Trust Fund and the making
        of
        distributions to the Certificateholders.

       

      The
        Trust
        is hereby authorized to engage in the foregoing activities. The Trustee and
        the
        Servicer shall not cause the Trust to engage in any activity other than in
        connection with the foregoing or other than as required or authorized by
        the
        terms of this Agreement while any Certificate is outstanding, and this Section
        2.10 may not be amended, without the consent of the Certificateholders
        evidencing 66 2/3% or more of the aggregate Voting Rights of the
        Certificates.

       

      ARTICLE
        III  

       

      ADMINISTRATION
        AND SERVICING

      OF
        THE
        MORTGAGE LOANS

       

      Section
        3.01.  Servicer
        to Act as Servicer.

       

      The
        Servicer shall service and administer the Mortgage Loans on behalf of the
        Trust
        and in the best interests of and for the benefit of the Certificateholders
        and
        the Certificate Insurer (as determined by the Servicer in its reasonable
        judgment) in accordance with the terms of this Agreement and the Mortgage
        Loans
        and, to the extent consistent with such terms, in the same manner in which
        it
        services and administers similar mortgage loans for its own portfolio, giving
        due consideration to customary and usual standards of practice of mortgage
        lenders and loan servicers administering similar mortgage loans but without
        regard to:

       

      (i)  any
        relationship that the Servicer, any Sub-Servicer or any Affiliate of the
        Servicer or any Sub-Servicer may have with the related Mortgagor;

       

      (ii)  the
        ownership or non-ownership of any Certificate by the Servicer or any Affiliate
        of the Servicer;

       

      (iii)  the
        Servicer’s obligation to make Advances or Servicing Advances; or

       

      (iv)  the
        Servicer’s or any Sub-Servicer’s right to receive compensation for its services
        hereunder or with respect to any particular transaction.

       

      Subject
        only to the above-described servicing standards and the terms of this Agreement
        and of the Mortgage Loans, the Servicer shall have full power and authority,
        acting alone or through Sub-Servicers as provided in Section 3.02, to do
        or
        cause to be done any and all things in connection with such servicing and
        administration which it may deem necessary or desirable. Without limiting
        the
        generality of the foregoing, the Servicer in its own name or in the name
        of a
        Sub-Servicer is hereby authorized and empowered by the Trustee, when the
        Servicer believes it appropriate in its best judgment in accordance with
        the
        servicing standards set forth above, to execute and deliver, on behalf of
        the
        Certificateholders, the Certificate Insurer and the Trustee, and upon notice
        to
        the Trustee and the Certificateholders, 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 the Mortgaged
        Properties and to institute foreclosure proceedings or obtain a deed-in-lieu
        of
        foreclosure so as to convert the ownership of such properties, and to hold
        or
        cause to be held title to such properties, on behalf of the Trustee and
        Certificateholders. The Servicer shall service and administer the Mortgage
        Loans
        in accordance with applicable state and federal law and shall provide to
        the
        Mortgagors any reports required to be provided to them thereby. Subject to
        Section 3.17, the Trustee shall execute, at the written request of the Servicer,
        and furnish to the Servicer and any Sub-Servicer any special or limited powers
        of attorney and other documents necessary or appropriate to enable the Servicer
        or any Sub-Servicer to carry out their servicing and administrative duties
        hereunder; provided, such limited powers of attorney or other documents shall
        be
        prepared by the Servicer and submitted to the Trustee for execution. The
        Trustee
        shall not be liable for the actions of the Servicer or any Sub-Servicers
        under
        such powers of attorney.

       

      Subject
        to Section 3.09 hereof, in accordance with the servicing standards of the
        preceding paragraphs, the Servicer shall advance or cause to be advanced
        funds
        as necessary for the purpose of effecting the timely payment of taxes and
        assessments on the Mortgaged Properties, which advances shall be Servicing
        Advances reimbursable in the first instance from related collections from
        the
        Mortgagors pursuant to Section 3.09, and further as provided in Section 3.11.
        Any cost incurred by the Servicer or by Sub-Servicers in effecting the timely
        payment of taxes and assessments on a Mortgaged Property shall not, for the
        purpose of calculating distributions to Certificateholders, be added to the
        unpaid Stated Principal Balance of the related Mortgage Loan, notwithstanding
        that the terms of such Mortgage Loan so permit.

       

      Notwithstanding
        anything in this Agreement to the contrary, the Servicer may not make any
        future
        advances with respect to a Mortgage Loan (except as provided in Section 4.03)
        and the Servicer shall not (i) permit any modification with respect to any
        Mortgage Loan that would change the Mortgage Rate, reduce or increase the
        Stated
        Principal Balance (except for reductions resulting from actual payments of
        principal) or change the final maturity date on such Mortgage Loan (unless,
        as
        provided in Section 3.07, the Mortgagor is in default with respect to the
        Mortgage Loan or such default is, in the judgment of the Servicer, reasonably
        foreseeable) or (ii) permit any modification, waiver or amendment of any
        term of
        any Mortgage Loan that would both (A) effect an exchange or reissuance of
        such
        Mortgage Loan under Section 1001 of the Code (or Treasury regulations
        promulgated thereunder) and (B) any REMIC created hereunder to fail to qualify
        as a REMIC under the Code or the imposition of any tax on “prohibited
        transactions” or “contributions after the startup date” under the REMIC
        Provisions. The Servicer shall also not permit extensions beyond the Final
        Distribution Date.

       

      Section
        3.02.  Sub-Servicing
        Agreements Between Servicer and Sub-Servicers; Special Servicing.

       

      (a)  The
        Servicer may enter into Sub-Servicing Agreements with Sub-Servicers for the
        servicing and administration of the Mortgage Loans; provided, however, that
        such
        agreements would not result in a withdrawal or a downgrading by any Rating
        Agency of the rating on any Class of Certificates (without regard to the
        Policy).

       

      Each
        Sub-Servicer shall be (i) authorized and licensed to transact business in
        the
        state or states where the related Mortgaged Properties it is to service are
        situated, if and to the extent required by applicable law to enable the
        Sub-Servicer to perform its obligations hereunder and under the Sub-Servicing
        Agreement and (ii) a Freddie Mac or Fannie Mae approved mortgage servicer.
        Each
        Sub-Servicing Agreement must impose on the Sub-Servicer requirements conforming
        to the provisions set forth in Section 3.08 and provide for servicing of
        the
        Mortgage Loans consistent with the terms of this Agreement. The Servicer
        will
        examine each Sub-Servicing Agreement and will be familiar with the terms
        thereof. The terms of any Sub-Servicing Agreement will not be inconsistent
        with
        any of the provisions of this Agreement. The Servicer and the Sub-Servicers
        may
        enter into and make amendments to the Sub-Servicing Agreements or enter into
        different forms of Sub-Servicing Agreements; provided, however, that any
        such
        amendments or different forms shall be consistent with and not violate the
        provisions of this Agreement, and that no such amendment or different form
        shall
        be made or entered into which could be reasonably expected to be materially
        adverse to the interests of the Certificateholders or the Certificate Insurer
        without the consent of the Holders of Certificates entitled to at least 66%
        of
        the Voting Rights (excluding any Certificates held by the Seller, the Servicer
        or any Affiliate thereof) and the Certificate Insurer (unless the Policy
        has
        been canceled upon the payment in full of the Insured Certificates or a
        Certificate Insurer Default has occurred and is continuing); provided, further,
        that the consent of the Holders of Certificates entitled to at least 66%
        of the
        Voting Rights (excluding any Certificates held by the Seller, the Servicer
        or
        any Affiliate thereof) or the Certificate Insurer shall not be required (i)
        to
        cure any ambiguity or defect in a Sub-Servicing Agreement, (ii) to correct,
        modify or supplement any provisions of a Sub-Servicing Agreement, or (iii)
        to
        make any other provisions with respect to matters or questions arising under
        a
        Sub-Servicing Agreement, which, in each case, shall not be inconsistent with
        the
        provisions of this Agreement. Any variation without the consent of the Holders
        of Certificates entitled to at least 66% of the Voting Rights (excluding
        any
        Certificates held by the Seller, the Servicer or any Affiliate thereof) and
        the
        Certificate Insurer (unless the Policy has been canceled upon the payment
        in
        full of the Insured Certificates or a Certificate Insurer Default has occurred
        and is continuing) from the provisions set forth in Section 3.08 relating
        to
        insurance or priority requirements of Sub-Servicing Accounts, or credits
        and
        charges to the Sub-Servicing Accounts or the timing and amount of remittances
        by
        the Sub-Servicers to the Servicer, are conclusively deemed to be inconsistent
        with this Agreement and therefore prohibited. The Servicer shall deliver
        to the
        Trustee copies of all Sub-Servicing Agreements, and any amendments or
        modifications thereof, promptly upon the Servicer’s execution and delivery of
        such instruments.

       

      (b)  As
        part
        of its servicing activities hereunder, the Servicer, for the benefit of the
        Trustee, the Certificate Insurer and the Certificateholders, shall enforce
        the
        obligations of each Sub-Servicer under the related Sub-Servicing Agreement
        and
        of the Seller under the Mortgage Loan Purchase Agreement, including, without
        limitation, any obligation to make advances in respect of delinquent payments
        as
        required by a Sub-Servicing Agreement, or to purchase a Mortgage Loan on
        account
        of missing or defective documentation or on account of a breach of a
        representation, warranty or covenant, as described in Section 2.03(a). Such
        enforcement, including, without limitation, the legal prosecution of claims,
        termination of Sub-Servicing Agreements, and the pursuit of other appropriate
        remedies, shall be in such form and carried out to such an extent and at
        such
        time as the Servicer, in its good faith business judgment, would require
        were it
        the owner of the related Mortgage Loans. The Servicer shall pay the costs
        of
        such enforcement at its own expense, and shall be reimbursed therefor only
        (i)
        from a general recovery resulting from such enforcement, to the extent, if
        any,
        that such recovery exceeds all amounts due in respect of the related Mortgage
        Loans, or (ii) from a specific recovery of costs, expenses or attorneys’ fees
        against the party against whom such enforcement is directed. Enforcement
        of the
        Mortgage Loan Purchase Agreement against the Seller shall be effected by
        the
        Servicer to the extent it is not the Seller, and otherwise by the Trustee
        in
        accordance with the foregoing provisions of this paragraph.

       

      Section
        3.03.  Successor
        Sub-Servicers.

       

      The
        Servicer shall be entitled to terminate any Sub-Servicing Agreement and the
        rights and obligations of any Sub-Servicer pursuant to any Sub-Servicing
        Agreement in accordance with the terms and conditions of such Sub-Servicing
        Agreement. In the event of termination of any Sub-Servicer, all servicing
        obligations of such Sub-Servicer shall be assumed simultaneously by the Servicer
        without any act or deed on the part of such Sub-Servicer or the Servicer,
        and
        the Servicer either shall service directly the related Mortgage Loans or
        shall
        enter into a Sub-Servicing Agreement with a successor Sub-Servicer which
        qualifies under Section 3.02.

       

      Any
        Sub-Servicing Agreement shall include the provision that such agreement may
        be
        immediately terminated by the Servicer or the Trustee (if the Trustee is
        acting
        as Servicer) without fee, in accordance with the terms of this Agreement,
        in the
        event that the Servicer (or the Trustee, if such party is then acting as
        Servicer) shall, for any reason, no longer be the Servicer (including
        termination due to a Servicer Event of Termination).

       

      Section
        3.04.  Liability
        of the Servicer.

       

      Notwithstanding
        any Sub-Servicing Agreement or the provisions of this Agreement relating
        to
        agreements or arrangements between the Servicer and a Sub-Servicer or reference
        to actions taken through a Sub-Servicer or otherwise, the Servicer shall
        remain
        obligated and primarily liable to the Trustee, the Certificate Insurer and
        the
        Certificateholders for the servicing and administering of the Mortgage Loans
        in
        accordance with the provisions of Section 3.01 without diminution of such
        obligation or liability by virtue of such Sub-Servicing Agreements or
        arrangements or by virtue of indemnification from the Sub-Servicer and to
        the
        same extent and under the same terms and conditions as if the Servicer alone
        were servicing and administering the Mortgage Loans. The Servicer shall be
        entitled to enter into any agreement with a Sub-Servicer for indemnification
        of
        the Servicer by such Sub-Servicer and nothing contained in this Agreement
        shall
        be deemed to limit or modify such indemnification.

       

      Section
        3.05.  No
        Contractual Relationship Between Sub-Servicers and the Trustee or
        Certificateholders.

       

      Any
        Sub-Servicing Agreement that may be entered into and any transactions or
        services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
        as such shall be deemed to be between the Sub-Servicer and the Servicer alone,
        and neither the Trustee nor the Certificateholders shall be deemed parties
        thereto, and neither the Trustee nor the Certificateholders shall have any
        claims, rights, obligations, duties or liabilities with respect to the
        Sub-Servicer except as set forth in Section 3.06. The Servicer shall be solely
        liable for all fees owed by it to any Sub-Servicer, irrespective of whether
        the
        Servicer’s compensation pursuant to this Agreement is sufficient to pay such
        fees.

       

      Section
        3.06.  Assumption
        or Termination of Sub-Servicing Agreements by Trustee.

       

      In
        the
        event the Servicer shall for any reason no longer be the servicer (including
        by
        reason of the occurrence of a Servicer Event of Termination), the successor
        Servicer or the Trustee if it becomes successor Servicer shall thereupon
        assume
        all of the rights and obligations of the Servicer under each Sub-Servicing
        Agreement that the Servicer may have entered into, unless the Trustee elects
        to
        terminate any Sub-Servicing Agreement in accordance with its terms as provided
        in Section 3.03. Upon such assumption, the Trustee (or the successor Servicer
        appointed pursuant to Section 7.02) shall be deemed, subject to Section 3.03,
        to
        have assumed all of the departing Servicer’s interest therein and to have
        replaced the departing Servicer as a party to each Sub-Servicing Agreement
        to
        the same extent as if each Sub-Servicing Agreement had been assigned to the
        assuming party, except that (i) the departing Servicer shall not thereby
        be
        relieved of any liability or obligations under any Sub-Servicing Agreement
        that
        arose before it ceased to be the Servicer and (ii) neither the Trustee nor
        any
        successor Servicer shall be deemed to have assumed any liability or obligation
        of the Servicer that arose before it ceased to be the Servicer.

       

      The
        Servicer at its expense shall, upon request of the Trustee, deliver to the
        assuming party all documents and records relating to each Sub-Servicing
        Agreement and the Mortgage Loans then being serviced and an accounting of
        amounts collected and held by or on behalf of it, and otherwise use its best
        efforts to effect the orderly and efficient transfer of the Sub-Servicing
        Agreements to the assuming party. All Servicing Transfer Costs shall be paid
        by
        the predecessor Servicer (or, if the predecessor Servicer is the Trustee,
        the
        Servicer that immediately preceded the Trustee) upon presentation of reasonable
        documentation of such costs, and if such predecessor Servicer defaults in
        its
        obligation to pay such costs, such costs shall be paid by the successor Servicer
        or the Trustee (in which case, the successor Servicer or the Trustee, as
        applicable, shall be entitled to reimbursement therefor from the assets of
        the
        Trust Fund).

       

      Section
        3.07.  Collection
        of Certain Mortgage Loan Payments.

       

      The
        Servicer shall make reasonable efforts to collect all payments called for
        under
        the terms and provisions of the Mortgage Loans, and shall, to the extent
        such
        procedures shall be consistent with this Agreement and the terms and provisions
        of any applicable insurance policies, follow such collection procedures as
        it
        would follow with respect to mortgage loans comparable to the Mortgage Loans
        and
        held for its own account. Consistent with the foregoing, the Servicer may
        in its
        discretion (i) waive any late payment charge or, if applicable, any penalty
        interest, or (ii) subject to the last sentence of Section 3.01, extend the
        due
        dates for the Monthly Payments due on a Mortgage Note for a period of not
        greater than 180 days; provided, however, that any extension pursuant to
        clause
        (ii) above shall not affect the amortization schedule of any Mortgage Loan
        for
        purposes of any computation hereunder, except as provided below. In the event
        of
        any such arrangement pursuant to clause (ii) above, the Servicer shall make
        timely advances on such Mortgage Loan during such extension pursuant to Section
        4.03 and in accordance with the amortization schedule of such Mortgage Loan
        without modification thereof by reason of such arrangement. Notwithstanding
        the
        foregoing, in the event that any Mortgage Loan is in default or, in the judgment
        of the Servicer, such default is reasonably foreseeable, the Servicer,
        consistent with the standards set forth in Section 3.01, may also waive,
        modify
        or vary any term of such Mortgage Loan (including modifications that would
        change the Mortgage Rate, forgive the payment of principal or interest or
        extend
        the final maturity date of such Mortgage Loan), accept payment from the related
        Mortgagor of an amount less than the Stated Principal Balance in final
        satisfaction of such Mortgage Loan, or consent to the postponement of strict
        compliance with any such term or otherwise grant indulgence to any Mortgagor
        (any and all such waivers, modifications, variances, forgiveness of principal
        or
        interest, postponements, or indulgences collectively referred to herein as
        “forbearance”); provided, however, that (i) the Servicer shall determine that
        such forbearance is not materially adverse to the interests of the
        Certificateholders (without taking into account the Policy) (taking into
        account
        any estimated loss that might result absent such action) and is expected
        to
        minimize the loss on such Mortgage Loan, (ii) the Servicer shall not initiate
        any new lending to such Mortgagor through the Trust Fund and (iii) in no
        event
        shall the Servicer grant any such forbearance (other than as permitted by
        the
        second sentence of this Section) with respect to any one Mortgage Loan more
        than
        once in any 12 month period or more than three times over the life of such
        Mortgage Loan. The Servicer’s analysis supporting any forbearance and the
        conclusion that any forbearance meets the standards of Section 3.01 shall
        be
        reflected in writing in the Mortgage File.

       

      Section
        3.08.  Sub-Servicing
        Accounts.

       

      In
        those
        cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a
        Sub-Servicing Agreement, the Sub-Servicer will be required to establish and
        maintain one or more accounts (collectively, the “Sub-Servicing Account”). The
        Sub-Servicing Account shall be an Eligible Account and shall comply with
        all
        requirements of this Agreement relating to the Collection Account. The
        Sub-Servicer shall deposit in the clearing account in which it customarily
        deposits payments and collections on mortgage loans in connection with its
        mortgage loan servicing activities on a daily basis, and in no event more
        than
        one Business Day after the Sub-Servicer’s receipt thereof, all proceeds of
        Mortgage Loans received by the Sub-Servicer less its servicing compensation
        to
        the extent permitted by the Sub-Servicing Agreement, and shall thereafter
        deposit such amounts in the Sub-Servicing Account, in no event more than
        two
        Business Days after the receipt of such amounts. The Sub-Servicer shall
        thereafter deposit such proceeds in the Collection Account or remit such
        proceeds to the Servicer for deposit in the Collection Account not later
        than
        two Business Days after the deposit of such amounts in the Sub-Servicing
        Account. For purposes of this Agreement, the Servicer shall be deemed to
        have
        received payments on the Mortgage Loans when the Sub-Servicer receives such
        payments.

       

      Section
        3.09.  Collection
        of Taxes, Assessments and Similar Items; Servicing Accounts.

       

      The
        Servicer shall establish and maintain, or cause to be established and
        maintained, one or more accounts (the “Servicing Accounts”), into which all
        Escrow Payments shall be deposited and retained. Servicing Accounts shall
        be
        Eligible Accounts. The Servicer shall deposit in the clearing account in
        which
        it customarily deposits payments and collections on mortgage loans in connection
        with its mortgage loan servicing activities on a daily basis, and in no event
        more than one Business Day after the Servicer’s receipt thereof, all Escrow
        Payments collected on account of the Mortgage Loans and shall thereafter
        deposit
        such Escrow Payments in the Servicing Accounts, in no event more than two
        Business Days after the receipt of such Escrow Payments, all Escrow Payments
        collected on account of the Mortgage Loans for the purpose of effecting the
        timely payment of any such items as required under the terms of this Agreement.
        Withdrawals of amounts from a Servicing Account may be made only to: (i)
        effect
        payment of taxes, assessments and comparable items in a manner and at a time
        that assures that the lien priority of the Mortgage is not jeopardized (or,
        with
        respect to the payment of taxes, in a manner and at a time that avoids the
        loss
        of the Mortgaged Property due to a tax sale or the foreclosure as a result
        of a
        tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided
        in the related Sub-Servicing Agreement) out of related collections for any
        Servicing Advances made pursuant to Section 3.01 (with respect to taxes and
        assessments); (iii) refund to Mortgagors any sums as may be determined to
        be
        overages; (iv) pay interest, if required and as described below, to Mortgagors
        on balances in the Servicing Account; (v) to pay the Servicer excess interest
        on
        funds in the Servicing Accounts to the extent permitted as provided below;
        or
        (vi) clear and terminate the Servicing Account at the termination of the
        Servicer’s obligations and responsibilities in respect of the Mortgage Loans
        under this Agreement in accordance with Article X. In the event the Servicer
        shall deposit in a Servicing Account any amount not required to be deposited
        therein, it may at any time withdraw such amount from such Servicing Account,
        any provision herein to the contrary notwithstanding. The Servicer will be
        responsible for the administration of the Servicing Accounts and will be
        obligated to make Servicing Advances to such accounts when and as necessary
        to
        avoid the lapse of insurance coverage on the Mortgaged Property, or which
        the
        Servicer knows, or in the exercise of the required standard of care of the
        Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged
        Property due to a tax sale or the foreclosure as a result of a tax lien.
        If any
        such payment has not been made and the Servicer receives notice of a tax
        lien
        with respect to the Mortgage being imposed, the Servicer will, within 10
        Business Days of such notice, advance or cause to be advanced funds necessary
        to
        discharge such lien on the Mortgaged Property. As part of its servicing duties,
        the Servicer or Sub-Servicers shall pay to the Mortgagors interest on funds
        in
        the Servicing Accounts, to the extent required by law and, to the extent
        that
        interest earned on funds in the Servicing Accounts is insufficient, to pay
        such
        interest from its or their own funds, without any reimbursement therefor.
        The
        Servicer may pay to itself any excess interest on funds in the Servicing
        Accounts, to the extent such action is in conformity with the Servicing
        Standard, is permitted by law and such amounts are not required to be paid
        to
        Mortgagors or used for any of the other purposes set forth above.

       

      Section
        3.10.  Collection
        Account; Distribution Account.

       

      (a)  On
        behalf
        of the Trust Fund, the Servicer shall establish and maintain, or cause to
        be
        established and maintained, one or more accounts (such account or accounts,
        the
“Collection Account”), held in trust for the benefit of the Trustee, the
        Certificate Insurer and the Certificateholders. The Collection Account shall
        be
        an Eligible Account. On behalf of the Trust Fund, the Servicer shall deposit
        or
        cause to be deposited in the clearing account in which it customarily deposits
        payments and collections on mortgage loans in connection with its mortgage
        loan
        servicing activities on a daily basis, and in no event more than one Business
        Day after the Servicer’s receipt thereof, and shall thereafter deposit in the
        Collection Account, in no event more than two Business Days after the Servicer’s
        receipt thereof, as and when received or as otherwise required hereunder,
        the
        following payments and collections received or made by it subsequent to the
        Cut-off Date (other than in respect of principal or interest on the Mortgage
        Loans due on or before the Cut-off Date) or payments (other than Principal
        Prepayments) received by it on or prior to the Cut-off Date, but allocable
        to a
        Remittance Period subsequent thereto:

       

      (i)  all
        payments on account of principal, including Principal Prepayments (but not
        Prepayment Charges), on the Mortgage Loans;

       

      (ii)  all
        payments on account of interest (net of the related Servicing Fee) on each
        Mortgage Loan;

       

      (iii)  all
        Insurance Proceeds and Liquidation Proceeds (other than proceeds collected
        in
        respect of any particular REO Property and amounts paid in connection with
        a
        purchase of Mortgage Loans and REO Properties pursuant to Section 10.01)
        and
        Subsequent Recoveries;

       

      (iv)  any
        amounts required to be deposited pursuant to Section 3.12 in connection with
        any
        losses realized on Permitted Investments with respect to funds held in the
        Collection Account;

       

      (v)  any
        amounts required to be deposited by the Servicer pursuant to the second
        paragraph of Section 3.14(a) in respect of any blanket policy
        deductibles;

       

      (vi)  all
        proceeds of any Mortgage Loan repurchased or purchased in accordance with
        Section 2.03, Section 3.16(c) or Section 10.01; and

       

      (vii)  all
        amounts required to be deposited in connection with Substitution Adjustments
        pursuant to Section 2.03.

       

      The
        foregoing requirements for deposit in the Collection Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of Servicing Fees, late payment charges,
        assumption fees, modification fees, insufficient funds charges and ancillary
        income need not be deposited by the Servicer in the Collection Account and
        may
        be retained by the Servicer as additional compensation. In the event the
        Servicer shall deposit in the Collection Account any amount not required
        to be
        deposited therein, it may at any time withdraw such amount from the Collection
        Account, any provision herein to the contrary notwithstanding.

       

      (b)  On
        behalf
        of the Trust Fund, the Trustee shall establish and maintain one or more accounts
        (such account or accounts, the “Distribution Account”), held in trust for the
        benefit of the Trustee, the Certificate Insurer and the Certificateholders.
        The
        Distribution Account will be an Eligible Account. On behalf of the Trust
        Fund,
        the Servicer shall deliver to the Trustee in immediately available funds
        for
        deposit in the Distribution Account on or before 3:00 p.m. New York time
        (i) on
        the Servicer Remittance Date, that portion of the Available Funds (calculated
        without regard to the references in the definition thereof to amounts that
        may
        be withdrawn from the Distribution Account) for the related Distribution
        Date
        then on deposit in the Collection Account and any other amounts deposited
        hereunder that are required to be deposited in the Distribution Account funds
        reimbursable pursuant to Section 3.27, and (ii) on each Business Day as of
        the
        commencement of which the balance on deposit in the Collection Account exceeds
        $75,000 following any withdrawals pursuant to the next succeeding sentence,
        the
        amount of such excess, but only if the Collection Account constitutes an
        Eligible Account solely pursuant to clause (ii) of the definition of “Eligible
        Account.” If the balance on deposit in the Collection Account exceeds $75,000 as
        of the commencement of business on any Business Day and the Collection Account
        constitutes an Eligible Account solely pursuant to clause (ii) of the definition
        of “Eligible Account,” the Servicer shall, on or before 3:00 p.m. New York time
        on such Business Day, withdraw from the Collection Account any and all amounts
        payable or reimbursable to the Servicer, the Trustee, the Seller or any
        Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the Persons
        entitled thereto.

       

      (c)  Funds
        in
        the Collection Account and the Distribution Account shall be invested in
        Permitted Investments in accordance with the provisions set forth in Section
        3.12. The Servicer shall give notice to the Trustee and the Certificate Insurer
        of the location of the Collection Account maintained by it when established
        and
        prior to any change thereof. The Trustee shall give notice to the Servicer,
        the
        Certificate Insurer and the Depositor of the location of the Distribution
        Account when established and prior to any change thereof.

       

      (d)  Funds
        held in the Collection Account at any time may be delivered by the Servicer
        to
        the Trustee for deposit in an account (which may be the Distribution Account
        and
        must satisfy the standards for the Distribution Account as set forth in the
        definition thereof) and for all purposes of this Agreement shall be deemed
        to be
        a part of the Collection Account; provided, however, that the Trustee shall
        have
        the sole authority to withdraw any funds held pursuant to this subsection
        (d).
        In the event the Servicer shall deliver to the Trustee for deposit in the
        Distribution Account any amount not required to be deposited therein, it
        may at
        any time request in writing that the Trustee withdraw such amount from the
        Distribution Account and remit to it any such amount, any provision herein
        to
        the contrary notwithstanding. In addition, the Servicer shall deliver to
        the
        Trustee from time to time for deposit, and the Trustee shall so deposit,
        in the
        Distribution Account:

       

      (i)  any
        Advances, as required pursuant to Section 4.03;

       

      (ii)  any
        amounts required to be deposited pursuant to Section 3.23(d) or (f) in
        connection with any REO Property;

       

      (iii)  any
        amounts to be paid in connection with a purchase of Mortgage Loans and REO
        Properties pursuant to Section 10.01;

       

      (iv)  any
        Compensating Interest to be deposited pursuant to Section 3.24 in connection
        with any Prepayment Interest Shortfall;

       

      (v)  any
        amounts required to be paid or reimbursed to the Trustee pursuant to the
        Agreement (to the extent required to be paid by the Servicer), including,
        but
        not limited to Section 3.06 and Section 7.02 (to the extent required to be
        paid
        by the Servicer); and

       

      (vi)  any
        amounts required to be deposited pursuant to Section 3.12 in connection with
        any
        losses realized on Permitted Investments with respect to funds held in the
        Distribution Account.

       

      Section
        3.11.  Withdrawals
        from the Collection Account and Distribution Account.

       

      (a)  The
        Servicer shall, from time to time, make withdrawals from the Collection Account
        for any of the following purposes or as described in Section 4.03:

       

      (i)  to
        remit
        to the Trustee for deposit in the Distribution Account the amounts required
        to
        be so remitted pursuant to Section 3.10(b) or permitted to be so remitted
        pursuant to the first sentence of Section 3.10(d);

       

      (ii)  subject
        to Section 3.16(d), to reimburse the Servicer for (a) any unreimbursed Advances
        to the extent of amounts received which represent Late Collections (net of
        the
        related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance
        Proceeds on Mortgage Loans with respect to which such Advances were made
        in
        accordance with the provisions of Section 4.03 or (b) any unreimbursed Advances
        with respect to the final liquidation of a Mortgage Loan that are Nonrecoverable
        Advances, but only to the extent that Late Collections, Liquidation Proceeds,
        Subsequent Recoveries and Insurance Proceeds received with respect to such
        Mortgage Loan are insufficient to reimburse the Servicer for such unreimbursed
        Advances;

       

      (iii)  subject
        to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid
        Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each
        Mortgage Loan, but only to the extent of any Late Collections, Liquidation
        Proceeds and Insurance Proceeds received with respect to such Mortgage Loan,
        and
        (c) any Servicing Advances with respect to the final liquidation of a Mortgage
        Loan that are Nonrecoverable Advances, but only to the extent that Late
        Collections, Liquidation Proceeds and Insurance Proceeds received with respect
        to such Mortgage Loan are insufficient to reimburse the Servicer or any
        Sub-Servicer for Servicing Advances;

       

      (iv)  to
        pay to
        the Servicer as servicing compensation (in addition to the Servicing Fee)
        on the
        Servicer Remittance Date any interest or investment income earned on funds
        deposited in the Collection Account;

       

      (v)  to
        pay to
        the Seller or the Servicer, as the case may be, with respect to each Mortgage
        Loan that has previously been purchased or replaced pursuant to Section 2.03
        or
        Section 3.16(c) all amounts received thereon subsequent to the date of purchase
        or substitution, as the case may be;

       

      (vi)  to
        reimburse the Servicer for any Advance or Servicing Advance previously made
        which the Servicer has determined to be a Nonrecoverable Advance in accordance
        with the provisions of Section 4.03;

       

      (vii)  to
        pay,
        or to reimburse the Servicer for Servicing Advances in respect of, expenses
        incurred in connection with any Mortgage Loan pursuant to Section
        3.16(b);

       

      (viii)  to
        reimburse the Servicer or the Depositor for expenses incurred by or reimbursable
        to the Servicer or the Depositor pursuant to Section 6.03;

       

      (ix)  to
        reimburse the Servicer or the Trustee, as the case may be, for expenses
        reasonably incurred in connection with any breach or defect giving rise to
        the
        purchase obligation under Section 2.03 of this Agreement, including any expenses
        arising out of the enforcement of the purchase obligation (other than with
        respect to a breach caused by the Servicer);

       

      (x)  to
        pay
        itself any Prepayment Interest Excess;

       

      (xi)  to
        pay
        itself to the extent permitted under Section 3.06;

       

      (xii)  to
        withdraw any funds deposited in the Collection Account in error;
        and

       

      (xiii)  to
        clear
        and terminate the Collection Account pursuant to Section 10.01.

       

      The
        foregoing requirements for withdrawal from the Collection Account shall be
        exclusive. In the event the Servicer shall deposit in the Collection Account
        any
        amount not required to be deposited therein, it may at any time withdraw
        such
        amount from the Collection Account, any provision herein to the contrary
        notwithstanding.

       

      The
        Servicer shall keep and maintain separate accounting, on a Mortgage
        Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal
        from
        the Collection Account, to the extent held by or on behalf of it, pursuant
        to
        subclauses (ii), (iii), (iv), (v), (vi) and (vii) above. The Servicer shall
        provide written notification to the Trustee, on or prior to the next succeeding
        Servicer Remittance Date, upon making any withdrawals from the Collection
        Account pursuant to subclause (vi) above; provided that an Officer’s Certificate
        in the form described under Section 4.03(d) shall suffice for such written
        notification to the Trustee in respect hereof.

       

      (b)  The
        Trustee shall, from time to time, make withdrawals from the Distribution
        Account, for any of the following purposes, without priority:

       

      (i)  to
        make
        distributions in accordance with Section 4.01;

       

      (ii)  to
        pay
        itself the Trustee Fee pursuant to Section 4.01 and Section 8.05;

       

      (iii)  to
        pay
        any amounts in respect of taxes pursuant to Section 9.01(g);

       

      (iv)  to
        clear
        and terminate the Distribution Account pursuant to Section 10.01;

       

      (v)  to
        pay
        any amounts required to be paid to the Trustee pursuant to this Agreement,
        including but not limited to funds required to be paid pursuant to Section
        2.01,
        Section 3.06, Section 7.02, Section 8.05 and Section 9.01(c);

       

      (vi)  [reserved];

       

      (vii)  to
        pay to
        the Servicer as servicing compensation any interest or investment income
        earned
        on funds on deposit in the Distribution Account to the extent provided in
        Section 3.12(b); and

       

      (viii)  to
        withdraw any funds deposited in the Distribution Account in error; 

       

      Section
        3.12.  Investment
        of Funds in the Collection Account and the Distribution Account.

       

      (a)  The
        Servicer shall direct any depository institution maintaining the Collection
        Account and the Distribution Account, and the Trustee may direct any depository
        institution maintaining the Distribution Account (each such account, for
        purposes of this Section 3.12, an “Investment Account”) to invest the funds in
        such Investment Account in one or more Permitted Investments bearing interest
        or
        sold at a discount, and maturing, unless payable on demand, (i) no later
        than
        the Business Day immediately preceding the date on which such funds are required
        to be withdrawn from such account pursuant to this Agreement, if a Person
        other
        than the Trustee is the obligor thereon or if such investment is managed
        or
        advised by a Person other than the Trustee or an Affiliate of the Trustee,
        and
        (ii) no later than the date on which such funds are required to be withdrawn
        from such account pursuant to this Agreement, if the Trustee is the obligor
        thereon. Funds in the Distribution Account may also be held uninvested. All
        such
        Permitted Investments shall be held to maturity, unless payable on demand.
        Any
        investment of funds in an Investment Account shall be made in the name of
        the
        Trustee (in its capacity as such), or in the name of a nominee of the Trustee.
        The Trustee shall be entitled to sole possession (except with respect to
        investment direction of funds held in the Collection Account and the
        Distribution Account and any income realized thereon) over each such investment,
        and any certificate or other instrument evidencing any such investment shall
        be
        delivered directly to the Trustee or its agent, together with any document
        of
        transfer necessary to transfer title to such investment to the Trustee or
        its
        nominee. In the event amounts on deposit in an Investment Account are at
        any
        time invested in a Permitted Investment payable on demand, the Trustee
        shall:

       

      
        	 	
                (x)

              	
                consistent
                  with any notice required to be given thereunder, demand that payment
                  thereon be made on the last day such Permitted Investment may otherwise
                  mature hereunder in an amount equal to the lesser of (1) all amounts
                  then
                  payable thereunder and (2) the amount required to be withdrawn
                  on such
                  date; and

              

      

       

      
        	 	
                (y)

              	
                demand
                  payment of all amounts due thereunder promptly upon determination
                  by a
                  Responsible Officer of the Trustee that such Permitted Investment
                  would
                  not constitute a Permitted Investment in respect of funds thereafter
                  on
                  deposit in the Investment Account, it being understood and agreed
                  that the
                  Trustee shall have no duty to monitor investments in the Investment
                  Accounts.

              

      

       

      (b)  All
        income realized from the investment of funds on deposit in the Collection
        Account, the Distribution Account and any REO Account held by or on behalf
        of
        the Servicer shall be for the benefit of the Servicer and shall be subject
        to
        its withdrawal in accordance with Section 3.11 or Section 3.23, as applicable.
        The Servicer shall deposit in the Collection Account, the Distribution Account
        or any REO Account, as applicable, the amount of any loss of principal incurred
        in respect of any such Permitted Investment made with funds in such account
        immediately upon realization of such loss. The Trustee or its Affiliates
        are
        permitted to receive additional compensation that could be deemed to be in
        the
        Trustee’s economic self-interest for (i) serving as investment adviser,
        administrator, shareholder, servicing agent, custodian or sub-custodian with
        respect to certain of the Permitted Investments, (ii) using Affiliates to
        effect
        transactions in certain Permitted Investments and (iii) effecting transactions
        in certain Permitted Investments. The Trustee does not guarantee the performance
        of any Permitted Investment.

       

      Section
        3.13.  [Reserved].

       

      Section
        3.14.  Maintenance
        of Errors and Omissions and Fidelity Coverage.

       

      The
        Servicer shall keep in force during the term of this Agreement a policy or
        policies of insurance covering errors and omissions for failure in the
        performance of the Servicer’s obligations under this Agreement, which policy or
        policies shall be in such form and amount that would meet the requirements
        of
        Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans,
        unless
        the Servicer has obtained a waiver of such requirements from the Rating
        Agencies. The Servicer shall also maintain a fidelity bond in the form and
        amount that would meet the requirements of Fannie Mae or Freddie Mac, unless
        the
        Servicer has obtained a waiver of such requirements from the Rating Agencies.
        The Servicer shall be deemed to have complied with this provision if an
        Affiliate of the Servicer has such errors and omissions and fidelity bond
        coverage and, by the terms of such insurance policy or fidelity bond, the
        coverage afforded thereunder extends to the Servicer. Any such errors and
        omissions policy and fidelity bond shall by its terms not be cancelable without
        thirty days’ prior written notice to the Trustee. The Servicer shall also cause
        each Sub-Servicer to maintain a policy of insurance covering errors and
        omissions and a fidelity bond which would meet such requirements.

       

      Section
        3.15.  Enforcement
        of Due-On-Sale Clauses; Assumption Agreements.

       

      The
        Servicer will, to the extent it has knowledge of any conveyance or prospective
        conveyance of any Mortgaged Property by any Mortgagor (whether by absolute
        conveyance or by contract of sale, and whether or not the Mortgagor remains
        or
        is to remain liable under the Mortgage Note and/or the Mortgage), exercise
        its
        rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale”
clause, if any, applicable thereto; provided, however, that the Servicer
        shall
        not be required to take such action if the Person to whom the related Mortgaged
        Property has been conveyed or is proposed to be conveyed satisfies the
        conditions contained in the Mortgage Note and the Mortgage related thereto
        and
        the consent of the mortgagee under the Mortgage Note or the Mortgage is not
        otherwise so required under the Mortgage Note or the Mortgage as a condition
        to
        the transfer. The Servicer shall not exercise any such rights if prohibited
        by
        law from doing so. If the Servicer reasonably believes it is unable under
        applicable law to enforce such “due-on-sale” clause, or if any of the other
        conditions set forth in the proviso to the preceding sentence apply, the
        Servicer will enter into an assumption and modification agreement from or
        with
        the person to whom such property has been conveyed or is proposed to be
        conveyed, pursuant to which such person becomes liable under the Mortgage
        Note
        and, to the extent permitted by applicable state law, the Mortgagor remains
        liable thereon. The Servicer is also authorized to enter into a substitution
        of
        liability agreement with such person, pursuant to which the original Mortgagor
        is released from liability and such person is substituted as the Mortgagor
        and
        becomes liable under the Mortgage Note; provided, that no such substitution
        shall be effective unless such person satisfies the underwriting criteria
        of the
        Servicer and has a credit risk rating at least equal to that of the original
        Mortgagor. In connection with any assumption or substitution, the Servicer
        shall
        apply such underwriting standards and follow such practices and procedures
        as
        shall be normal and usual in its general mortgage servicing activities and
        as it
        applies to other mortgage loans owned solely by it. Any fee collected by
        the
        Servicer in respect of an assumption, modification or substitution of liability
        agreement shall be retained by the Servicer as additional servicing
        compensation. In connection with any such assumption, no material term of
        the
        Mortgage Note (including but not limited to the related Mortgage Rate and
        the
        amount of the Monthly Payment) may be amended or modified, except as otherwise
        required pursuant to the terms thereof. The Servicer shall notify the Trustee
        that any such substitution, modification or assumption agreement has been
        completed by forwarding to the Trustee the executed original of such
        substitution, modification or assumption agreement, which document shall
        be
        added to the related Mortgage File and shall, for all purposes, be considered
        a
        part of such Mortgage File to the same extent as all other documents and
        instruments constituting a part thereof.

       

      Notwithstanding
        the foregoing paragraph or any other provision of this Agreement, the Servicer
        shall not be deemed to be in default, breach or any other violation of its
        obligations hereunder by reason of any assumption of a Mortgage Loan by
        operation of law or by the terms of the Mortgage Note or any assumption which
        the Servicer may be restricted by law from preventing, for any reason
        whatsoever. For purposes of this Section 3.15, the term “assumption” is deemed
        to also include a sale (of the Mortgaged Property) subject to the Mortgage
        that
        is not accompanied by an assumption or substitution of liability
        agreement.

       

      Section
        3.16.  Realization
        Upon Defaulted Mortgage Loans.

       

      (a)  The
        Servicer shall use reasonable efforts, in accordance with the Servicing
        Standard, to foreclose upon or otherwise comparably convert the ownership
        of
        properties securing such of the Mortgage Loans as come into and continue
        in
        default and as to which no satisfactory arrangements can be made for collection
        of delinquent payments pursuant to Section 3.07. The Servicer shall be
        responsible for all costs and expenses incurred by it in any such proceedings;
        provided, however, that such costs and expenses will be recoverable as Servicing
        Advances by the Servicer as contemplated in Section 3.11 and Section 3.23.
        The
        foregoing is subject to the provision that, in any case in which a Mortgaged
        Property shall have suffered damage from an Uninsured Cause, the Servicer
        shall
        not be required to expend its own funds toward the restoration of such property
        unless it shall determine in its discretion that such restoration will increase
        the proceeds of liquidation of the related Mortgage Loan after reimbursement
        to
        itself for such expenses.

       

      (b)  Notwithstanding
        the foregoing provisions of this Section 3.16 or any other provision of this
        Agreement, with respect to any Mortgage Loan as to which the Servicer has
        received actual notice of, or has actual knowledge of, the presence of any
        toxic
        or hazardous substance on the related Mortgaged Property, the Servicer shall
        not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
        Property as a result of or in lieu of foreclosure or otherwise, or (ii)
        otherwise acquire possession of, or take any other action with respect to,
        such
        Mortgaged Property, if, as a result of any such action, the Trustee, the
        Trust
        Fund or the Certificateholders would be considered to hold title to, to be
        a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
        Mortgaged Property within the meaning of the Comprehensive Environmental
        Response, Compensation and Liability Act of 1980, as amended from time to
        time,
        or any comparable law, unless the Servicer has also previously determined,
        based
        on its reasonable judgment and a report prepared by a Person who regularly
        conducts environmental audits using customary industry standards,
        that:

       

      
        	 	
                (1)

              	
                such
                  Mortgaged Property is in compliance with applicable environmental
                  laws or,
                  if not, that it would be in the best economic interest of the Trust
                  Fund
                  to take such actions as are necessary to bring the Mortgaged Property
                  into
                  compliance therewith; and

              

      

       

      
        	 	
                (2)

              	
                there
                  are no circumstances present at such Mortgaged Property relating
                  to the
                  use, management or disposal of any hazardous substances, hazardous
                  materials, hazardous wastes, or petroleum-based materials for which
                  investigation, testing, monitoring, containment, clean-up or remediation
                  could be required under any federal, state or local law or regulation,
                  or
                  that if any such materials are present for which such action could
                  be
                  required, that it would be in the best economic interest of the
                  Trust Fund
                  to take such actions with respect to the affected Mortgaged
                  Property.

              

      

       

      The
        cost
        of the environmental audit report contemplated by this Section 3.16 shall
        be
        advanced by the Servicer, subject to the Servicer’s right to be reimbursed
        therefor from the Collection Account as provided in Section 3.11(a)(vii),
        such
        right of reimbursement being prior to the rights of Certificateholders to
        receive any amount in the Collection Account received in respect of the affected
        Mortgage Loan or other Mortgage Loans.

       

      If
        the
        Servicer determines, as described above, that it is in the best economic
        interest of the Trust Fund to take such actions as are necessary to bring
        any
        such Mortgaged Property into compliance with applicable environmental laws,
        or
        to take such action with respect to the containment, clean-up or remediation
        of
        hazardous substances, hazardous materials, hazardous wastes or petroleum-based
        materials affecting any such Mortgaged Property, then the Servicer shall
        take
        such action as it deems to be in the best economic interest of the Trust
        Fund;
        provided, that any amounts disbursed by the Servicer pursuant to this Section
        3.16(b) shall constitute Servicing Advances, subject to Section 4.03(d).
        The
        cost of any such compliance, containment, cleanup or remediation shall be
        advanced by the Servicer, subject to the Servicer’s right to be reimbursed
        therefor from the Collection Account as provided in Section 3.11(a)(iii)
        and
        (a)(vii), such right of reimbursement being prior to the rights of
        Certificateholders to receive any amount in the Collection Account received
        in
        respect of the affected Mortgage Loan or other Mortgage Loans.

       

      (c)  The
        Servicer may agree to a modification of any Mortgage Loan (a “Modified Mortgage
        Loan”) at the request of the related Mortgagor if (i) the modification is in
        lieu of a refinancing and the Mortgage Rate on the Modified Mortgage Loan,
        as
        modified, is approximately a prevailing market rate for newly-originated
        Mortgage Loans having similar terms and (ii) the Servicer purchases the Modified
        Mortgage Loan from the Trust Fund as described below. Effective immediately
        after the deposit of the Purchase Price by the Servicer, all interest of
        the
        Trustee in the Modified Mortgage Loan shall automatically be deemed transferred
        and assigned to the Servicer and all benefits and burdens of ownership thereof,
        including the right to accrued interest thereon from the date of the deposit
        of
        the Purchase Price and the risk of default thereon, shall pass to the Servicer.
        The Servicer shall promptly deliver to the Trustee a certification of a
        Servicing Officer to the effect that all requirements of this paragraph have
        been satisfied with respect to the Modified Mortgage Loan.

       

      The
        Servicer shall deposit the Purchase Price for any Modified Mortgage Loan
        in the
        Collection Account pursuant to Section 3.10(a)(vii) within one Business Day
        after the purchase of the Modified Mortgage Loan. Upon receipt by the Trustee
        of
        written notification of any such deposit signed by a Servicing Officer, the
        Trustee shall release to the Servicer the related Mortgage File and shall
        execute and deliver such instruments of transfer or assignment, in each case
        without recourse, as shall be necessary to vest in the Servicer any Modified
        Mortgage Loan previously transferred and assigned pursuant hereto. The Servicer
        covenants and agrees to indemnify the Trustee and the Trust Fund against
        any
        liability for any “prohibited transaction” taxes and any related interest,
        additions, and penalties imposed on the Trust Fund established hereunder
        as a
        result of any modification of a Mortgage Loan effected pursuant to this Section
        3.16(c), any holding of a Modified Mortgage Loan by the Trust Fund or any
        purchase of a Modified Mortgage Loan by the Servicer (but such obligation
        shall
        not prevent the Servicer or any other appropriate Person from contesting
        any
        such tax in appropriate proceedings and shall not prevent the Servicer from
        withholding payment of such tax, but not any related indemnification, if
        permitted by law, pending the outcome of such proceedings). The Servicer
        shall
        have no right of reimbursement for any amount paid pursuant to the foregoing
        indemnification, except to the extent that the amount of any tax, interest,
        and
        penalties, together with interest thereon, is refunded to the Trust Fund.
        In no
        event shall the Servicer have the discretion to sell a delinquent or defaulted
        Mortgage Loan.

       

      (d)  Proceeds
        received in connection with any Final Recovery Determination, as well as
        any
        recovery resulting from a partial collection of Insurance Proceeds, Subsequent
        Recoveries or Liquidation Proceeds, in respect of any Mortgage Loan, will
        be
        applied in the following order of priority: first, to unpaid Servicing Fees;
        second, to the Servicer or any Sub-Servicer for any related unreimbursed
        Servicing Advances pursuant to Section 3.11(a)(iii) and Advances pursuant
        to
        Section 3.11(a)(ii); third, to accrued and unpaid interest on the Mortgage
        Loan,
        to the date of the Final Recovery Determination, or to the Due Date prior
        to the
        Distribution Date on which such amounts are to be distributed if not in
        connection with a Final Recovery Determination; and fourth, as a recovery
        of
        principal of the Mortgage Loan. The portion of the recovery so allocated
        to
        unpaid Servicing Fees shall be reimbursed to the Servicer or any Sub-Servicer
        pursuant to Section 3.11(a)(iii).

       

      Section
        3.17.  Trustee
        to Cooperate; Release of Mortgage Files.

       

      (a)  Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Servicer of a
        notification that payment in full shall be escrowed in a manner customary
        for
        such purposes, the Servicer shall deliver to the Trustee two executed copies
        of
        a Request for Release in the form of Exhibit E (which certification shall
        include a statement to the effect that all amounts received or to be received
        in
        connection with such payment which are required to be deposited in the
        Collection Account pursuant to Section 3.10 have been or will be so deposited)
        signed by a Servicing Officer (or in a mutually agreeable electronic format
        that
        will, in lieu of a signature on its face, originate from a Servicing Officer)
        and shall request delivery to it of the Mortgage File. Upon receipt of such
        certification and request, the Trustee shall, within five Business Days,
        release
        and send by overnight mail, at the expense of the Servicer, the related Mortgage
        File to the Servicer. No expenses incurred in connection with any instrument
        of
        satisfaction or deed of reconveyance shall be chargeable to the Collection
        Account or the Distribution Account.

       

      (b)  From
        time
        to time and as appropriate for the servicing or foreclosure of any Mortgage
        Loan, including, for this purpose, collection under any insurance policy
        relating to the Mortgage Loans, the Trustee shall, upon any request made
        by or
        on behalf of the Servicer and delivery to the Trustee of two copies of a
        Request
        for Release in the form of Exhibit E signed by a Servicing Officer (or in
        a
        mutually agreeable electronic format that will, in lieu of a signature on
        its
        face, originate from a Servicing Officer), release the related Mortgage File
        to
        the Servicer, and the Trustee shall, at the direction of the Servicer, execute
        such documents as shall be necessary to the prosecution of any such proceedings.
        Such Request for Release shall obligate the Servicer to return each and every
        document previously requested from the Mortgage File to the Trustee when
        the
        need therefor by the Servicer no longer exists, unless the Mortgage Loan
        has
        been liquidated and the Liquidation Proceeds relating to the Mortgage Loan
        have
        been deposited in the Collection Account or the Mortgage File or such document
        has been delivered to an attorney, or to a public trustee or other public
        official as required by law, for purposes of initiating or pursuing legal
        action
        or other proceedings for the foreclosure of the Mortgaged Property either
        judicially or non-judicially, and the Servicer has delivered, or caused to
        be
        delivered, to the Trustee an additional Request for Release certifying as
        to
        such liquidation or action or proceedings. Upon the request of the Trustee,
        the
        Servicer shall provide notice to the Trustee of the name and address of the
        Person to which such Mortgage File or such document was delivered and the
        purpose or purposes of such delivery. Upon receipt of two copies of a Request
        for Release from a Servicing Officer stating that such Mortgage Loan was
        liquidated and that all amounts received or to be received in connection
        with
        such liquidation that are required to be deposited into the Collection Account
        have been so deposited, or that such Mortgage Loan has become an REO Property,
        one copy of such Request for Release with respect to such Mortgage Loan shall
        be
        released by the Trustee to the Servicer or its designee.

       

      (c)  Upon
        written certification of a Servicing Officer, the Trustee shall execute and
        deliver to the Servicer or the Sub-Servicer, as the case may be, copies of,
        any
        court pleadings, requests for trustee’s sale or other documents necessary to the
        foreclosure or trustee’s sale in respect of a Mortgaged Property or to any legal
        action brought to obtain judgment against any Mortgagor on the Mortgage Note
        or
        Mortgage or to obtain a deficiency judgment, or to enforce any other remedies
        or
        rights provided by the Mortgage Note or Mortgage or otherwise available at
        law
        or in equity. Each such certification shall include a request that such
        pleadings or documents be executed by the Trustee and a statement as to the
        reason such documents or pleadings are required and that the execution and
        delivery thereof by the Trustee will not invalidate or otherwise affect the
        lien
        of the Mortgage, except for the termination of such a lien upon completion
        of
        the foreclosure or trustee’s sale.

       

      Section
        3.18.  Servicing
        Compensation.

       

      As
        compensation for the activities of the Servicer hereunder, the Servicer shall
        be
        entitled to the Servicing Fee with respect to each Mortgage Loan payable
        solely
        from payments of interest in respect of such Mortgage Loan, subject to Section
        3.24. In addition, the Servicer shall be entitled to recover unpaid Servicing
        Fees out of Insurance Proceeds, Subsequent Recoveries or Liquidation Proceeds
        to
        the extent permitted by Section 3.11(a)(iii). The right to receive the Servicing
        Fee may not be transferred in whole or in part except in connection with
        the
        transfer of all of the Servicer’s responsibilities and obligations under this
        Agreement; provided, however, that the Servicer may pay from the Servicing
        Fee
        any amounts due to a Sub-Servicer pursuant to a Sub-Servicing Agreement entered
        into under Section 3.02.

       

      Additional
        servicing compensation in the form of assumption fees, late payment charges,
        insufficient funds charges, Prepayment Charges, ancillary income or otherwise
        shall be retained by the Servicer only to the extent such fees or charges
        are
        received by the Servicer. The Servicer shall also be entitled pursuant to
        Section 3.11(a)(iv) to withdraw from the Collection Account and pursuant
        to
        Section 3.23(b) to withdraw from any REO Account, as additional servicing
        compensation, interest or other income earned on deposits therein, subject
        to
        Section 3.12 and Section 3.24. The Servicer shall be required to pay all
        expenses incurred by it in connection with its servicing activities hereunder
        (including premiums for the insurance required by Section 3.14, to the extent
        such premiums are not paid by the related Mortgagors or by a Sub-Servicer
        and
        servicing compensation of each Sub-Servicer) and shall not be entitled to
        reimbursement therefor except as specifically provided herein.

       

      In
        addition, the Servicer shall be entitled to any Prepayment Interest Excess,
        which it may withdraw from the Collection Account pursuant to Section
        3.11(a)(x).

       

      Section
        3.19.  Reports
        to the Trustee; Collection Account Statements.

       

      Not
        later
        than twenty days after each Distribution Date, the Servicer shall forward,
        upon
        request, to the Trustee, the Certificate Insurer and the Depositor, the most
        current available bank statement for the Collection Account. Copies of such
        statement shall be provided by the Trustee to any Certificateholder or
        Certificate Owner, to the Certificate Insurer and to any Person identified
        to
        the Trustee as a prospective transferee of a Certificate, upon request at
        the
        expense of the requesting party; provided, that such statement is delivered
        by
        the Servicer to the Trustee.

       

      Section
        3.20.  Statement
        as to Compliance.

       

      The
        Servicer shall deliver to the Trustee via electronic mail
        (DBSEC.Notifications@db.com), the Depositor, the Certificate Insurer and
        the
        Rating Agencies on or before March 15 of each year, commencing in 2007, an
        officer’s certificate, certifying that with respect to the period ending
        December 31st of the prior year: (i) the Servicer or such Servicing Officer,
        as
        applicable, has reviewed the activities of the Servicer during the preceding
        calendar year or portion thereof and its performance under this Agreement
        and
        (ii) to the best of the Servicer’s or such Servicing Officer’s knowledge, as
        applicable, based on such review, the Servicer has performed and fulfilled
        its
        duties, responsibilities and obligations under this Agreement in all material
        respects throughout such year, or, if there has been a default in the
        fulfillment of any such duties, responsibilities or obligations, specifying
        each
        such default known to such Servicing Officer and the nature and status thereof.
        Copies of any such statement shall be provided by the Trustee to any
        Certificateholder and to any Person identified to the Trustee as a prospective
        transferee of a Certificate, upon request at the expense of the requesting
        party, provided such statement is delivered by the Servicer to the Trustee.
        In
        addition to the foregoing, the Servicer will, to the extent reasonable, give
        any
        other servicing information required by the Commission pursuant to applicable
        law.

       

      Section
        3.21.  Assessments
        of Compliance and Attestation Reports.

       

      The
        Servicer shall service and administer the Mortgage Loans in accordance with
        all
        applicable requirements of the Servicing Criteria (as set forth in Exhibit
        R
        hereto). Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item
        1122
        of Regulation AB, the Servicer shall deliver to the Trustee via electronic
        mail
        (DBSEC.Notifications@db.com), the Certificate Insurer and the Depositor prior
        to
        (x) March 15, 2007 and (y) unless and until a Form 15 Suspension Notice shall
        have been filed, prior to March 15th of each year thereafter, a report regarding
        the Servicer’s assessment of compliance (an “Assessment of Compliance”) with the
        Servicing Criteria during the preceding calendar year. The Assessment of
        Compliance must be reasonably satisfactory to the Depositor, and as set forth
        in
        Regulation AB, the Assessment of Compliance must contain the
        following:

       

      a. A
        statement by such officer of its responsibility for assessing compliance
        with
        the Servicing Criteria applicable to the Servicer;

       

      b. A
        statement by such officer that such officer used the Servicing Criteria,
        and
        which will also be attached to the Assessment of Compliance, to assess
        compliance with the Servicing Criteria applicable to the Servicer;

       

      c. An
        assessment by such officer of the Servicer’s compliance with the applicable
        Servicing Criteria for the period consisting of the preceding calendar year,
        including disclosure of any material instance of noncompliance with respect
        thereto during such period, which assessment shall be based on the activities
        it
        performs with respect to asset-backed securities transactions taken as a
        whole
        involving the Servicer, that are backed by the same asset type as the Mortgage
        Loans;

       

      d. A
        statement that a registered public accounting firm has issued an attestation
        report on the Servicer’s Assessment of Compliance for the period consisting of
        the preceding calendar year; and

       

      e. A
        statement as to which of the Servicing Criteria, if any, are not applicable
        to
        the Servicer, which statement shall be based on the activities it performs
        with
        respect to asset-backed securities transactions taken as a whole involving
        the
        Servicer, that are backed by the same asset type as the Mortgage
        Loans.

       

      Such
        report at a minimum shall address each of the Servicing Criteria specified
        on
        Exhibit R hereto which are indicated as applicable to the Servicer.

       

      Prior
        to
        (x) March 15, 2007 and (y) unless and until a Form 15 Suspension Notice shall
        have been filed, prior to March 15th of each year thereafter, the Servicer
        shall
        furnish to the Trustee and the Depositor a report (an “Attestation Report”) by a
        registered public accounting firm that attests to, and reports on, the
        Assessment of Compliance made by the Servicer, as required by Rules 13a-18
        and
        15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which Attestation
        Report must be made in accordance with standards for attestation reports
        issued
        or adopted by the Public Company Accounting Oversight Board. 

       

      The
        Servicer shall cause and any sub-servicer, and each subcontractor determined
        by
        the Servicer to be “participating in the servicing function” within the meaning
        of Item 1122 of Regulation AB, to deliver to the Trustee and the Depositor
        an
        Assessment of Compliance and Attestation Report as and when provided
        above.

       

      Such
        Assessment of Compliance, as to any Sub-Servicer, shall at a minimum address
        each of the Servicing Criteria specified on Exhibit R hereto which are indicated
        as applicable to any “primary servicer.” Notwithstanding the foregoing, as to
        any subcontractor, an Assessment of Compliance is not required to be delivered
        unless it is required as part of a Form 10-K with respect to the Trust
        Fund.

       

      If
        the
        Servicer cannot deliver any Assessment of Compliance or Attestation Report
        by
        March 15th of such year, the Depositor, at its sole option, may permit a
        cure
        period for the Servicer to deliver such Assessment of Compliance or Attestation
        Report, but in no event later than March 25th of such year.

       

      Failure
        of the Servicer to timely comply with this Section 3.21 may be deemed
a
        Servicer Event of Termination.
        The
        Trustee shall, with the consent of the Depositor, in addition to whatever
        rights
        the Trustee may have under this Agreement and at law or equity or to damages,
        including injunctive relief and specific performance, give notice to
        Certificateholders that they have ten Business Days to object. If no such
        objection is received and so long as no Certificate Insurer Default is
        continuing, if the Certificate Insurer consents in writing, the Trustee shall
        immediately terminate all the rights and obligations of the Servicer under
        this
        Agreement and in and to the Mortgage Loans and the proceeds thereof without
        compensating the Servicer for the same. This paragraph shall supersede any
        other
        provision in this Agreement or any other agreement to the contrary.

       

      The
        Trustee shall, prior to (x) March 15, 2007 and (y) unless and until a Form
        15
        Suspension Notice shall have been filed, prior to March 15th of each year
        thereafter, shall also provide an Assessment of Compliance and Attestation
        Report, as and when provided above, which shall at a minimum address each
        of the
        Servicing Criteria specified on Exhibit R hereto which are indicated as
        applicable to the “trustee.”

       

      The
        Servicer shall indemnify and hold harmless the Depositor and its officers,
        directors and Affiliates from and against any actual losses, damages, penalties,
        fines, forfeitures, reasonable and necessary legal fees and related costs,
        judgments and other costs and expenses that such Person may sustain based
        upon a
        breach of the Servicer’s obligations under this Section 3.21.

       

      Section
        3.22.  Commission
        Reporting.

       

      (i)  Unless
        and until a Form 15 Suspension Notice shall have been filed, the Trustee
        shall,
        within 15 days after each Distribution Date and in accordance with industry
        standards, file with the Commission via the Electronic Data Gathering and
        Retrieval System (“EDGAR”), a Distribution Report on Form 10-D (the
“Distribution Report”) with a copy of the Monthly Statement to be furnished by
        the Trustee to the Certificateholders for such Distribution Date and, if
        applicable, including the information required by each of the items set forth
        in
        Part II thereof, subject to the receipt of the information set forth in (f)
        below, in the case of information not required to be provided by the
        Trustee.

       

      (ii)  
        Except
        with respect to the Distribution Report to be filed following the first
        Distribution Date, the Trustee shall prepare each Distribution Report and,
        no
        later than 5 Business Days prior to the date on which such Distribution Report
        is required to be filed, deliver a copy of such Distribution Report to the
        Depositor for review. No later than the Business Day following the receipt
        thereof, the Depositor shall notify the Trustee of any changes to be made
        to the
        Distribution Report. The Trustee shall make any changes thereto requested
        by the
        Depositor and deliver the final Distribution Report to the Depositor for
        signature no later than three Business Days prior to the date on which such
        Distribution Report must be filed by the Trustee in accordance with clause
        (i)
        above. The Depositor shall execute the final Distribution Report and deliver
        the
        same to the Trustee via electronic mail (DBSEC.Notifications@db.com) or
        facsimile no later than the Business Day following receipt of the same (which,
        unless not received within such time frame from the Trustee, shall be no
        later
        than two Business Days prior to the date on which the Distribution Report
        is
        required to be filed), with an original executed hard copy to follow by
        overnight mail. With respect to the Distribution Report to be filed following
        the first Distribution Date, the Depositor shall prepare and execute such
        Distribution Report and, no later than 5 Business Days prior to the date
        on
        which such Distribution Report is required to be filed, deliver a copy of
        such
        Distribution Report to the Trustee. The Trustee shall attach thereto the
        Monthly
        Statement furnished by the Trustee to the Certificateholders for such
        Distribution Date and file such Distribution Report in accordance with clause
        (a) above.

       

      (iii)  The
        Depositor shall prepare and file Current Reports on Form 8-K, as and when
        required. 

       

      (iv)  Prior
        to
        January 30th of the first year in which the Trustee is able to do so under
        applicable law, the Trustee shall, in accordance with industry standards,
        file a
        Form 15 Suspension Notice with respect to the Trust Fund. 

       

      (v)  Prior
        to
        (x) March 15, 2007 and (y) unless and until a Form 15 Suspension Notice shall
        have been filed, prior to March 15th of each year thereafter, the Servicer
        shall
        provide the Trustee with an Annual Compliance Statement, together with a
        copy of
        the Assessment of Compliance and Attestation Report to be delivered by the
        Servicer pursuant to Sections 3.20 and 3.21. Prior to (x) March 31, 2007
        and (y)
        unless and until a Form 15 Suspension Notice shall have been filed, March
        31st
        of each year thereafter, the Trustee shall, subject to subsection (e) below,
        file a Form 10-K, with respect to the Trust Fund. The Trustee shall prepare
        each
        Form 10-K and, no later than 5 Business Days prior to the date on which such
        Form 10-K is required to be filed, deliver a copy of such Form 10-K to the
        Depositor for review. No later than the Business Day following the receipt
        thereof, the Depositor shall notify the Trustee of any changes to be made
        to the
        Form 10-K. The Trustee shall make any changes thereto requested by the Depositor
        and deliver the final Form 10-K to the Depositor for signature no later than
        three Business Days prior to the date on which such Form 10-K must be filed
        by
        the Trustee in accordance with this clause (iv). The Depositor shall execute
        the
        final Form 10-K and deliver the same to the Trustee via electronic mail
        (DBSEC.Notifications@db.com) or facsimile no later than Business Day following
        receipt of the same (which, unless not received within such time frame from
        the
        Trustee, shall be no later than two Business Days prior to the date on which
        the
        Form 10-K is required to be filed), with an original executed hard copy to
        follow by overnight mail. Such Form 10-K shall include the Assessment of
        Compliance, Attestation Report, Annual Compliance Statements and other
        documentation provided by the Servicer pursuant to Sections 3.20 and 3.21
        and a
        certification in the form attached hereto as Exhibit O-1 (the “Depositor
        Certification”), which shall be signed by the senior officer of the Depositor in
        charge of securitization. 

       

      (vi)  As
        to
        each item of information required to be included in any Form 10-D, Form 8-K
        or
        Form 10-K, the Trustee's or Depositor’s obligation to include the information in
        the applicable report is subject to receipt from the entity that is indicated
        in
        Exhibit S as the responsible party for providing that information, if other
        than
        the Trustee or the Depositor, as applicable, as and when required as described
        above. Each of the Trustee, the Servicer and the Depositor, as applicable,
        hereby agree to notify and provide to the Trustee and the Depositor all
        information that is required to be included in any Form 10-D, Form 8-K or
        Form
        10-K, with respect to which that entity is indicated in Exhibit S as the
        responsible party for providing that information. In the case of information
        to
        be included in the Form 10-D, such information shall be delivered to the
        Trustee
        no later than no later than 5 calendar days following each Distribution Date.
        In
        the case of information to be included in the Form 8-K, such information
        shall
        be delivered to the Depositor no later than 2 Business Days following the
        occurrence of a reportable event. In the case of information to be included
        in
        the Form 10-K, such information, other than the documentation provided pursuant
        to Sections 3.20, 3.21 and 3.22, shall be delivered to the Trustee no later
        than
        (x) March 1, 2007 and (y) unless and until a Form 15 Suspension Notice shall
        have been filed, March 1st of each year thereafter. The Servicer shall be
        responsible for determining the pool concentration applicable to any subservicer
        or originator at any time, for purposes of disclosure as required by Items
        1117
        and 1119 of Regulation AB. The Trustee shall provide electronic or paper
        copies
        of all Form 10-D, 8-K and 10-K filings free of charge to any Certificateholder
        upon request. 

       

      (vii)  The
        Trustee shall sign a certification (in the form attached hereto as Exhibit
        O-2)
        for the benefit of the Depositor and its officers, directors and Affiliates.
        The
        Trustee's certification shall be delivered to the Depositor no later than
        March
        18th of each year (or if such day is not a Business Day, the immediately
        preceding Business Day) and the Depositor shall deliver the Depositor
        Certification to the Trustee for filing no later than March 20th of each
        year
        (or if such day is not a Business Day, the immediately preceding Business
        Day).

       

      (viii)  The
        Trustee shall indemnify and hold harmless the Depositor and its officers,
        directors and Affiliates from and against any losses, damages, penalties,
        fines,
        forfeitures, reasonable and necessary legal fees and related costs, judgments
        and other costs and expenses arising out of or based upon (i) a breach of
        the
        Trustee’s obligations under this Section 3.22, Section 3.21 or (ii) any
        material misstatement or omission contained in any information provided by
        the
        Trustee including, without limitation, in the certification provided by the
        Trustee in the form of Exhibit O-2 or the Assessment of Compliance provided
        pursuant to Section 3.21. If the indemnification provided for herein is
        unavailable or insufficient to hold harmless the Depositor, then the Trustee,
        in
        connection with (i) a breach of the Trustee’s obligations under this
        Section 3.22, Section 3.21 or (ii) any material misstatement or omission
        contained in any information provided by the Trustee including, without
        limitation, in the certification provided by the Trustee in the form of Exhibit
        O-2, or in the Assessment of Compliance or Attestation report provided pursuant
        to Section 3.21, agrees that it shall contribute to the amount paid or payable
        by the Depositor as a result of the losses, claims, damages or liabilities
        of
        the Depositor in such proportion as is appropriate to reflect the relative
        fault
        of the Depositor on the one hand and the Trustee on the other. This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

       

      The
        Servicer shall indemnify and hold harmless the Depositor, the Trustee, the
        Certificate Insurer and their respective officers, directors and Affiliates
        from
        and against any actual losses, damages, penalties, fines, forfeitures,
        reasonable and necessary legal fees and related costs, judgments and other
        costs
        and expenses that such Person may sustain based upon (i) a breach of the
        Servicer’s obligations under Sections 3.20, 3.21 or 3.22 or (ii) any material
        misstatement or omission contained in any information provided by the Servicer
        including, without limitation, in the information provided pursuant to Sections
        3.20 and 3.21. This indemnification shall survive the termination of this
        Agreement or the termination of any party to this Agreement.

       

      The
        Depositor shall indemnify and hold harmless the Servicer, the Trustee, the
        Certificate Insurer and their respective officers, directors and Affiliates
        from
        and against any actual losses, damages, penalties, fines, forfeitures,
        reasonable and necessary legal fees and related costs, judgments and other
        costs
        and expenses that such Person may sustain based upon (i) a breach of the
        Depositor’s obligations under this Section 3.22 or (ii) any material
        misstatement or omission contained in any information provided by the
        Depositor.

       

      (ix)  The
        Trustee will have no duty or liability to verify the accuracy or sufficiency
        of
        any information not prepared by it included in any Form 10-D, Form
        10-K or Form 8-K.  The Trustee shall have no liability with
        respect to any failure to properly prepare or file any Form 10-D or Form
        10-K
        resulting from or relating to the Trustee's inability or failure to obtain
        any
        information in a timely manner from the party responsible for delivery of
        such
        disclosure information.  The Trustee shall have no liability with respect
        to any failure to properly file any Form 10-D or 10-K resulting from or relating
        to the Depositor's failure to timely comply with the provisions of this
        section.  Nothing herein shall be construed to require the Trustee or any
        officer, director or Affiliate thereof to sign any Form 10-D, Form 10-K or
        Form
        8-K. Copies of all reports filed by the Trustee under the Exchange Act shall
        be
        sent to the Depositor electronically or at the addressed set forth in Section
        11.05. Fees and expenses incurred by the Trustee in connection with this
        Section
        3.24 shall not be reimbursable from the Trust Fund.

       

      (x)  Upon
        any
        filing with the Commission, the Trustee shall promptly deliver to the Depositor
        a copy of any executed report, statement or information.

       

      (xi)  To
        the
        extent that, following the Closing Date, the Depositor certifies that reports
        and certifications differing from those required under this Section 3.22
        are
        necessary to comply with the reporting requirements under the Exchange Act,
        the
        parties hereto hereby agree that each will reasonably cooperate to amend
        the
        provisions of this Section 3.22 in order to comply with such amended reporting
        requirements and such amendment of this Section 3.22. Any such amendment
        may
        result in the reduction of the reports executed by and filed on behalf of
        the
        Depositor under the Exchange Act. Notwithstanding the foregoing, the Trustee
        shall not be obligated to enter into any amendment pursuant to this Section
        that
        adversely affects its obligations and immunities under this
        Agreement.

       

      Each
        of
        the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
        and
        this Section 3.22 of this Agreement is to facilitate compliance by the Depositor
        with the provisions of Regulation AB. Therefore, each of the parties agree
        that
        (a) the obligations of the parties hereunder shall be interpreted in such
        a
        manner as to accomplish that purpose, (b) the parties’ obligations hereunder
        will be supplemented and modified as necessary to be consistent with any
        such
        amendments, interpretive advice or guidance in respect of the requirements
        of
        Regulation AB, (c) the parties shall comply with reasonable requests made
        by the
        Depositor for delivery of additional or different information as the Depositor
        may determine in good faith is necessary to comply with the provisions of
        Regulation AB, and (d) no amendment of this Agreement shall be required to
        effect any such changes in the parties’ obligations as are necessary to
        accommodate evolving interpretations of the provisions of Regulation
        AB.

       

      Section
        3.23.  Reserved.

       

      Section
        3.24.  Access
        to Certain Documentation.

       

      The
        Servicer shall provide to the Office of Thrift Supervision, the FDIC, and
        any
        other federal or state banking or insurance regulatory authority that may
        exercise authority over any Certificateholder or Certificate Owner, access
        to
        the documentation regarding the Mortgage Loans required by applicable laws
        and
        regulations. Such access shall be afforded without charge, but only upon
        reasonable request and reasonable advance notice and during normal business
        hours at the offices of the Servicer designated by it. In addition, access
        to
        the documentation regarding the Mortgage Loans will be provided to any
        Certificateholder or Certificate Owner, the Certificate Insurer, the Trustee
        and
        any Person identified to the Servicer as a prospective transferee of a
        Certificate, upon reasonable request and reasonable advance notice during
        normal
        business hours at the offices of the Servicer designated by it at the expense
        of
        the Person requesting such access.

       

      Section
        3.25.  Title,
        Maintenance and Disposition of REO Property.

       

      (a)  The
        deed
        or certificate of sale of any REO Property shall be taken in the name of
        the
        Trustee, or its nominee, in trust for the benefit of the Certificateholders
        and
        the Certificate Insurer. If the Trust Fund acquires any Mortgaged Property
        as
        aforesaid or otherwise in connection with a default or imminent default on
        a
        Mortgage Loan, the REO Property shall only be held temporarily, shall be
        actively marketed for sale, and the Servicer shall dispose of the Mortgaged
        Property as soon as practicable, and in any case before the end of the third
        calendar year following the calendar year in which the Trust Fund acquires
        the
        property. Notwithstanding any other provision of this Agreement, no Mortgaged
        Property acquired by the Trust Fund shall be rented (or allowed to continue
        to
        be rented) or otherwise used for the production of income by or on behalf
        of the
        Trust Fund in such a manner or pursuant to any terms that would (i) cause
        the
        Mortgaged Property to fail to qualify as “foreclosure property” within the
        meaning of Section 860G(a)(8) of the Code or (ii) subject any REMIC to the
        imposition of any federal, state, or local income taxes on the proceeds received
        from the Mortgaged Property under Section 860G(c) of the Code or otherwise,
        unless the Servicer has agreed to indemnify and hold harmless the Trust Fund
        with respect to the imposition of any such taxes.

       

      The
        decision of the Servicer to foreclose on a defaulted Mortgage Loan shall
        be
        subject to a determination by the Servicer that the proceeds of the foreclosure
        would exceed the costs and expenses of bringing a foreclosure proceeding.
        The
        proceeds received from the maintenance of any REO Properties, net of
        reimbursement to the Servicer for costs incurred (including any property
        or
        other taxes) in connection with maintenance of the REO Properties and net
        of
        unreimbursed Servicing Fees, Advances, and Servicing Advances, shall be applied
        to the payment of principal of and interest on the related defaulted Mortgage
        Loans (with interest accruing as though the Mortgage Loans were still current
        and adjustments, if applicable, to the Mortgage Rate were being made in
        accordance with the Mortgage Note) and all such proceeds shall be deemed,
        for
        all purposes in this Agreement, to be payments on account of principal and
        interest on the related Mortgage Notes and shall be deposited into the
        Distribution Account.

       

      (b)  The
        Servicer shall separately account for any funds collected in connection with
        any
        REO Property and shall establish and maintain, or cause to be established
        and
        maintained, with respect to REO Properties an account held in trust for the
        Trustee for the benefit of the Certificateholders and the Certificate Insurer
        (the “REO Account”), which shall be an Eligible Account. The Servicer shall be
        permitted to allow the Collection Account to serve as the REO Account, subject
        to separate ledgers for each REO Property. The Servicer shall be entitled
        to
        retain or withdraw any interest income paid on funds deposited in the REO
        Account.

       

      (c)  The
        Servicer shall deposit, or cause to be deposited in the clearing account
        in
        which it customarily deposits payments and collections on mortgage loans
        in
        connection with its mortgage loan servicing activities on a daily basis,
        and in
        no event more than one Business Day after the Servicer’s receipt thereof, and
        shall thereafter deposit in the REO Account, in no event more than two Business
        Days after the Servicer’s receipt thereof, any amounts collected in respect of
        an REO Property and shall withdraw therefrom funds necessary for the proper
        maintenance and preservation of such REO Property including, without
        limitation:

       

      (i)  all
        insurance premiums due and payable in respect of such REO Property;

       

      (ii)  all
        real
        estate taxes and assessments in respect of such REO Property that may result
        in
        the imposition of a lien thereon; and

       

      (iii)  all
        costs
        and expenses necessary to maintain such REO Property.

       

      To
        the
        extent that amounts on deposit in the REO Account with respect to an REO
        Property are insufficient for the purposes set forth in clauses (i) through
        (iii) above with respect to such REO Property, the Servicer shall advance
        from
        its own funds such amount as is necessary for such purposes if, but only
        if, the
        Servicer would make such advances if the Servicer owned the REO Property
        and if
        in the Servicer’s judgment, the payment of such amounts will be recoverable from
        the proceeds of the REO Property.

       

      Notwithstanding
        the foregoing, following the date of acquisition by the Trust Fund, neither
        the
        Servicer nor the Trustee shall knowingly:

       

      (i) authorize
        the Trust Fund to enter into, renew or extend any New Lease with respect
        to any
        REO Property;

       

      (ii) authorize
        any amount to be received or accrued under any New Lease other than amounts
        that
        will constitute Rents from Real Property;

       

      (iii) authorize
        any construction on any REO Property; or

       

      (iv) authorize
        any Person to Directly Operate any REO Property on any date more than 90
        days
        after its date of acquisition by the Trust Fund.

       

      (d)  In
        addition to the withdrawals permitted under Section 3.23(c), the Servicer
        may
        from time to time make withdrawals from the REO Account for any REO Property:
        (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in respect of
        the
        related Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer for
        unreimbursed Servicing Advances and Advances made in respect of such REO
        Property or the related Mortgage Loan. On the Servicer Remittance Date, the
        Servicer shall withdraw from each REO Account maintained by it and deposit
        into
        the Distribution Account in accordance with Section 3.10(d)(ii), for
        distribution on the related Distribution Date in accordance with Section
        4.01,
        any proceeds from the related REO Property received during the prior calendar
        month, net of any withdrawals made pursuant to Section 3.23(c) or this Section
        3.23(d).

       

      (e)  [Reserved].

       

      (f)  The
        proceeds from the REO Disposition, net of any amount required by law to be
        remitted to the Mortgagor under the related Mortgage Loan and net of any
        payment
        or reimbursement to the Servicer or any Sub-Servicer as provided above, shall
        be
        deposited in the Distribution Account in accordance with Section 3.10(d)(ii)
        on
        the Servicer Remittance Date in the month following the receipt thereof for
        distribution on the related Distribution Date in accordance with Section
        4.01.
        Any REO Disposition shall be for cash only (unless changes in the REMIC
        Provisions made subsequent to the Startup Day allow a sale for other
        consideration).

       

      (g)  The
        Servicer shall file information returns with respect to the receipt of mortgage
        interest received in a trade or business, reports of foreclosures and
        abandonments of any Mortgaged Property and cancellation of indebtedness income
        with respect to any Mortgaged Property as required by Sections 6050H, 6050J
        and
        6050P of the Code, respectively. Such reports shall be in form and substance
        sufficient to meet the reporting requirements imposed by such Sections 6050H,
        6050J and 6050P of the Code.

       

      Section
        3.26.  Obligations
        of the Servicer in Respect of Prepayment Interest Shortfalls.

       

      Not
        later
        than 3:00 p.m. New York time on each Servicer Remittance Date, the Servicer
        shall remit from its own funds to the Distribution Account an amount
        (“Compensating Interest”) equal to the lesser of (A) the aggregate of the
        Prepayment Interest Shortfalls for the related Distribution Date and (B)
        one-half of its aggregate Servicing Fee received in the related Remittance
        Period. The Servicer shall not have the right to reimbursement for any amounts
        remitted to the Trustee in respect of Compensating Interest. Such amounts
        so
        remitted shall be included in the Available Funds and distributed therewith
        on
        the next Distribution Date. The Servicer shall not be obligated to pay any
        compensating amounts with respect to Relief Act Interest
        Shortfalls.

       

      Section
        3.27.  [Reserved].

       

      Section
        3.28.  Obligations
        of the Servicer in Respect of Mortgage Rates and Monthly
        Payments.

       

      In
        the
        event that a shortfall in any collection on or liability with respect to
        the
        Mortgage Loans in the aggregate results from or is attributable to adjustments
        to Mortgage Rates, Monthly Payments or Stated Principal Balances that were
        made
        by the Servicer in a manner not consistent with the terms of the related
        Mortgage Note and this Agreement, the Servicer, upon discovery or receipt
        of
        notice thereof, immediately shall deposit in the Collection Account from
        its own
        funds the amount of any such shortfall and shall indemnify and hold harmless
        the
        Trust Fund, the Trustee, the Depositor, the Certificate Insurer and any
        successor Servicer in respect of any such liability. Such indemnities shall
        survive the termination or discharge of this Agreement. Notwithstanding the
        foregoing, this Section 3.26 shall not limit the ability of the Servicer
        to seek
        recovery of any such amounts from the related Mortgagor under the terms of
        the
        related Mortgage Note, as permitted by law.

       

      Section
        3.29.  Excess
        Reserve Fund Account.

       

      (a)  No
        later
        than the Closing Date, the Trustee shall establish and maintain with itself
        a
        separate, segregated trust account titled, “Excess Reserve Fund Account,
        Deutsche Bank National Trust Company, as Trustee, in trust for registered
        Holders of IndyMac Residential Mortgage-Backed Trust Certificates, Series
        2006-L2.” The Excess Reserve Fund Account shall be an Eligible Account. On the
        Closing Date, the Depositor will deposit, or cause to be deposited, into
        the
        Excess Reserve Fund Account, the Initial Deposit.

       

      On
        each
        Distribution Date as to which there is a Net WAC Rate Carryover Amount that
        will
        remain unpaid to the Holders of the Class A Certificates or the Subordinated
        Certificates, the Trustee has been directed by the Class C Certificateholders
        to, and therefore will, deposit into the Excess Reserve Fund Account the
        amounts
        described in Section 4.01(d)(vii), rather than distributing such amounts
        to the
        Class C Certificateholders. On each such Distribution Date, the Trustee shall
        hold all such amounts for the benefit of the Holders of the Class A Certificates
        and the Subordinated Certificates, and will distribute such amounts to the
        Holders of the Class A Certificates and the Subordinated Certificates in
        the
        amounts and priorities set forth in Section 4.01(e). If no unpaid Net WAC
        Rate
        Carryover Amounts are payable from the Excess Reserve Fund Account on a
        Distribution Date, the Trustee shall deposit into the Excess Reserve Fund
        Account on behalf of the Class C Certificateholders, from amounts otherwise
        distributable to the Class C Certificateholders, an amount such that when
        added
        to other amounts already on deposit in the Excess Reserve Fund Account, the
        aggregate amount on deposit therein is equal to $5,000.

       

      It
        is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Excess Reserve Fund Account be disregarded
        as
        an entity separate from the Holder of the Class C Certificates unless and
        until
        the date when either (a) there is more than one Class C Certificateholder
        or (b)
        any Class of Certificates in addition to the Class C Certificates is
        recharacterized as an equity interest in the Excess Reserve Fund Account
        for
        federal income tax purposes, in which case it is the intention of the parties
        hereto that, for federal and state income and state and local franchise tax
        purposes, the Excess Reserve Fund Account be treated as a partnership. All
        amounts deposited into the Excess Reserve Fund Account (other than the Initial
        Deposit therein) shall be treated as amounts distributed by REMIC 2 to the
        Holders of the Class C Certificates. The Excess Reserve Fund Account will
        be an
“outside reserve fund” within the meaning of Treasury regulation Section
        1.860G-2(h). Upon the termination of the Trust Fund, or the payment in full
        of
        the Class A Certificates and the Subordinated Certificates, all amounts
        remaining on deposit in the Excess Reserve Fund Account will be released
        by the
        Trust Fund and distributed to the Class C Certificateholders or their designees.
        The Excess Reserve Fund Account will be part of the Trust Fund but not part
        of
        any REMIC, and any payments to the Holders of the Class A Certificates or
        the
        Subordinated Certificates of Net WAC Rate Carryover Amounts from the Excess
        Reserve Fund Account will not be payments with respect to a “regular interest”
in a REMIC within the meaning of Code Section 860(G)(a)(1).

       

      By
        accepting a Class C Certificate, each Class C Certificateholder hereby agrees
        to
        direct the Trustee, and the Trustee hereby is directed, to deposit into the
        Excess Reserve Fund Account the amounts described above on each Distribution
        Date as to which there is any Net WAC Rate Carryover Amount that will remain
        unpaid to the Holders of the Class A Certificates or the Subordinated
        Certificates, rather than distributing such amounts to the Class C
        Certificateholders. By accepting a Class C Certificate, each Class C
        Certificateholder further agrees that such direction is given for good and
        valuable consideration, the receipt and sufficiency of which are acknowledged
        by
        such acceptance.

       

      The
        Servicer shall direct any depository institution maintaining the Excess Reserve
        Fund Account to invest the funds in such account in one or more Permitted
        Investments bearing interest or sold at a discount, and maturing, unless
        payable
        on demand, (i) no later than the Business Day immediately preceding the date
        on
        which such funds are required to be withdrawn from such account pursuant
        to this
        Agreement, if a Person other than the Trustee or an Affiliate manages or
        advises
        such investment, and (ii) no later than the date on which such funds are
        required to be withdrawn from such account pursuant to this Agreement, if
        the
        Trustee or an Affiliate manages or advises such investment. If no investment
        direction of the Servicer with respect to the Excess Reserve Fund Account
        is
        received by the Trustee, the Trustee shall invest the funds in Deutsche Bank
        Institutional Cash Management Fund No. 541. The Trustee shall not be responsible
        for any losses incurred with respect to any investment of funds pursuant
        to this
        Section 3.27(a), except to the extent that the Trustee is the obligor on
        such
        Permitted Investment. All income realized from investment of funds in the
        Excess
        Reserve Fund Account shall be distributed to the Holders of the Class C
        Certificates.

       

      For
        federal tax return and information reporting, the right of the Holders of
        the
        Class A Certificates and the Subordinated Certificates to receive payments
        from
        the Excess Reserve Fund Account in respect of any unpaid Net WAC Rate Carryover
        Amount shall be assigned a value of $1,000, which value the Trustee shall
        identify to any Certificateholder that requests such information by contacting
        the Trustee in writing.

       

       

      ARTICLE
        IV

       

      FLOW
        OF
        FUNDS

       

      Section
        4.01.  Distributions.

       

      (a)  On
        each
        Distribution Date, prior to making any distributions on the Certificates,
        the
        Trustee shall withdraw from the Distribution Account, from amounts on deposit
        therein, amounts representing the Trustee Fee payable for such Distribution
        Date
        and any and all expenses owing to it under the terms of this Agreement, which
        the Trustee shall pay to itself. Following such payments, on each Distribution
        Date the Trustee shall withdraw from the Distribution Account that portion
        of
        Available Funds for such Distribution Date, consisting of the Interest
        Remittance Amount for such Distribution Date, and shall make the following
        disbursements and transfers in the order of priority described below, in
        each
        case to the extent of the Interest Remittance Amount remaining for such
        Distribution Date:

       

      (i)  to
        the
        Certificate Insurer, the amount owing to the Certificate Insurer under the
        Insurance Agreement for the Premium payable in respect of the Insured
        Certificates;

       

      (ii)  concurrently,
        to the Class A-1, Class A-2 and Class A-3 Certificates, pro
        rata,
        based
        on the entitlement of each such Class, the Accrued Certificate Interest and
        the
        Unpaid Interest Shortfall Amount, if any, related to such Class for such
        Distribution Date;

       

      (iii)  to
        the
        Certificate Insurer, the amount owing to the Certificate Insurer under the
        Insurance Agreement for reimbursement for prior claims paid under the Policy
        and
        any other amounts owing to the Certificate Insurer under the Insurance
        Agreement;

       

      (iv)  to
        the
        Class M Certificates, the Accrued Certificate Interest for such Class for
        such
        Distribution Date; and

       

      (v)  to
        the
        Class B Certificates, the Accrued Certificate Interest for such Class for
        such
        Distribution Date.

       

      (b)  On
        each
        Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
        Event
        is in effect, the Trustee shall withdraw from the Distribution Account an
        amount
        equal to the Principal Distribution Amount and distribute to the
        Certificateholders the following amounts, in the following order of priority,
        in
        each case to the extent of the Principal Distribution Amount remaining for
        such
        Distribution Date:

       

      (i)  sequentially,
        to the Class A-1, Class A-2 and Class A-3 Certificates, in that order, until
        the
        Certificate Principal Balance of each such Class has been reduced to
        zero;

       

      (ii)  to
        the
        Certificate Insurer, the amount owing to the Certificate Insurer under the
        Insurance Agreement for reimbursement for prior claims paid under the Policy
        and
        any other amounts owing to the Certificate Insurer under the Insurance
        Agreement, to the extent not paid pursuant to clause Section 4.01(a) above
        and
        to the extent of the Principal Distribution Amount remaining after the
        distribution in Section 4.01(b)(i) above;

       

      (iii)  to
        the
        Class M Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero;

       

      (iv)  to
        the
        Class B Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero.

       

      (c)  On
        each
        Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
        Event is not in effect, the Trustee shall withdraw from the Distribution
        Account
        an amount equal to the Principal Distribution Amount and distribute to the
        Certificateholders the following amounts, in the following order of priority,
        in
        each case to the extent of the Principal Distribution Amount remaining for
        such
        Distribution Date:

       

      (i)  sequentially,
        to the Class A-1, Class A-2 and Class A-3 Certificates, the Class A Principal
        Distribution Amount for such Distribution Date, in that order, until the
        aggregate Certificate Principal Balance of such Class has been reduced to
        zero;

       

      (ii)  to
        the
        Certificate Insurer, the amount owing to the Certificate Insurer under the
        Insurance Agreement for reimbursement for prior claims paid under the Policy
        and
        any other amounts owing to the Certificate Insurer under the Insurance
        Agreement, to the extent not paid pursuant to Section 4.01(a) above and to
        the
        extent of the Principal Distribution Amount remaining after the distribution
        in
        Section 4.01(c)(i) above;

       

      (iii)  to
        the
        Class M Certificates, the Class M Principal Distribution Amount for such
        Distribution Date, until the Certificate Principal Balance thereof has been
        reduced to zero;

       

      (iv)  to
        the
        Class B Certificates, the Class B Principal Distribution Amount for such
        Distribution Date, until the Certificate Principal Balance thereof has been
        reduced to zero.

       

      (d)  On
        each
        Distribution Date, the Total Monthly Excess Spread shall be distributed as
        follows:

       

      (i)  in
        the
        case of each Distribution Date up to and including the Distribution Date
        in
        September 2006, to the holders of the Class C Certificates, 100% of the Total
        Monthly Excess Spread;

       

      (ii)  beginning
        on the Distribution Date in October 2006, to the Certificates then entitled
        to
        distributions of principal, the Extra Principal Distribution Amount
        distributable as part of the Principal Distribution Amount to the extent
        of
        their respective entitlements to principal as set forth in Section 4.01(b)
        and
        Section 4.01(c) above;

       

      (iii)  to
        the
        Class M Certificates, in an amount equal to the Unpaid Interest Shortfall
        Amount
        for such Distribution Date and such Class of Certificates;

       

      (iv)  to
        the
        Class M Certificates, in an amount equal to the Allocated Realized Loss Amount
        for such Distribution Date and such Class of Certificates;

       

      (v)  to
        the
        Class B Certificates, in an amount equal to the Unpaid Interest Shortfall
        Amount
        for such Distribution Date and such Class of Certificates;

       

      (vi)  to
        the
        Class B Certificates, in an amount equal to the Allocated Realized Loss Amount
        for such Distribution Date and such Class of Certificates;

       

      (vii)  to
        the
        Excess Reserve Fund Account, for distribution therefrom to the Holders of
        the
        Class A Certificates and the Subordinated Certificates, the amount of any
        Net
        WAC Rate Carryover Amounts for such Distribution Date, to the extent of their
        respective entitlements as set forth in Section 4.01(e);

       

      (viii)  reserved;

       

      (ix)  to
        the
        Holders of the Class C Certificates, (a) the Accrued Certificate Interest
        for
        such Class and any Excess Overcollateralization Amount for such Distribution
        Date and (b) on any Distribution Date on which the Certificate Principal
        Balances of the Class A Certificates and the Subordinated Certificates have
        been
        reduced to zero, any remaining Available Funds; and

       

      (x)  any
        remaining amounts to the Holders of the Class R Certificates (in respect
        of the
        Class R-2 Interest).

       

      On
        each
        Distribution Date, following the foregoing distributions, an amount equal
        to the
        amount of Subsequent Recoveries deposited into the Collection Account pursuant
        to Section 3.05 and included in the Available Funds for such Distribution
        Date
        shall be applied to increase the Certificate Principal Balance of the Class
        of
        Subordinated Certificates with the Highest Priority up to the extent of such
        Realized Losses previously allocated to that Class of Certificates pursuant
        to
        Section 4.04. An amount equal to the amount of any remaining Subsequent
        Recoveries shall be applied to increase the Certificate Principal Balance
        of the
        Class of Certificates with the next Highest Priority, up to the amount of
        such
        Realized Losses previously allocated to that Class of Certificates pursuant
        to
        Section 4.04, and so on. Holders of such Certificates will not be entitled
        to
        any distribution in respect of interest on the amount of such increases for
        any
        Accrual Period preceding the Distribution Date on which such increase occurs.
        Any such increases shall be applied to the Certificate Principal Balance
        of each
        Certificate of such Class in accordance with its respective Percentage
        Interest.

       

      (e)  On
        each
        Distribution Date, following the distributions made pursuant to Section 4.01(a),
        Section 4.01(b) or Section 4.01(c), as applicable, and Section 4.01(d), the
        Trustee shall withdraw from the Excess Reserve Fund Account the lesser of
        (A)
        the amount on deposit therein and (B) the aggregate of any Net WAC Rate
        Carryover Amounts for such Distribution Date and shall distribute the amount
        so
        withdrawn to the Holders of the Class A Certificates and the Subordinated
        Certificates in the following order of priority, in each case to the extent
        of
        the amount withdrawn:

       

      From
        amounts on deposit in the Excess Reserve Fund Account as follows:

       

      (i)  concurrently,
        to the Class A-1, Class A-2 and Class A-3 Certificates, pro
        rata,
        based
        on entitlement, the Net WAC Rate Carryover Amount for each such Class; and
        

       

      (ii)  sequentially,
        to the Class M and Class B Certificates, in that order, the Net WAC Rate
        Carryover Amount for each such Class.

       

      (f)  All
        distributions made with respect to the Certificates of each Class on each
        Distribution Date shall be allocated pro
        rata
        among
        the outstanding Certificates of such Class based on their respective Percentage
        Interests. Payments in respect of the Certificates of each Class on each
        Distribution Date will be made to the Holders of record on the related Record
        Date (except as otherwise provided in this Section 4.01(f), in Section 4.01(h)
        or in Section 10.01, respecting the final distribution on the Certificates),
        based on the aggregate Percentage Interest represented by their respective
        Certificates in such Class, and shall be made by wire transfer of immediately
        available funds to the account of any such Holder at a bank or other entity
        having appropriate facilities therefor, or otherwise by check mailed by first
        class mail to the address of such Holder appearing in the Certificate Register,
        if such Holder shall have so notified the Trustee in writing at least five
        Business Days prior to the Record Date immediately prior to such Distribution
        Date. The final distribution on each Certificate will be made in like manner,
        but only upon presentment and surrender of such Certificate at the Corporate
        Trust Office of the Trustee or such other location specified in the notice
        to
        Certificateholders of such final distribution.

       

      (g)  The
        rights of the Certificateholders to receive distributions in respect of the
        Certificates, and all interests of the Certificateholders in such distributions,
        shall be as set forth in this Agreement. In no event shall the Holders of
        any
        Class of Certificates, the Trustee, the Depositor or the Servicer in any
        way be
        responsible or liable to the Holders of any other Class of Certificates in
        respect of amounts properly previously distributed on the
        Certificates.

       

      Except
        as
        otherwise provided in Section 10.01, whenever the Trustee expects that the
        final
        distribution with respect to any Class of Certificates will be made on the
        next
        Distribution Date, the Trustee shall, no later than four days prior to the
        related Distribution Date, send, by overnight delivery or by registered mail,
        to
        each Holder on such date of such Class of Certificates and the Certificate
        Insurer a notice to the effect that:

       

      (i)  the
        Trustee expects that the final distribution with respect to the Certificates
        of
        such Class will be made on such Distribution Date but only upon presentation
        and
        surrender of such Certificates at the office of the Trustee therein specified,
        and

       

      (ii)  no
        interest shall accrue on such Certificates from and after the end of the
        calendar month preceding such final Distribution Date.

       

      Any
        funds
        not distributed to any Holder or Holders of any Class of Certificates on
        such
        final Distribution Date because of the failure of such Holder or Holders
        to
        tender their Certificates shall, on such date, be set aside and held in trust
        by
        the Trustee and credited to the account of the appropriate non-tendering
        Holder
        or Holders. If any Certificates as to which notice has been given pursuant
        to
        this Section 4.01(h) shall not have been surrendered for cancellation within
        six
        months after the time specified in such notice, the Trustee shall mail a
        second
        notice to the remaining non-tendering Certificateholders to surrender their
        Certificates for cancellation in order to receive the final distribution
        with
        respect thereto. If within one year after the second notice all such
        Certificates shall not have been surrendered for cancellation, the Trustee
        shall, directly or through an agent, mail a final notice to the remaining
        non-tendering Certificateholders concerning surrender of their Certificates
        but
        shall continue to hold any remaining funds for the benefit of non-tendering
        Certificateholders. The costs and expenses of maintaining the funds in trust
        and
        of contacting such Certificateholders shall be paid out of the assets remaining
        in such trust funds. If within one year after the final notice any such
        Certificates shall not have been surrendered for cancellation, the Trustee
        shall
        pay to Bear Stearns & Co. Inc. all such amounts, and Lehman Brothers Inc.
        shall be entitled to all unclaimed funds and other assets which remain subject
        hereto, and the Trustee upon transfer of such funds shall be discharged of
        any
        responsibility for such funds, and the Certificateholders shall look only
        to
        Bear Stearns & Co. Inc. for payment. No interest shall accrue or be payable
        to any Certificateholder on any amount held in trust by the Trustee as a
        result
        of such Certificateholder’s failure to surrender its Certificate(s) for final
        payment thereof in accordance with this Section 4.01(h). Any such amounts
        held
        in trust by the Trustee shall be held in an Eligible Account and shall be
        held
        uninvested.

       

      Section
        4.02.  Statements.

       

      (a)  On
        each
        Distribution Date, based, as applicable, on information provided to it by
        the
        Servicer, the Trustee shall prepare and make available to each Holder of
        the
        Regular Certificates, the Servicer, the Certificate Insurer and the Rating
        Agencies, a statement as to the distributions made on such Distribution
        Date:

       

      (i)  the
        amount of the distribution made on such Distribution Date to the Holders
        of each
        Class of the Certificates allocable to principal;

       

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

       

      (iii)  reserved;

       

      (iv)  the
        aggregate amount of servicing compensation received by the Servicer with
        respect
        to the related Remittance Period (separately identifying Servicing Fees and
        other servicing compensation) and such other customary information as the
        Trustee reasonably deems necessary or desirable, or which a Certificateholder
        reasonably requests, to enable Certificateholders to prepare their tax
        returns;

       

      (v)  the
        aggregate amount of Advances for the related Remittance Period;

       

      (vi)  the
        Pool
        Balance at the Close of Business at the end of the related Remittance
        Period;

       

      (vii)  the
        number, aggregate Stated Principal Balance, weighted average remaining term
        to
        maturity and weighted average Mortgage Rate of the Mortgage Loans as of the
        related Determination Date;

       

      (viii)  the
        number and aggregate unpaid Stated Principal Balance of Mortgage Loans (a)
        that
        were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure
        and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more
        days, (B) as to which foreclosure proceedings have been commenced and Delinquent
        (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (C) in bankruptcy
        and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days,
        in
        each preceding case as of the Close of Business on the last day of the calendar
        month preceding such Distribution Date, and (b) the related Mortgaged Properties
        of which are REO Properties;

       

      (ix)  the
        total
        number and cumulative Stated Principal Balance of all REO Properties as of
        the
        Close of Business of the last day of the preceding Prepayment
        Period;

       

      (x)  the
        aggregate amount of Principal Prepayments made during the related Prepayment
        Period;

       

      (xi)  the
        aggregate amount of Realized Losses incurred during the related Prepayment
        Period and the cumulative amount of Realized Losses;

       

      (xii)  the
        aggregate amount of Subsequent Recoveries received during the related Prepayment
        Period and the cumulative amount of Subsequent Recoveries received since
        the
        Closing Date

       

      (xiii)  the
        aggregate Certificate Principal Balance of each Class of Regular Certificates
        after giving effect to the distributions, and allocations of Realized Losses,
        made on such Distribution Date separately identifying any reduction thereof
        due
        to allocations of Realized Losses (in the case of the Subordinated Certificates
        and the Class C Certificates);

       

      (xiv)  the
        Certificate Factor for each Class of the Regular Certificates applicable
        to such
        Distribution Date;

       

      (xv)  the
        Accrued Certificate Interest for the Class A Certificates, the Subordinated
        Certificates and the Class C Certificates for such Distribution Date and
        Unpaid
        Interest Shortfall Amount, if any, with respect to the Class A Certificates
        and
        the Subordinated Certificates for such Distribution Date;

       

      (xvi)  the
        aggregate amount of any Net Prepayment Interest Shortfalls for such Distribution
        Date;

       

      (xvii)  the
        aggregate amount of any Relief Act Interest Shortfalls for such Distribution
        Date;

       

      (xviii)  the
        Overcollateralized Amount and the Excess Overcollateralization Amount for
        such
        Distribution Date;

       

      (xix)  the
        Credit Enhancement Percentage for such Distribution Date;

       

      (xx)  the
        Net
        WAC Rate Carryover Amount for the Class A Certificates and the Subordinated
        Certificates, if any, for such Distribution Date and the amount remaining
        unpaid
        after payments from the Excess Reserve Fund Account are made pursuant to
        Section
        4.01(e);

       

      (xxi)  when
        the
        Stepdown Date has occurred and when a Trigger Event is in effect;

       

      (xxii)  the
        deposits to and withdrawals from the Excess Reserve Fund Account on such
        Distribution Date;

       

      (xxiii)  the
        Available Funds for such Distribution Date;

       

      (xxiv)  the
        respective Pass-Through Rates applicable to the Class A Certificates, the
        Subordinated Certificates and the Class C Certificates for such Distribution
        Date and the respective Pass-Through Rates applicable to the Class A
        Certificates and the Subordinated Certificates for the immediately succeeding
        Distribution Date;

       

      (xxv)  the
        aggregate Notional Amount of the Class C Certificates, in each case after
        giving
        effect the reductions thereof to occur on such Distribution Date;

       

      (xxvi)  the
        amount of the Reimbursement Amount for such Distribution Date and the amount
        received by the Certificate Insurer in respect thereof on such Distribution
        Date; and

       

      (xxvii)  reserved.

       

      The
        Trustee will make such statement (and, at its option, any additional files
        containing the same information in an alternative format) available each
        month
        to Certificateholders, the Servicer, the Trustee, the Certificate Insurer
        and
        the Rating Agencies via the Trustee’s internet website. 

       

      The
        Trustee’s internet website shall initially be located at https://www.tss.db.com/invr.
        Assistance in using the website can be obtained by calling the Trustee’s
        customer service desk at 1-800-735-7777. Parties that are unable to use the
        above distribution options are entitled to have a paper copy mailed to them
        via
        first class mail by calling the customer service desk and indicating such.
        The
        Trustee shall have the right to change the way such statements are distributed
        in order to make such distribution more convenient and/or more accessible
        to the
        above parties and the Trustee shall provide timely and adequate notification
        to
        all above parties regarding any such changes.

       

      In
        the
        case of information furnished pursuant to subclauses (i) and (ii) above,
        the
        amounts shall be expressed in a separate section of the report as a dollar
        amount for each hypothetical Certificate having an initial Certificate Principal
        Balance or Notional Amount (in the case of the Class C Certificates) equal
        to
        $1,000.

       

      (b)  Within
        a
        reasonable period of time after the end of each calendar year, the Trustee
        shall, upon written request, furnish to each Person who at any time during
        the
        calendar year was a Certificateholder of a Regular Certificate, if requested
        in
        writing by such Person, such information as is reasonably necessary to provide
        to such Person a statement containing the information set forth in subclauses
        (i) and (ii) above, aggregated for such calendar year or applicable portion
        thereof during which such Person was a Certificateholder. Such obligation
        of the
        Trustee shall be deemed to have been satisfied to the extent that substantially
        comparable information shall be prepared and furnished by the Trustee to
        Certificateholders pursuant to any requirements of the Code as are in force
        from
        time to time.

       

      On
        each
        Distribution Date, the Trustee shall make available to the Class R
        Certificateholders a copy of the reports forwarded to the Regular
        Certificateholders in respect of such Distribution Date with such other
        information as the Trustee deems necessary or appropriate.

       

      Within
        a
        reasonable period of time after the end of each calendar year, the Trustee
        shall
        deliver to each Person who at any time during the calendar year was a Class
        R
        Certificateholder, if requested in writing by such Person, such information
        as
        is reasonably necessary to provide to such Person a statement containing
        the
        information provided pursuant to the previous paragraph aggregated for such
        calendar year or applicable portion thereof during which such Person was
        a Class
        R Certificateholder. Such obligation of the Trustee shall be deemed to have
        been
        satisfied to the extent that substantially comparable information shall be
        prepared and furnished to Certificateholders by the Trustee pursuant to any
        requirements of the Code as from time to time in force.

       

      The
        Trustee shall maintain at its Corporate Trust Office and shall make available
        free of charge during normal business hours for review by any Certificateholder,
        Certificate Owner or any Person identified to the Trustee as a prospective
        transferee of a Certificate, originals or copies of the following items:
        (i) the
        private placement memorandum or other disclosure document relating to such
        Certificates, if any, in the form most recently provided to the Trustee;
        and
        (ii) in all cases, (A) this Agreement and any amendments hereof entered into
        pursuant to Section 11.01, (B) all monthly statements required to be delivered
        to Certificateholders of the relevant Class pursuant to this Section 4.02
        since
        the Closing Date, and all other notices, reports, statements and written
        communications delivered to the Certificateholders of the relevant Class
        pursuant to this Agreement since the Closing Date, (C) all certifications
        delivered by a Responsible Officer of the Trustee since the Closing Date
        pursuant to Section 9.01(h) and (D) any and all Officers’ Certificates delivered
        to the Trustee by the Servicer since the Closing Date to evidence the Servicer’s
        determination that any Advance or Servicing Advance was, or if made, would
        be a
        Nonrecoverable Advance or Nonrecoverable Servicing Advance, respectively.
        Copies
        and mailing of any and all of the foregoing items will be available from
        the
        Trustee upon request at the expense of the person requesting the
        same.

       

      Section
        4.03.  Remittance
        Reports; Advances.

       

      (a)  By
        each
        Determination Date, the Servicer shall provide to the Trustee and the
        Certificate Insurer in electronic form the information needed to determine
        the
        distributions to be made pursuant to Section 4.01 and any other information
        on
        which the Servicer and the Trustee mutually agree. On or before the fifth
        Business Day following the end of each Prepayment Period (but in no event
        later
        than the third Business Day prior to the related Distribution Date), the
        Servicer shall deliver to the Trustee and the Certificate Insurer (which
        delivery may be by electronic data transmission) a report in substantially
        the
        form agreed to by the Servicer and the Trustee. The Trustee shall not be
        responsible to recompute, recalculate or verify any information provided
        to it
        by the Servicer.

       

      (b)  The
        amount of Advances to be made by the Servicer for any Distribution Date shall
        equal, subject to Section 4.03(d), the sum of (i) the aggregate amount of
        Monthly Payments (net of the related Servicing Fee), due during the related
        Remittance Period in respect of the Mortgage Loans, which Monthly Payments
        were
        delinquent on a contractual basis as of the Close of Business on the related
        Determination Date and (ii) with respect to each REO Property, which REO
        Property was acquired during or prior to the related Remittance Period and
        as to
        which REO Property an REO Disposition did not occur during the related
        Remittance Period, an amount equal to the excess, if any, of the REO Imputed
        Interest on such REO Property for the most recently ended calendar month,
        over
        the net income from such REO Property transferred to the Distribution Account
        pursuant to Section 3.23 for distribution on such Distribution
        Date.

       

      On
        or
        before 3:00 p.m. New York time on the Servicer Remittance Date, the Servicer
        shall remit in immediately available funds to the Trustee for deposit in
        the
        Distribution Account an amount equal to the aggregate amount of Advances,
        if
        any, to be made in respect of the Mortgage Loans and REO Properties for the
        related Distribution Date either (i) from its own funds or (ii) from the
        Collection Account, to the extent of funds held therein for future distribution
        (in which case it will cause to be made an appropriate entry in the records
        of
        Collection Account that amounts held for future distribution have been, as
        permitted by this Section 4.03, used by the Servicer in discharge of any
        such
        Advance) or (iii) in the form of any combination of (i) and (ii) aggregating
        the
        total amount of Advances to be made by the Servicer with respect to the Mortgage
        Loans and REO Properties. Any amounts held for future distribution used by
        the
        Servicer to make an Advance as permitted in the preceding sentence shall
        be
        appropriately reflected in the Servicer’s records and replaced by the Servicer
        by deposit in the Collection Account on or before any future Servicer Remittance
        Date to the extent that the Available Funds for the related Distribution
        Date
        (determined without regard to Advances to be made on the Servicer Remittance
        Date) shall be less than the total amount that would be distributed to the
        Certificateholders pursuant to Section 4.01 on such Distribution Date if
        such
        amounts held for future distributions had not been so used to make Advances.
        The
        Trustee will provide notice to the Servicer by telecopy by the Close of Business
        on any Servicer Remittance Date in the event that the amount remitted by
        the
        Servicer to the Trustee on such date is less than the Advances required to
        be
        made by the Servicer for the related Distribution Date, as set forth in the
        related Remittance Report.

       

      (c)  The
        obligation of the Servicer to make such Advances is mandatory, notwithstanding
        any other provision of this Agreement but subject to (d) below, and, with
        respect to any Mortgage Loan, shall continue until a Final Recovery
        Determination in connection therewith or the removal thereof from the Trust
        Fund
        pursuant to any applicable provisions of this Agreement, except as otherwise
        provided in this Section.

       

      (d)  Notwithstanding
        anything herein to the contrary, no Advance or Servicing Advance shall be
        required to be made hereunder by the Servicer if such Advance or Servicing
        Advance would, if made, constitute a Nonrecoverable Advance. The determination
        by the Servicer that it has made a Nonrecoverable Advance or that any proposed
        Advance or Servicing Advance, if made, would constitute a Nonrecoverable
        Advance, shall be evidenced by an Officers’ Certificate of the Servicer
        delivered to the Depositor, the Certificate Insurer and the
        Trustee.

       

      Section
        4.04.  Distributions
        on the REMIC Regular Interests.

       

      On
        each
        Distribution Date, the Trustee shall cause the Available Funds from the
        Distribution Account to make the following disbursements and transfers, in
        the
        following order of priority, to be distributed by REMIC 1 to REMIC 2 on account
        of the REMIC 1 Regular Interests or withdrawn from the Distribution Account
        and
        distributed to the Holders of the Class R Certificates (in respect of the
        Class
        R-1 Interest), as the case may be:

       

      (i)  first,
        to
        the extent of Available Funds, to Holders of REMIC 1 Regular Interest LT1AA,
        REMIC 1 Regular Interest LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular
        Interest LT1A3, REMIC 1 Regular Interest LT1M, REMIC 1 Regular Interest LT1B
        and
        REMIC 1 Regular Interest LT1ZZ, pro
        rata,
        in an
        amount equal to (A) the Uncertificated Accrued Interest for such Distribution
        Date, plus (B) any amounts in respect thereof remaining unpaid from previous
        Distribution Dates. Amounts payable as Uncertificated Accrued Interest in
        respect of REMIC 1 Regular Interest LT1ZZ shall be reduced when the REMIC
        1
        Overcollateralized Amount is less than the REMIC 1 Target Overcollateralized
        Amount, by the lesser of (x) the amount of such difference and (y) the Maximum
        LT1ZZ Uncertificated Accrued Interest Deferral Amount and such amount will
        be
        payable to the Holders of REMIC 1 Regular Interest LT1AA, REMIC 1 Regular
        Interest LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest
        LT1A3,
        REMIC 1 Regular Interest LT1M and REMIC 1 Regular Interest LT1B, in the same
        proportion as the Overcollateralization Deficiency Amount is allocated to
        the
        Corresponding Certificates and the Uncertificated Principal Balance of the
        REMIC
        1 Regular Interest LT1ZZ shall be increased by such amount; and

       

      (ii)  second,
        to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder
        of the Available Funds for such Distribution Date after the distributions
        made
        pursuant to clause (i) above, allocated as follows:

       

      (a)  98.00%
        of
        such remainder to the Holders of REMIC 1 Regular Interest LT1AA, until the
        Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest
        is reduced to zero;

       

      (b)  2.00%
        of
        such remainder, first, to the Holders of REMIC 1 Regular Interest LT1A1,
        REMIC 1
        Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular Interest
        LT1M and REMIC 1 Regular Interest LT1B, 1.00% of such remainder, in the same
        proportion as principal payments are allocated to the Corresponding
        Certificates, until the Uncertificated Principal Balances of such REMIC 1
        Regular Interests are reduced to zero; and second, to the Holders of REMIC
        1
        Regular Interest LT1ZZ, 1.00% of such remainder, until the Uncertificated
        Principal Balance of such REMIC 1 Regular Interest is reduced to zero;
        then

       

      (c)  any
        remaining amount to the Holders of the Class R Certificates (in respect of
        the
        Class R-1 Interest).

       

      provided,
        however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
        attributable to an Excess Overcollateralization Amount shall be allocated
        to
        Holders of REMIC 1 Regular Interest LT1AA and REMIC 1 Regular Interest LTZZ,
        respectively.

       

      If
        the
        Trustee becomes aware that interest and principal collections that it receives
        in respect of the Mortgage Loans are not flowing from (a) REMIC 1 to REMIC
        2 and
        (b) from REMIC 2 to each Class of Certificates, then the Trustee shall notify
        the Servicer and cooperate in consulting with the Servicer’s tax counsel. The
        advice or any opinion of said counsel shall be full and complete authorization
        and protection to the Trustee in respect of any action taken or omitted by
        it
        hereunder in good faith and in accordance with such advice or opinion of
        counsel. All parties hereby agree to resolve such issues within 30 days of
        notice thereof. Furthermore, to the extent any provisions of this document
        are
        inconsistent with (a) above, such provisions will be amended in accordance
        with
        Section 11.01 of this Agreement. Notwithstanding anything herein to the
        contrary, the Trustee shall incur no liability for any payments made in
        accordance with the provisions of this Agreement.

       

      Notwithstanding
        the distributions described in this Section 4.04, distribution of funds shall
        be
        made so that the Uncertificated Principal Balance of each of REMIC 1 Regular
        Interest LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest
        LT1A3,
        REMIC 1 Regular Interest LT1M and REMIC 1 Regular Interest LT1B remains equal
        to
        1% of the Certificate Principal Balance of the related Corresponding Certificate
        and for REMIC 1 Regular Interest LT1ZZ to equal the sum of (i) 1% of the
        Mortgage Pool and (ii) 1% of the Overcollateralized Amount for such Distribution
        Date.

       

      Section
        4.05.  Allocation
        of Realized Losses.

       

      For
        each
        Distribution Date, the Servicer shall calculate the amount of Realized Losses
        on
        the Mortgage Loans that occurred during the preceding Prepayment Period,
        and
        shall include such calculation in its Remittance Report.

       

      If
        on any
        Distribution Date, the aggregate Certificate Principal Balance of the Class
        A
        Certificates and the Subordinated Certificates, determined after all
        distributions pursuant to Section 4.01 have been made, exceed the aggregate
        Stated Principal Balance of all of the Mortgage Loans as of such Distribution
        Date after all distributions pursuant to Section 4.01 have been made, such
        excess shall be allocated by the Trustee as follows: first, to the Class
        B
        Certificates, until the Certificate Principal Balance thereof has been reduced
        to zero; and second, to the Class M Certificates, until the Certificate
        Principal Balance thereof has been reduced to zero. All Realized Losses to
        be so
        allocated to the Certificate Principal Balance of any such Class on any
        Distribution Date shall be so allocated after the actual distributions to
        be
        made on such date as provided herein. No allocations of any Realized Losses
        shall be made to the Certificate Principal Balance of the Class A Certificates.
        All references in Section 4.01 to the Certificate Principal Balance of any
        Class
        of Certificates, unless otherwise stated, shall be to the Certificate Principal
        Balance of such Class immediately prior to the relevant Distribution Date,
        before reduction thereof by any Realized Losses as provided in this Section
        4.05, in each case to be allocated to such Class of Certificates, on such
        Distribution Date.

       

      Any
        allocation of Realized Losses to a Subordinated Certificate on any Distribution
        Date shall be made by reducing the Certificate Principal Balance thereof
        by the
        amount so allocated.

       

      All
        Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
        each
        Distribution Date, in the specified percentages, as follows: first, to
        Uncertificated Accrued Interest payable to the REMIC 1 Regular Interest LT1AA
        and REMIC 1 Regular Interest LT1ZZ up to an aggregate amount equal to the
        REMIC
        1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the
        Uncertificated Principal Balances of REMIC 1 Regular Interest LT1AA and REMIC
        1
        Regular Interest LT1ZZ up to an aggregate amount equal to the REMIC 1 Principal
        Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated
        Principal Balances of REMIC 1 Regular Interest LT1AA, REMIC 1 Regular Interest
        LT1B and REMIC 1 Regular Interest LT1ZZ, 98%, 1% and 1%, respectively, until
        the
        Uncertificated Principal Balance of REMIC 1 Regular Interest LT1B has been
        reduced to zero; and fourth, to the Uncertificated Principal Balances of
        REMIC 1
        Regular Interest LT1AA, REMIC 1 Regular Interest LT1M and REMIC 1 Regular
        Interest LT1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
        Balance of REMIC 1 Regular Interest LT1M has been reduced to zero.

       

      All
        Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
        each
        Distribution Date among the REMIC 1 Regular Interests in the same manner
        and
        priority as such amounts are allocated with respect to the Corresponding
        Certificates.

       

      Section
        4.06.  The
        Policy.

       

      (a)  If
        the
        Trustee determines that a Deficiency Amount to be covered by the Policy will
        exist for the related Distribution Date, the Trustee shall complete the notice
        in the form of Exhibit A to the Policy (the “Notice”) and submit such Notice in
        accordance with the Policy to the Certificate Insurer no later than 12:00
        P.M.,
        New York City time, on the second Business Day immediately preceding such
        Distribution Date, as a claim for the amount of such Insured
        Amount.

       

      (b)  The
        Trustee shall establish and maintain the Insurance Account on behalf of the
        Holders of the Insured Certificates over which the Trustee shall have the
        exclusive control and sole right of withdrawal. Upon receipt of an Insured
        Amount from the Certificate Insurer on behalf of the Holders of the Insured
        Certificates, the Trustee shall deposit such Insured Amount in the Insurance
        Account and distribute such amount only for purposes of payment to the Insured
        Certificates of the Insured Amount for which a claim was made and such amount
        may not be applied to satisfy any costs, expenses or liabilities of the
        Servicer, the Seller, the Depositor, the Trustee or the Trust Fund or to
        pay any
        other Class of Certificates. Amounts paid under the Policy, to the extent
        needed
        to pay the Insured Amount, shall be transferred to the Distribution Account
        on
        the related Distribution Date and disbursed by the Trustee to the holders
        of the
        Insured Certificates in accordance with Section 4.01. It shall not be necessary
        for such payments to be made by checks or wire transfers separate from the
        checks or wire transfers used to pay other distributions to the holders of
        the
        Insured Certificates with other funds available to make such payment. However,
        the amount of any payment of principal or of interest on the Insured
        Certificates to be paid from funds transferred from the Insurance Account
        shall
        be noted as provided in paragraph (d) below and in the statement to be furnished
        to holders of the Insured Certificates pursuant to Section 4.02. Funds held
        in
        the Insurance Account shall not be invested. Any funds remaining in the
        Insurance Account on the first Business Day following the later of (i) the
        related Distribution Date or (ii) the date received by the Trustee, shall
        be
        returned to the Certificate Insurer pursuant to the written instructions
        of the
        Certificate Insurer by the end of such Business Day.

       

      (c)  The
        Trustee shall keep a complete and accurate record of the amount of interest
        and
        principal paid in respect of any Insured Certificate from moneys received
        under
        the Policy. The Certificate Insurer shall have the right to inspect such
        records
        at reasonable times during normal business hours upon one Business Day’s prior
        notice to the Trustee.

       

      (d)  In
        the
        event that the Trustee has received a certified copy of an order of the
        appropriate court that any Insured Amount has been voided in whole or in
        part as
        a preference payment under applicable bankruptcy law, the Trustee shall so
        notify the Certificate Insurer, shall comply with the provisions of the Policy
        to obtain payment by the Certificate Insurer of such Preference Amount in
        the
        amount of such voided Insured Amount, and shall, at the time it provides
        notice
        to the Certificate Insurer, notify, by mail the holders of the affected Insured
        Certificates that, in the event any holder’s Insured Amount is so recovered,
        such holder of an Insured Certificate will be entitled to payment pursuant
        to
        the Policy, a copy of which shall be made available through the Trustee or
        the
        Certificate Insurer, and the Trustee shall furnish to the Certificate Insurer,
        its records evidencing the payments which have been made by the Trustee and
        subsequently recovered from the holders of the Insured Certificates, and
        dates
        on which such payments were made.

       

      (e)  The
        Trustee shall promptly notify the Certificate Insurer of any proceeding or
        the
        institution of any action, of which a Responsible Officer of the Trustee
        has
        actual knowledge, seeking the avoidance as a preferential transfer under
        applicable bankruptcy, insolvency, receivership or similar law (a “Preference
        Claim”)
        of any
        distribution made with respect to the Insured Certificates. Each holder of
        an
        Insured Certificate, by its purchase of such Insured Certificate, the Servicer,
        the Depositor and the Trustee agree that the Certificate Insurer (so long
        as no
        Certificate Insurer Default exists) may at any time during the continuation
        of
        any proceeding relating to a Preference Claim direct all matters relating
        to
        such Preference Claim, including, without limitation, (i) the direction of
        any
        appeal of any order relating to such Preference Claim and (ii) the posting
        of
        any surety or performance bond pending any such appeal. In addition and without
        limitation of the foregoing, the Certificate Insurer shall be subrogated
        to, and
        each holder of an Insured Certificate and the Trustee hereby delegates and
        assigns to the Certificate Insurer, to the fullest extent permitted by law,
        the
        rights of the Trustee and each holder of an Insured Certificate in the conduct
        of any such Preference Claim, including, without limitation, all rights of
        any
        party to any adversary proceeding or action with respect to any court order
        issued in connection with any such Preference Claim.

       

      (f)  The
        Trustee shall, upon retirement of the Insured Certificates, furnish to the
        Certificate Insurer a notice of such retirement, and, upon retirement of
        the
        Insured Certificates and the expiration of the term of the Policy, surrender
        the
        Policy to the Certificate Insurer for cancellation.

       

      (g)  The
        Trustee will hold the Policy in trust as agent for the holders of the Insured
        Certificates for the purpose of making claims thereon and distributing the
        proceeds thereof. Neither the Policy nor the amounts paid on the Policy will
        constitute part of the Trust Fund created by this Agreement. Each Holder
        of the
        Insured Certificates, by accepting its Insured Certificates, appoints the
        Trustee as attorney in fact for the purpose of making claims on the
        Policy.

       

      (h)  Anything
        herein to the contrary notwithstanding, any payment with respect to principal
        of
        or interest on the Insured Certificates which is made with moneys received
        pursuant to the terms of the Policy shall not be considered payment of the
        Insured Certificates from the Trust Fund. The Depositor, the Servicer and
        the
        Trustee acknowledge, and each holder by its acceptance of an Insured Certificate
        agrees, that without the need for any further action on the part of the
        Certificate Insurer, the Depositor, the Servicer or the Trustee (a) to the
        extent the Certificate Insurer makes payments, directly or indirectly, on
        account of principal of or interest on the Insured Certificates to the holders
        of such Insured Certificates, the Certificate Insurer will be fully subrogated
        to, and each holder of an Insured Certificate, the Servicer and the Trustee
        hereby delegate and assign to the Certificate Insurer, to the fullest extent
        permitted by law, the rights of such holders to receive such principal and
        interest from the Trust Fund, including, without limitation, any amounts
        due to
        the holders of the Insured Certificates in respect of securities law violations
        arising from the offer and sale of the Insured Certificates, and (b) the
        Certificate Insurer shall be paid such amounts from the sources and in the
        manner provided herein for the payment of such amounts and as provided in
        this
        Agreement. The Trustee and the Servicer shall cooperate in all respects with
        any
        reasonable request by the Certificate Insurer for action to preserve or enforce
        the Certificate Insurer’s rights or interests under this Agreement without
        limiting the rights or affecting the interests of the holders as otherwise
        set
        forth herein.

       

      (i)  By
        accepting its Insured Certificate, each holder of an Insured Certificate
        agrees
        that, unless a Certificate Insurer Default exists, the Certificate Insurer
        shall
        be deemed to be the holder of the Insured Certificate for all purposes (other
        than with respect to the receipt of payment on the Insured Certificates)
        and
        shall have the right to exercise all rights (including, without limitation,
        voting rights) of the holders of the Insured Certificates under this Agreement
        and under the Insured Certificates without any further consent of the holders
        of
        the Insured Certificates. All notices, statement reports, certificates or
        opinions required by this Agreement to be sent to any holders of Insured
        Certificates shall also be sent to the Certificate Insurer.

       

      Section
        4.07.  Reserved.

       

        

       

      ARTICLE
        V

       

      THE
        CERTIFICATES

       

      Section
        5.01.  The
        Certificates.

       

      Each
        of
        the Class A Certificates, the Subordinated Certificates, the Class C
        Certificates and the Class R Certificates shall be substantially in the forms
        annexed hereto as exhibits, and shall, on original issue, be executed,
        authenticated and delivered by the Trustee to or upon the order of the Depositor
        concurrently with the sale and assignment to the Trustee of the Trust Fund.
        The
        Class A Certificates and the Subordinated Certificates shall be initially
        evidenced by one or more Certificates representing a Percentage Interest
        with a
        minimum dollar denomination of $100,000 initial Certificate Principal Balance
        and integral dollar multiples of $1,000.00 in excess thereof, except that
        one
        Certificate of each such Class of Certificates may be in a different
        denomination so that the sum of the denominations of all outstanding
        Certificates of such Class shall equal the Certificate Principal Balance
        of such
        Class on the Closing Date. The Class C Certificates and the Class R Certificates
        are issuable in any Percentage Interests; provided, however, that the sum
        of all
        such percentages for each such Class totals 100% and no more than ten
        Certificates of each such Class may be issued.

       

      The
        Certificates shall be executed on behalf of the Trust by manual or facsimile
        signature on behalf of the Trustee by a Responsible Officer. Certificates
        bearing the manual or facsimile signatures of individuals who were, at the
        time
        when such signatures were affixed, authorized to sign on behalf of the Trustee
        shall bind the Trust, notwithstanding that such individuals or any of them
        have
        ceased to be so authorized prior to the authentication and delivery of such
        Certificates or did not hold such offices at the date of such Certificate.
        No
        Certificate shall be entitled to any benefit under this Agreement or be valid
        for any purpose, unless such Certificate shall have been manually authenticated
        by the Trustee substantially in the form provided for herein, and such
        authentication 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.
        Subject to Section 5.02(c), the Class A Certificates and the Subordinated
        Certificates shall be Book-Entry Certificates. The other Classes of Certificates
        shall not be Book-Entry Certificates.

       

      Section
        5.02.  Registration
        of Transfer and Exchange of Certificates.

       

      (a)  The
        Certificate Registrar shall cause to be kept at the Corporate Trust Office
        a
        Certificate Register in which, subject to such reasonable regulations as
        it may
        prescribe, the Certificate Registrar shall provide for the registration of
        Certificates and of transfers and exchanges of Certificates as herein provided.
        The Trustee shall initially serve as Certificate Registrar for the purpose
        of
        registering Certificates and transfers and exchanges of Certificates as herein
        provided.

       

      Upon
        surrender for registration of transfer of any Certificate at the Trustee’s
        offices located at 648 Grassmere Park Road, Nashville, Tennessee 37211,
        Attention: Transfer Department, at the offices of the Trustee’s agent located at
        DB Services Tennessee, 648 Grassmere Park Road, Nashville, Tennessee 37211-3658
        or at such other office designated by the Trustee for such purposes and,
        in the
        case of a Class R Certificate, upon satisfaction of the conditions set forth
        below, the Trustee on behalf of the Trust shall execute, authenticate and
        deliver, in the name of the designated transferee or transferees, one or
        more
        new Certificates of the same aggregate Percentage Interest.

       

      At
        the
        option of the Certificateholders, Certificates may be exchanged for other
        Certificates in authorized denominations and the same aggregate Percentage
        Interests, upon surrender of the Certificates to be exchanged at any such
        office
        or agency. Whenever any Certificates are so surrendered for exchange, the
        Trustee on behalf of the Trust shall execute on behalf of the Trust and
        authenticate and deliver the Certificates which the Certificateholder making
        the
        exchange is entitled to receive. Every Certificate presented or surrendered
        for
        registration of transfer or exchange shall (if so required by the Trustee
        or the
        Certificate Registrar) be duly endorsed by, or be accompanied by a written
        instrument of transfer satisfactory to the Trustee and the Certificate Registrar
        duly executed by, the Holder thereof or his attorney duly authorized in writing.
        In addition, with respect to each Class R Certificate, the holder thereof
        may
        exchange, in the manner described above, such Class R Certificate for two
        separate certificates, each representing such holder’s respective Percentage
        Interest in the Class R-1 Interest and the Class R-2 Interest, respectively,
        in
        each case that was evidenced by the Class R Certificate being
        exchanged.

       

      (b)  Except
        as
        provided in paragraph (c) below, the Book-Entry Certificates shall at all
        times
        remain registered in the name of the Depository or its nominee and at all
        times:
        (i) registration of such Certificates may not be transferred by the Trustee
        except to another Depository; (ii) the Depository shall maintain book-entry
        records with respect to the Certificate Owners and with respect to ownership
        and
        transfers of such Certificates; (iii) ownership and transfers of registration
        of
        such Certificates on the books of the Depository shall be governed by applicable
        rules established by the Depository; (iv) the Depository may collect its
        usual
        and customary fees, charges and expenses from its Depository Participants;
        (v)
        the Trustee shall for all purposes deal with the Depository as representative
        of
        the Certificate Owners of the Certificates for purposes of exercising the
        rights
        of Holders under this Agreement, and requests and directions for and votes
        of
        such representative shall not be deemed to be inconsistent if they are made
        with
        respect to different Certificate Owners; (vi) the Trustee may conclusively
        rely
        and shall be fully protected in relying upon information furnished by the
        Depository with respect to its Depository Participants and furnished by the
        Depository Participants with respect to indirect participating firms and
        Persons
        shown on the books of such indirect participating firms as direct or indirect
        Certificate Owners; and (vii) the direct participants of the Depository shall
        have no rights under this Agreement under or with respect to any of the
        Certificates held on their behalf by the Depository, and the Depository may
        be
        treated by the Trustee and its agents, employees, officers and directors
        as the
        absolute owner of the Certificates for all purposes whatsoever.

       

      All
        transfers by Certificate Owners of Book-Entry Certificates shall be made
        in
        accordance with the procedures established by the Depository Participant
        or
        brokerage firm representing such Certificate Owners. Each Depository Participant
        shall only transfer Book-Entry Certificates of Certificate Owners that it
        represents or of brokerage firms for which it acts as agent in accordance
        with
        the Depository’s normal procedures. The parties hereto are hereby authorized to
        execute a Letter of Representations with the Depository or take such other
        action as may be necessary or desirable to register a Book-Entry Certificate
        to
        the Depository. In the event of any conflict between the terms of any such
        Letter of Representation and this Agreement, the terms of this Agreement
        shall
        control.

       

      (c)  If
        (i)(x)
        the Depository or the Depositor advises the Trustee in writing that the
        Depository is no longer willing or able to discharge properly its
        responsibilities as Depository and (y) the Trustee or the Depositor is unable
        to
        locate a qualified successor or (ii) after the occurrence of a Servicer Event
        of
        Termination, the Certificate Owners of the Book-Entry Certificates representing
        Percentage Interests of such Classes aggregating not less than 51% advise
        the
        Trustee and Depository through the applicable financial intermediaries and
        the
        Depository Participants in writing that the continuation of a book-entry
        system
        through the Depository to the exclusion of definitive, fully registered
        certificates (the “Definitive Certificates”) to Certificate Owners is no longer
        in the best interests of the Certificate Owners. Upon surrender to the
        Certificate Registrar of the Book-Entry Certificates by the Depository,
        accompanied by registration instructions from the Depository for registration,
        the Trustee shall, at the Servicer’s expense, execute on behalf of the Trust and
        authenticate 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 fully protected in relying on, such
        instructions. Upon the issuance of Definitive Certificates, the Trustee,
        the
        Certificate Registrar, the Servicer, any Paying Agent and the Depositor shall
        recognize the Holders of the Definitive Certificates as Certificateholders
        hereunder.

       

      (d)  No
        transfer, sale, pledge or other disposition of any Private Certificate or
        any
        Ownership Interest therein shall be made unless such disposition is exempt
        from
        the registration requirements of the 1933 Act, and any applicable state
        securities laws or is made in accordance with the 1933 Act and such state
        securities laws.

       

      In
        the
        event of any such transfer of any Ownership Interest in any Private Certificate
        that is a Definitive Certificate, except with respect to the initial transfer
        of
        any Private Certificate by the Depositor (i) unless such transfer is made
        in
        reliance upon Rule 144A under the 1933 Act (as evidenced by the investment
        letter delivered to the Trustee, in substantially the form of the Form of
        Rule
        144A Investment Letter included as part of Exhibit J hereto), the Trustee
        and
        the Depositor shall require a written Opinion of Counsel (which may be in-house
        counsel) acceptable to and in form and substance reasonably satisfactory
        to the
        Trustee and the Depositor that such transfer may be made pursuant to an
        exemption, describing the applicable exemption and the basis therefor, from
        the
        1933 Act or is being made pursuant to the 1933 Act, which Opinion of Counsel
        shall not be an expense of the Trustee or the Depositor or (ii) the Trustee
        shall require the transferor to execute a transferor certificate (in
        substantially the form attached hereto as Exhibit L) and the transferee to
        execute an investment letter (in substantially the form attached hereto as
        Exhibit J) acceptable to and in form and substance reasonably satisfactory
        to
        the Depositor and the Trustee certifying to the Depositor and the Trustee
        the
        facts surrounding such transfer, which transferor certificate and investment
        letter shall not be an expense of the Trustee or the Depositor. The Holder
        of
        such Private Certificate desiring to effect such transfer shall, and does
        hereby
        agree to, indemnify the Trustee and the Depositor against any liability that
        may
        result if the transfer is not so exempt or is not made in accordance with
        such
        federal and state laws.

       

      In
        the
        event of any such transfer of any Ownership Interest in any Private Certificate
        that is a Book-Entry Certificate, except with respect to the initial transfer
        of
        any such Certificate by the Depositor, such transfer shall be required to
        be
        made in reliance upon Rule 144A under the 1933 Act, and the transferor will
        be
        deemed to have made each of the representations and warranties set forth
        on
        Exhibit L hereto in respect of such interest as if it was evidenced by such
        Private Certificate and the transferee will be deemed to have made each of
        the
        representations and warranties set forth in the Form of Rule 144A Investment
        Letter included as part of Exhibit J hereto in respect of such interest as
        if it
        was evidenced by a Definitive Certificate. The Certificate Owner of any such
        Ownership Interest in any such Private Certificate desiring to effect such
        transfer shall, and does hereby agree to, indemnify the Trustee and the
        Depositor against any liability that may result if the transfer is not so
        exempt
        or is not made in accordance with such federal and state laws.

       

      No
        transfer of any Certificate or any interest therein shall be made to any
        Plan
        subject to ERISA or Section 4975 of the Code, any Person acting, directly
        or
        indirectly, on behalf of any such Plan or any Person acquiring such Certificates
        with “Plan Assets” of a Plan within the meaning of the Department of Labor
        regulation promulgated at 29 C.F.R. § 2510.3-101 (“Plan Assets”), as certified
        by such transferee in the form of Exhibit I, unless the Trustee is provided
        with
        an Opinion of Counsel on which the Depositor, the Trustee, the Certificate
        Insurer and the Servicer may rely, which is satisfactory to the Trustee,
        that
        the purchase of such Certificates is permissible under applicable law, will
        not
        constitute or result in any prohibited transaction under ERISA or Section
        4975
        of the Code and will not subject the Depositor, the Servicer, the Trustee,
        the
        Certificate Insurer or the Trust Fund to any obligation or liability (including
        obligations or liabilities under ERISA or Section 4975 of the Code) in addition
        to those undertaken in this Agreement, which Opinion of Counsel shall not
        be an
        expense of the Depositor, the Servicer, the Trustee, the Certificate Insurer
        or
        the Trust Fund. Neither a certification nor an Opinion of Counsel will be
        required in connection with the initial transfer of any such Certificate
        by the
        Depositor to an affiliate of the Depositor (in which case, the Depositor
        or any
        affiliate thereof shall have deemed to have represented that such affiliate
        is
        not a Plan or a Person investing Plan Assets) and the Trustee shall be entitled
        to conclusively rely upon a written representation from the Depositor of
        the
        status of such transferee as an affiliate of the Depositor.

       

      In
        the
        event of any such transfer of any Ownership Interest in any Book-Entry
        Certificate, except with respect to the initial transfer of any such Certificate
        by the Depositor, the transferee will be deemed to have made each of the
        representations and warranties set forth on Exhibit I hereto.

       

      If
        any
        Certificate subject to the restrictions set forth in the preceding paragraph
        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 any such Certificate or interest therein was effected
        in violation of the provisions of the preceding paragraph shall indemnify
        and
        hold harmless the Depositor, the Servicer, the Trustee and the Trust Fund
        from
        and against any and all liabilities, claims, costs or expenses incurred by
        those
        parties as a result of that acquisition or holding.

       

      Each
        Person who has or who acquires any Ownership Interest in a Class R Certificate
        shall be deemed by the acceptance or acquisition of such Ownership Interest
        to
        have agreed to be bound by the following provisions and to have irrevocably
        appointed the Depositor or its designee as its attorney-in-fact to negotiate
        the
        terms of any mandatory sale under clause (v) below and to execute all
        instruments of transfer and to do all other things necessary in connection
        with
        any such sale, and the rights of each Person acquiring any Ownership Interest
        in
        a Class R Certificate are expressly subject to the following
        provisions:

       

      (i)  Each
        Person holding or acquiring any Ownership Interest in a Class R Certificate
        shall be a Permitted Transferee and shall promptly notify the Trustee of
        any
        change or impending change in its status as a Permitted Transferee.

       

      (ii)  No
        Person
        shall acquire an Ownership Interest in a Class R Certificate unless such
        Ownership Interest is a pro
        rata
        undivided interest.

       

      (iii)  In
        connection with any proposed transfer of any Ownership Interest in a Class
        R
        Certificate, the Trustee shall as a condition to registration of the transfer,
        require delivery to it, in form and substance satisfactory to it, of each
        of the
        following:

       

      (x) an
        affidavit in the form of Exhibit M hereto from the proposed transferee to
        the
        effect that such transferee is a Permitted Transferee and that it is not
        acquiring its Ownership Interest in the Class R Certificate that is the subject
        of the proposed transfer as a nominee, trustee or agent for any Person who
        is
        not a Permitted Transferee; and

       

      (y) a
        covenant of the proposed transferee to the effect that the proposed transferee
        agrees to be bound by and to abide by the transfer restrictions applicable
        to
        the Class R Certificates.

       

      (iv)  Any
        attempted or purported transfer of any Ownership Interest in a Class R
        Certificate in violation of the provisions of this Section shall be absolutely
        null and void and shall vest no rights in the purported transferee. If any
        purported transferee shall, in violation of the provisions of this Section,
        become a Holder of a Class R Certificate, then the prior Holder of such Class
        R
        Certificate that is a Permitted Transferee shall, upon discovery that the
        registration of transfer of such Class R Certificate was not in fact permitted
        by this Section, be restored to all rights as Holder thereof retroactive
        to the
        date of registration of transfer of such Class R Certificate. The Trustee
        shall
        be under no liability to any Person for any registration of transfer of a
        Class
        R Certificate that is in fact not permitted by this Section or for making
        any
        distributions due on such Class R 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 Trustee received the documents specified in clause
        (iii). The Trustee shall be entitled to recover from any Holder of a Class
        R
        Certificate that was in fact not a Permitted Transferee at the time such
        distributions were made all distributions made on such Class R Certificate.
        Any
        such distributions so recovered by the Trustee shall be distributed and
        delivered by the Trustee to the prior Holder of such Class R Certificate
        that is
        a Permitted Transferee.

       

      (v)  If
        any
        Person other than a Permitted Transferee acquires any Ownership Interest
        in a
        Class R Certificate in violation of the restrictions in this Section, then
        the
        Trustee shall have the right but not the obligation, without notice to the
        Holder of such Class R Certificate or any other Person having an Ownership
        Interest therein, to notify the Depositor to arrange for the sale of such
        Class
        R Certificate. The proceeds of such sale, net of commissions (which may include
        commissions payable to the Depositor or its affiliates in connection with
        such
        sale), expenses and taxes due, if any, will be remitted by the Trustee to
        the
        previous Holder of such Class R Certificate that is a Permitted Transferee,
        except that in the event that the Trustee determines that the Holder of such
        Class R Certificate may be liable for any amount due under this Section or
        any
        other provisions of this Agreement, the Trustee may withhold a corresponding
        amount from such remittance as security for such claim.

       

      (vi)  If
        any
        Person other than a Permitted Transferee acquires any Ownership Interest
        in a
        Class R Certificate in violation of the restrictions in this Section, then
        the
        Trustee upon receipt of reasonable compensation will provide to the Internal
        Revenue Service, and to the persons specified in Sections 860E(e)(3) and
        (6) of
        the Code, information needed to compute the tax imposed under Section 860E(e)(5)
        of the Code on transfers of residual interests to disqualified
        organizations.

       

      The
        foregoing provisions of this Section which are applicable solely to the Class
        R
        Certificates shall cease to apply to transfers occurring on or after the
        date on
        which there shall have been delivered to the Trustee, in form and substance
        satisfactory to the Trustee, (i) written notification from each Rating Agency
        that the removal of the restrictions on Transfer which are applicable solely
        to
        the Class R Certificates set forth in this Section will not cause such Rating
        Agency to downgrade its rating of the Certificates and (ii) an Opinion of
        Counsel to the effect that such removal will not cause any REMIC created
        hereunder to fail to qualify as a REMIC.

       

      (e)  No
        service charge shall be made for any registration of transfer or 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 transfer or exchange of Certificates. All Certificates
        surrendered for registration of transfer or exchange shall be cancelled by
        the
        Certificate Registrar and disposed of pursuant to its standard
        procedures.

       

      Section
        5.03.  Mutilated,
        Destroyed, Lost or Stolen Certificates.

       

      If
        (i)
        any mutilated Certificate is surrendered to the Certificate Registrar or
        the
        Certificate Registrar receives evidence to its satisfaction of the destruction,
        loss or theft of any Certificate and (ii) there is delivered to the Trustee,
        the
        Depositor and the Certificate Registrar 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 or the Certificate Registrar that such Certificate has been
        acquired by a bona fide purchaser, the Trustee shall execute on behalf of
        the
        Trust, 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 Percentage Interest. Upon the issuance of any new Certificate under
        this Section, the Trustee or the Certificate Registrar 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 and the Certificate Registrar) in connection therewith.
        Any duplicate Certificate issued pursuant to this Section, shall constitute
        complete and indefeasible evidence of ownership in the Trust, as if originally
        issued, whether or not the lost, stolen or destroyed Certificate shall be
        found
        at any time.

       

      Section
        5.04.  Persons
        Deemed Owners.

       

      The
        Servicer, the Depositor, the Trustee, the Certificate Registrar, any Paying
        Agent and any agent of the Servicer, the Depositor, the Trustee, the Certificate
        Registrar or any Paying Agent may treat the Person, including the Depository,
        in
        whose name any Certificate is registered as the owner of such Certificate
        for
        the purpose of receiving distributions pursuant to Section 4.01 and for all
        other purposes whatsoever, and none of the Servicer, the Trust, the Trustee
        nor
        any agent of any of them shall be affected by notice to the
        contrary.

       

      Section
        5.05.  Appointment
        of Paying Agent.

       

      (a)  The
        Paying Agent shall make distributions to Certificateholders from the
        Distribution Account pursuant to Section 4.01 and shall report the amounts
        of
        such distributions to the Trustee. The duties of the Paying Agent may include
        the obligation to distribute statements and provide information to
        Certificateholders as required hereunder. The Paying Agent hereunder shall
        at
        all times be an entity duly incorporated and validly existing under the laws of
        the United States of America or any state thereof, authorized under such
        laws to
        exercise corporate trust powers and subject to supervision or examination
        by
        federal or state authorities. The Paying Agent shall initially be the Trustee.
        The Trustee may appoint a successor to act as Paying Agent, which appointment
        shall be reasonably satisfactory to the Depositor.

       

      (b)  The
        Trustee shall cause the 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 shall hold all sums, if any, held by it
        for
        payment to the Certificateholders in trust for the benefit of the
        Certificateholders and the Certificate Insurer entitled thereto until such
        sums
        shall be paid to such Certificateholders and shall agree that it shall comply
        with all requirements of the Code regarding the withholding of payments in
        respect of Federal income taxes due from Certificate Owners and otherwise
        comply
        with the provisions of this Agreement applicable to it.

       

      ARTICLE
        VI  

       

      THE
        SERVICER AND THE DEPOSITOR

       

      Section
        6.01.  Liability
        of the Servicer and the Depositor.

       

      The
        Servicer shall be liable in accordance herewith only to the extent of the
        obligations specifically imposed upon and undertaken by the Servicer herein.
        The
        Depositor shall be liable in accordance herewith only to the extent of the
        obligations specifically imposed upon and undertaken by the Depositor
        herein.

       

      Section
        6.02.  Merger
        or Consolidation of, or Assumption of the Obligations of, the Servicer or
        the
        Depositor.

       

      Any
        entity into which the Servicer or Depositor may be merged or consolidated,
        or
        any entity resulting from any merger, conversion or consolidation to which
        the
        Servicer or the Depositor shall be a party, or any corporation succeeding
        to the
        business of the Servicer or the Depositor, shall be the successor of the
        Servicer or the Depositor, as the case may be, 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 Servicer shall satisfy all the requirements of Section 7.02
        with
        respect to the qualifications of a successor Servicer.

       

      Section
        6.03.  Limitation
        on Liability of the Servicer and Others.

       

      Neither
        the Servicer or the Depositor nor any of the directors or officers or employees
        or agents of the Servicer or the Depositor shall be under any liability to
        the
        Trust or the Certificateholders for any action taken or for refraining from
        the
        taking of any action by the Servicer or the Depositor in good faith pursuant
        to
        this Agreement, or for errors in judgment; provided, however, that this
        provision shall not protect the Servicer, the Depositor or any such Person
        against any liability which would otherwise be imposed by reason of its willful
        misfeasance, bad faith or negligence in the performance of duties of the
        Servicer or the Depositor, as the case may be, or by reason of its reckless
        disregard of its obligations and duties of the Servicer or the Depositor,
        as the
        case may be, hereunder; provided, further, that this provision shall not
        be
        construed to entitle the Servicer to indemnity in the event that amounts
        advanced by the Servicer to retire any senior lien exceed Liquidation Proceeds
        (in excess of related liquidation expenses) realized with respect to the
        related
        Mortgage Loan. The Servicer and any director or officer or employee or agent
        of
        the Servicer 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 Servicer and the Depositor, and any director or officer or
        employee or agent of the Servicer or the Depositor, shall be indemnified
        by the
        Trust and 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 related to any specific Mortgage
        Loan
        or Mortgage Loans (except as any such loss, liability or expense shall be
        otherwise reimbursable pursuant to this Agreement) and any loss, liability
        or
        expense incurred by reason of its willful misfeasance, bad faith or negligence
        in the performance of duties hereunder or by reason of its reckless disregard
        of
        obligations and duties hereunder. None of the Depositor, the Seller or the
        Servicer shall be under any obligation to appear in, prosecute or defend
        any
        legal action that is not incidental to its respective duties hereunder and
        which
        in its opinion may involve it in any expense or liability; provided, however,
        that any of the Depositor, the Seller or the Servicer may in its discretion
        undertake any such legal action that it may deem appropriate in respect of
        this
        Agreement and the rights and duties of the parties hereto and interests of
        the
        Trustee and the Certificateholders hereunder or with respect to the Mortgage
        Loans including, without limitation, any rights or causes of action arising
        out
        of the origination of the Mortgage Loans.  In such event, unless the
        Depositor, the Servicer or the Seller, as applicable, acts without the consent
        of the Certificate Insurer (unless the Policy has been canceled upon the
        payment
        in full of the Insured Certificates or a Certificate Insurer Default has
        occurred and is continuing), 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 Depositor, the Seller, and the Servicer shall be entitled
        to
        be reimbursed therefor out of the Certificate Account. The Servicer’s right to
        indemnity or reimbursement pursuant to this Section shall survive any
        resignation or termination of the Servicer pursuant to Section 6.04 or 7.01
        with
        respect to any losses, expenses, costs or liabilities arising prior to such
        resignation or termination (or arising from events that occurred prior to
        such
        resignation or termination). This paragraph shall apply to the Servicer solely
        in its capacity as Servicer hereunder and in no other capacities.

       

      Section
        6.04.  Servicer
        Not to Resign.

       

      Subject
        to the provisions of Section 7.01 and Section 7.02, the Servicer shall not
        resign from the obligations and duties hereby imposed on it except (i) upon
        determination that the performance of its obligations or 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 or its subsidiaries
        or
        Affiliates, the other activities of the Servicer so causing such a conflict
        being of a type and nature carried on by the Servicer or its subsidiaries
        or
        Affiliates at the date of this Agreement or (ii) upon satisfaction of the
        following conditions: (a) the Servicer has proposed a successor Servicer
        to the
        Trustee and the Certificate Insurer in writing and such proposed successor
        Servicer is reasonably acceptable to the Trustee and the Certificate Insurer;
        and (b) each Rating Agency shall have delivered a letter to the Trustee prior
        to
        the appointment of the successor Servicer stating that the proposed appointment
        of such successor Servicer as Servicer hereunder will not result in the
        reduction or withdrawal of the then current rating of any of the Certificates
        (without regard to the Policy); provided, however, that no such resignation
        by
        the Servicer shall become effective until such successor Servicer or the
        Trustee, if it becomes successor Servicer, shall have assumed the Servicer’s
        responsibilities and obligations hereunder or the Trustee shall have designated
        a successor Servicer in accordance with Section 7.02. Any such resignation
        shall
        not relieve the Servicer of responsibility for any of the obligations specified
        in Sections 7.01 and 7.02 as obligations that survive the resignation or
        termination of the Servicer. Any such determination permitting the resignation
        of the Servicer pursuant to clause (i) above shall be evidenced by an Opinion
        of
        Counsel to such effect delivered to the Trustee and the Certificate
        Insurer.

       

      Section
        6.05.  Delegation
        of Duties.

       

      In
        the
        ordinary course of business, the Servicer at any time may delegate any of
        its
        duties hereunder to any Person, including any of its Affiliates, who agrees
        to
        conduct such duties in accordance with standards comparable to those set
        forth
        in Section 3.01. Such delegation shall not relieve the Servicer of its
        liabilities and responsibilities with respect to such duties and shall not
        constitute a resignation within the meaning of Section 6.04. Except as provided
        in Section 3.02, no such delegation is permitted that results in the delegate
        subservicing any Mortgage Loans. The Servicer shall provide the Trustee with
        60
        days prior written notice prior to the delegation of any of its duties to
        any
        Person other than any of the Servicer’s Affiliates or their respective
        successors and assigns.

       

      Section
        6.06.  Inspection.

       

      The
        Servicer, in its capacity as Seller and Servicer, shall afford the Trustee
        and
        the Certificate Insurer, upon reasonable advance notice, during normal business
        hours, access to all records maintained by the Servicer in respect of its
        rights
        and obligations hereunder and access to officers of the Servicer responsible
        for
        such obligations. Upon request, the Servicer shall furnish to the Trustee
        and/or
        the Certificate Insurer, as applicable, its most recent publicly available
        financial statements and such other information relating to its capacity
        to
        perform its obligations under this Agreement.

       

       

       

      ARTICLE
        VII 

       

      DEFAULT

       

      Section
        7.01.  Servicer
        Events of Termination.

       

      (a)  If
        any
        one of the following events (“Servicer Events of Termination”) shall occur and
        be continuing:

       

      (i)  (A)The
        failure by the Servicer to make any Advance; or (B) any other failure by
        the
        Servicer to deposit in the Collection Account or Distribution Account any
        deposit required to be made under the terms of this Agreement which continues
        unremedied for a period of five (5) Business Days after the date upon which
        written notice of such failure shall have been given to the Servicer by the
        Trustee, or to the Servicer, the Certificate Insurer and the Trustee by the
        Holders of Certificates evidencing at least 25% of the Voting Rights;
        or

       

      (ii)  The
        failure by the Servicer to make any required Servicing Advance which failure
        continues unremedied for a period of 30 days, or the failure by the Servicer
        duly to observe or perform, in any material respect, any other covenants,
        obligations or agreements of the Servicer as set forth in this Agreement,
        which
        failure continues unremedied for a period of 30 days, after the date (A)
        on
        which written notice of such failure, requiring the same to be remedied,
        shall
        have been given to the Servicer by the Trustee, or to the Servicer and the
        Trustee by the Holders of Certificates evidencing at least 25% of the Voting
        Rights or (B) actual knowledge of such failure by a Servicing Officer of
        the
        Servicer; or

       

      (iii)  The
        entry
        against the Servicer of a decree or order by a court or agency or supervisory
        authority having jurisdiction in the premises for the appointment of a trustee,
        conservator, receiver or liquidator in any insolvency, conservatorship,
        receivership, readjustment of debt, marshalling of assets and liabilities
        or
        similar proceedings, or for the winding up or liquidation of its affairs,
        and
        the continuance of any such decree or order unstayed and in effect for a
        period
        of 60 days; or

       

      (iv)  The
        Servicer shall voluntarily go into liquidation, consent to the appointment
        of a
        conservator or receiver or liquidator or similar person in any insolvency,
        readjustment of debt, marshalling of assets and liabilities or similar
        proceedings of or relating to the Servicer or of or relating to all or
        substantially all of its property; or a decree or order of a court or agency
        or
        supervisory authority having jurisdiction in the premises for the appointment
        of
        a conservator, receiver, liquidator or similar person 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 Servicer and such decree or order shall have remained
        in force undischarged, unbonded or unstayed for a period of 60 days; or the
        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;

       

      (b)  then,
        in
        each and every such case, so long as a Servicer Event of Termination shall
        not
        have been remedied within the applicable grace period, or with respect solely
        to
        clause (i)(A) above, if such Advance is not made by 5:00 P.M., New York time,
        on
        the Business Day immediately following the Servicer Remittance Date (provided,
        that the Trustee shall give the Servicer notice of such failure to advance
        by
        5:00 P.M. New York time on the Servicer Remittance Date), the Trustee may,
        with
        the consent of the Certificate Insurer and shall at the direction of the
        Certificate Insurer, unless a Certificate Insurer Default has occurred and
        is
        continuing, in which case such direction shall be at the direction of the
        Holders of Certificates evidencing Percentage Interests aggregating not less
        than 51%, the Trustee shall, terminate all of the rights and obligations
        of the
        Servicer as servicer under this Agreement. Any such notice to the Servicer
        shall
        also be given to each Rating Agency, the Certificate Insurer, the Depositor
        and
        the Seller. On or after the receipt by the Servicer (and by the Trustee if
        such
        notice is given by the Holders) of such written notice, all authority and
        power
        of the Servicer under this Agreement, whether with respect to the Certificates
        or the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee
        (or if another successor Servicer shall at such time have already been appointed
        in accordance with Section 7.02, such successor Servicer) pursuant to and
        under
        this Section (subject to Section 7.02); and, without limitation, the Trustee
        (or
        such other successor Servicer appointed in accordance with Section 7.02)
        is
        hereby authorized and empowered to execute and deliver, on behalf of the
        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 of each Mortgage Loan and related
        documents or otherwise. The Servicer agrees to cooperate with the Trustee
        (or
        such other successor Servicer appointed in accordance with Section 7.02)
        in
        effecting the termination of the responsibilities and rights of the Servicer
        hereunder, including, without limitation, the delivery to the Trustee (or
        such
        other successor Servicer appointed in accordance with Section 7.02) of all
        documents, funds, information and records requested by it to enable it to
        assume
        the Servicer’s functions under this Agreement within ten Business Days
        subsequent to such notice, the transfer within one Business Day subsequent
        to
        such notice to the Trustee (or such other successor Servicer appointed in
        accordance with Section 7.02) for the administration by it of all cash amounts
        that shall at the time be held by the Servicer and to be deposited by it
        in the
        Collection Account, the Distribution Account, any REO Account or any Servicing
        Account or that have been deposited by the Servicer in such accounts or
        thereafter received by the Servicer with respect to the Mortgage Loans or
        any
        REO Property received by the Servicer. All reasonable costs and expenses
        (including attorneys’ fees) incurred in connection with transferring the
        Mortgage Files to the successor Servicer and amending this Agreement to reflect
        such succession as Servicer pursuant to this Section shall be paid by the
        predecessor Servicer (or if the predecessor Servicer is the Trustee, the
        Servicer that immediately preceded the Trustee) upon presentation of reasonable
        documentation of such costs and expenses and to the extent not paid by such
        Servicer, by the Trust.

       

      Section
        7.02.  Trustee
        to Act; Appointment of Successor.

       

      (a)  On
        and
        after the time the Servicer (and the Trustee, if notice is sent by the Holders)
        receives a notice of termination pursuant to Section 6.04 or Section 7.01,
        the
        Certificate Insurer shall have the right to appoint a successor Servicer
        and if
        the Certificate Insurer does not exercise such right, the Trustee shall be
        the
        successor in all respects to the Servicer in its capacity as servicer under
        this
        Agreement and the transactions set forth or provided for herein and shall
        be
        subject to all the responsibilities, duties and liabilities relating thereto
        placed on the Servicer (except for any representations or warranties of the
        Servicer under this Agreement, the responsibilities, duties and liabilities
        contained in Section 2.03(c) and the obligation to deposit amounts in respect
        of
        losses pursuant to Section 3.12) by the terms and provisions hereof arising
        on
        and after its succession including, without limitation, the Servicer’s
        obligations to make Advances pursuant to Section 4.03; provided, however,
        that
        if the Trustee is prohibited by law or regulation from obligating itself
        to make
        advances regarding delinquent mortgage loans, then the Trustee shall not
        be
        obligated to make Advances pursuant to Section 4.03; provided further, that
        any
        failure to perform such duties or responsibilities during the period following
        the termination of the Servicer reasonably necessary for the Trustee as
        successor to the Servicer hereunder to assume the duties and responsibilities
        of
        the Servicer or caused by the Servicer’s failure to provide information,
        documents or funds (or any other items reasonably requested by the Trustee
        in
        order to succeed to the Servicer’s responsibilities, duties and liabilities
        hereunder) required by Section 7.01 shall not be considered a default by
        the
        Trustee as successor to the Servicer hereunder and shall not result in any
        liability to the Trustee, and the Trustee, in its capacity as successor
        Servicer, shall not be responsible for the lack of information and/or documents
        that it cannot obtain through reasonable efforts. As compensation therefor,
        the
        Trustee (or such other successor Servicer as may be appointed as provided
        herein) shall be entitled to such compensation as the Servicer would have
        been
        entitled to hereunder if no such notice of termination had been given.
        Notwithstanding the above, (i) if the Trustee is unwilling to act as successor
        Servicer or (ii) if the Trustee is legally unable so to act, the Trustee
        shall
        appoint or petition a court of competent jurisdiction to appoint, any
        established housing and home finance institution, bank or other mortgage
        loan or
        home equity loan servicer having a net worth of not less than $50,000,000
        as the
        successor to the Servicer hereunder in the assumption of all or any part
        of the
        responsibilities, duties or liabilities of the Servicer hereunder and such
        successor Servicer must be acceptable to the Certificate Insurer; provided,
        that
        the appointment of any such successor Servicer will not result in the
        qualification, reduction or withdrawal of the ratings assigned to any of
        the
        Certificates by the Rating Agencies as evidenced by a letter to such effect
        from
        each Rating Agency (without regard to the Policy). Pending appointment of
        a
        successor to the Servicer hereunder, unless the Trustee is prohibited by
        law
        from so acting, the Trustee shall act in such capacity as hereinabove provided.
        In connection with such appointment and assumption, the successor shall be
        entitled to receive compensation out of payments on Mortgage Loans in an
        amount
        equal to the compensation which the Servicer would otherwise have received
        pursuant to Section 3.18 (or such other compensation as the Trustee and such
        successor shall agree, not to exceed the Servicing Fee). The appointment
        of a
        successor Servicer shall not affect any liability of the predecessor Servicer
        which may have arisen under this Agreement prior to its termination as Servicer
        to pay any deductible under an insurance policy pursuant to Section 3.14
        or to
        indemnify the Trustee pursuant to Section 8.05, nor shall any successor Servicer
        be liable for any acts or omissions of the predecessor Servicer or for any
        breach by such Servicer of any of its representations or warranties contained
        herein or in any related document or agreement. The Trustee and such successor
        shall take such action, consistent with this Agreement, as shall be necessary
        to
        effectuate any such succession. All Servicing Transfer Costs shall be paid
        by
        the predecessor Servicer (or, if the predecessor Servicer is the Trustee,
        the
        Servicer that preceded the Trustee) upon presentation of reasonable
        documentation of such costs, and if such predecessor Servicer defaults in
        its
        obligation to pay such costs, such costs shall be paid by the successor Servicer
        or the Trustee (in which case the successor Servicer or the Trustee, as
        applicable, shall be entitled to reimbursement therefor from the assets of
        the
        Trust Fund). If no Certificate Insurer Default has occurred and is continuing,
        the Certificate Insurer shall have the right to consent to any successor
        Servicer which the Trustee may propose to appoint.

       

      (b)  Any
        successor to the Servicer, including the Trustee, shall during the term of
        its
        service as servicer continue to service and administer the Mortgage Loans
        for
        the benefit of Certificateholders and the Certificate Insurer, and maintain
        in
        force a policy or policies of insurance covering errors and omissions in
        the
        performance of its obligations as Servicer hereunder and a fidelity bond
        in
        respect of its officers, employees and agents to the same extent as the Servicer
        is so required pursuant to Section 3.14.

       

      Section
        7.03.  Waiver
        of Defaults.

       

      The
        Certificate Insurer, or if a Certificate Insurer Default has occurred and
        is
        continuing, the Majority Certificateholders (excluding any Certificates held
        by
        the Seller, the Servicer or any Affiliate thereof) may, on behalf of all
        Certificateholders and the Certificate Insurer, waive any events permitting
        removal of the Servicer as servicer pursuant to this Article VII; provided,
        however, that if a Certificate Insurer Default has occurred and is continuing,
        the Majority Certificateholders (excluding any Certificates held by the Servicer
        or any Affiliate thereof) may not waive a default in making a required
        distribution on a Certificate without the consent of the Holder of such
        Certificate. Upon any waiver of a past default, such default shall cease to
        exist and any Servicer Event of Termination 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
        thereto
        except to the extent expressly so waived. Notice of any such waiver shall
        be
        given by the Trustee to the Rating Agencies.

       

      Section
        7.04.  Notification
        to Certificateholders.

       

      (a)  Upon
        any
        termination or appointment of a successor to the Servicer pursuant to Section
        6.04 or this Article VII, the Trustee shall give prompt written notice thereof
        to the Certificateholders and the Certificate Insurer at their respective
        addresses appearing in the Certificate Register and to each Rating
        Agency.

       

      (b)  No
        later
        than the later of (i) 60 days after the occurrence of any event which
        constitutes or which, with notice or a lapse of time or both, would constitute
        a
        Servicer Event of Termination and (ii) five days after a Responsible Officer
        of
        the Trustee becomes aware of the occurrence of such an event, the Trustee
        shall
        transmit by mail to all Certificateholders notice of such occurrence unless
        such
        default or Servicer Event of Termination shall have been waived or
        cured.

       

      Section
        7.05.  Survivability
        of Servicer Liabilities.

       

      Notwithstanding
        anything herein to the contrary, upon termination of the Servicer hereunder,
        any
        liabilities of the Servicer which accrued prior to such termination shall
        survive such termination.

       

       

       

      ARTICLE
        VIII

       

      THE
        TRUSTEE

       

      Section
        8.01.  Duties
        of Trustee.

       

      The
        Trustee, prior to the occurrence of a Servicer Event of Termination and after
        the curing of all Servicer Events of Termination which may have occurred,
        undertakes to perform such duties and only such duties as are specifically
        set
        forth in this Agreement. If a Servicer Event of Termination has occurred
        (which
        has not been cured) of which a Responsible Officer of the Trustee has actual
        knowledge, the Trustee shall exercise such of the rights and powers vested
        in it
        by this Agreement, and use the same degree of care and skill in their exercise,
        as a prudent person would exercise or use under the circumstances in the
        conduct
        of his own affairs.

       

      The
        Trustee, upon receipt of all resolutions, certificates, statements, opinions,
        reports, documents, orders or other instruments furnished to the Trustee
        which
        are specifically required to be furnished pursuant to any provision of this
        Agreement, shall examine them to determine whether they conform to the
        requirements of this Agreement; provided, however, that the Trustee will
        not be
        responsible for the accuracy or content of any such resolutions, certificates,
        statements, opinions, reports, documents or other instruments. If any such
        instrument is found not to conform to the requirements of this Agreement
        in a
        material manner, the Trustee shall take such action as it deems appropriate
        to
        have the instrument corrected, and if the instrument is not corrected to
        the
        Trustee’s satisfaction, the Trustee will provide notice thereof to the
        Certificateholders.

       

      No
        provision of this Agreement shall be construed to relieve the Trustee from
        liability for its own negligent action, its own negligent failure to act
        or its
        own misconduct; provided, however, that:

       

      (i)  prior
        to
        the occurrence of a Servicer Event of Termination, and after the curing of
        all
        such Servicer Events of Termination which may have occurred, the duties and
        obligations of the Trustee shall be determined solely by the express provisions
        of this Agreement, the Trustee 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
        Trustee and, in the absence of bad faith on the part of the Trustee, the
        Trustee
        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 Trustee and conforming to the requirements of this Agreement;

       

      (ii)  the
        Trustee shall not be personally liable for an error of judgment made in good
        faith by a Responsible Officer of the Trustee, unless it shall be proved
        that
        the Trustee was negligent in ascertaining or investigating the facts related
        thereto;

       

      (iii)  the
        Trustee shall not be personally liable with respect to any action taken,
        suffered or omitted to be taken by it in good faith in accordance with the
        direction of the Majority Certificateholders relating to the time, method
        and
        place of conducting any proceeding for any remedy available to the Trustee,
        or
        exercising or omitting to exercise any trust or power conferred upon the
        Trustee, under this Agreement; and

       

      (iv)  the
        Trustee shall not be charged with knowledge of any failure by the Servicer
        to
        comply with the obligations of the Servicer referred to in clauses (i) and
        (ii)
        of Section 7.01(a) unless a Responsible Officer of the Trustee at the Corporate
        Trust Office obtains actual knowledge of such failure or the Trustee receives
        written notice of such failure from the Servicer or the Majority
        Certificateholders.

       

      The
        Trustee shall not be required to expend or risk its own funds or otherwise
        incur
        financial liability in the performance of any of its duties hereunder, or
        in the
        exercise of any of its rights or powers (other than expenses, disbursements
        and
        advances incurred or made by the Trustee, including the compensation and
        the
        expenses and disbursements of its agents and counsel, in the ordinary course
        of
        the Trustee’s performance in accordance with the provisions of this Agreement),
        if there is reasonable ground for believing that the repayment of such funds
        or
        adequate indemnity against such risk or liability is not reasonably assured
        to
        it, and none of the provisions contained in this Agreement shall in any event
        require the Trustee to perform, or be responsible for the manner of performance
        of, any of the obligations of the Servicer under this Agreement, except during
        such time, if any, as the Trustee shall be the successor to, and be vested
        with
        the rights, duties, powers and privileges of, the Servicer in accordance
        with
        the terms of this Agreement.

       

      Section
        8.02.  Certain
        Matters Affecting the Trustee.

       

      Except
        as
        otherwise provided in Section 8.01:

       

      (i)  the
        Trustee may request and rely upon, and shall be protected in acting or
        refraining from acting upon, any resolution, Officer’s Certificate, certificate
        of auditors or any other certificate, statement, instrument, opinion, report,
        notice, request, consent, order, appraisal, bond or other paper or document
        reasonably believed by it to be genuine and to have been signed or presented
        by
        the proper party or parties, and the manner of obtaining consents and of
        evidencing the authorization of the execution thereof by Certificateholders
        shall be subject to such reasonable regulations as the Trustee may
        prescribe;

       

      (ii)  the
        Trustee may consult with counsel and any 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 Opinion
        of
        Counsel;

       

      (iii)  the
        Trustee shall be under no obligation to exercise any of the rights or powers
        vested in it by this Agreement, or to institute, conduct or defend any
        litigation hereunder or in relation hereto, at the request, order or direction
        of any of the Certificateholders, pursuant to the provisions of this Agreement,
        unless such Certificateholders shall have offered to the Trustee reasonable
        security or indemnity against the costs, expenses and liabilities which may
        be
        incurred therein or thereby; nothing contained herein shall, however, relieve
        the Trustee of the obligation, upon the occurrence of a Servicer Event of
        Termination (which has not been cured or waived), to exercise such of the
        rights
        and powers vested in it by this Agreement, and to 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;

       

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

       

      (v)  prior
        to
        the occurrence of a Servicer Event of Termination and after the curing of
        all
        Servicer Events of Termination which may have occurred, the Trustee shall
        not be
        bound to make any investigation into the facts or matters stated in any
        resolution, certificate, statement, instrument, opinion, report, notice,
        request, consent, order, approval, bond or other paper or documents, unless
        requested in writing to do so by the Majority Certificateholder (provided,
        however, that no Certificates held by the Servicer, the Seller, the Depositor
        or
        any Affiliate thereof shall be given effect for the purpose of calculating
        any
        such aggregation of Voting Rights); provided, however, that if the payment
        within a reasonable time to the Trustee of the costs, expenses or liabilities
        likely to be incurred by it in the making of such investigation is, in the
        opinion of the Trustee, not reasonably assured to the Trustee by the security
        afforded to it by the terms of this Agreement, the Trustee may require
        reasonable indemnity against such cost, expense or liability from such
        Certificateholders as a condition to making such investigation. Nothing in
        this
        clause (v) shall derogate from the obligation of the Servicer to observe
        any
        applicable law prohibiting disclosure of information regarding the
        Mortgagors;

       

      (vi)  the
        Trustee may execute any of the trusts or powers hereunder or perform any
        duties
        hereunder either directly or by or through agents or attorneys or a
        custodian;

       

      (vii)  the
        Trustee shall not be accountable, shall have no liability and makes no
        representation as to any acts or omissions hereunder of the Servicer until
        such
        time as the Trustee may be required to act as Servicer pursuant to Section
        7.02
        and thereupon only for the acts or omissions of the Trustee as successor
        Servicer;

       

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

       

      (ix)  the
        Trustee shall not be personally liable for any loss resulting from the
        investment of funds held in the Collection Account or the Distribution Account
        at the direction of the Servicer pursuant to Section 3.12.

       

      In
        order
        to comply with its duties under the U.S. Patriot Act, the Trustee shall obtain
        and verify certain information and documentation from the other parties hereto,
        including, but not limited to, such parties’ name, address and other identifying
        information.

       

      In
        order
        to comply with laws, rules and regulations applicable to banking institutions,
        including those relating to the funding of terrorist activities and money
        laundering, the Trustee is required to obtain, verify and record certain
        information relating to individuals and entities which maintain a business
        relationship with the Trustee.  Accordingly, each of the parties
        agrees to provide to the Trustee upon its request from time to time such
        party’s complete name, address, tax identification number and such other
        identifying information together with copies of such party’s constituting
        documentation, securities disclosure documentation or such other identifying
        documentation as may be available for such party.

       

      Section
        8.03.  Trustee
        Not Liable for Certificates or Mortgage Loans.

       

      The
        recitals contained herein and in the Certificates (other than the authentication
        of the Trustee on the Certificates) shall be taken as the statements of the
        Depositor, and the Trustee assumes no responsibility for the correctness
        of the
        same. The Trustee makes no representations as to the validity or sufficiency
        of
        this Agreement or of the Certificates (other than the signature and
        authentication of the Trustee on the Certificates) or of any Mortgage Loan
        or
        related document. The Trustee shall not be accountable for the use or
        application by the Servicer, or for the use or application of any funds paid
        to
        the Servicer in respect of the Mortgage Loans or deposited in or withdrawn
        from
        the Collection Account by the Servicer. The Trustee shall at no time have
        any
        responsibility or liability for or with respect to the legality, validity
        and
        enforceability of any Mortgage or any Mortgage Loan, or the perfection and
        priority of any Mortgage or the maintenance of any such perfection and priority,
        or for or with respect to the sufficiency of the Trust or its ability to
        generate the payments to be distributed to Certificateholders under this
        Agreement, including, without limitation: the existence, condition and ownership
        of any Mortgaged Property; the validity of the assignment of any Mortgage
        Loan
        to the Trustee or of any intervening assignment; the completeness of any
        Mortgage Loan; the performance or enforcement of any Mortgage Loan (other
        than
        if the Trustee shall assume the duties of the Servicer pursuant to Section
        7.02
        and in such case only to the extent of the Servicer’s obligations hereunder);
        the compliance by the Depositor, the Seller, the Seller or the Servicer with
        any
        warranty or representation made under this Agreement or in any related document
        or the accuracy of any such warranty or representation prior to the Trustee’s
        receipt of notice or other discovery of any non-compliance therewith or any
        breach thereof; any investment of moneys by or at the direction of the Servicer
        or any loss resulting therefrom, it being understood that the Trustee shall
        remain responsible for any Trust property that it may hold in its individual
        capacity; the acts or omissions of any of the Servicer (other than if the
        Trustee shall assume the duties of the Servicer pursuant to Section 7.02
        and in
        such case only to the extent of the Servicer’s obligations hereunder), any
        Sub-Servicer or any Mortgagor; any action of the Servicer (other than if
        the
        Trustee shall assume the duties of the Servicer pursuant to Section 7.02
        and in
        such case only to the extent of the Servicer’s obligations hereunder), or any
        Sub-Servicer taken in the name of the Trustee; the failure of the Servicer
        or
        any Sub-Servicer to act or perform any duties required of it as agent of
        the
        Trustee hereunder; or any action by the Trustee taken at the instruction
        of the
        Servicer (other than if the Trustee shall assume the duties of the Servicer
        pursuant to Section 7.02 and in such case only to the extent of the Servicer’s
        obligations hereunder); provided, however, that the foregoing shall not relieve
        the Trustee of its obligation to perform its duties under this Agreement,
        including, without limitation, the Trustee’s duty to review the Mortgage Files
        pursuant to Section 2.01. The Trustee shall have no responsibility for filing
        any financing or continuation statement in any public office at any time
        or to
        otherwise perfect or maintain the perfection of any security interest or
        lien
        granted to it hereunder (unless the Trustee shall have become the successor
        Servicer and in such case only to the extent of the Servicer’s obligations
        hereunder).

       

      Section
        8.04.  Trustee
        May Own Certificates.

       

      The
        Trustee in its individual or any other capacity may become the owner or pledgee
        of Certificates with the same rights as it would have if it were not Trustee
        and
        may transact any banking and trust business with the Seller, the Servicer,
        the
        Depositor or their Affiliates.

       

      Section
        8.05.  Trustee
        Fee and Expenses.

       

      As
        compensation for its activities under this Agreement, on each Distribution
        Date
        the Trustee may withdraw from the Distribution Account and pay to itself
        the
        Trustee Fee for that Distribution Date. The Trustee and any director, officer,
        employee, or agent of the Trustee shall be indemnified by the Servicer against
        any loss, liability, or expense (including reasonable attorney’s fees) (i)
        resulting from any error in any tax or information return prepared by the
        Servicer or (ii) incurred in connection with any claim or legal action relating
        to:

       

      (a)  this
        Agreement;

       

      (b)  the
        Certificates; or

       

      (c)  the
        performance of any of the Trustee’s duties under this Agreement, other than any
        loss, liability or expense incurred because of willful misfeasance, bad faith
        or
        negligence in the performance of any of the Trustee’s duties hereunder or
        incurred by reason of any action of the Trustee taken at the direction of
        the
        Certificateholders under this Agreement.

       

      This
        indemnity shall survive the termination of this Agreement or the resignation
        or
        removal of the Trustee under this Agreement. Without limiting the foregoing,
        except as otherwise agreed upon in writing by the Depositor and the Trustee,
        and
        except for any expense, disbursement, or advance arising from the Trustee’s
        negligence, bad faith, or willful misconduct, the Servicer shall pay or
        reimburse the Trustee, for all reasonable expenses, disbursements, and advances
        incurred or made by the Trustee in accordance with this Agreement with respect
        to:

       

      (i)  the
        reasonable compensation, expenses, and disbursements of its counsel not
        associated with the closing of the issuance of the Certificates;

       

      (ii)  the
        reasonable compensation, expenses, and disbursements of any accountant,
        engineer, or appraiser that is not regularly employed by the Trustee, to
        the
        extent that the Trustee must engage them to perform services under this
        Agreement; and

       

      (iii)  printing
        and engraving expenses in connection with preparing any Definitive
        Certificates.

       

      Except
        as
        otherwise provided in this Agreement, the Trustee shall not be entitled to
        payment or reimbursement for any routine ongoing expenses incurred by the
        Trustee in the ordinary course of its duties as Trustee, Certificate Registrar
        or Paying Agent under this Agreement or for any other expenses.

       

      Section
        8.06.  Eligibility
        Requirements for Trustee.

       

      The
        Trustee hereunder shall at all times be an entity duly organized and validly
        existing under the laws of the United States of America or any state thereof,
        authorized under such laws to exercise corporate trust powers, having a combined
        capital and surplus of at least $50,000,000 and subject to supervision or
        examination by federal or state authority and has a credit rating which would
        not cause any Rating Agency to reduce its current rating of the Certificates.
        If
        such entity 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 8.06, the combined capital and surplus of
        such
        entity shall be deemed to be its combined capital and surplus as set forth
        in
        its most recent report of condition so published. The principal office of
        the
        Trustee (other than the initial Trustee) shall be in a state with respect
        to
        which an Opinion of Counsel has been delivered to such Trustee at the time
        such
        Trustee is appointed Trustee to the effect that the Trust will not be a taxable
        entity under the laws of such state. In case at any time the Trustee shall
        cease
        to be eligible in accordance with the provisions of this Section 8.06, the
        Trustee shall resign immediately in the manner and with the effect specified
        in
        Section 8.07.

       

      Section
        8.07.  Resignation
        or Removal of Trustee.

       

      The
        Trustee may at any time resign and be discharged from the trusts hereby created
        by giving written notice thereof to the Depositor, the Servicer, the Certificate
        Insurer and each Rating Agency. Upon receiving such notice of resignation,
        the
        Depositor shall promptly appoint a successor Trustee by written instrument,
        in
        duplicate, one copy of which instrument shall be delivered to the resigning
        Trustee, the Certificate Insurer and one copy to the successor Trustee. If
        no
        successor Trustee shall have been so appointed and having accepted appointment
        within 30 days after the giving of such notice of resignation, the resigning
        Trustee may petition any court of competent jurisdiction for the appointment
        of
        a successor Trustee.

       

      If
        at any
        time the Trustee shall cease to be eligible in accordance with the provisions
        of
        Section 8.06 and shall fail to resign after written request therefor by the
        Depositor or if at any time the Trustee shall be legally unable to act, or
        shall
        be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its
        property shall be appointed, or any public officer shall take charge or control
        of the Trustee or of its property or affairs for the purpose of rehabilitation,
        conservation or liquidation, then the Depositor or the Servicer may remove
        the
        Trustee but only upon consent of the Certificate Insurer if no Certificate
        Insurer default has occurred and is continuing. If the Depositor or the Servicer
        removes the Trustee under the authority of the immediately preceding sentence,
        the Depositor shall promptly appoint a successor Trustee by written instrument,
        in duplicate, one copy of which instrument shall be delivered to the Trustee
        so
        removed and one copy to the successor Trustee. The Trustee that is the subject
        of such removal shall deliver a copy of such instrument to the
        Certificateholders, the Certificate Insurer and the Servicer. If no successor
        Trustee shall have been so appointed and having accepted appointment within
        30
        days after the giving of such notice of resignation, then the Certificate
        Insurer may appoint a successor Trustee.

       

      The
        Majority Certificateholders (excluding any Certificates held by the Seller,
        the
        Servicer or any Affiliate thereof) may at any time remove the Trustee by
        written
        instrument or instruments delivered to the Servicer, the Depositor, the
        Certificate Insurer and the Trustee but only upon consent of the Certificate
        Insurer if no Certificate Insurer Default has occurred and is continuing;
        the
        Depositor shall thereupon use its best efforts to appoint a successor Trustee
        in
        accordance with this Section. The Trustee that is the subject of such removal
        shall deliver a copy of such instrument to the Certificateholders and the
        Servicer.

       

      Any
        resignation or removal of the Trustee and appointment of a successor Trustee
        pursuant to any of the provisions of this Section 8.07 shall not become
        effective until acceptance of appointment by the successor Trustee as provided
        in Section 8.08.

       

      Section
        8.08.  Successor
        Trustee.

       

      Any
        successor Trustee appointed as provided in Section 8.07 shall execute,
        acknowledge and deliver to the Depositor, the Servicer, the Certificate Insurer
        and to its predecessor Trustee an instrument accepting such appointment
        hereunder, and thereupon the resignation or removal of the predecessor Trustee
        shall become effective, and such successor Trustee, without any further act,
        deed or conveyance, shall become fully vested with all the rights, powers,
        duties and obligations of its predecessor hereunder, with like effect as
        if
        originally named as Trustee. The Depositor, the Servicer and the predecessor
        Trustee shall execute and deliver such instruments and do such other things
        as
        may reasonably be required for fully and certainly vesting and confirming
        in the
        successor Trustee all such rights, powers, duties and obligations.

       

      No
        successor Trustee shall accept appointment as provided in this Section 8.08
        unless at the time of such acceptance such successor Trustee shall be eligible
        under the provisions of Section 8.06 and the appointment of such successor
        Trustee shall not result in a downgrading of any Class of the Certificates
        by
        either Rating Agency, as evidenced by a letter from each Rating
        Agency.

       

      Upon
        acceptance of appointment by a successor Trustee as provided in this Section
        8.08, the successor Trustee shall mail notice of the appointment of a successor
        Trustee hereunder to all Holders of Certificates and the Certificate Insurer
        at
        their addresses as shown in the Certificate Register and to each Rating
        Agency.

       

      Notwithstanding
        anything to the contrary contained herein, so long as no Certificate Insurer
        Default exists, the appointment of any successor Trustee pursuant to any
        provision of this Agreement will be subject to the prior written consent
        of the
        Certificate Insurer.

       

      Section
        8.09.  Merger
        or Consolidation of Trustee.

       

      Any
        entity into which the Trustee may be merged or converted or with which it
        may be
        consolidated, or any entity resulting from any merger, conversion or
        consolidation to which the Trustee shall be a party, or any entity succeeding
        to
        the business of the Trustee, shall be the successor of the Trustee hereunder,
        provided such entity shall be eligible under the provisions of Section 8.06
        and
        8.08, 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.

       

      Section
        8.10.  Appointment
        of Co-Trustee or Separate Trustee.

       

      Notwithstanding
        any other provisions of this Agreement, at any time, for the purpose of meeting
        any legal requirements of any jurisdiction in which any part of the Trust
        or any
        Mortgaged Property may at the time be located, the Depositor and the Trustee
        acting jointly shall have the power and shall execute and deliver all
        instruments to appoint one or more Persons approved by the Trustee to act
        as
        co-trustee or co-trustees, jointly with the Trustee, or separate trustee
        or
        separate trustees, of all or any part of the Trust, and to vest in such Person
        or Persons, in such capacity and for the benefit of the Certificateholders
        and
        the Certificate Insurer, such title to the Trust, or any part thereof, and,
        subject to the other provisions of this Section 8.10, such powers, duties,
        obligations, rights and trusts as the Servicer and the Trustee may consider
        necessary or desirable. Any such co-trustee or separate trustee shall be
        subject
        to the written approval of the Servicer. If the Servicer shall not have joined
        in such appointment within 15 days after the receipt by it of a request so
        to
        do, or in the case a Servicer Event of Termination shall have occurred and
        be
        continuing, the Trustee alone shall have the power to make such appointment.
        No
        co-trustee or separate trustee hereunder shall be required to meet the terms
        of
        eligibility as a successor Trustee under Section 8.06, and no notice to
        Certificateholders of the appointment of any co-trustee or separate trustee
        shall be required under Section 8.08. The Servicer shall be responsible for
        the
        fees of any co-trustee or separate trustee appointed hereunder.

       

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

       

      (i)  all
        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 or co-trustee jointly (it being understood that such
        separate trustee or co-trustee is not authorized to act separately without
        the
        Trustee joining in such act), except to the extent that under any law of
        any
        jurisdiction in which any particular act or acts are to be performed (whether
        as
        Trustee hereunder or as successor to the Servicer hereunder), 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 or any portion thereof in any such jurisdiction) shall be exercised
        and
        performed singly by such separate trustee or co-trustee, but solely at the
        direction of the Trustee;

       

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

       

      (iii)  the
        Servicer and the Trustee, acting jointly, may at any time accept the resignation
        of or remove any separate trustee or co-trustee except that following the
        occurrence of a Servicer Event of Termination, the Trustee acting alone may
        accept the resignation or remove any separate trustee or
        co-trustee.

       

      Any
        notice, request or other writing given to the Trustee shall be deemed to
        have
        been given to each of the then separate trustees and co-trustees, as effectively
        as if given to each of them. Every instrument appointing any separate trustee
        or
        co-trustee shall refer to this Agreement and the conditions of this Article
        VIII. 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 thereof given
        to the
        Depositor and the Servicer.

       

      Any
        separate trustee or co-trustee 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 or co-trustee 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.

       

      Section
        8.11.  Limitation
        of Liability.

       

      The
        Certificates are executed by the Trustee, not in its individual capacity
        but
        solely as Trustee of the Trust, in the exercise of the powers and authority
        conferred and vested in it by this Agreement. Each of the undertakings and
        agreements made on the part of the Trustee in the Certificates is made and
        intended not as a personal undertaking or agreement by the Trustee but is
        made
        and intended for the purpose of binding only the Trust.

       

      Section
        8.12.  Trustee
        May Enforce Claims Without Possession of Certificates.

       

      (a)  All
        rights of action and claims under this Agreement or the Certificates may
        be
        prosecuted and enforced by the Trustee without the possession of any of the
        Certificates or the production thereof in any proceeding relating thereto,
        and
        such proceeding instituted by the Trustee shall be brought in its own name
        or in
        its capacity as Trustee for the benefit of all Holders of such Certificates
        and
        the Certificate Insurer, subject to the provisions of this Agreement. Any
        recovery of judgment shall, after provision for the payment of the reasonable
        compensation, expenses, disbursement and advances of the Trustee, its agents
        and
        counsel, be for the ratable benefit of the Certificateholders in respect
        of
        which such judgment has been recovered.

       

      (b)  The
        Trustee shall afford the Seller, the Depositor, the Servicer and each
        Certificateholder upon reasonable notice during normal business hours, access
        to
        all records maintained by the Trustee in respect of its duties hereunder
        and
        access to officers of the Trustee responsible for performing such duties.
        Upon
        request, the Trustee shall furnish the Depositor, the Servicer and any
        requesting Certificateholder with its most recent financial statements. The
        Trustee shall cooperate fully with the Seller, the Servicer, the Depositor
        and
        such Certificateholder and shall make available to the Seller, the Servicer,
        the
        Depositor and such Certificateholder for review and copying such books,
        documents or records as may be requested with respect to the Trustee’s duties
        hereunder. The Seller, the Depositor, the Servicer and the Certificateholders
        shall not have any responsibility or liability for any action or failure
        to act
        by the Trustee and are not obligated to supervise the performance of the
        Trustee
        under this Agreement or otherwise.

       

      Section
        8.13.  Suits
        for Enforcement.

       

      In
        case a
        Servicer Event of Termination or other default by the Servicer or the Depositor
        hereunder shall occur and be continuing, the Trustee, shall, at the direction
        of
        the Majority Certificateholders, or may, proceed to protect and enforce its
        rights and the rights of the Certificateholders under this Agreement by a
        suit,
        action or proceeding in equity or at law or otherwise, whether for the specific
        performance of any covenant or agreement contained in this Agreement or in
        aid
        of the execution of any power granted in this Agreement or for the enforcement
        of any other legal, equitable or other remedy, as the Trustee, being advised
        by
        counsel, and subject to the foregoing, shall deem most effectual to protect
        and
        enforce any of the rights of the Trustee and the
        Certificateholders.

       

      Section
        8.14.  Waiver
        of Bond Requirement.

       

      The
        Trustee shall be relieved of, and each Certificateholder hereby waives, any
        requirement of any jurisdiction in which the Trust, or any part thereof,
        may be
        located that the Trustee post a bond or other surety with any court, agency
        or
        body whatsoever.

       

      Section
        8.15.  Waiver
        of Inventory, Accounting and Appraisal Requirement.

       

      The
        Trustee shall be relieved of, and each Certificateholder hereby waives, any
        requirement of any jurisdiction in which the Trust, or any part thereof,
        may be
        located that the Trustee file any inventory, accounting or appraisal of the
        Trust with any court, agency or body at any time or in any manner
        whatsoever.

       

      Section
        8.16.  Reserved.

       

      Section
        8.17.  Access
        to Records of Trustee.

       

      The
        Trustee shall afford the Seller, the Depositor, the Servicer, the Certificate
        Insurer and each Certificateholder or Certificate Owner, upon reasonable
        notice
        during normal business hours, access to all records maintained by the Trustee
        in
        respect of its duties under this Agreement and access to officers of the
        Trustee
        responsible for performing its duties. Upon request, the Trustee shall furnish
        the Depositor, the Servicer, the Certificate Insurer and any requesting
        Certificateholder or Certificate Owner with its most recent financial
        statements. The Trustee shall cooperate fully with the Seller, the Servicer,
        the
        Depositor, the Certificate Insurer and the Certificateholder or Certificate
        Owner for review and copying any books, documents or records requested with
        respect to the Trustee’s duties under this Agreement at the expense of the
        requesting party. The Seller, the Depositor, the Servicer and the
        Certificateholder or Certificate Owner shall not have any responsibility
        or
        liability for any action for failure to act by the Trustee and are not obligated
        to supervise the performance of the Trustee under this Agreement or
        otherwise.

      

      ARTICLE
        IX

       

      REMIC
        ADMINISTRATION

       

      Section
        9.01.  REMIC
        Administration.

       

      (a)  REMIC
        elections as set forth in the Preliminary Statement shall be made by the
        Trustee
        on Form 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 the purposes
        of
        the REMIC election in respect of REMIC 1, (i) the REMIC 1 Regular Interests
        shall be designated as the Regular Interests in REMIC 1 and the Class R-1
        Interest shall be designated as the Residual Interest in REMIC 1, and (ii)
        the
        Regular Certificates (exclusive of the right to receive payments from the
        Excess
        Reserve Fund Account) shall be designated as the Regular Interests in REMIC
        2
        and the Class R-2 Interest shall be designated as the Residual Interest in
        REMIC
        2. The Trustee shall not permit the creation of any “interests” in any Trust
        REMIC (within the meaning of Section 860G of the Code) other than the REMIC
        1
        Regular Interests, the Class R-1 Interest, the Class R-2 Interest, and the
        interests represented by the Certificates.

       

      (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.

       

      (c)  The
        Trustee shall pay any and all tax related expenses (not including taxes)
        of each
        REMIC, including but not limited to any professional fees or expenses related
        to
        audits or any administrative or judicial proceedings with respect to each
        REMIC
        that involve the Internal Revenue Service or state tax authorities, but only
        to
        the extent that (i) such expenses are ordinary or routine expenses, including
        expenses of a routine audit but not expenses of litigation (except as described
        in (ii)); or (ii) such expenses or liabilities (including taxes and penalties)
        are attributable to the negligence or willful misconduct of the Trustee in
        fulfilling its duties hereunder. The Trustee shall be entitled to reimbursement
        of expenses to the extent provided in clause (i) above from the Distribution
        Account.

       

      (d)  The
        Trustee shall prepare, sign and file, all of the REMICs’ federal and state tax
        and information returns as the direct representative of each REMIC created
        hereunder. The expenses of preparing and filing such returns shall be borne
        by
        the Trustee.

       

      (e)  The
        Holder of the Class R Certificate at any time holding the largest Percentage
        Interest thereof shall be the “tax matters person” as defined in the REMIC
        Provisions (the “Tax Matters Person”) with respect to each REMIC and shall act
        as Tax Matters Person for each REMIC. The Trustee, as agent for the Tax Matters
        Person, shall perform on behalf of each REMIC all reporting and other tax
        compliance duties that are the responsibility of such REMIC under the Code,
        the
        REMIC Provisions, or other compliance guidance issued by the Internal Revenue
        Service or any state or local taxing authority. Among its other duties, if
        required by the Code, the REMIC Provisions, or other such guidance, the Trustee,
        as agent for the Tax Matters Person, 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 Class R Certificate to any disqualified
        person or organization and (ii) to the Certificateholders such information
        or
        reports as are required by the Code or REMIC Provisions.

       

      (f)  The
        Trustee, the Servicer and the Holders of Certificates shall take any action
        or
        cause the REMIC to take any action necessary to create or maintain the status
        of
        each 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 Servicer
        nor the Holder of any Class R Certificate shall knowingly take any action,
        cause
        any REMIC created hereunder 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 (i) endanger the status of such REMIC as a REMIC
        or
        (ii) result in the imposition of a tax upon such REMIC (including but not
        limited to the tax on prohibited transactions as defined in Code Section
        860F(a)(2) and the tax on prohibited contributions set forth on Section 860G(d)
        of the Code) (either such event, an “Adverse REMIC Event”) unless the Trustee,
        the Certificate Insurer and the Servicer have received an Opinion of Counsel
        (at
        the expense of the party seeking to take such action but in no event at the
        expense of the Trustee) to the effect that the contemplated action will not
        endanger such status or result in the imposition of such a tax. In addition,
        prior to taking any action with respect to any REMIC created hereunder or
        the
        assets therein, or causing such REMIC to take any action, which is not expressly
        permitted under the terms of this Agreement, any Holder of a Class R Certificate
        will consult with the Servicer and the Certificate Insurer, or its 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
        Servicer or the Certificate Insurer has advised it in writing that an Adverse
        REMIC Event could occur.

       

      (g)  Each
        Holder of a Class R Certificate shall pay when due any and all taxes imposed
        on
        each REMIC created hereunder by federal, state or local governmental
        authorities. To the extent that such Trust taxes are not paid by a Class
        R
        Certificateholder, the Trustee shall pay any remaining REMIC taxes out of
        current or future amounts otherwise distributable to the Holder of the Class
        R
        Certificate in the REMICs or, if no such amounts are available, out of other
        amounts held in the Distribution Account, and shall reduce amounts otherwise
        payable to Holders of regular interests in the related REMIC. If any tax
        is
        imposed on “prohibited transactions” (as defined in Section 860F(a)(2) of the
        Code) of any REMIC created hereunder, on the “net income form foreclosure
        property” of any REMIC created hereunder as defined in Section 860G(c) of the
        Code, on any contribution to any REMIC created hereunder after the Startup
        Day
        pursuant to Section 860G(d) of the Code, or any other tax is imposed, including
        any minimum tax imposed on any REMIC created hereunder pursuant to Sections
        23153 and 24874 of the California Revenue and Taxation Code, if not paid
        as
        otherwise provided for herein, the tax shall be paid by (i) the Trustee,
        if any
        such other tax arises out of or results from negligence of the Trustee in
        the
        performance of its obligations under this Agreement, (ii) the Servicer or
        the
        Seller, in the case of any such minimum tax, if such tax arises out of or
        results from a breach by the Servicer or Seller of any of their obligations
        under this Agreement, (iii) the Seller, if any such tax arises out of or
        results
        from the Seller’s obligation to repurchase a Mortgage Loan pursuant to Section
        2.03, or (iv) in all other cases, or if the Trustee, the Servicer, or the
        Seller
        fails to honor its obligations under the preceding clauses (i), (ii), or
        (iii),
        any such tax will be paid with amounts otherwise to be distributed to the
        Certificateholders, as provided in Section 3.11(b).

       

      (h)  The
        Trustee, as agent for the Tax Matters Person, shall, for federal income tax
        purposes, maintain books and records with respect to each REMIC created
        hereunder on a calendar year and on an accrual basis.

       

      (i)  No
        additional contributions of assets shall be made to any REMIC created hereunder,
        except as expressly provided in this Agreement with respect to eligible
        substitute mortgage loans.

       

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

       

      (k)  On
        or
        before April 15th
        of each
        calendar year beginning in 2007, the Servicer shall deliver to the Trustee
        and
        each Rating Agency an Officers’ Certificate stating the Servicer’s compliance
        with the provisions of this Section 9.01.

       

      (l)  The
        Trustee will apply for an Employee Identification Number from the Internal
        Revenue Service via a Form SS-4 or other acceptable method for all tax entities
        and shall complete and timely file the Form 8811.

       

      Section
        9.02.  Prohibited
        Transactions and Activities.

       

      None
        of
        the Depositor, the Servicer or the Trustee shall sell, dispose of, or substitute
        for any of the Mortgage Loans, except in a disposition pursuant to (i) the
        foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund, (iii)
        the
        termination of any REMIC created hereunder pursuant to Article X of this
        Agreement, (iv) a substitution pursuant to Article II or Section 3.10 of
        this
        Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of
        this
        Agreement, or acquire any assets for any REMIC, sell or dispose of any
        investments in the Distribution Account, or accept any contributions to either
        REMIC after the Closing Date, unless it has received an Opinion of Counsel
        (at
        the expense of the party causing such sale, disposition, acquisition,
        substitution or acceptance) acceptable to the Certificate Insurer that such
        sale, disposition, acquisition, substitution or acceptance will not (a) affect
        adversely the status of any REMIC created hereunder as a REMIC or of the
        interests therein other than the Class R Certificates as the regular interests
        therein, (b) affect the distribution of interest or principal on the
        Certificates, (c) result in the encumbrance of the assets transferred or
        assigned to the Trust Fund (except pursuant to the provisions of this
        Agreement), (d) cause any REMIC created hereunder to be subject to a tax
        on
        prohibited transactions or prohibited contributions pursuant to the REMIC
        Provisions or (e) disqualify the Trust from being a qualifying special purpose
        entity under generally accepted accounting principles.

       

      Section
        9.03.  Indemnification
        with respect to Certain Taxes and Loss of REMIC Status.

       

      (a)  In
        the
        event that any REMIC created hereunder fails to qualify as a REMIC, loses
        its
        status as a REMIC, or incurs federal, state or local taxes as a result of
        a
        prohibited transaction or prohibited contribution under the REMIC Provisions
        due
        to the negligent performance by the Servicer of its duties and obligations
        set
        forth herein or due to the location of the Servicer, the Servicer shall
        indemnify the Trustee and the Holder of the related Class R Certificate against
        any and all losses, claims, damages, liabilities or expenses (“Losses”)
        resulting from such negligence; provided, however, that the Servicer shall
        not
        be liable for any such Losses attributable to the action or inaction of the
        Trustee, the Depositor or the Holder of such Class R Certificate, as applicable,
        or for any such Losses resulting from misinformation provided by the Holder
        of
        such Class R Certificate on which the Servicer has relied. The foregoing
        shall
        not be deemed to limit or restrict the rights and remedies of the Holder
        of such
        Class R Certificate now or hereafter existing at law or in equity.
        Notwithstanding the foregoing, however, in no event shall the Servicer 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, (2) for any Losses other than arising out of a
        negligent performance by the Servicer 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).

       

      (b)  In
        the
        event that any REMIC created hereunder fails to qualify as a REMIC, loses
        its
        status as a REMIC, or incurs federal, state or local taxes as a result of
        a
        prohibited transaction or prohibited contribution under the REMIC Provisions
        due
        to the negligent performance by the Trustee of its duties and obligations
        set
        forth herein, the Trustee shall indemnify the Trust Fund against any and
        all
        Losses resulting from such negligence; provided, however, that the Trustee
        shall
        not be liable for any such Losses attributable to the action or inaction
        of the
        Servicer, the Depositor or the Holder of such Class R Certificate, as
        applicable, or for any such Losses resulting from misinformation provided
        by the
        Holder of such Class R Certificate on which the Trustee has relied. The
        foregoing shall not be deemed to limit or restrict the rights and remedies
        of
        the Holder of such Class R Certificate now or hereafter existing at law or
        in
        equity. Notwithstanding the foregoing, however, in no event shall the Trustee
        have any liability (1) for any action or omission that is taken in accordance
        with and in compliance with the express terms of, or which is expressly
        permitted by the terms of, this Agreement, (2) for any Losses other than
        arising
        out of a negligent performance by the Trustee of its duties and obligations
        set
        forth herein, and (3) for any special or consequential damages to
        Certificateholders (in addition to payment of principal and interest on the
        Certificates).

       

      ARTICLE
        X 

       

      TERMINATION

       

      Section
        10.01.  Termination.

       

      (a)  The
        respective obligations and responsibilities of the Servicer, the Depositor
        and
        the Trustee created hereby (other than the obligation of the Trustee to make
        certain payments to Certificateholders after the final Distribution Date
        and the
        obligation of the Servicer to send certain notices as hereinafter set forth)
        shall terminate upon notice to the Trustee upon the earliest of (i) the
        Distribution Date on which the Certificate Principal Balances of the
        Certificates have been reduced to zero and any amounts owed to the Certificate
        Insurer have been paid in full, (ii) the final payment or other liquidation
        of
        the last Mortgage Loan in the Trust and any amounts owed to the Certificate
        Insurer have been paid in full and (iii) the optional purchase by the Terminator
        of the Mortgage Loans as described below. Notwithstanding the foregoing,
        in no
        event shall the trust created hereby continue beyond the earlier of (i) the
        Latest Possible Maturity Date and (ii) 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.

       

      Either
        (i) the Servicer, or (ii) if the Servicer fails to exercise such option and
        any
        portion of the Class A Certificates remain outstanding, the Certificate Insurer
        (either the Servicer or the Certificate Insurer, as applicable, the
“Terminator”), shall have the right to terminate this Agreement on any
        Distribution Date following the date on which the aggregate Stated Principal
        Balance of the Mortgage Loans and REO Properties as of the last day of the
        related Remittance Period is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans on the Cut-off Date, by purchasing, on or before
        such Distribution Date, all of the outstanding Mortgage Loans and REO Properties
        at a price (the “Termination Price”) equal to the sum of (i) 100% of the Stated
        Principal Balance of each Mortgage Loan (other than in respect of a Delinquent
        Mortgage Loan or REO Property) as of such date of purchase (assuming for
        this
        purpose that all amounts on deposit in the Collection Account, net of amounts
        payable or reimbursable to the Servicer, have been distributed pursuant to
        Section 4.01 on or before such date of purchase) plus one month’s accrued
        interest thereon at the applicable Mortgage Rate (or if the Terminator is
        the
        Servicer, at the applicable Mortgage Rate less the Servicing Fee Rate), (ii)
        the
        lesser of (x) the appraised value of any Delinquent Mortgage Loan or REO
        Property as determined by the higher of two appraisals completed by two
        independent appraisers selected by the Servicer at the expense of the Servicer
        and (y) the Stated Principal Balance of each such Delinquent Mortgage Loan
        or
        Mortgage Loan related to such REO Property, in each case plus accrued and
        unpaid
        interest thereon at the applicable Mortgage Rate (or if the Terminator is
        the
        Servicer, at the applicable Mortgage Rate less the Servicing Fee Rate) and
        (iii)
        any related Net WAC Rate Carryover Amount (in the case of a termination
        exercised by the Servicer) and any outstanding amounts owed to the Certificate
        Insurer; provided that the purchase of the Mortgage Loans by the Terminator
        will
        not be permitted unless the total proceeds of such sale will be an amount
        sufficient to pay all principal and interest owed on the Class A Certificates
        and all amounts owed to the Certificate Insurer. The Optional Termination
        may
        not be exercised without the consent of the Certificate Insurer if it would
        result in a draw on the Policy or if any amount then owed to the Certificate
        Insurer would remain unpaid.

       

      In
        connection with any such purchase pursuant to the preceding paragraph, the
        Servicer shall remit to the Trustee for deposit in the Distribution Account
        all
        amounts then on deposit in the Collection Account (after paying itself or
        reimbursing itself for unreimbursed Advances and Servicing Advances and unpaid
        Servicing Fees and withdrawing any other amounts payable to itself that it
        is
        permitted to withdraw from the Collection Account), which deposit shall be
        deemed to have occurred immediately preceding such purchase. Any such purchase
        shall be accomplished by deposit of the Termination Price into the Distribution
        Account on the Business Day before the date of final distribution pursuant
        to
        Section 10.01(c).

       

      Upon
        the
        termination of the Trust Fund, any amounts remaining on deposit in the Excess
        Reserve Fund Account shall be released by the Trust Fund and distributed
        by the
        Trustee to the Class C Certificateholders or their designees. Upon termination
        of the Trust Fund, the Trustee will return the original Policy to the
        Certificate Insurer.

       

      With
        such
        repurchase by the Servicer, the Servicer shall acquire any rights or potential
        rights of the Certificateholders or the Trustee to causes of action against
        any
        Person relating to the Mortgage Loans or the origination of the Mortgage
        Loans,
        including, without limitation, the right to enforce any breach of a
        representation or warranty made at any time with respect to the Mortgage
        Loans.

       

      (b)  Notice
        of
        any termination, specifying the date upon which the Certificateholders may
        surrender their Certificates to the Trustee for payment of the final
        distribution and cancellation, shall be given promptly by the Trustee upon
        the
        Trustee receiving notice of such date from the Servicer, by letter to the
        Certificateholders mailed not earlier than the 15th
        day and
        not later than the 25th
        day of
        the month next preceding the month of such final distribution specifying
        (1) the
        date upon which final distribution of the Certificates will be made upon
        presentation and surrender of such Certificates at the office or agency of
        the
        Trustee therein designated, (2) the amount of any such final distribution
        and
        (3) that the Record Date otherwise applicable to such date of final distribution
        is not applicable, distributions being made only upon presentation and surrender
        of the Certificates at the office or agency of the Trustee therein
        specified.

       

      (c)  Upon
        presentation and surrender of the Certificates, the Trustee shall cause to
        be
        distributed to Holders of the Certificates on the date for such final
        distribution (which date may be but is not required to be a Distribution
        Date),
        in proportion to the Percentage Interests of their respective Certificates
        and
        to the extent that funds are available for such purpose, an amount equal
        to the
        amount required to be distributed to such Holders in accordance with the
        provisions of Section 4.01 as if such date was the immediately following
        Distribution Date, plus any residual amounts in excess thereof that are
        available for such final distribution. By acceptance of the Class R
        Certificates, the Holders of the Class R Certificates agree, in connection
        with
        any termination hereunder, to assign and transfer any amounts in excess of
        the
        par value of the Mortgage Loans, and to the extent received in respect of
        such
        termination, to pay any such amounts to the Holders of the Class C
        Certificates.

       

      (d)  In
        the
        event that all Certificateholders shall not surrender their Certificates
        for
        final payment and cancellation on or before such final distribution, the
        Trustee
        shall take the actions set forth in Section 4.01(h).

       

      Section
        10.02.  Additional
        Termination Requirements.

       

      (a)  In
        the
        event that the Terminator exercises its purchase option as provided in Section
        10.01, each REMIC shall be terminated in accordance with the following
        additional requirements, unless the Trustee shall have been furnished with
        an
        Opinion of Counsel to the effect that the failure of the Trust to comply
        with
        the requirements of this Section will not (i) result in the imposition of
        taxes
        on “prohibited transactions” of the Trust as defined in Section 860F of the Code
        or (ii) cause any REMIC constituting part of the Trust Fund to fail to qualify
        as a REMIC at any time that any Certificates are outstanding:

       

      (i)  Within
        90
        days prior to the Final Distribution Date, the Servicer shall adopt and the
        Trustee shall sign a plan of complete liquidation of each REMIC created
        hereunder meeting the requirements of a “Qualified Liquidation” under Section
        860F of the Code and any regulations thereunder; and

       

      (ii)  At
        or
        after the time of adoption of such a plan of complete liquidation and at
        or
        prior to the Final Distribution Date, the Trustee shall sell all of the assets
        of the Trust Fund to the Servicer for cash pursuant to the terms of the plan
        of
        complete liquidation.

       

      (b)  By
        their
        acceptance of Certificates, the Holders thereof hereby agree to appoint the
        Trustee as their attorney in fact to: (i) adopt such a plan of complete
        liquidation (and the Certificateholders hereby appoint the Trustee as their
        attorney in fact to sign such plan) as appropriate; and (ii) to take such
        other
        action in connection therewith as may be reasonably required to carry out
        such
        plan of complete liquidation all in accordance with the terms
        hereof.

       

      ARTICLE
        XI  

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        11.01.  Amendment.

       

      This
        Agreement may be amended from time to time by the Depositor, the Servicer
        and
        the Trustee, with the consent of the Certificate Insurer but without the
        consent
        of the Certificateholders, (i) to cure any ambiguity, (ii) to correct or
        supplement any provisions herein which may be defective or inconsistent with
        any
        other provisions herein, (iii) to make or modify any other provisions with
        respect to matters or questions arising under this Agreement which shall
        not be
        inconsistent with the provisions of this Agreement or (iv) to modify, eliminate
        or add to any provisions of this Agreement to such extent as shall be necessary
        or desirable to maintain the qualification of the Trust Fund as a REMIC at
        all
        times that any Certificate is outstanding or to avoid or minimize the risk
        of
        the imposition of any federal income tax on the Trust Fund pursuant to the
        Code
        that would be a claim against the Trust Fund; provided; that (1) such action
        shall not, as evidenced by either (a) an Opinion of Counsel delivered to
        the
        Trustee and the Certificate Insurer or (b) written notice to the Depositor,
        the
        Servicer and the Trustee from each Rating Agency that such action 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 (without regard
        to the
        Policy), adversely affect in any material respect the interests of any
        Certificateholder and (2) in the case of an amendment pursuant to clause
        (iv)
        above, such action is necessary or desirable to maintain such qualification
        or
        to avoid or minimize the risk of the imposition of any such federal income
        tax,
        as evidenced by an Opinion of Counsel delivered to the Trustee and the
        Certificate Insurer.

       

      In
        addition, this Agreement may be amended from time to time by the Depositor,
        the
        Servicer and the Trustee with the consent of the Certificate Insurer, or
        if a
        Certificate Insurer Default occurred and is continuing, the Majority
        Certificateholders 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 of Certificates; provided,
        however, that no such amendment shall (i) reduce in any manner the amount
        of, or
        delay the timing of, payments on the Certificates without the consent of
        the
        Holder of such Certificate, (ii) amend, modify, add to, rescind, or alter
        in any
        respect Section 11.15, notwithstanding any contrary provision of this Agreement,
        without the consent of the Holders of Certificates evidencing Percentage
        Interests aggregating not less than 66 2/3% (provided, however, that no
        Certificates held by the Servicer, the Seller, the Depositor or any Affiliate
        thereby shall be given effect for the purpose of calculating any such
        aggregation of Percentage Interests), (iii) modify, add to, rescind, alter,
        or
        amend in any respect any provision of this Agreement restricting the Trust
        Fund
        from holding any property or engaging in any activity that would disqualify
        the
        Trust Fund from being a qualifying special purpose entity under generally
        accepted accounting principles without the consent of the Holders of
        Certificates evidencing Percentage Interests aggregating not less than 66
        2/3%
        (provided, however, that no Certificates held by the Servicer, the Seller,
        the
        Depositor or any Affiliate thereby shall be given effect for the purpose
        of
        calculating any such aggregation of Percentage Interests), or (iv) reduce
        the
        aforesaid percentages of Certificates the Holders of which are required to
        consent to any such amendment, without the consent of the Holders of all
        such
        Certificates then outstanding. Upon approval of an amendment, a copy of such
        amendment shall be sent to each Rating Agency.

       

      Notwithstanding
        any contrary provision of this Agreement, the Trustee shall not consent to
        or
        enter into any amendment to this Agreement unless it shall have first received
        an Opinion of Counsel (addressed to the Trustee and the Certificate Insurer)
        to
        the effect that such amendment or the exercise of any power granted to the
        Servicer, the Depositor or the Trustee in accordance with such amendment
        (i) is
        authorized or permitted by the Agreement and (ii) will not result in the
        imposition of a tax on any REMIC created hereunder constituting part of the
        Trust Fund pursuant to the REMIC Provisions or cause any REMIC created hereunder
        constituting part of the Trust to fail to qualify as a REMIC at any time
        that
        any Certificates are outstanding and that the amendment is being made in
        accordance with the terms hereof.

       

      Promptly
        after the execution of any such amendment the Trustee shall furnish a copy
        of
        such amendment to each Certificateholder.

       

      It
        shall
        not be necessary for the consent of Certificateholders under this Section
        11.01
        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 Certificateholders shall be subject to such reasonable regulations
        as
        the Trustee may prescribe.

       

      The
        cost
        of any Opinion of Counsel to be delivered pursuant to this Section 11.01
        shall
        be borne by the Person seeking the related amendment, but in no event shall
        such
        Opinion of Counsel be an expense of the Trustee.

       

      The
        Trustee may but shall not be obligated to enter into any amendment pursuant
        to
        this Section that affects its rights, duties and immunities under this Agreement
        or otherwise; provided however, that such consent shall not be unreasonably
        withheld.

       

      Section
        11.02.  Recordation
        of Agreement; Counterparts.

       

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any or all of the properties subject
        to
        the Mortgages are situated, and in any other appropriate public recording
        office
        or elsewhere, such recordation to be effected by the Servicer at the expense
        of
        the Trust, but only upon direction of Certificateholders and the Certificate
        Insurer accompanied by an Opinion of Counsel to the effect that such recordation
        materially and beneficially affects the interests of the Certificateholders
        or
        the Certificate Insurer.

       

      For
        the
        purpose of facilitating the recordation of this Agreement as herein provided
        and
        for other purposes, this Agreement may be executed simultaneously in any
        number
        of counterparts, each of which counterparts shall be deemed to be an original,
        and such counterparts shall together constitute but one and the same
        instrument.

       

      Section
        11.03.  Limitation
        on Rights of Certificateholders.

       

      The
        death
        or incapacity of any Certificateholder shall not (i) operate to terminate
        this
        Agreement or the Trust, (ii) entitle such Certificateholder’s legal
        representatives or heirs to claim an accounting or to take any action or
        proceeding in any court for a partition or winding up of the Trust or (iii)
        otherwise affect the rights, obligations and liabilities of the parties hereto
        or any of them.

       

      Except
        as
        expressly provided for herein, no Certificateholder shall have any right
        to vote
        or in any manner otherwise control the operation and management of the Trust,
        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.

       

      No
        Certificateholder shall have any right by virtue 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 and the Certificate Insurer a written notice of
        default and of the continuance thereof, as hereinbefore provided, and unless
        also the Holders of Certificates entitled to at least 25% of the Voting Rights
        (excluding any Certificates held by the Seller, the Servicer or any Affiliate)
        thereof shall have made written request upon the Trustee to institute such
        action, suit or proceeding in its own name as Trustee hereunder and shall
        have
        offered to the Trustee such reasonable indemnity as it may require against
        the
        costs, expenses and liabilities to be incurred therein or thereby, and the
        Trustee for 15 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. It is understood and intended, and expressly covenanted by each
        Certificateholder with every other Certificateholder and the Trustee, that
        no
        one or more Holders of Certificates shall have any right in any manner whatever
        by virtue of any provision of this Agreement to affect, disturb or prejudice
        the
        rights of the Holders of any other of such Certificates, or to obtain or
        seek to
        obtain priority over or preference to any other such Holder, which priority
        or
        preference is not otherwise provided for herein, or to enforce any right
        under
        this Agreement, except in the manner herein provided and for the equal, ratable
        and common benefit of all Certificateholders. For the protection and enforcement
        of the provisions of this Section 11.03 each and every Certificateholder
        and the
        Trustee shall be entitled to such relief as can be given either at law or
        in
        equity.

       

      Section
        11.04.  Governing
        Law; Jurisdiction.

       

      This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, and the obligations, rights and remedies of the parties hereunder shall
        be
        determined in accordance with such laws. With respect to any claim arising
        out
        of this Agreement, each party irrevocably submits to the exclusive jurisdiction
        of the courts of the State of New York and the United States District Court
        located in the Borough of Manhattan in The City of New York, and each party
        irrevocably waives any objection which it may have at any time to the laying
        of
        venue of any suit, action or proceeding arising out of or relating hereto
        brought in any such courts, irrevocably waives any claim that any such suit,
        action or proceeding brought in any such court has been brought in any
        inconvenient forum and further irrevocably waives the right to object, with
        respect to such claim, suit, action or proceeding brought in any such court,
        that such court does not have jurisdiction over such party, provided that
        service of process has been made by any lawful means.

       

      Section
        11.05.  Notices.

       

      All
        directions, demands and notices hereunder shall be in writing and shall be
        deemed to have been duly given if personally delivered at or mailed by first
        class mail, postage prepaid, by facsimile (with confirmation of receipt)
        or by
        express delivery service, to (a) in the case of the Seller, the Seller and/or
        Servicer, IndyMac Bank, F.S.B., 155 North Lake Avenue, Pasadena, California
        91101, Attention: Secondary Marketing, or such other address or telecopy
        number
        as may hereafter be furnished to the Depositor and the Trustee in writing
        by the
        Servicer, (b) in the case of the Trustee, Deutsche Bank National Trust Company,
        1761 East St. Andrew Place, Santa Ana, California 92705-4934, Attention:
        Trust
        Administration-IN06L2 (telecopy number: (714) 247-6285), or such other address
        or telecopy number as may hereafter be furnished to the Depositor and the
        Servicer in writing by the Trustee; (c) in the case of the Depositor, IndyMac
        MBS, Inc., 155 North Lake Avenue, Pasadena, California 91101, Attention:
        Secondary Marketing, and (d) in the case of the Certificate Insurer, Financial
        Guaranty Insurance Company, 125 Park Avenue, New York, New York, 10017,
        Attention: Structured Finance Surveillance - IndyMac 2006-L2 (telecopy number:
        (212) 312-3220) (confirmation: (800) 352-0001), with a copy to General Counsel,
        or such other address or telecopy number as may be furnished to the Servicer,
        the Certificate Insurer and the Trustee in writing by the Depositor. Any
        notice
        required or permitted to be mailed to a Certificateholder shall be given
        by
        first class mail, postage prepaid, at the address of such Holder as shown
        in the
        Certificate Register. Notice of any Servicer Event of Termination shall be
        given
        by telecopy and by certified mail. Any notice so mailed within the time
        prescribed in this Agreement shall be conclusively presumed to have duly
        been
        given when mailed, whether or not the Certificateholder receives such notice.
        A
        copy of any notice required to be telecopied hereunder shall also be mailed
        to
        the appropriate party in the manner set forth above.

       

      Section
        11.06.  Severability
        of Provisions.

       

      If
        any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall for any reason whatsoever be 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 or the rights
        of the
        Certificate Insurer.

       

      Section
        11.07.  Article
        and Section References.

       

      All
        article and section references used in this Agreement, unless otherwise
        provided, are to articles and sections in this Agreement.

       

      Section
        11.08.  Notice
        to the Rating Agencies and the Certificate Insurer.

       

      (a)  Each
        of
        the Trustee and the Servicer shall be obligated to use its best reasonable
        efforts promptly to provide notice to each Rating Agency and the Certificate
        Insurer with respect to each of the following of which a Responsible Officer
        of
        the Trustee or Servicer, as the case may be, has actual knowledge:

       

      (i)  any
        material change or amendment to this Agreement;

       

      (ii)  the
        occurrence of any Servicer Event of Termination that has not been cured or
        waived;

       

      (iii)  the
        resignation or termination of the Servicer or the Trustee;

       

      (iv)  the
        final
        payment to Holders of any Class of the Certificates;

       

      (v)  any
        change in the location of any Account; and

       

      (vi)  if
        the
        Trustee is acting as successor Servicer pursuant to Section 7.02 hereof,
        any
        event that would result in the inability of the Trustee to make
        Advances.

       

      (b)  In
        addition, the Trustee shall promptly make available to each Rating Agency
        and
        the Certificate Insurer copies of each Statement to Certificateholders described
        in Section 4.02 hereof and the Servicer shall promptly furnish to each Rating
        Agency and the Certificate Insurer copies of the following:

       

      (i)  each
        annual statement as to compliance described in Section 3.20 hereof;

       

      (ii)  each
        annual independent public accountants’ servicing report described in Section
        3.21 hereof; and

       

      (iii)  each
        notice delivered pursuant to Section 7.01(a) hereof which relates to the
        fact
        that the Servicer has not made an Advance.

       

      Any
        such
        notice pursuant to this Section 11.08 shall be in writing and shall be deemed
        to
        have been duly given if personally delivered or mailed by first class mail,
        postage prepaid, or by express delivery service to Moody’s Investors Service,
        Inc., 99 Church Street, New York, NY 10048, Attention: MBS Monitoring/IndyMac
        Residential Mortgage-Backed Trust Certificates, Series 2006-L2 and to Standard
        & Poor’s, a division of the McGraw-Hill Companies, Inc., 55 Water Street,
        41st floor, New York, New York 10041-0003, Attention: ABS Surveillance Group-
        New Assets, or such other addresses as the Rating Agencies may designate
        in
        writing to the parties hereto.

       

      Section
        11.09.  Further
        Assurances.

       

      Notwithstanding
        any other provision of this Agreement, neither the Certificateholders nor
        the
        Trustee shall have any obligation to consent to any amendment or modification
        of
        this Agreement unless they have been provided reasonable security or indemnity
        against their out-of-pocket expenses (including reasonable attorneys’ fees) to
        be incurred in connection therewith.

       

      Section
        11.10.  Benefits
        of Agreement.

       

      Except
        as
        set forth in Section 11.12 and Section 11.16, nothing in this Agreement or
        in
        the Certificates, expressed or implied, shall give to any Person, other than
        the
        Certificateholders, the Certificate Insurer and the parties hereto and their
        successors hereunder, any benefit or any legal or equitable right, remedy
        or
        claim under this Agreement. The Certificate Insurer shall be an express
        third-party beneficiary of this Agreement.

       

      Section
        11.11.  Acts
        of Certificateholders.

       

      (a)  Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action provided by this Agreement to be given or taken by the Certificateholders
        may be embodied in and evidenced by one or more instruments of substantially
        similar tenor signed by such Certificateholders in person or by agent duly
        appointed in writing, and such action shall become effective when such
        instrument or instruments are delivered to the Trustee and the Servicer.
        Such
        instrument or instruments (and the action embodied therein and evidenced
        thereby) are herein sometimes referred to as the “act” of the Certificateholders
        signing such instrument or instruments. Proof of execution of any such
        instrument or of a writing appointing any such agent shall be sufficient
        for any
        purpose of this Agreement and conclusive in favor of the Trustee and the
        Trust,
        if made in the manner provided in this Section 11.11.

       

      (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
        a notary public or other officer authorized by law to take acknowledgments
        of
        deeds, certifying that the individual signing such instrument or writing
        acknowledged to him the execution thereof. Whenever such execution is by
        a
        signer acting in a capacity other than his or her individual capacity, such
        certificate or affidavit shall also constitute sufficient proof of his
        authority.

       

      (c)  Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action by any Certificateholder shall bind every future Holder of such
        Certificate and the Holder of every Certificate issued upon the registration
        of
        transfer thereof or in exchange therefor or in lieu thereof, in respect of
        anything done, omitted or suffered to be done by the Trustee or the Trust
        in
        reliance thereon, whether or not notation of such action is made upon such
        Certificate.

       

      Section
        11.12.  Grant
        of Security Interest.

       

      It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by the Depositor to the Trustee, be, and be construed as, a sale of the Mortgage
        Loans by the Depositor and not a pledge of the Mortgage Loans to secure a
        debt
        or other obligation of the Depositor. However, in the event that,
        notwithstanding the aforementioned intent of the parties, the Mortgage Loans
        are
        held to be property of the Depositor, then, (a) it is the express intent
        of the
        parties that such conveyance be deemed a pledge of the Mortgage Loans by
        the
        Depositor to the Trustee to secure a debt or other obligation of the Depositor
        and (b)(1) this Agreement shall also be deemed to be a security agreement
        within
        the meaning of Articles 8 and 9 of the Uniform Commercial Code as in effect
        from
        time to time in the State of New York; (2) the conveyance provided for in
        Section 2.01 hereof shall be deemed to be a grant by the Depositor to the
        Trustee of a security interest in all of the Depositor’s right, title and
        interest in and to the Mortgage Loans and all amounts payable to the holders
        of
        the Mortgage Loans in accordance with the terms thereof and all proceeds
        of the
        conversion, voluntary or involuntary, of the foregoing into cash, instruments,
        securities or other property, including without limitation all amounts, other
        than investment earnings, from time to time held or invested in the Collection
        Account and the Distribution Account, whether in the form of cash, instruments,
        securities or other property; (3) the obligations secured by such security
        agreement shall be deemed to be all of the Depositor’s obligations under this
        Agreement, including the obligation to provide to the Certificateholders
        the
        benefits of this Agreement relating to the Mortgage Loans and the Trust Fund;
        and (4) notifications to persons holding such property, and acknowledgments,
        receipts or confirmations from persons holding such property, shall be deemed
        notifications to, or acknowledgments, receipts or confirmations from, financial
        intermediaries, bailees or agents (as applicable) of the Trustee for the
        purpose
        of perfecting such security interest under applicable law. Accordingly, the
        Depositor hereby grants to the Trustee a security interest in the Mortgage
        Loans
        and all other property described in clause (2) of the preceding sentence,
        for
        the purpose of securing to the Trustee the performance by the Depositor of
        the
        obligations described in clause (3) of the preceding sentence. Notwithstanding
        the foregoing, the parties hereto intend the conveyance pursuant to Section
        2.01
        to be a true, absolute and unconditional sale of the Mortgage Loans and assets
        constituting the Trust Fund by the Depositor to the Trustee.

       

      Section
        11.13.  Official
        Record.

       

      The
        Seller agrees that this Agreement is and shall remain at all times before
        the
        time at which this Agreement terminates an official record of the Seller
        as
        referred to in Section 13(e) of the Federal Deposit Insurance Act.

       

      Section
        11.14.  Protection
        of Assets.

       

      (a)  Except
        for transactions and activities entered into in connection with the
        securitization that is the subject of this agreement, the Trust created by
        this
        Agreement is not authorized and has no power to:

       

      (1) borrow
        money or issue debt;

       

      (2) merge
        with another entity, reorganize, liquidate or sell assets;

       

      (3) engage
        in
        any business or activities.

       

      (b)  Each
        party to this agreement agrees that it will not file an involuntary bankruptcy
        petition against the Trustee or the Trust Fund or initiate any other form
        of
        insolvency proceeding until at least one year and one day after the Certificates
        have been paid in full.

       

      Section
        11.15.  Qualifying
        Special Purpose Entity.

       

      Notwithstanding
        any contrary provision of this Agreement, the Trust Fund shall not hold any
        property or engage in any activity that would disqualify the Trust Fund from
        being a qualifying special purpose entity under generally accepted accounting
        principles.

       

      Section
        11.16.  Rights
        of the Certificate Insurer.

       

      (a)  The
        Certificate Insurer is an express third-party beneficiary of this
        Agreement.

       

      (b)  The
        Trustee or the Depositor, as applicable, shall provide to the Certificate
        Insurer copies of any report, notice, Opinion of Counsel, Officers’ Certificate,
        request for consent or request for amendment to any document related hereto
        promptly upon the Trustee’s or the Depositor’s production or receipt thereof,
        but only to the extent that such item is required to be delivered to the
        Certificate Insurer hereunder.

       

      (c)  Unless
        a
        Certificate Insurer Default exists, the Trustee, the Servicer and the Depositor
        shall not agree to any amendment to this Agreement without first having obtained
        the prior written consent of the Certificate Insurer.

       

      (d)  So
        long
        as there does not exist a failure by the Certificate Insurer to make a required
        payment under the Policy, the Certificate Insurer shall have the right to
        exercise all rights of the Holders of the Insured Certificates under this
        Agreement including but not limited to the exercise of all voting rights
        in
        respect of the Holders of the Insured Certificates without any consent of
        such
        Holders, and such Holders may exercise such rights only with the prior written
        consent of the Certificate Insurer, except as provided herein.

       

      (e)  The
        Certificate Insurer shall not be entitled to exercise any of its rights
        hereunder so long as there exists a failure by the Certificate Insurer to
        make a
        required payment under the Policy.

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      

        
          	 	
                  
                    INDYMAC
                      MBS, INC.,

                    as
                      Depositor

                  

                
	 	
                   

                
	 	 	 
	 	
                  By:

                	/s/
                  Andy Sciandra    
	 	
                  Name:

                	Andy
                  Sciandra
	 	
                  Title:

                	Senior
                  Vice
                  President, Secondary Marketing

        

      

       

      
        

          
            	 	
                    
                      INDYMAC
                        BANK, F.S.B.

                      as
                        Seller and Servicer

                    

                  
	 	
                     

                  
	 	 	 
	 	
                    By:

                  	/s/
                    Andy Sciandra    
	 	
                    Name:

                  	Andy
                    Sciandra
	 	
                    Title:

                  	Senior
                    Vice
                    President, Secondary Marketing

          

        

        
          
            

              
                	 	
                        
                          
                            DEUTSCHE
                              BANK NATIONAL TRUST COMPANY,

                            as
                              Trustee

                          

                        

                      
	 	
                         

                      
	 	 	 
	 	
                        By:

                      	/s/
                        Marion Hogan    
	 	
                        Name:

                      	Marion
                        Hogan
	 	
                        Title:

                      	Associate

              

            

            
              
                

                  
                    	 	
                            By:

                          	/s/
                            Barbara Campbell    
	 	
                            Name:

                          	Barbara
                            Campbell
	 	
                            Title:

                          	Vice
                            President

                  

                

                 

              

            

          

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      

        
          	
                  STATE
                    OF CALIFORNIA

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF LOS ANGELES 

                	
                  )

                	 

        

      

       

       

      On
        the __
        day of June, 2006 before me, a notary public in and for said State, personally
        appeared __________
        known to
        me to be a __________
        of
        IndyMac MBS, Inc., a Delaware corporation that executed the within instrument,
        and also known to me to be the person who executed it on behalf of said
        corporation, and acknowledged to me that such corporation executed the within
        instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      __________

       

      Notary
        Public

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        

          
            	
                    STATE
                      OF CALIFORNIA

                  	
                    )

                  	 
	 	
                    )

                  	
                    ss.:

                  
	
                    COUNTY
                      OF LOS ANGELES 

                  	
                    )

                  	 

          

        

         

      

       

      On
        the
        ___ day of June, 2006 before me, a notary public in and for said State,
        personally appeared __________
        known
        to
        me to be a __________
        of
        IndyMac Bank, F.S.B. that executed the within instrument, and also known
        to me
        to be the person who executed it on behalf of said corporation, and acknowledged
        to me that such corporation executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      __________

       

      Notary
        Public

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        

          
            	
                    STATE
                      OF CALIFORNIA

                  	
                    )

                  	 
	 	
                    )

                  	
                    ss.:

                  
	
                    COUNTY
                      OF LOS ANGELES 

                  	
                    )

                  	 

          

        

         

      On
        the
        _____ day of June, 2006 before me, a notary public in and for said State,
        personally appeared ____   _____
        known
        to
        me to be an ____  ______
        and
____   ______
        known
        to
        me to be an ____   ______
        of
        Deutsche Bank National Trust Company that executed the within instrument,
        and
        also known to me to be the person who executed it on behalf of said corporation,
        and acknowledged to me that such corporation executed the within
        instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
        __________

      

                     
        

                     
        Notary Public

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    EXHIBIT
      A-1

     

    FORM
      OF
      CLASS A-1 CERTIFICATES

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

     

    

     

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date 

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Balance of this Certificate (“Denomination”)

            	
              :

            	
              $126,935,000.00

            
	 	 	 
	
              Initial
                Certificate Balances of all Certificates of this Class

            	
              :

            	
              $126,935,000.00

            
	 	 	 
	
              CUSIP

            	
              :

            	
              45661F
                AA 9

            
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              Variable

            

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

     

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

     

    Mortgage-Backed
      Certificates, Series 2006-L2

     

    Class
      A-1

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

    

    Principal
      in respect of this Certificate is distributable monthly as stated herein.
      Accordingly, the Certificate Principal Balance at any time may be less than
      the
      Certificate Principal Balance as set forth herein. This Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Seller, the Servicer or the Trustee referred to below or any
      of
      their respective affiliates. Neither this Certificate nor the Mortgage Loans
      are
      guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the aggregate of the Denominations of all Certificates of the
      Class to which this Certificate belongs) in certain monthly distributions
      pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date
      specified above (the “Agreement”) among IndyMac MBS, Inc., as depositor (the
“Depositor”), IndyMac Bank, F.S.B., as seller (in such capacity, the “Seller”)
      and as servicer (in such capacity, the “Servicer”), and Deutsche Bank National
      Trust Company, as trustee (the “Trustee”). To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the Agreement.
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(d) of the Agreement.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      June __, 2006

    

    
      	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST

              COMPANY,

              not
                in its individual capacity, but solely as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    

    

    

    
      	
              Countersigned:

            	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              By:

            	 	 	 	 	 	 	 	 	 
	 	
              Authorized
                Signatory of

              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY, not in its

              individual
                capacity,

              but
                solely as Trustee

            	 	 	 

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

     

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

     

    Mortgage-Backed
      Certificates, Series 2006-L2

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      IndyMac MBS, Inc., IndyMac Residential Mortgage-Backed Trust, of the Series
      specified on the face hereof (herein collectively called the “Certificates”),
      and representing a beneficial ownership interest in the Trust created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the “Distribution Date”), commencing on the first
      Distribution Date specified on the face hereof, to the Person in whose name
      this
      Certificate is registered at the close of business on the applicable Record
      Date
      in an amount equal to the product of the Percentage Interest evidenced by this
      Certificate and the amount required to be distributed to Holders of Certificates
      of the Class to which this Certificate belongs on such Distribution Date
      pursuant to the Agreement. The Record Date applicable to each Distribution
      Date
      is (i) with respect to each Class A-1 Certificates, the Subordinated
      Certificates and any Book-Entry Certificate, the Business Day immediately
      preceding such Distribution Date and (ii) the Class C Certificates, the Class
      R
      Certificates and any Definitive Certificate, the last Business Day of the month
      immediately preceding the month in which such Distribution Date occurs (or,
      in
      the case of the first Distribution Date, the Closing Date).

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Trustee in writing at least five Business Days prior to the related
      Record Date and such Certificateholder shall satisfy the conditions to receive
      such form of payment set forth in the Agreement, or, if not, by check mailed
      by
      first class mail to the address of such Certificateholder appearing in the
      Certificate Register. The final distribution on each Certificate will be made
      in
      like manner, but only upon presentment and surrender of such Certificate at
      the
      Corporate Trust Office or such other location specified in the notice to
      Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee with the consent of the Certificate
      Insurer and the Holders of Certificates affected by such amendment evidencing
      the requisite Percentage Interest, as provided in the Agreement. Any such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange therefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the office or agency maintained by the Trustee in New York, New York,
      accompanied by a written instrument of transfer in form satisfactory to the
      Trustee and the Certificate Registrar duly executed by the holder hereof or
      such
      holder’s attorney duly authorized in writing, and thereupon one or more new
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest in the Trust will be issued to the designated
      transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer, the Seller and the Trustee and any agent of the
      Depositor or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, or any such agent shall be affected by any notice to the
      contrary.

    

    On
      any
      Distribution Date following the date on which the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties as of the last day of the
      related Remittance Period is less than 10% of the sum of the Stated Principal
      Balances of the Closing Date Mortgage Loans and REO Properties on the Cut-off
      Date, the Servicer or if the Servicer fails to exercise such option and any
      portion of the Class A-1 Certificates remain outstanding, the Certificate
      Insurer, will have the right to repurchase, in whole, from the Trust all
      remaining Mortgage Loans and all property acquired in respect of the Mortgage
      Loans at a purchase price determined as provided in the Agreement. The
      obligations and responsibilities created by the Agreement will terminate as
      provided in Section 10.01 of the Agreement.

    

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

    

    
      	 	 	 
	 	 	 
	 	 	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    

    
      	 	 	
              .

            

    

    

    

    Dated:

    

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            

    

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

    

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    
      
        
 

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

    On
      the
      __th day of               ,
      20  
      before
      me, a notary public in and for said State, personally appeared                                 ,
      known
      to me who, being by me duly sworn, did depose and say that he executed the
      foregoing instrument.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-2

     

    FORM
      OF
      CLASS A-2 CERTIFICATES

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

     

    

     

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date 

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Balance of this Certificate (“Denomination”)

            	
              :

            	
              $67,521,000.00

            
	 	 	 
	
              Initial
                Certificate Balances of all Certificates of this Class

            	
              :

            	
              $67,521,000.00

            
	 	 	 
	
              CUSIP

            	
              :

            	
              45661F
                AB 7

            
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              Variable

            

    

    

     

    
      
        
 

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

    Mortgage-Backed
      Certificates, Series 2006-L2

    Class
      A-2

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

    

    Principal
      in respect of this Certificate is distributable monthly as stated herein.
      Accordingly, the Certificate Principal Balance at any time may be less than
      the
      Certificate Principal Balance as set forth herein. This Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Seller, the Servicer or the Trustee referred to below or any
      of
      their respective affiliates. Neither this Certificate nor the Mortgage Loans
      are
      guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the aggregate of the Denominations of all Certificates of the
      Class to which this Certificate belongs) in certain monthly distributions
      pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date
      specified above (the “Agreement”) among IndyMac MBS, Inc., as depositor (the
“Depositor”), IndyMac Bank, F.S.B., as seller (in such capacity, the “Seller”)
      and as servicer (in such capacity, the “Servicer”), and Deutsche Bank National
      Trust Company, as trustee (the “Trustee”). To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the Agreement.
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(d) of the Agreement.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      June __, 2006

    

    
      	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST

              COMPANY,

              not
                in its individual capacity, but solely as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    

    

    

    
      	
              Countersigned:

            	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              By:

            	 	 	 	 	 	 	 	 	 
	 	
              Authorized
                Signatory of

              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY, not in its

              individual
                capacity,

              but
                solely as Trustee

            	 	 	 

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

    Mortgage-Backed
      Certificates, Series 2006-L2

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      IndyMac MBS, Inc., IndyMac Residential Mortgage-Backed Trust, of the Series
      specified on the face hereof (herein collectively called the “Certificates”),
      and representing a beneficial ownership interest in the Trust created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the “Distribution Date”), commencing on the first
      Distribution Date specified on the face hereof, to the Person in whose name
      this
      Certificate is registered at the close of business on the applicable Record
      Date
      in an amount equal to the product of the Percentage Interest evidenced by this
      Certificate and the amount required to be distributed to Holders of Certificates
      of the Class to which this Certificate belongs on such Distribution Date
      pursuant to the Agreement. The Record Date applicable to each Distribution
      Date
      is (i) with respect to each Class A-2 Certificates, the Subordinated
      Certificates and any Book-Entry Certificate, the Business Day immediately
      preceding such Distribution Date and (ii) the Class C Certificates, the Class
      R
      Certificates and any Definitive Certificate, the last Business Day of the month
      immediately preceding the month in which such Distribution Date occurs (or,
      in
      the case of the first Distribution Date, the Closing Date).

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Trustee in writing at least five Business Days prior to the related
      Record Date and such Certificateholder shall satisfy the conditions to receive
      such form of payment set forth in the Agreement, or, if not, by check mailed
      by
      first class mail to the address of such Certificateholder appearing in the
      Certificate Register. The final distribution on each Certificate will be made
      in
      like manner, but only upon presentment and surrender of such Certificate at
      the
      Corporate Trust Office or such other location specified in the notice to
      Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee with the consent of the Certificate
      Insurer and the Holders of Certificates affected by such amendment evidencing
      the requisite Percentage Interest, as provided in the Agreement. Any such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange therefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the office or agency maintained by the Trustee in New York, New York,
      accompanied by a written instrument of transfer in form satisfactory to the
      Trustee and the Certificate Registrar duly executed by the holder hereof or
      such
      holder’s attorney duly authorized in writing, and thereupon one or more new
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest in the Trust will be issued to the designated
      transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer, the Seller and the Trustee and any agent of the
      Depositor or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, or any such agent shall be affected by any notice to the
      contrary.

    

    On
      any
      Distribution Date following the date on which the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties as of the last day of the
      related Remittance Period is less than 10% of the sum of the Stated Principal
      Balances of the Closing Date Mortgage Loans and REO Properties on the Cut-off
      Date, the Servicer or if the Servicer fails to exercise such option and any
      portion of the Class A-2 Certificates remain outstanding, the Certificate
      Insurer, will have the right to repurchase, in whole, from the Trust all
      remaining Mortgage Loans and all property acquired in respect of the Mortgage
      Loans at a purchase price determined as provided in the Agreement. The
      obligations and responsibilities created by the Agreement will terminate as
      provided in Section 10.01 of the Agreement.

    

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

    

    
      	 	 	 
	 	 	 
	 	 	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    

    
      	 	 	
              .

            

    

    

    

    Dated:

    

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            

    

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

    

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

    On
      the
      __th day of               ,
      20  
      before
      me, a notary public in and for said State, personally appeared                                 ,
      known
      to me who, being by me duly sworn, did depose and say that he executed the
      foregoing instrument.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-3

     

    FORM
      OF
      CLASS A-3 CERTIFICATES

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

     

    

     

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date 

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Balance of this Certificate (“Denomination”)

            	
              :

            	
              $28,235,000.00

            
	 	 	 
	
              Initial
                Certificate Balances of all Certificates of this Class

            	
              :

            	
              $28,235,000.00

            
	 	 	 
	
              CUSIP

            	
              :

            	
              45661F
                AC 5

            
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              Variable

            

    

    

     

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

    Mortgage-Backed
      Certificates, Series 2006-L2

    Class
      A-3

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

    

    Principal
      in respect of this Certificate is distributable monthly as stated herein.
      Accordingly, the Certificate Principal Balance at any time may be less than
      the
      Certificate Principal Balance as set forth herein. This Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Seller, the Servicer or the Trustee referred to below or any
      of
      their respective affiliates. Neither this Certificate nor the Mortgage Loans
      are
      guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the aggregate of the Denominations of all Certificates of the
      Class to which this Certificate belongs) in certain monthly distributions
      pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date
      specified above (the “Agreement”) among IndyMac MBS, Inc., as depositor (the
“Depositor”), IndyMac Bank, F.S.B., as seller (in such capacity, the “Seller”)
      and as servicer (in such capacity, the “Servicer”), and Deutsche Bank National
      Trust Company, as trustee (the “Trustee”). To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the Agreement.
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(d) of the Agreement.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      June __, 2006

    

    
      	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST

              COMPANY,

              not
                in its individual capacity, but solely as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    

    

    

    
      	
              Countersigned:

            	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              By:

            	 	 	 	 	 	 	 	 	 
	 	
              Authorized
                Signatory of

              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY, not in its

              individual
                capacity,

              but
                solely as Trustee

            	 	 	 

    

    

    

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

    Mortgage-Backed
      Certificates, Series 2006-L2

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      IndyMac MBS, Inc., IndyMac Residential Mortgage-Backed Trust, of the Series
      specified on the face hereof (herein collectively called the “Certificates”),
      and representing a beneficial ownership interest in the Trust created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the “Distribution Date”), commencing on the first
      Distribution Date specified on the face hereof, to the Person in whose name
      this
      Certificate is registered at the close of business on the applicable Record
      Date
      in an amount equal to the product of the Percentage Interest evidenced by this
      Certificate and the amount required to be distributed to Holders of Certificates
      of the Class to which this Certificate belongs on such Distribution Date
      pursuant to the Agreement. The Record Date applicable to each Distribution
      Date
      is (i) with respect to each Class A-3 Certificates, the Subordinated
      Certificates and any Book-Entry Certificate, the Business Day immediately
      preceding such Distribution Date and (ii) the Class C Certificates, the Class
      R
      Certificates and any Definitive Certificate, the last Business Day of the month
      immediately preceding the month in which such Distribution Date occurs (or,
      in
      the case of the first Distribution Date, the Closing Date).

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Trustee in writing at least five Business Days prior to the related
      Record Date and such Certificateholder shall satisfy the conditions to receive
      such form of payment set forth in the Agreement, or, if not, by check mailed
      by
      first class mail to the address of such Certificateholder appearing in the
      Certificate Register. The final distribution on each Certificate will be made
      in
      like manner, but only upon presentment and surrender of such Certificate at
      the
      Corporate Trust Office or such other location specified in the notice to
      Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee with the consent of the Certificate
      Insurer and the Holders of Certificates affected by such amendment evidencing
      the requisite Percentage Interest, as provided in the Agreement. Any such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange therefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the office or agency maintained by the Trustee in New York, New York,
      accompanied by a written instrument of transfer in form satisfactory to the
      Trustee and the Certificate Registrar duly executed by the holder hereof or
      such
      holder’s attorney duly authorized in writing, and thereupon one or more new
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest in the Trust will be issued to the designated
      transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer, the Seller and the Trustee and any agent of the
      Depositor or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, or any such agent shall be affected by any notice to the
      contrary.

    

    On
      any
      Distribution Date following the date on which the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties as of the last day of the
      related Remittance Period is less than 10% of the sum of the Stated Principal
      Balances of the Closing Date Mortgage Loans and REO Properties on the Cut-off
      Date, the Servicer or if the Servicer fails to exercise such option and any
      portion of the Class A-3 Certificates remain outstanding, the Certificate
      Insurer, will have the right to repurchase, in whole, from the Trust all
      remaining Mortgage Loans and all property acquired in respect of the Mortgage
      Loans at a purchase price determined as provided in the Agreement. The
      obligations and responsibilities created by the Agreement will terminate as
      provided in Section 10.01 of the Agreement.

    

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

    

    
      	 	 	 
	 	 	 
	 	 	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    

    
      	 	 	
              .

            

    

    

    

    Dated:

    

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            

    

    

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

    

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

    On
      the
      __th day of               ,
      20  
      before
      me, a notary public in and for said State, personally appeared                                 ,
      known
      to me who, being by me duly sworn, did depose and say that he executed the
      foregoing instrument.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-4

     

    FORM
      OF
      CLASS M CERTIFICATES

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES TO THE EXTENT DESCRIBED
      IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date 

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Balance of this Certificate (“Denomination”)

            	
              :

            	
              $1,016,000.00

            
	 	 	 
	
              Initial
                Certificate Balances of all Certificates of this Class

            	
              :

            	
              $1,016,000.00

            
	 	 	 
	
              CUSIP

            	
              :

            	
              45661F
                AD 3

            
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              Variable

            

    

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

    Mortgage-Backed
      Certificates, Series 2006-L2

    Class
      M

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

    

    Principal
      in respect of this Certificate is distributable monthly as stated herein.
      Accordingly, the Certificate Principal Balance at any time may be less than
      the
      Certificate Principal Balance as set forth herein. This Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Seller, the Servicer or the Trustee referred to below or any
      of
      their respective affiliates. Neither this Certificate nor the Mortgage Loans
      are
      guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the aggregate of the Denominations of all Certificates of the
      Class to which this Certificate belongs) in certain monthly distributions
      pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date
      specified above (the “Agreement”) among IndyMac MBS, Inc., as depositor (the
“Depositor”), IndyMac Bank, F.S.B., as seller (in such capacity, the “Seller”)
      and as servicer (in such capacity, the “Servicer”), and Deutsche Bank National
      Trust Company, as trustee (the “Trustee”). To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the Agreement.
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(d) of the Agreement.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      June __, 2006

    

    
      	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST

              COMPANY,

              not
                in its individual capacity, but solely as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    

    

    

    
      	
              Countersigned:

            	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              By:

            	 	 	 	 	 	 	 	 	 
	 	
              Authorized
                Signatory of

              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY, not in its

              individual
                capacity,

              but
                solely as Trustee

            	 	 	 

    

    

    

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

    Mortgage-Backed
      Certificates, Series 2006-L2

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      IndyMac MBS, Inc., IndyMac Residential Mortgage-Backed Certificates, of the
      Series specified on the face hereof (herein collectively called the
“Certificates”), and representing a beneficial ownership interest in the Trust
      created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the “Distribution Date”), commencing on the first
      Distribution Date specified on the face hereof, to the Person in whose name
      this
      Certificate is registered at the close of business on the applicable Record
      Date
      in an amount equal to the product of the Percentage Interest evidenced by this
      Certificate and the amount required to be distributed to Holders of Certificates
      of the Class to which this Certificate belongs on such Distribution Date
      pursuant to the Agreement. The Record Date applicable to each Distribution
      Date
      is (i) with respect to each Class A Certificates, the Subordinated Certificates
      and any Book-Entry Certificate, the Business Day immediately preceding such
      Distribution Date and (ii) the Class C Certificates, the Class R Certificates
      and any Definitive Certificate, the last Business Day of the month immediately
      preceding the month in which such Distribution Date occurs (or, in the case
      of
      the first Distribution Date, the Closing Date).

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Trustee in writing at least five Business Days prior to the related
      Record Date and such Certificateholder shall satisfy the conditions to receive
      such form of payment set forth in the Agreement, or, if not, by check mailed
      by
      first class mail to the address of such Certificateholder appearing in the
      Certificate Register. The final distribution on each Certificate will be made
      in
      like manner, but only upon presentment and surrender of such Certificate at
      the
      Corporate Trust Office or such other location specified in the notice to
      Certificateholders of such final distribution.

    

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee with the consent of the Certificate
      Insurer and the Holders of Certificates affected by such amendment evidencing
      the requisite Percentage Interest, as provided in the Agreement. Any such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange therefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the office or agency maintained by the Trustee in New York, New York,
      accompanied by a written instrument of transfer in form satisfactory to the
      Trustee and the Certificate Registrar duly executed by the holder hereof or
      such
      holder’s attorney duly authorized in writing, and thereupon one or more new
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest in the Trust will be issued to the designated
      transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer, the Seller and the Trustee and any agent of the
      Depositor or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, or any such agent shall be affected by any notice to the
      contrary.

    

    On
      any
      Distribution Date following the date on which the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties as of the last day of the
      related Remittance Period is less than 10% of the sum of the Stated Principal
      Balances of the Closing Date Mortgage Loans and REO Properties on the Cut-off
      Date, the Servicer or if the Servicer fails to exercise such option and any
      portion of the Class A Certificates remain outstanding, the Certificate Insurer,
      will have the right to repurchase, in whole, from the Trust all remaining
      Mortgage Loans and all property acquired in respect of the Mortgage Loans at
      a
      purchase price determined as provided in the Agreement. The obligations and
      responsibilities created by the Agreement will terminate as provided in Section
      10.01 of the Agreement.

    

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

    

    
      	 	 	 
	 	 	 
	 	 	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    

    
      	 	 	
              .

            

    

    

    

    Dated:

    

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            

    

    

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

    

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

    On
      the
      __th day of               ,
      20  
      before
      me, a notary public in and for said State, personally appeared                                 ,
      known
      to me who, being by me duly sworn, did depose and say that he executed the
      foregoing instrument.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-5

    

    FORM
      OF
      CLASS B CERTIFICATES

    

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE CLASS M
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
      NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
      TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
      SUCH
      REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      REGISTRATION UNDER THE SECURITIES ACT.

     

    THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES NOT TO OFFER, SELL
      OR
      OTHERWISE TRANSFER SUCH CERTIFICATE EXCEPT IN ACCORDANCE WITH ALL APPLICABLE
      STATE SECURITIES LAWS AND (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS
      BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT OR (B) FOR SO LONG AS THIS
      CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
      ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A IN A TRANSACTION MEETING
      THE REQUIREMENTS OF RULE 144A.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date 

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Balance of this Certificate (“Denomination”)

            	
              :

            	
              $2,031,000.00

            
	 	 	 
	
              Initial
                Certificate Balances of all Certificates of this Class

            	
              :

            	
              $2,031,000.00

            
	 	 	 
	
              CUSIP

            	
              :

            	
              45661F
                AE 1

            
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              Variable

            

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

    Mortgage-Backed
      Certificates, Series 2006-L2

    Class
      B

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

    

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class B Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof. This Class B Certificate does not evidence an obligation of,
      or
      an interest in, and is not guaranteed by the Depositor, the Servicer, or the
      Trustee referred to below or any of their respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class B Certificate (obtained by dividing the Denomination
      of
      this Class B Certificate by the Initial Certificate Principal Balance of this
      Class) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by IndyMac MBS, Inc. (the
“Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of June 1, 2006 (the “Agreement”) among the Depositor,
      IndyMac Bank, F.S.B., as seller (the “Seller”) and servicer (the “Servicer”) and
      Deutsche Bank National Trust Company, as Trustee (the “Trustee”). To the extent
      not defined herein, the capitalized terms used herein have the meanings assigned
      in the Agreement. This Class B Certificate is issued under and is subject to
      the
      terms, provisions and conditions of the Agreement, to which Agreement the Holder
      of this Class B Certificate by virtue of the acceptance hereof assents and
      by
      which such Holder is bound.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event of any such transfer of any Ownership
      Interest in any Private Certificate that is a Book-Entry Certificate, except
      with respect to the initial transfer of any such Certificate by the Depositor,
      such transfer shall be required to be made in reliance upon Rule 144A under
      the
      1933 Act, and the transferor will be deemed to have made each of the
      representations and warranties set forth on Exhibit L hereto in respect of
      such
      interest as if it was evidenced by such Private Certificate and the transferee
      will be deemed to have made each of the representations and warranties set
      forth
      in the Form of Rule 144A Investment Letter included as part of Exhibit J hereto
      in respect of such interest as if it was evidenced by a Definitive Certificate.
      The Certificate Owner of any such Ownership Interest in any such Private
      Certificate desiring to effect such transfer shall, and does hereby agree to,
      indemnify the Trustee and the Depositor against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with such federal
      and
      state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class B Certificate set forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class B Certificate shall not be entitled to any benefit under the Agreement
      or
      be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      June __, 2006

    

    
      	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST

              COMPANY,

              not
                in its individual capacity, but solely as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    

    

    

    
      	
              Countersigned:

            	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              By:

            	 	 	 	 	 	 	 	 	 
	 	
              Authorized
                Signatory of

              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY, not in its

              individual
                capacity,

              but
                solely as Trustee

            	 	 	 

    

     

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

    Mortgage-Backed
      Certificates, Series 2006-L2

    

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      IndyMac MBS, Inc., IndyMac Residential Mortgage-Backed Trust 2006-L2, Mortgage
      Backed Certificates, Series 2006-L2 (herein collectively called the
“Certificates”), and representing a beneficial ownership interest in the Trust
      created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day then the first Business
      Day following such Distribution Date (the “Distribution Date”), commencing on
      the first Distribution Date specified on the face hereof, to the Person in
      whose
      name this Certificate is registered at the close of business on the applicable
      Record Date in an amount equal to the product of the Percentage Interest
      evidenced by this Certificate and the amount required to be distributed to
      Holders of Certificates of the Class to which this Certificate belongs on such
      Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office or agency of the
      Trustee specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the office or agency maintained by the Trustee accompanied by a written
      instrument of transfer in form satisfactory to the Trustee and the Certificate
      Registrar duly executed by the holder hereof or such holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations and evidencing the same aggregate Percentage
      Interest in the Trust will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Servicer, the Depositor and the Trustee and any agent of the Depositor or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Servicer, the
      Trustee or any such agent shall be affected by any notice to the
      contrary.

     

    On
      any
      Distribution Date following the date on which the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties as of the last day of the
      related Remittance Period is less than 10% of the sum of the Stated Principal
      Balances of the Closing Date Mortgage Loans and REO Properties on the Cut-off
      Date, the Servicer or if the Servicer fails to exercise such option and any
      portion of the Class A Certificates remain outstanding, the Certificate Insurer,
      will have the right to repurchase, in whole, from the Trust all remaining
      Mortgage Loans and all property acquired in respect of the Mortgage Loans at
      a
      purchase price determined as provided in the Agreement. The obligations and
      responsibilities created by the Agreement will terminate as provided in Section
      10.01 of the Agreement.

    

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

    

    
      	 	 	 
	 	 	 
	 	 	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    

    
      	 	 	
              .

            

    

    

    

    Dated:

    

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

    

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              To

            	 	
              ,

            
	
              For
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              The
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

    On
      the
      __th day of               ,
      20  
      before
      me, a notary public in and for said State, personally appeared                                 ,
      known
      to me who, being by me duly sworn, did depose and say that he executed the
      foregoing instrument.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-6

     

    FORM
      OF
      CLASS C CERTIFICATES

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

    

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
      NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
      TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
      SUCH
      REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      REGISTRATION UNDER THE SECURITIES ACT.

    

    ANY
      RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER THE
      ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE REGISTRATION
      REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT
      REFERRED TO HEREIN.

    

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M CERTIFICATES
      AND THE CLASS B CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
      SERVICING AGREEMENT REFERRED TO HEREIN.

    

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date 

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Percentage
                Interest of this Certificate

              (“Denomination”)

            	
              :

            	
              100%

            

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

    Mortgage-Backed
      Certificates, Series 2006-L2

    Class
      C

     

    

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

    

    The
      Certificate Principal Balance of this Class C Certificate at any time may be
      greater than or less than the Initial Certificate Principal Balance set forth
      on
      the face hereof. The Notional Amount of this Class C Certificate at any time
      may
      be less than the Initial Notional Amount set forth on the face hereof. This
      Class C Certificate does not evidence an obligation of, or an interest in,
      and
      is not guaranteed by the Depositor, the Servicer, or the Trustee referred to
      below or any of their respective affiliates.

     

    This
      certifies that IndyMac Bank, F.S.B. is the registered owner of the Percentage
      Interest evidenced by this Class C Certificate (obtained by dividing the
      Denomination of this Class C Certificate by the Initial Notional Amount of
      this
      Class) in certain distributions with respect to a Trust consisting primarily
      of
      the Mortgage Loans deposited by IndyMac MBS, Inc. (the “Depositor”). The Trust
      was created pursuant to a Pooling and Servicing Agreement dated as of the
      Cut-off Date (the “Agreement”) among the Depositor, IndyMac Bank, F.S.B., as
      seller (the “Seller”) and servicer (the “Servicer”) and Deutsche Bank National
      Trust Company, as Trustee (the “Trustee”). To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the Agreement.
      This
      Class C Certificate is issued under and is subject to the terms, provisions
      and
      conditions of the Agreement, to which Agreement the Holder of this Class C
      Certificate by virtue of the acceptance hereof assents and by which such Holder
      is bound.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event of any such transfer (i) unless
      such
      transfer is made in reliance upon Rule 144A under the 1933 Act (as evidenced
      by
      the investment letter delivered to the Trustee, in substantially the form of
      the
      Form of Rule 144A Investment Letter included as part of Exhibit J to the
      Agreement), the Trustee and the Depositor shall require a written Opinion of
      Counsel (which may be in-house counsel) acceptable to and in form and substance
      reasonably satisfactory to the Trustee and the Depositor that such transfer
      may
      be made pursuant to an exemption, describing the applicable exemption and the
      basis therefor, form the 1933 Act or is being made pursuant to the 1933 Act,
      which Opinion of Counsel shall not be an expense of the Trustee or the Depositor
      or (ii) the Trustee shall require the transferor to execute a transferor
      certificate (in substantially the form of Exhibit L of the Agreement) and the
      transferee to execute an investment letter (in substantially the form attached
      hereto as Exhibit J of the Agreement) acceptable to and in form and substance
      reasonably satisfactory to the Depositor and the Trustee certifying to the
      Depositor and the Trustee the facts surrounding such transfer, which investment
      letter shall not be an expense of the Trustee or the Depositor. The Holder
      hereof desiring to effect such transfer shall, and does hereby agree to,
      indemnify the Trustee and the Depositor against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with such federal
      and
      state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class C Certificate set forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class C Certificate shall not be entitled to any benefit under the Agreement
      or
      be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      June __, 2006

    

    
      	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST

              COMPANY,

              not
                in its individual capacity, but solely as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    

    

    

    
      	
              Countersigned:

            	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              By:

            	 	 	 	 	 	 	 	 	 
	 	
              Authorized
                Signatory of

              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY, not in its

              individual
                capacity,

              but
                solely as Trustee

            	 	 	 

    

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

    Mortgage-Backed
      Certificates, Series 2006-L2

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      IndyMac MBS, Inc., IndyMac Residential Mortgage-Backed Trust 2006-L2, Mortgage
      Backed Certificates, Series 2006-L2 (herein collectively called the
“Certificates”), and representing a beneficial ownership interest in the Trust
      created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day then the first Business
      Day following such Distribution Date (the “Distribution Date”), commencing on
      the first Distribution Date specified on the face hereof, to the Person in
      whose
      name this Certificate is registered at the close of business on the applicable
      Record Date in an amount equal to the product of the Percentage Interest
      evidenced by this Certificate and the amount required to be distributed to
      Holders of Certificates of the Class to which this Certificate belongs on such
      Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office or agency of the
      Trustee specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the office or agency maintained by the Trustee accompanied by a written
      instrument of transfer in form satisfactory to the Trustee and the Certificate
      Registrar duly executed by the holder hereof or such holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations and evidencing the same aggregate Percentage
      Interest in the Trust will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Servicer, the Depositor and the Trustee and any agent of the Depositor or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Servicer, the
      Trustee or any such agent shall be affected by any notice to the
      contrary.

     

    On
      any
      Distribution Date following the date on which the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties as of the last day of the
      related Remittance Period is less than 10% of the sum of the Stated Principal
      Balances of the Closing Date Mortgage Loans and REO Properties on the Cut-off
      Date, the Servicer or if the Servicer fails to exercise such option and any
      portion of the Class A Certificates remain outstanding, the Certificate Insurer,
      will have the right to repurchase, in whole, from the Trust all remaining
      Mortgage Loans and all property acquired in respect of the Mortgage Loans at
      a
      purchase price determined as provided in the Agreement. The obligations and
      responsibilities created by the Agreement will terminate as provided in Section
      10.01 of the Agreement.

    

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

    

    
      	 	 	 
	 	 	 
	 	 	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    

    
      	 	 	
              .

            

    

    

    

    Dated:

    

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            

    

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

    

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              To

            	 	
              ,

            
	
              For
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              The
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

    On
      the
      __th day of               ,
      20  
      before
      me, a notary public in and for said State, personally appeared                                 ,
      known
      to me who, being by me duly sworn, did depose and say that he executed the
      foregoing instrument.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-7

     

    FORM
      OF
      CLASS R CERTIFICATES

    

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
      NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
      TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
      SUCH
      REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      REGISTRATION UNDER THE SECURITIES ACT.

     

    ANY
      RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER THE
      ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE REGISTRATION
      REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT
      REFERRED TO HEREIN.

     

    THIS
      CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND WILL
      NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
      THE
      PROVISIONS OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              Aggregate
                Percentage Interest of the Class R Certificates as of the Issue
                Date

            	
              :

            	
              100.00%

            

    

    

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

    Mortgage-Backed
      Certificates, Series 2006-L2

    Class
      R

     

    

    evidencing
      the distributions allocable to the Class R Certificates with respect to a Trust
      consisting primarily of a pool of fixed and adjustable-rate, residential lot
      mortgage loans (the “Mortgage Loans”) secured by parcels of land that have been
      improved for residential use. 

    

    IndyMac
      MBS, Inc., as Depositor

    

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Servicer or the Trustee referred to below
      or
      any of their respective affiliates.

     

    This
      certifies that Bear Stearns Securities Corporation is the registered owner
      of
      the Percentage Interest evidenced by this Certificate specified above in the
      interest represented by all Certificates of the Class to which this Certificate
      belongs in a Trust consisting primarily of the Mortgage Loans deposited by
      IndyMac MBS, Inc. (the “Depositor”). The Trust was created pursuant to a Pooling
      and Servicing Agreement dated as of the Cut-off Date (the “Agreement”) among the
      Depositor, IndyMac Bank, F.S.B., as seller (the “Seller”) and Servicer (the
“Servicer”) and Deutsche Bank National Trust Company, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    This
      Certificate does not have a principal balance or pass-through rate and will
      be
      entitled to distributions only to the extent set forth in the Agreement. In
      addition, any distribution of the proceeds of any remaining assets of the Trust
      will be made only upon presentment and surrender of this Certificate at the
      Corporate Trust Office or the office or agency maintained by the Trustee in
      New
      York, New York.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event of any such transfer (i) unless
      such
      transfer is made in reliance upon Rule 144A under the 1933 Act (as evidenced
      by
      the investment letter delivered to the Trustee, in substantially the form of
      the
      Form of Rule 144A Investment Letter included as part of Exhibit J to the
      Agreement), the Trustee and the Depositor shall require a written Opinion of
      Counsel (which may be in-house counsel) acceptable to and in form and substance
      reasonably satisfactory to the Trustee and the Depositor that such transfer
      may
      be made pursuant to an exemption, describing the applicable exemption and the
      basis therefor, form the 1933 Act or is being made pursuant to the 1933 Act,
      which Opinion of Counsel shall not be an expense of the Trustee or the Depositor
      or (ii) the Trustee shall require the transferor to execute a transferor
      certificate (in substantially the form of Exhibit L of the Agreement) and the
      transferee to execute an investment letter (in substantially the form attached
      hereto as Exhibit J of the Agreement) acceptable to and in form and substance
      reasonably satisfactory to the Depositor and the Trustee certifying to the
      Depositor and the Trustee the facts surrounding such transfer, which investment
      letter shall not be an expense of the Trustee or the Depositor. The Holder
      hereof desiring to effect such transfer shall, and does hereby agree to,
      indemnify the Trustee and the Depositor against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with such federal
      and
      state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each Person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee and shall promptly notify the Trustee
      of any change or impending change in its status as a Permitted Transferee;
      (ii)
      no Person shall acquire an Ownership Interest in this Certificate unless such
      Ownership Interest is a pro rata undivided interest; (iii) in connection with
      any proposed transfer of any Ownership Interest in this Certificate, the Trustee
      shall as a condition to registration of the transfer, require delivery to it,
      in
      form and substance satisfactory to it, of each of the following: (a) an
      affidavit in the form of Exhibit O to the Agreement from the proposed transferee
      to the effect that such transferee is a Permitted Transferee and that it is
      not
      acquiring its Ownership Interest in the Class R Certificate that is the subject
      of the proposed transfer as a nominee, trustee or agent for any Person who
      is
      not a Permitted Transferee; and (b) a covenant of the proposed transferee to
      the
      effect that the proposed transferee agrees to be bound by and to abide by the
      transfer restrictions applicable to the Class R Certificates; (iv) any attempted
      or purported transfer of any Ownership Interest in this Certificate in violation
      of the provisions of this Section shall be absolutely null and void and shall
      vest no rights in the purported transferee.

     

    Reference
      is hereby made to the further provisions of this Class R Certificate set forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    
      
        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      June __, 2006

    

    
      	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST

              COMPANY,

              not
                in its individual capacity, but solely as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    

    

    

    
      	
              Countersigned:

            	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              By:

            	 	 	 	 	 	 	 	 	 
	 	
              Authorized
                Signatory of

              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY, not in its

              individual
                capacity,

              but
                solely as Trustee

            	 	 	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDYMAC
      MBS, INC.

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2,

    Mortgage-Backed
      Certificates, Series 2006-L2

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      IndyMac MBS, Inc., IndyMac Residential Mortgage Backed Trust 2006-L2, Mortgage
      Backed Certificates, Series 2006-L2 (herein collectively called the
“Certificates”), and representing a beneficial ownership interest in the Trust
      created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day then the first Business
      Day following such Distribution Date (the “Distribution Date”), commencing on
      the first Distribution Date specified on the face hereof, to the Person in
      whose
      name this Certificate is registered at the close of business on the applicable
      Record Date in an amount equal to the product of the Percentage Interest
      evidenced by this Certificate and the amount required to be distributed to
      Holders of Certificates of the Class to which this Certificate belongs on such
      Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office or agency of the
      Trustee specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the office or agency maintained by the Trustee accompanied by a written
      instrument of transfer in form satisfactory to the Trustee and the Certificate
      Registrar duly executed by the holder hereof or such holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations and evidencing the same aggregate Percentage
      Interest in the Trust will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Servicer, the Depositor and the Trustee and any agent of the Depositor or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Servicer, the
      Trustee or any such agent shall be affected by any notice to the
      contrary.

     

    On
      any
      Distribution Date following the date on which the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties as of the last day of the
      related Remittance Period is less than 10% of the sum of the Stated Principal
      Balances of the Closing Date Mortgage Loans and REO Properties on the Cut-off
      Date, the Servicer or if the Servicer fails to exercise such option and any
      portion of the Class A Certificates remain outstanding, the Certificate Insurer,
      will have the right to repurchase, in whole, from the Trust all remaining
      Mortgage Loans and all property acquired in respect of the Mortgage Loans at
      a
      purchase price determined as provided in the Agreement. The obligations and
      responsibilities created by the Agreement will terminate as provided in Section
      10.01 of the Agreement.

    

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

     

    
      	
              TEN
                COM - as tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian

            
	
              TEN
                ENT - as tenants by the entireties

            	
              (Cust)
                (Minor) under

              Uniform
                Gifts to Minors Act

            
	
              JT
                TEN - as joint tenants with 

              right
                of survivorship and not as

              tenants
                in common

            	
              _____________

              (State)

            

    

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

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

    

    
      	 	 	 
	 	 	 
	 	 	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    

    
      	 	 	
              .

            

    

    

    

    Dated:

    

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            

    

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

    

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    
      	
              to

            	 	
              ,

            
	
              for
                the account of

            	 	
              ,

            
	
              account
                number___________, or, if mailed by check, to

            	 	
              ,

            
	
              Applicable
                statements should be mailed to

            	 	
              ,

            
	 	
              .

            

    

    

    
      	
              This
                information is provided by

            	 	
              ,

            
	
              the
                assignee named above, or

            	 	
              ,

            
	
              as
                its agent.

            	 	 

    

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

    On
      the
      __th day of               ,
      20  
      before
      me, a notary public in and for said State, personally appeared                                 ,
      known
      to me who, being by me duly sworn, did depose and say that he executed the
      foregoing instrument.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      B

     

    COPY
      OF
      CERTIFICATE GUARANTY INSURANCE POLICY WITH RESPECT TO THE INSURED
      CERTIFICATES

     

    

      Financial
        Guaranty Insurance Company

      125
        Park
        Avenue

      New
        York,
        New York 10017

      (212)
        312-3000

      (800)
        352-0001

      

      Financial
        Guaranty Insurance Policy

      

      

      Policy
        Number: 06030074

      Control
        Number: 0010001

       

      

      Insured
        Obligations:

      
        	
                $222,459,000
                  in aggregate principal amount of IndyMac Residential Mortgage-Backed
                  Trust, Series 2006-L2, Class A-1, Class A-2 and Class A-3 Certificates
                  (the “Class A Certificates”) 

              

      

      

       

      Trustee:
        Deutsche Bank National Trust Company

       

      Financial
        Guaranty Insurance Company (“Financial Guaranty”), a New York stock insurance
        company, in consideration of the right of Financial Guaranty to receive monthly
        premiums pursuant to the Pooling and Servicing Agreement (as defined below)
        and
        the Insurance Agreement referred to therein, and subject to the terms of
        this
        financial guaranty insurance policy (this “Policy”), hereby unconditionally and
        irrevocably agrees to pay each Insured Amount (as defined below) to the Trustee
        named above or its successor, as Trustee for the Holders of the Class A
        Certificates, except as otherwise provided herein with respect to Preference
        Amounts. Capitalized terms used and not otherwise defined herein shall have
        the
        meanings assigned to such terms in the Pooling and Servicing Agreement as
        in
        effect and executed on the date hereof, without giving effect to any subsequent
        amendment or modification to the Pooling and Servicing Agreement unless such
        amendment or modification has been approved in writing by Financial Guaranty.
        

       

      The
        following terms used herein shall have the meanings assigned to them
        below:

       

      The
        term
“Deficiency Amount” means, with respect to any Distribution Date and the Class A
        Certificates, an amount, if any, equal to the sum of:

       

      (1)            
         the
        amount by which the aggregate amount of Accrued Interest allocable to the
        Class
        A Certificates for that Distribution Date exceeds the Interest Remittance
        Amount
        for that Distribution Date (less the premium payable to Financial Guaranty
        on
        such Distribution Date); and

       

      (2)             
         (a)
        with
        respect to any Distribution Date that is not the Final Distribution Date,
        the
        aggregate amount, if any, by which the aggregate Class Certificate Balance
        of
        the Class A Certificates after distribution of Available Funds on such
        Distribution Date exceeds the aggregate Stated Principal Balance of the Mortgage
        Loans as of the last day of the related Remittance Period; or (b) on the
        Final
        Distribution Date, the aggregate outstanding Class Certificate Balance of
        the
        Class A Certificates to the extent otherwise not distributed on that date,
        taking into account all sources other than this Policy.

       

      The
        term
“Final Distribution Date” for the Class A Certificates means the Distribution
        Date occurring in January 2012.

       

      The
        term
“Insured Amount” means with respect to (a) any Distribution Date (1) any
        Deficiency Amount and (2) any Preference Amount and (b) any other date, any
        Preference Amount.

       

      Financial
        Guaranty will pay a Deficiency Amount with respect to the Class A Certificates
        by 12:00 noon (New York City time) in immediately available funds to the
        Trustee
        on the later of (i) the second Business Day following receipt in New York,
        New
        York on a Business Day by Financial Guaranty of a Notice from the Trustee
        that a
        Deficiency Amount is due in respect of the Class A Certificates, and (ii)
        the
        Distribution Date on which the related Deficiency Amount is distributable
        to the
        Holders of the Class A Certificates pursuant to the Pooling and Servicing
        Agreement, for disbursement to the Holders of the Class A Certificates in
        the
        same manner as other distributions with respect to the Class A Certificates
        are
        required to be made. Any Notice received by Financial Guaranty after 12:00
        noon
        New York City time on a given Business Day or on any day that is not a Business
        Day shall be deemed to have been received by Financial Guaranty on the next
        succeeding Business Day.

       

      If
        any
        portion or all of any amount that is insured hereunder that was previously
        distributed to a Holder of a Class A Certificate is recoverable and sought
        to be
        recovered from such Holder as a voidable preference by a trustee in bankruptcy
        pursuant to the U.S. Bankruptcy Code, pursuant to a final non-appealable
        order
        of a court exercising proper jurisdiction in an insolvency proceeding (a
“Final
        Order”) (such recovered amount, a “Preference Amount”), Financial Guaranty will
        pay on the guarantee described in the first paragraph hereof, an amount equal
        to
        each such Preference Amount by 12:00 noon on the second Business Day following
        receipt by Financial Guaranty on a Business Day of (w) a certified copy of
        the
        Final Order, (x) an opinion of counsel satisfactory to Financial Guaranty
        that
        such order is final and not subject to appeal, (y) an assignment, in form
        reasonably satisfactory to Financial Guaranty, irrevocably assigning to
        Financial Guaranty all rights and claims of the Trustee and/or such Holder
        of
        the Class A Certificates relating to or arising under such Preference Amount
        and
        constituting an appropriate instrument, in form satisfactory to Financial
        Guaranty, appointing Financial Guaranty as the agent of the Trustee and/or
        such
        Holder in respect of such Preference Amount, including without limitation
        in any
        legal proceeding relating to the Preference Amount, and (z) a Notice
        appropriately completed and executed by the Trustee or such Holder, as the
        case
        may be. Such payment shall be made to the receiver, conservator,
        debtor-in-possession or trustee in bankruptcy named in the Final Order and
        not
        to the Trustee or Holder of the Class A Certificates directly (unless the
        Holder
        has previously paid such amount to such receiver, conservator,
        debtor-in-possession or trustee in bankruptcy named in such Final Order in
        which
        case payment shall be made to the Trustee for distribution to the Holder
        upon
        delivery of proof of such payment reasonably satisfactory to Financial
        Guaranty). Notwithstanding the foregoing, in no event shall Financial Guaranty
        be (i) required to make any payment under this Policy in respect of any
        Preference Amount to the extent such Preference Amount is comprised of amounts
        previously paid by Financial Guaranty hereunder, or (ii) obligated to make
        any
        payment in respect of any Preference Amount, which payment represents a payment
        of the principal amount of any Class A Certificates, prior to the time Financial
        Guaranty otherwise would have been required to make a payment in respect
        of such
        principal, in which case Financial Guaranty shall pay the balance of the
        Preference Amount when such amount otherwise would have been
        required.

       

      Any
        of
        the documents required under clauses (w) through (z) of the preceding paragraph
        that are received by Financial Guaranty after 12:00 noon New York City time
        on a
        given Business Day or on any day that is not a Business Day shall be deemed
        to
        have been received by Financial Guaranty on the next succeeding Business
        Day. If
        any notice received by Financial Guaranty is not in proper form or is otherwise
        insufficient for the purpose of making a claim under this Policy, it will
        be
        deemed not to have been received by Financial Guaranty, and Financial Guaranty
        will promptly so advise the Trustee, and the Trustee may submit an amended
        Notice. All payments made by Financial Guaranty hereunder in respect of
        Preference Amounts will be made with Financial Guaranty’s own
        funds.

       

      Upon
        payment of an Insured Amount hereunder, Financial Guaranty shall be fully
        subrogated to the rights of the Holders of the Class A Certificates to receive
        the amount so paid. Financial Guaranty’s obligations with respect to the Class A
        Certificates hereunder with respect to each Distribution Date shall be
        discharged to the extent funds consisting of the related Deficiency Amount
        are
        received by the Trustee on behalf of the Holders of the Class A Certificates
        for
        distribution to such Holders, as provided in the Pooling and Servicing Agreement
        and herein, whether or not such funds are properly applied by the
        Trustee.

       

      This
        Policy is non-cancelable for any reason, including nonpayment of any premium.
        The premium on this Policy is not refundable for any reason, including the
        payment of any Class A Certificates prior to the Final Distribution Date.
        This
        Policy shall expire and terminate without any action on the part of Financial
        Guaranty or any other Person on the date that is the later of (i) the date
        that
        is one year and one day following the date on which the Class Certificate
        Balance of the Class A Certificates shall have been reduced to zero; and
        (ii) if
        any insolvency proceeding referenced in the third preceding paragraph with
        respect to which the Depositor is the debtor has been commenced on or prior
        to
        the date specified in clause (i) above, the 30th
        day
        after the entry of a final, non-appealable order in resolution or settlement
        of
        such proceeding.

       

      This
        Policy will not cover Net Interest Shortfalls or Net WAC Cap Carryforward
        Amounts nor does this Policy guarantee to the Holders of the Class A
        Certificates any particular rate of principal distribution. In addition,
        this
        Policy will not cover shortfalls, if any, attributable to the liability of
        the
        Depositor, the Issuing Entity, the Trustee, any REMIC or any Holders of Class
        A
        Certificates for withholding taxes or REMIC liabilities, if any (including
        interest and penalties in respect of any liability for withholding taxes
        or
        REMIC liabilities). This Policy also will not cover the failure of the Trustee
        to make any distribution required under the Pooling and Servicing Agreement
        to
        the Holder of a Class A Certificate.

       

      To
        the
        fullest extent permitted by applicable law, Financial Guaranty hereby waives,
        solely for the benefit of Holders of the Class A Certificates all defenses
        of
        any kind (including, without limitation, the defense of fraud in inducement
        or
        fact, any defense based on any duty claimed to arise from the doctrine of
        “utmost good faith” or any similar or related doctrine or any other
        circumstances that would have the effect of discharging a surety, guarantor
        or
        any other person in law or in equity) that Financial Guaranty otherwise might
        have asserted as a defense to its obligation to pay in full any amounts that
        have become due and payable in accordance with the terms and conditions of
        this
        Policy. Nothing in this paragraph, however, shall be deemed to constitute
        a
        waiver of any rights, remedies, claims or counterclaims that Financial Guaranty
        may have with respect to IndyMac Bank, F.S.B. or any of its
        affiliates.

       

      A
        monthly
        premium shall be due and payable as provided in the Pooling and Servicing
        Agreement and the Insurance Agreement.

       

      This
        Policy is subject to and shall be governed by the laws of the State of New
        York
        without giving effect to the conflict of laws provisions thereof. The proper
        venue for any action or proceeding on this Policy shall be the County of
        New
        York, State of New York. 

       

      THE
        INSURANCE PROVIDED BY THIS POLICY IS NOT COVERED BY THE NEW YORK
        PROPERTY/CASUALTY INSURANCE SECURITY FUND (NEW YORK INSURANCE CODE, ARTICLE
        76).

       

      “Notice”
        means a written notice in the form of Exhibit
        A
        to this
        Policy by registered or certified mail or telephonic or telegraphic notice,
        subsequently confirmed by written notice delivered via telecopy, telex or
        hand
        delivery from the Trustee to Financial Guaranty specifying the information
        set
        forth therein. “Holder” means, as to the Class A Certificates, the person, other
        than the Seller, the Issuing Entity, the Servicer, the Depositor or the Trustee,
        who, on the applicable Distribution Date, is entitled under the terms of
        the
        Class A Certificates to a distribution thereon. “Insurance Agreement” means the
        Insurance and Indemnity Agreement, among Financial Guaranty, IndyMac Bank,
        F.S.B., as Seller and Servicer, IndyMac MBS, Inc., as Depositor and the Trustee,
        dated as of June 15, 2006. “Pooling and Servicing Agreement” means the Pooling
        and Servicing Agreement relating to the Class A Certificates, among IndyMac
        Bank, F.S.B., as Seller and Servicer, IndyMac MBS, Inc., as Depositor and
        the
        Trustee, dated as of June 1, 2006.

       

      In
        the
        event that payments under the Class A Certificates are accelerated, nothing
        herein contained shall obligate Financial Guaranty to make any distribution
        of
        principal or interest on the Class A Certificates on an accelerated basis,
        unless such acceleration of distribution by Financial Guaranty is at the
        sole
        option of Financial Guaranty; it being understood that a shortfall in respect
        of
        the redemption of the Class A Certificates by reason of the repurchase of
        the
        Trust Fund pursuant to Section 10.01 of the Pooling and Servicing Agreement
        does
        not constitute acceleration for the purposes hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, Financial Guaranty has caused this Policy to be affixed
        with
        its corporate seal and to be signed by its duly authorized officer in facsimile
        to become effective and binding upon Financial Guaranty by virtue of the
        countersignature of its duly authorized representative.

       

      

      
        	
                President

              	
                Authorized
                  Representative

              
	
                Effective
                  Date: June 15, 2006

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      NOTICE
        OF
        NONPAYMENT

       

      AND
        DEMAND FOR PAYMENT OF INSURED AMOUNTS

       

      
        	
                To:

              	
                Financial
                  Guaranty Insurance Company

              
	 	
                125
                  Park Avenue

              
	 	
                New
                  York, New York 10017

              
	 	
                (212)
                  312-3000

              
	 	
                Attention:     Structured
                  Finance Surveillance - IndyMac 2006-2

                 

              
	 	
                Telephone:
                  (212) 312-3000

              
	 	
                Telecopier:
                  (212) 312-3220

              

      

       

      

        
          	
                  Re:

                	
                  $222,459,000
                    in aggregate principal amount of IndyMac Residential Mortgage-Backed
                    Trust, Series 2006-L2, Class A Certificates (the “Class A Certificates”)
                    

                   
Policy
                  No. 06030074 (the
                  “Policy”)
                   

                

        

      

       

      Distribution
        Date: ___________________________

       

      We
        refer
        to that certain Pooling and Servicing Agreement, dated as of June 1, 2006,
        by
        and among IndyMac MBS, Inc., as Depositor, IndyMac Bank, as Seller and Servicer
        and Deutsche Bank National Trust Company, as Trustee (the “Pooling and Servicing
        Agreement”), relating to the above referenced Class A Certificates. All
        capitalized terms not otherwise defined herein or in the Policy shall have
        the
        same respective meanings assigned to such terms in the Pooling and Servicing
        Agreement.

       

      
        	
                (a)

              	
                The
                  Trustee has determined under the Pooling and Servicing Agreement
                  that in
                  respect of the Distribution Date:

              

      

       

      
        	 	
                (1)

              	
                The
                  insured portion of the distribution on the Class A Certificates
                  in respect
                  of the Distribution Date that is due to be received on ______________
                  under the Pooling and Servicing Agreement, is equal to $_____________,
                  consisting of

              

      

       

      
        	 	
                (A)

              	
                $
                  ___________ in respect of interest on the Class A Certificates,
                  which is
                  calculated as the amount by which:

              

      

       

      
        	 	 	
                (i)

              	
                $____________,
                  constituting the aggregate amount of Accrued Interest allocable
                  to the
                  Class A Certificates for that Distribution Date exceeds the Interest
                  Remittance Amount for that Distribution Date (less the premium
                  payable to
                  Financial Guaranty on such Distribution Date);
                  exceeds

              

      

       

      
        	 	 	
                (ii)

              	
                $___________,
                  representing the Interest Remittance Amount for that Distribution
                  Date
                  (less the premium payable to Financial Guaranty on such Distribution
                  Date); plus

              

      

       

      (B) $_____________
        in respect of principal of the Class A Certificates, which is calculated
        as the
        amount by which

       

      (i)         
         the
        aggregate Class Certificate Balance of the Class A Certificates after
        distribution of Available Funds for such Distribution Date, which totals
        $_______, exceeds 

       

      (ii)        
          aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Remittance Period.

       

      (2) [The
        amount to be paid to the Holders of the Class A Certificates on the Final
        Distribution Date, which occurs on _____________, is
        $____________.]

       

      (3) The
        amounts available in the Distribution Account to be distributed on such
        Distribution Date on the Class A Certificates pursuant to the Pooling and
        Servicing Agreement for distribution in respect of the items identified in
        items
        (1) and (2) above, as reduced by any portion thereof that has been deposited
        in
        the Distribution Account but may not be withdrawn therefrom pursuant to an
        order
        of a United States bankruptcy court of competent jurisdiction imposing a
        stay
        pursuant to Section 362 of the United States Bankruptcy Code), is
        $_______________.

       

      Please
        be
        advised that, accordingly, a Deficiency Amount exists for the Distribution
        Date
        identified above for the Class A Certificates in the amount of $__________.
        This
        Deficiency Amount constitutes an Insured Amount payable by Financial Guaranty
        under the Policy.

       

      [In
        addition, attached hereto is a copy of the Final Order in connection with
        a
        Preference Amount in the amount set forth therein, together with an assignment
        of rights and appointment of agent and other documents required by the Policy
        in
        respect of Preference Amounts. The amount of the Preference Amount is
        $______________. This Preference Amount constitutes an Insured Amount payable
        by
        Financial Guaranty under the Policy.]

       

      Accordingly,
        pursuant to the Indenture, this statement constitutes a notice for payment
        of an
        Insured Amount by Financial Guaranty in the amount of $_______________ under
        the
        Policy.

       

      (b) No
        payment claimed hereunder is in excess of the amount payable under the
        Policy.

       

      The
        amount requested in this Notice should be paid to: [Payment
        Instructions]

       

      Any
        person who knowingly and with intent to defraud any insurance company or
        other
        person files an application for insurance or statement of claim containing
        any
        materially false information or conceals for the purpose of misleading,
        information concerning any fact material thereto, commits a fraudulent insurance
        act, which is a crime, and shall also be subject to a civil penalty not to
        exceed Five Thousand Dollars ($5,000.00) and the stated value of the claim
        for
        each such violation.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee has executed and delivered this Notice of
        Nonpayment and Demand for Payment of Insured Amounts this _____ day of
        ______________________.

       

      
        	 
	
                as
                  Trustee

              
	 	 
	
                By:

              	 
	
                Title:

              	 

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      C

     

    FORM
      OF
      MORTGAGE LOAN PURCHASE AGREEMENT

     

     

    

      INDYMAC
        BANK, F.S.B.,

       

      as
        Seller

       

      and

       

      INDYMAC
        MBS, INC.,

       

      as
        Purchaser

       

      MORTGAGE
        LOAN PURCHASE AGREEMENT

       

      Dated
        as
        of June 14, 2006

       

      INDYMAC
        RESIDENTIAL MORTGAGE-BACKED TRUST CERTIFICATES,

      SERIES
        2006-L2

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Table
        of Contents

       

      
        	
                ARTICLE
                  I

              	 
	
                DEFINITIONS

                 

              	 
	
                Section
                  1.01

              	
                Definitions

                 

              
	
                ARTICLE
                  II

              	 
	
                SALE
                  OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

                 

              
	
                Section
                  2.01

              	
                Sale
                  of Mortgage Loans.

              
	
                Section
                  2.02

              	
                Obligations
                  of Seller Upon Sale

              
	
                Section
                  2.03

              	
                Payment
                  of Purchase Price for the Mortgage Loans.

                 

              
	
                ARTICLE
                  III

              	 
	
                REPRESENTATIONS
                  AND WARRANTIES; REMEDIES FOR BREACH

                 

              
	
                Section
                  3.01

              	
                Seller
                  Representations and Warranties Relating to the Mortgage
                  Loans

              
	
                Section
                  3.02

              	
                Seller
                  Representations and Warranties Relating to the Seller

              
	
                Section
                  3.03

              	
                Remedies
                  for Breach of Representations and Warranties

                 

              
	
                ARTICLE
                  IV

              	 
	
                SELLER’S
                  COVENANTS

                 

              
	
                Section
                  4.01

              	
                Covenants
                  of the Seller

                 

              
	
                ARTICLE
                  V

              	 
	
                INDEMNIFICATION
                  WITH RESPECT TO THE MORTGAGE LOANS

                 

              
	
                Section
                  5.01

              	
                Indemnification.

                 

              
	
                ARTICLE
                  VI

              	 
	
                TERMINATION

              	
                 

                 

              
	
                Section
                  6.01

              	
                Termination

                 

              
	
                ARTICLE
                  VII

              	 
	
                MISCELLANEOUS
                  PROVISIONS

                 

              
	
                Section
                  7.01

              	
                Amendment

              
	
                Section
                  7.02

              	
                Governing
                  Law

              
	
                Section
                  7.03

              	
                Notices

              
	
                Section
                  7.04

              	
                Severability
                  of Provisions

              
	
                Section
                  7.05

              	
                Counterparts

              
	
                Section
                  7.06

              	
                Further
                  Agreements

              
	
                Section
                  7.07

              	
                Intention
                  of the Parties

              
	
                Section
                  7.08

              	
                Successors
                  and Assigns: Assignment of Purchase Agreement

              
	
                Section
                  7.09

              	
                Survival

              
	
                Section
                  7.10

              	
                Third
                  Party Beneficiary

              

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        LOAN PURCHASE AGREEMENT, dated as of June 15, 2006 (this “Agreement”), between
        IndyMac Bank, F.S.B. (the “Seller”) and IndyMac MBS, Inc. (the
“Purchaser”).

       

      W
        I T
        N E S S E T H

       

      WHEREAS,
        the Seller is the owner of (i) the notes or other evidence of indebtedness
        (the
“Mortgage Notes”) as indicated on Schedule I hereto referred to below, and the
        other documents or instruments constituting the Mortgage File (collectively,
        the
“Mortgage Loans”); and

       

      WHEREAS,
        the Seller, as of the date hereof, owns the mortgages (the “Mortgages”) on the
        properties (the “Mortgaged Properties”) securing such Mortgage Loans, including
        rights to (a) any property acquired by foreclosure or deed in lieu of
        foreclosure or otherwise and (b) the proceeds of any insurance policies covering
        the Mortgage Loans or the obligors on the Mortgage Loans; and

       

      WHEREAS,
        the parties hereto desire that the Seller sell the Mortgage Loans to the
        Purchaser pursuant to the terms of this Agreement; and

       

      WHEREAS,
        pursuant to the terms of a Pooling and Servicing Agreement, dated as of June
        1,
        2006 (the “Pooling and Servicing Agreement”), among the Purchaser as depositor,
        the Seller as seller and servicer and Deutsche Bank National Trust Company
        as
        trustee (the “Trustee”), relating to IndyMac Residential Mortgage-Backed Trust
        Certificates, Series 2006-L2, the Purchaser will convey the Mortgage Loans
        to
        the trust created therein (the “Trust”); and

       

      WHEREAS,
        the Seller is obligated, in connection with the transactions contemplated
        by
        this Agreement, to make certain representations, warranties and covenants
        with
        respect to itself and the Mortgage Loans.

       

      NOW,
        THEREFORE, in consideration of the mutual covenants herein contained, the
        parties hereto agree as follows:

       

      ARTICLE
        I

       

      DEFINITIONS

       

      Section
        1.01  Definitions.
        All
        capitalized terms used but not defined herein shall have the meanings assigned
        thereto in the Pooling and Servicing Agreement.

       

      ARTICLE
        II

       

      SALE
        OF
        MORTGAGE LOANS;

      PAYMENT
        OF PURCHASE PRICE

       

      Section
        2.01  Sale
        of Mortgage Loans.

       

      The
        Seller, concurrently with the execution and delivery of this Agreement, does
        hereby sell, assign, set over, and otherwise convey to the Purchaser, without
        recourse, (i) all of its right, title and interest in and to each Mortgage
        Loan,
        including the related Principal Balance as of the Cut-off Date, (ii) all
        interest accruing thereon on or after the Cut-off Date and all collections
        in
        respect of interest and principal due after the Cut-off Date, (iii) its interest
        in any insurance policies in respect of the Mortgage Loans and (iv) all proceeds
        of any of the foregoing.

       

      Section 2.02  Obligations
        of Seller Upon Sale.
        In
        connection with any transfer pursuant to Section 2.01 hereof, the Seller
        agrees,
        at its own expense, on or prior to the Closing Date, (i) to cause its books
        and
        records to indicate that the Mortgage Loans have been sold to the Purchaser
        pursuant to this Agreement and (ii) to deliver to the Purchaser and the Trustee
        an electronic data file containing a true and complete list of all such Mortgage
        Loans, specifying for each such Mortgage Loan, as of the Cut-off Date, those
        data fields as required in the Pooling and Servicing Agreement. Such file,
        which
        forms a part of Exhibit D to the Pooling and Servicing Agreement, shall also
        be
        marked as Schedule I to this Agreement and is hereby incorporated into and
        made
        a part of this Agreement.

       

      In
        connection with any conveyance by the Seller, the Seller shall on behalf
        of the
        Purchaser deliver to, and deposit with, the Trustee, as assignee of the
        Purchaser, or to the Custodian, on or before the Closing Date, the following
        documents or instruments, which documents and instruments will comply with
        the
        requirements of the Pooling and Servicing Agreement notwithstanding any
        provision to the contrary below:

       

      (i)  the
        original Mortgage Note, endorsed either (A) in blank or (B) in the following
        form: “Pay to the order of Deutsche Bank National Trust Company, as Trustee,
        without recourse”, or with respect to any lost Mortgage Note, an original Lost
        Note Affidavit stating that the original Mortgage Note was lost, misplaced
        or
        destroyed, together with a copy of the related Mortgage Note; provided,
        however,
        that
        such substitutions of Lost Note Affidavits for original Mortgage Notes may
        occur
        only with respect to Mortgage Loans, the aggregate Stated Principal Balance
        of
        which is less than or equal to 2.00% of the Pool Balance as of the Cut-off
        Date;

       

      (ii)  the
        original 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 to be a
        true
        and complete copy of the original submitted for recording;

       

      (iii)  an
        original Assignment, in form and substance acceptable for recording. The
        Mortgage shall be assigned either (A) in blank or (B) to “Deutsche Bank National
        Trust Company, as Trustee, without recourse”;

       

      (iv)  an
        original copy of any intervening Assignment, showing a complete chain of
        assignments;

       

      (v)  the
        original or a certified copy of the lender’s title insurance policy;
        and

       

      (vi)  the
        original or copies of each assumption, modification, written assurance or
        substitution agreement, if any.

       

      With
        respect to up to 30% of the Mortgage Loans, the Seller may deliver all or
        a
        portion of each related Mortgage File to the Trustee not later than five
        Business Days after the Closing Date (such Mortgage Loans, the “Delayed Delivery
        Mortgage Loans”).

       

      The
        Seller hereby confirms to the Purchaser and the Trustee that it has made
        the
        appropriate entries in its general accounting records, to indicate that such
        Mortgage Loans have been transferred to the Trustee and constitute part of
        the
        Trust in accordance with the terms of the Pooling and Servicing
        Agreement.

       

      If
        any of
        the documents referred to in Section 2.02(ii), (iii) or (iv) above has as
        of the
        Closing Date been submitted for recording but either (A) has not been returned
        from the applicable public recording office or (B) has been lost or such
        public
        recording office has retained the original of such document, the obligations
        of
        the Seller to deliver such documents shall be deemed to be satisfied upon
        (1)
        delivery to the Trustee or the Custodian no later than the Closing Date of
        a
        copy of each such document certified by the Seller in the case of (A) above
        or
        the applicable public recording office in the case of (B) above to be a true
        and
        complete copy of the original that was submitted for recording and (2) if
        such
        copy is certified by the Seller, delivery to the Trustee or the Custodian,
        promptly upon receipt thereof of either the original or a copy of such document
        certified by the applicable public recording office to be a true and complete
        copy of the original. If the original lender’s title insurance policy, or a
        certified copy thereof, was not delivered pursuant to Section 2.02(v) above,
        the
        Seller shall deliver or cause to be delivered to the Trustee or a Custodian,
        the
        original or a copy of a written commitment or interim binder or preliminary
        report of title issued by the title insurance or escrow company, with the
        original or a certified copy thereof to be delivered to the Trustee or the
        Custodian, promptly upon receipt thereof. The Seller shall deliver or cause
        to
        be delivered to the Trustee or the Custodian promptly upon receipt thereof
        any
        other documents constituting a part of a Mortgage File received with respect
        to
        any Mortgage Loan, including, but not limited to, any original documents
        evidencing an assumption or modification of any Mortgage Loan.

       

      Upon
        discovery or receipt of notice of any materially defective document in, or
        that
        a document is missing from, a Mortgage File, the Seller shall have 90 days
        to
        cure such defect or deliver such missing document to the Trustee or the
        Custodian. If the Seller does not cure such defect or deliver such missing
        document within such time period, the Seller shall either repurchase or
        substitute for such Mortgage Loan in accordance with Section 2.03 of the
        Pooling
        and Servicing Agreement.

       

      The
        Purchaser hereby acknowledges its acceptance of all right, title and interest
        to
        the Mortgage Loans and other property, now existing and hereafter created,
        conveyed to it pursuant to Section 2.01.

       

      The
        Seller shall cause the Assignments which were delivered in blank to be completed
        and shall cause all Assignments referred to in Section 2.02(iii) hereof and,
        to
        the extent necessary, in Section 2.02(iv) hereof to be recorded. The Seller
        shall be required to deliver such Assignments for recording within 30 days
        of
        the Closing Date. The Seller shall furnish the Trustee, or its designated
        agent,
        with a copy of each Assignment submitted for recording. In the event that
        any
        such Assignment is lost or returned unrecorded because of a defect therein,
        the
        Seller shall promptly have a substitute Assignment prepared or have such
        defect
        cured, as the case may be, and thereafter cause each such Assignment to be
        duly
        recorded.

       

      Notwithstanding
        the foregoing, the Seller shall not cause to be recorded any Assignment which
        relates to a Mortgage Loan secured by a Mortgaged Property in California
        or in
        any other jurisdiction where the Rating Agencies do not require recordation
        in
        order to receive the ratings on the Certificates at the time of their initial
        issuance (which, in the case of the Insured Certificates, shall be without
        regard to the Policy); provided,
        however,
        that
        each Assignment shall be submitted for recording by the Seller in the manner
        described above, at no expense to the Trust Fund or Trustee, upon the earliest
        to occur of: (i) direction by the Holders of the Certificates entitled to
        at
        least 25% of the Voting Rights, (ii) the occurrence of a Servicer Event of
        Termination, (iii) the occurrence of a bankruptcy or insolvency relating
        to the
        Seller, (iv) the occurrence of a servicing transfer as described in Section
        7.02
        of the Pooling and Servicing Agreement and (v) if the Seller is not the Servicer
        and with respect to any one Assignment, the occurrence of a bankruptcy,
        insolvency or foreclosure relating to the Mortgagor under the related
        Mortgage.

       

      Notwithstanding
        anything to the contrary in this Agreement, within five Business Days after
        the
        Closing Date, the Seller shall either:

       

      (x) deliver
        to the Trustee the Mortgage File as required pursuant to this Article II
        for
        each Delayed Delivery Mortgage Loan; or

       

      (y)(A) repurchase
        the Delayed Delivery Mortgage Loan or (B) substitute a Qualified Substitute
        Mortgage Loan for a Delayed Delivery Mortgage Loan, which repurchase or
        substitution shall be accomplished in the manner and subject to the conditions
        herein (treating each such Delayed Delivery Mortgage Loan as a Deleted Mortgage
        Loan for purposes of Section 3.03);

       

      provided,
        however, that if the Seller fails to deliver a Mortgage File for any Delayed
        Delivery Mortgage Loan within the period specified herein, the Seller shall
        use
        its best reasonable efforts to effect a substitution, rather than a repurchase
        of, such Delayed Delivery Mortgage Loan; provided, further, that the cure
        period
        provided for herein and in the Pooling and Servicing Agreement shall not
        apply
        to the initial delivery of the Mortgage File for such Delayed Delivery Mortgage
        Loan, but rather the Seller shall have five (5) Business Days to cure such
        failure to deliver.

       

      Section 2.03  Payment
        of Purchase Price for the Mortgage Loans.

       

      In
        consideration of the sale of the Mortgage Loans to be purchased hereunder,
        the
        Purchaser shall pay to or upon the order of the Seller on the Closing Date
        the
        purchase price thereof (the “Mortgage Loan Purchase Price”) by transfer to the
        Seller of (i) immediately available funds in an amount equal to the net sale
        proceeds of the Class A Certificates and (ii) the Class M Certificates, the
        Class B Certificates, the Class C Certificates and the Class R Certificates
        (the
“IndyMac Certificates”). The Seller shall pay, and be billed directly for, all
        expenses incurred by the Purchaser in connection with the issuance of the
        Certificates, including, without limitation, printing fees incurred in
        connection with the Prospectus Supplement relating to the Class A Certificates
        and the Class M Certificates and the Private Placement Memorandum relating
        to
        the Class B Certificates, fees and expenses of Purchaser’s counsel, accountant’s
        fees and expenses and the fees and expenses of the Trustee and the Certificate
        Insurer and other out-of-pocket costs, if any.

       

      ARTICLE
        III

       

      REPRESENTATIONS
        ANDWARRANTIES; REMEDIES FOR BREACH

       

      Section 3.01  Seller
        Representations and Warranties Relating to the Mortgage Loans.
        The
        Seller hereby makes representations and warranties, as set forth in Exhibit
        A
        hereof, to the Purchaser with respect to the Mortgage Loans as of the Closing
        Date or as of such other date specifically provided herein.

       

      Section 3.02  Seller
        Representations and Warranties Relating to the Seller.
        The
        Seller represents, warrants and covenants to the Purchaser as of the Closing
        Date:

       

      (i)  The
        Seller is duly organized, validly existing and in good standing as a federal
        savings bank under the laws of the United States and is licensed, qualified
        and
        in good standing in each state in which any Mortgaged Property is located
        if the
        laws of such state require licensing or qualification in order to conduct
        business of the type conducted by the Seller or to ensure the enforceability
        or
        validity of each Mortgage Loan in accordance with the terms of this
        Agreement;

       

      (ii)  The
        Seller has the full power and authority to hold each Mortgage Loan, to sell
        each
        Mortgage Loan, to execute, deliver and perform, and to enter into and
        consummate, all transactions contemplated by this Agreement. The Seller has
        duly
        authorized the execution, delivery and performance of this Agreement and
        has
        duly executed and delivered this Agreement. This Agreement, assuming due
        authorization, execution and delivery by the Purchaser, constitutes a legal,
        valid and binding obligation of the Seller, enforceable against it in accordance
        with its terms except as the enforceability thereof may be limited by
        bankruptcy, insolvency or reorganization. At the time of the sale of each
        Mortgage Loan by the Seller, the Seller had the full power and authority
        to hold
        each Mortgage Loan and to sell each Mortgage Loan;

       

      (iii)  The
        execution and delivery of this Agreement by the Seller and the performance
        of
        and compliance with the terms of this Agreement will not violate the Seller’s
        charter or by-laws or constitute a default under or result in a breach or
        acceleration of, any material contract, agreement or other instrument to
        which
        the Seller is a party or which may be applicable to the Seller or its
        assets;

       

      (iv)  The
        Seller is not in violation of, and the execution and delivery of this Agreement
        by the Seller and its performance and compliance with the terms of this
        Agreement will not constitute a violation with respect to, any order or decree
        of any court or any order or regulation of any federal, state, municipal
        or
        governmental agency having jurisdiction over the Seller or its assets, which
        violation might have consequences that would materially and adversely affect
        the
        condition (financial or otherwise) or the operation of the Seller or its
        assets
        or might have consequences that would materially and adversely affect the
        performance of its obligations and duties hereunder;

       

      (v)  The
        Seller does not believe, nor does it have any reason or cause to believe,
        that
        it cannot perform each and every covenant contained in this
        Agreement;

       

      (vi)  There
        are
        no actions or proceedings against, or investigations known to it of, the
        Seller
        before any court, administrative or other tribunal (A) that might prohibit
        its
        entering into this Agreement, (B) seeking to prevent the sale of the Mortgage
        Loans or the consummation of the transactions contemplated by this Agreement
        or
        (C) that might prohibit or materially and adversely affect the performance
        by
        the Seller of its obligations under, or validity or enforceability of, this
        Agreement;

       

      (vii)  No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Seller
        of,
        or compliance by the Seller with, this Agreement or the consummation of the
        transactions contemplated by this Agreement, except for such consents,
        approvals, authorizations or orders, if any, that have been
        obtained;

       

      (viii)  The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Seller, and the transfer, assignment and
        conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant
        to
        this Agreement are not subject to the bulk transfer or any similar statutory
        provisions;

       

      (ix)  The
        information delivered by the Seller to the Purchaser with respect to the
        Seller’s loan loss, foreclosure and delinquency experience on mortgage loans
        underwritten to similar standards as the Mortgage Loans and covering mortgaged
        properties similar to the Mortgaged Properties, is true and correct in all
        material respects as of the date of such report;

       

      (x)  Except
        with respect to any statement regarding the intentions of the Purchaser,
        or any
        other statement contained herein, the truth or falsity of which is dependent
        solely upon the actions of the Purchaser, this Agreement does not contain
        any
        untrue statement of material fact or omit to state a material fact necessary
        to
        make the statements contained herein not misleading. The written statements,
        reports and other documents prepared and furnished or to be prepared and
        furnished by the Seller pursuant to this Agreement or in connection with
        the
        transactions contemplated hereby and by the Pooling and Servicing Agreement,
        taken in the aggregate, do not contain any untrue statement of material fact
        or
        omit to state a material fact necessary to make the statements contained
        therein
        not misleading;

       

      (xi)  The
        Seller has not transferred the Mortgage Loans to the Purchaser with any intent
        to hinder, delay or defraud any of its creditors;

       

      (xii)  The
        Seller has not dealt with any broker, investment banker, agent or other person,
        except for the Purchaser or any of its affiliates, that may be entitled to
        any
        commission or compensation in connection with the sale of the Mortgage Loans
        (except that an entity that previously financed the Seller’s ownership of the
        Mortgage Loans may be entitled to a fee to release its security interest
        in the
        Mortgage Loans, which fee shall have been paid and which security interest
        shall
        have been released on or prior to the Closing Date); and

       

      (xiii)  There
        is
        no litigation currently pending or, to the best of the Seller’s knowledge,
        threatened against the Seller that would reasonably be expected to adversely
        affect the transfer of the Mortgage Loans, the issuance of the Certificates
        or
        the execution, delivery, performance or enforceability of this Agreement
        or the
        Pooling and Servicing Agreement, or that would result in a material adverse
        change in the financial condition of the Seller.

       

      Section 3.03  Remedies
        for Breach of Representations and Warranties.
        It is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans to the
        Purchaser and shall inure to the benefit of the Purchaser, notwithstanding
        any
        restrictive or qualified endorsement on any Mortgage Note or Assignment or
        the
        examination or lack of examination of any Mortgage File. Upon discovery by
        either the Seller or the Purchaser of a breach of any of the foregoing
        representations and warranties that materially and adversely affects the
        value
        of the Mortgage Loans or the interest of the Purchaser (or which materially
        and
        adversely affects the interests of the Purchaser in the related Mortgage
        Loan in
        the case of a representation and warranty relating to a particular Mortgage
        Loan), the party discovering such breach shall give prompt written notice
        to the
        others. The Seller shall promptly reimburse the Servicer and the Trustee
        for any
        expenses reasonably incurred by the Servicer or the Trustee in respect of
        enforcing the remedies for the breach.

       

      Within
        90
        days of the earlier of either discovery by or notice to the Seller of any
        breach
        of a representation or warranty made by the Seller that materially and adversely
        affects the value of a Mortgage Loan or the Mortgage Loans or the interest
        therein of the Purchaser, the Seller shall use its best efforts promptly
        to cure
        such breach in all material respects and, if such breach cannot be cured,
        the
        Seller shall, at the Purchaser’s option, repurchase such Mortgage Loan at the
        Purchase Price. In the event that such a breach shall involve any representation
        or warranty set forth in Section 3.02 and such breach cannot be cured within
        90
        days of the earlier of either discovery by or notice to the Seller of such
        breach, all of the Mortgage Loans shall, at the Purchaser’s option, be
        repurchased by the Seller at the Purchase Price. The Seller may, assuming
        the
        Seller has a Qualified Substitute Mortgage Loan, rather than repurchase a
        deficient Mortgage Loan as provided above, remove such Mortgage Loan (in
        which
        case it shall become a Deleted Mortgage Loan) and substitute in its place
        a
        Qualified Substitute Mortgage Loan or Loans. Upon substitution, such Qualified
        Substitute Mortgage Loan or Loans shall be subject in all respects to the
        terms
        of this Agreement, including all applicable representations and warranties
        thereof included in this Agreement, as of the date of such substitution.
        If the
        Seller does not provide a Qualified Substitute Mortgage Loan or Loans, it
        shall
        repurchase the deficient Mortgage Loan. Any repurchase of a Mortgage Loan(s)
        pursuant to the foregoing provisions of this Section 3.03 shall occur on
        a date
        specified in the Pooling and Servicing Agreement and shall be accomplished
        by
        deposit in accordance with Section 2.03 of the Pooling and Servicing Agreement.
        Any repurchase or substitution required by this Section shall be made in
        a
        manner consistent with Section 2.03 of the Pooling and Servicing
        Agreement.

       

      At
        the
        time of substitution or repurchase of any deficient Mortgage Loan, the Purchaser
        and the Seller shall arrange for the reassignment of the repurchased or
        substituted Mortgage Loan to the Seller and the delivery to the Seller of
        any
        documents held by the Purchaser relating to the deficient or repurchased
        Mortgage Loan. In the event the Purchase Price is deposited in the Collection
        Account, the Seller shall, simultaneously with such deposit, give written
        notice
        to the Purchaser that such deposit has taken place. Upon such repurchase,
        the
        Mortgage Loan Schedule shall be amended to reflect the withdrawal of the
        repurchased Mortgage Loan from this Agreement.

       

      As
        to any
        Deleted Mortgage Loan for which the Seller substitutes a Qualified Substitute
        Mortgage Loan or Loans, the Seller shall effect such substitution by delivering
        to the Purchaser or its designee for such Qualified Substitute Mortgage Loan
        or
        Loans the Mortgage Note, the Mortgage, the Assignment and such other documents
        and agreements as are required by the Pooling and Servicing Agreement, with
        the
        Mortgage Note endorsed as required therein. The Seller shall deposit in the
        Collection Account the Monthly Payment less the Servicing Fee due on such
        Qualified Substitute Mortgage Loan or Loans in the month following the date
        of
        such substitution. Monthly Payments due with respect to Qualified Substitute
        Mortgage Loans in the month of substitution will be retained by the Seller.
        For
        the month of substitution, distributions to the Purchaser will include the
        Monthly Payment due on such Deleted Mortgage Loan in the month of substitution,
        and the Seller shall thereafter be entitled to retain all amounts subsequently
        received by the Seller in respect of such Deleted Mortgage Loan. Upon such
        substitution, the Qualified Substitute Mortgage Loans shall be subject to
        the
        terms of this Agreement in all respects, and the Seller shall be deemed to
        have
        made with respect to such Qualified Substitute Mortgage Loan or Loans as
        of the
        date of substitution, the covenants, representations and warranties set forth
        in
        Sections 3.01 and 3.02.

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        Section 3.01 shall survive delivery of the respective Mortgage Files to the
        Trustee on behalf of the Purchaser.

       

      It
        is
        understood and agreed that the obligations of the Seller set forth in Section
        3.03 to cure, repurchase and substitute for a defective Mortgage Loan and
        to
        indemnify the Parties as provided in Section 5.01 constitute the sole remedies
        of the Purchaser respecting a missing or defective document or a breach of
        the
        representations and warranties contained in Section 3.01 or 3.02.

       

      ARTICLE
        IV

       

      SELLER’S
        COVENANTS

       

      Section 4.01  Covenants
        of the Seller.
        The
        Seller hereby covenants that except for the transfer hereunder, the Seller
        will
        not sell, pledge, assign or transfer to any other Person, or grant, create,
        incur, assume or suffer to exist any Lien on any Mortgage Loan, or any interest
        therein; the Seller will notify the Trustee, as assignee of the Purchaser,
        of
        the existence of any Lien on any Mortgage Loan immediately upon discovery
        thereof, and the Seller will defend the right, title and interest of the
        Trust,
        as assignee of the Purchaser, in, to and under the Mortgage Loans, against
        all
        claims of third parties claiming through or under the Seller; provided,
        however,
        that
        nothing in this Section 4.01 shall prevent or be deemed to prohibit the Seller
        from suffering to exist upon any of the Mortgage Loans any Liens for municipal
        or other local taxes and other governmental charges if such taxes or
        governmental charges shall not at the time be due and payable or if the Seller
        shall currently be contesting the validity thereof in good faith by appropriate
        proceedings and shall have set aside on its books adequate reserves with
        respect
        thereto.

       

      ARTICLE
        V

       

       

      INDEMNIFICATION
        WITHRESPECT TO THE MORTGAGE LOANS

       

      Section 5.01  Indemnification.

       

      The
        Seller agrees to indemnify and to hold each of the Purchaser, the Trustee,
        each
        of the officers and directors of each such entity and each person or entity
        who
        controls each such entity or person harmless against any and all claims,
        losses,
        penalties, fines, forfeitures, legal fees and related costs, judgments, and
        any
        other costs, fees and expenses that the Purchaser, the Trustee, or any such
        person or entity may sustain in any way (i) related to the failure of the
        Seller
        to perform its duties in compliance with the terms of this Agreement, (ii)
        arising from a breach by the Seller of its representations and warranties
        in
        Section 3.01 or 3.02 of this Agreement or (iii) related to the origination
        or
        prior servicing of the Mortgage Loans by reason of any acts, omissions, or
        alleged acts or omissions of the Seller or any servicer. The Seller shall
        immediately notify the Purchaser and the Trustee if a claim is made by a
        third
        party with respect to this Agreement. The Seller shall assume the defense
        of any
        such claim and pay all expenses in connection therewith, including reasonable
        counsel fees, and promptly pay, discharge and satisfy any judgment or decree
        which may be entered against the Purchaser, the Trustee or any such person
        or
        entity in respect of such claim.

       

      Promptly
        after receipt by any indemnified party under this Article V of notice of
        any
        claim or the commencement of any action, such indemnified party shall, if
        a
        claim in respect thereof is to be made against any indemnifying party under
        this
        Article V, notify the indemnifying party in writing of the claim or the
        commencement of that action; provided,
        however,
        that
        the failure to notify an indemnifying party shall not relieve it from any
        liability which it may have under this Article V except to the extent it
        has
        been materially prejudiced by such failure; provided,
        further,
        that
        the failure to notify any indemnifying party shall not relieve it from any
        liability which it may have to any indemnified party otherwise than under
        this
        Article V.

       

      If
        any
        such claim or action shall be brought against an indemnified party, and it
        shall
        notify the indemnifying party thereof, the indemnifying party shall be entitled
        to participate therein and, to the extent that it wishes, jointly with any
        other
        similarly notified indemnifying party, to assume the defense thereof with
        counsel reasonably satisfactory to the indemnified party. After notice from
        the
        indemnifying party to the indemnified party of its election to assume the
        defense of such claim or action, the indemnifying party shall not be liable
        to
        the indemnified party under this Article V for any legal or other expenses
        subsequently incurred by the indemnified party in connection with the defense
        thereof other than reasonable costs of investigation.

       

      Any
        indemnified party shall have the right to employ separate counsel in any
        such
        action and to participate in the defense thereof, but the fees and expenses
        of
        such counsel shall be at the expense of such indemnified party unless: (i)
        the
        employment thereof has been specifically authorized by the indemnifying party
        in
        writing; (ii) such indemnified party shall have been advised in writing by
        such
        counsel that there may be one or more legal defenses available to it which
        are
        different from or additional to those available to the indemnifying party
        and in
        the reasonable judgment of such counsel it is advisable for such indemnified
        party to employ separate counsel; or (iii) the indemnifying party has failed
        to
        assume the defense of such action and employ counsel reasonably satisfactory
        to
        the indemnified party, in which case, if such indemnified party notifies
        the
        indemnifying party in writing that it elects to employ separate counsel at
        the
        expense of the indemnifying party, the indemnifying party shall not have
        the
        right to assume the defense of such action on behalf of such indemnified
        party,
        it being understood, however, the indemnifying party shall not, in connection
        with any one such action or separate but substantially similar or related
        actions in the same jurisdiction arising out of the same general allegations
        or
        circumstances, be liable for the reasonable fees and expenses of more than
        one
        separate firm of attorneys (in addition to local counsel) at any time for
        all
        such indemnified parties, which firm shall be designated in writing by the
        Purchaser, if the indemnified parties under this Article V consist of the
        Purchaser, and by the Seller, if the indemnified parties under this Article
        V
        consist of the Seller.

       

      Each
        indemnified party, as a condition of the indemnity agreements, shall use
        its
        reasonable efforts to cooperate with the indemnifying party in the defense
        of
        any such action or claim. No indemnifying party shall be liable for any
        settlement of any such action effected without its written consent (which
        consent shall not be unreasonably withheld), but if settled with its written
        consent or if there be a final judgment for the plaintiff in any such action,
        the indemnifying party agrees to indemnify and hold harmless any indemnified
        party from and against any loss or liability by reason of such settlement
        or
        judgment. Notwithstanding the foregoing sentence, if at any time an indemnified
        party shall have requested an indemnifying party to consent to a settlement
        of
        any action, the indemnifying party agrees that it shall be liable for any
        settlement of any proceeding effected without its written consent if such
        settlement is entered into more than 30 days after receipt by such indemnifying
        party of the aforesaid request and the indemnifying party has not previously
        provided the indemnified party with written notice of its objection to such
        settlement. No indemnifying party shall effect any settlement of any pending
        or
        threatened proceeding in respect of which an indemnified party is or could
        have
        been a party and indemnity is or could have been sought hereunder, without
        the
        written consent of such indemnified party, unless settlement includes an
        unconditional release of such indemnified party from all liability and claims
        that are the subject matter of such proceeding.

       

      ARTICLE
        VI

       

      TERMINATION

       

      Section 6.01  Termination.
        The
        respective obligations and responsibilities of the Seller and the Purchaser
        created hereby shall terminate, except for the Seller’s indemnity obligations as
        provided herein, upon the termination of the Trust as provided in Article
        X of
        the Pooling and Servicing Agreement.

       

      ARTICLE
        VII

       

      MISCELLANEOUS
        PROVISIONS

       

      Section 7.01  Amendment.
        This
        Agreement may be amended from time to time by the Seller and the Purchaser,
        by
        written agreement signed by the Seller and the Purchaser.

       

      Section 7.02  Governing
        Law.
        THIS
        AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF THE
        PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
        INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK WITHOUT REGARDS TO ANY
        CONFLICT OF LAW PROVISIONS. THE PARTIES HERETO INTEND THAT THE PROVISIONS
        OF
        SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS
        AGREEMENT.

       

      Section
        7.03  Notices.
        All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given when delivered as follows: (i) if to the Seller:
        IndyMac Bank, F.S.B., 3465 East Foothill Blvd., 2nd Floor, Pasadena, California
        91107, Attention: Secondary Marketing, or such other address as may hereafter
        be
        furnished to the Purchaser in writing by the Seller; (ii) if to the Purchaser:
        IndyMac MBS, Inc., 3465 East Foothill Blvd., 2nd Floor, Pasadena, California
        91107, Attention: Secondary Marketing, or such other address as may hereafter
        be
        furnished to the Seller in writing by the Purchaser.

       

      Section
        7.04  Severability
        of Provisions.
        If any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall be held invalid for any reason whatsoever, 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 of enforceability of the other provisions of this
        Agreement.

       

      Section
        7.05  Counterparts.
        This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original, and such counterparts, together, shall constitute
        one and the same agreement.

       

      Section
        7.06  Further
        Agreements.
        The
        Purchaser and the Seller each agree to execute and deliver to the other such
        additional documents, instruments or agreements as may be necessary or
        reasonable and appropriate to effectuate the purposes of this Agreement or
        in
        connection with the issuance of the Certificates representing interests in
        the
        Mortgage Loans.

       

      Without
        limiting the generality of the foregoing, as a further inducement for the
        Purchaser to purchase the Mortgage Loans from the Seller, the Seller will
        cooperate with the Purchaser in connection with the sale of any of the
        securities representing interests in the Mortgage Loans. In that connection,
        the
        Seller will provide to the Purchaser any and all information and appropriate
        verification of information, whether through letters of its auditors and
        counsel
        or otherwise, as the Purchaser shall reasonably request and will provide
        to the
        Purchaser such additional representations and warranties, covenants, opinions
        of
        counsel, letters from auditors, and certificates of public officials or officers
        of the Seller as are reasonably required in connection with such transactions
        and the offering of investment grade securities rated by the Rating
        Agencies.

       

      Section
        7.07  Intention
        of the Parties.
        It is
        the intention of the parties that the Purchaser is purchasing, and the Seller
        is
        selling, the Mortgage Loans rather than pledging the Mortgage Loans to secure
        a
        loan by the Purchaser to the Seller. Accordingly, the parties hereto each
        intend
        to treat the transaction for federal income tax purposes and all other purposes
        as a sale by the Seller, and a purchase by the Purchaser, of the Mortgage
        Loans.
        In the event the transaction set forth herein is deemed not to be a sale,
        the
        Seller hereby grants to the Purchaser a security interest in all of the Seller’s
        right, title and interest in, to and under the Mortgage Loans and other property
        described above, whether now existing or hereafter created, to secure all
        of the
        Seller’s obligations hereunder; and this Agreement shall constitute a security
        agreement under applicable law. The Purchaser will have the right to review
        the
        Mortgage Loans and the related Mortgage Files to determine the characteristics
        of the Mortgage Loans which will affect the federal income tax consequences
        of
        owning the Mortgage Loans and the Seller will cooperate with all reasonable
        requests made by the Purchaser in the course of such review.

       

      Section
        7.08  Successors
        and Assigns: Assignment of Purchase Agreement.
        This
        Agreement shall bind and inure to the benefit of and be enforceable by the
        Seller, the Purchaser and the Trustee. The obligations of the Seller under
        this
        Agreement cannot be assigned or delegated by the Seller to a third party
        without
        the consent of the Purchaser, which consent shall be at the Purchaser’s sole
        discretion, except that the Purchaser acknowledges and agrees that the Seller
        may assign its obligations hereunder to any Person into which the Seller
        is
        merged or any corporation resulting from any merger, conversion or consolidation
        to which the Seller is a party or any Person succeeding to the business of
        the
        Seller. The parties hereto acknowledge that the Purchaser is acquiring the
        Mortgage Loans for the purpose of contributing them to a trust that will
        issue
        the Certificates representing undivided interests in such Mortgage Loans.
        As an
        inducement to the Purchaser to purchase the Mortgage Loans, the Seller
        acknowledges and consents to the assignment by the Purchaser to the Trustee
        for
        the benefit of the Certificateholders of all of the Purchaser’s rights against
        the Seller pursuant to this Agreement insofar as such rights relate to Mortgage
        Loans transferred to the Trustee and to the enforcement or exercise of any
        right
        or remedy against the Seller pursuant to this Agreement by the Trustee. Such
        enforcement of a right or remedy by the Trustee shall have the same force
        and
        effect as if the right or remedy had been enforced or exercised by the Purchaser
        directly.

       

      Section
        7.09  Survival.
        The
        representations and warranties set forth in Sections 3.01 and 3.02, the remedies
        set forth in Section 3.03 and the provisions of Article V hereof shall survive
        the purchase of the Mortgage Loans hereunder.

       

      Section
        7.10  Third
        Party Beneficiary. 
        The Certificate Insurer, if any, shall be a third party beneficiary hereof,
        until such time as the Certificate Principal Balance of the Class A Certificates
        has been reduced to zero and all amounts owed to the Certificate Insurer
        have
        been paid in full, and may enforce the terms hereof as if a party hereto.
        The
        Trustee shall be a third party beneficiary hereof.

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Seller and the Purchaser have caused their names to
        be
        signed to this Mortgage Loan Purchase Agreement by their respective officers
        thereunto duly authorized as of the day and year first above
        written.

       

      
        	 	 	 	 	 	 	
                INDYMAC
                  MBS, INC., as Purchaser

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name: 

              
	 	 	 	 	 	 	 	
                Title: 

              

      

      

      
        	 	 	 	 	 	 	
                INDYMAC
                  BANK, F.S.B., as Seller

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name: 

              
	 	 	 	 	 	 	 	
                Title: 

              

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                SCHEDULE
                  I

              

      

      

       

      MORTGAGE
        LOAN SCHEDULE

       

      (Available
        Upon Request)

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      
        	
                EXHIBIT
                  A

              

      

      

      

      Representations
        and Warranties of the Seller Regarding the Mortgage
        Loans.

       

      The
        Seller hereby represents and warrants to the Purchaser, as of the Closing
        Date,
        or if so specified herein, as of the related Cut-off Date as
        follows.

       

      (i) The
        information set forth on the Mortgage Loan Schedule as to each Mortgage Loan
        is
        true and correct as of the Cut-off Date.

       

      (ii) As
        of the
        Closing Date, all regularly scheduled Monthly Payments due with respect to
        each
        Mortgage Loan up to and including the first day of the month before the Cut-off
        Date have been made; and as of the Cut-off Date, no Mortgage Loan had more
        than
        one regularly scheduled Monthly Payment that was 30 or more days Delinquent
        during the twelve months before the Cut-off Date.

       

      (iii) With
        respect to each Mortgage Loan, the related Mortgage is a valid and enforceable
        first lien on the Mortgaged Property, subject only to (a) the lien of
        nondelinquent current real property taxes and assessments, (b) covenants,
        conditions and restrictions, rights of way, easements and other matters of
        public record as of the date of recording of such Mortgage, such exceptions
        appearing of record being generally acceptable to mortgage lending institutions
        in the area wherein the related Mortgaged Property is located or specifically
        reflected in the appraisal made in connection with the origination of the
        related Mortgage Loan, and (c) other matters to which like properties are
        commonly subject which do not materially interfere with the benefits of the
        security intended to be provided by such Mortgage.

       

      (iv) Immediately
        before the assignment of the Mortgage Loans to the Purchaser, the Seller
        had
        good title to, and was the sole owner of, each Mortgage Loan free and clear
        of
        any pledge, lien, encumbrance 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 the same pursuant to this
        Agreement.

       

      (v) As
        of the
        date of origination of each Mortgage Loan, there was no delinquent tax or
        assessment lien against the related Mortgaged Property. Except for payment
        defaults permitted in clause (ii) above, there are no defaults in complying
        with
        the terms of the Mortgage, or an escrow of funds has been established in
        an
        amount sufficient to pay for every such item which remains unpaid and which
        has
        been assessed but is not yet due and payable. The Seller has not advanced
        funds,
        or induced, solicited or knowingly received any advance of funds by a party
        other than the Mortgagor, directly or indirectly, for the payment of any
        amount
        required under the Mortgage Loan, except for interest accruing from the date
        of
        the Mortgage Note or date of disbursement of the Mortgage Loan proceeds,
        whichever is earlier, to the date which precedes by one month the Due Date
        of
        the first installment of principal and interest.

       

      (vi) There
        is
        no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
        including the obligation of the Mortgagor to pay the unpaid principal of
        or
        interest on such Mortgage Note. No Mortgagor has been released, in whole
        or in
        part, except in connection with an assumption agreement, approved by the
        issuer
        of the title insurer, to the extent required by the policy, and which assumption
        agreement is part of the Mortgage Loan File delivered to the Custodian or
        to
        such other Person as the Purchaser shall designate in writing and the terms
        of
        which are reflected in the Mortgage Loan Schedule.

       

      (vii) There
        are
        no mechanics’ liens or claims for work, labor or material affecting any
        Mortgaged Property which are or may be a lien prior to or equal with, the
        lien
        of such Mortgage, except those which are insured against by the title insurance
        policy referred to in item (xi) below.

       

      (viii) No
        Mortgaged Property has been materially damaged by water, fire, earthquake,
        windstorm, flood, tornado, hurricane or similar casualty (excluding casualty
        from the presence of hazardous wastes or hazardous substances, as to which
        the
        Seller makes no representation) so as to affect adversely the value of the
        related Mortgaged Property as security for the Mortgage Loan.

       

      (ix) Each
        Mortgage Loan at origination complied in all material respects with applicable
        local, state and federal laws and regulations, including usury, equal credit
        opportunity, anti-money laundering laws, real estate settlement procedures
        and
        truth-in-lending and disclosure laws, or any noncompliance does not have
        a
        material adverse effect on the value of the related Mortgage Loan.

       

      (x) As
        of the
        Closing Date the Seller has not: modified the Mortgage in any material respect
        (except that a Mortgage Loan may have been modified by a written instrument
        which has been recorded or submitted for recordation, if necessary, to protect
        the interests of the Purchaser and which has been delivered to the Purchaser);
        satisfied, cancelled or subordinated such Mortgage in whole or in part; released
        the related Mortgaged Property in whole or in part from the lien of such
        Mortgage; or executed any instrument of release, cancellation, modification
        or
        satisfaction with respect thereto.

       

      (xi) A
        lender’s policy of title insurance, together with extended coverage endorsement,
        if applicable, in an amount at least equal to the Stated Principal Balance
        of
        each such Mortgage Loan as of the Cut-off Date or a commitment (binder) to
        issue
        the same was effective on the date of the origination of each Mortgage Loan
        and
        each such policy is valid and remains in full force and effect.

       

      (xii) To
        the
        best of the Seller’s knowledge, all inspections, licenses and certificates
        required to be made or issued with respect to the Mortgaged Property and,
        with
        respect to the use of the same, have been made or obtained from the appropriate
        authorities, unless the lack thereof would not have a material adverse effect
        on
        the value of the Mortgaged Property. All parties to the Mortgage Note, the
        Mortgage and any other such related agreement had legal capacity to enter
        into
        the Mortgage Loan and to execute and deliver the Mortgage Note, the Mortgage
        and
        any such agreement, and the Mortgage Note, the Mortgage and any other such
        related agreement have been duly and properly executed by other such related
        parties. The Seller has reviewed all of the documents constituting the Mortgage
        File.

       

      (xiii) The
        Mortgage Note and the related Mortgage are genuine, and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms and under applicable law.

       

      (xiv) The
        proceeds of the Mortgage Loan have been fully disbursed and there is no
        requirement for future advances thereunder.

       

      (xv) The
        related Mortgage contains customary and enforceable provisions which render
        the
        rights and remedies of the holder thereof adequate for the realization against
        the Mortgaged Property of the benefits of the security, including, (i) in
        the
        case of a Mortgage designated as a deed of trust, by trustee’s sale, and (ii)
        otherwise by judicial foreclosure. There is no homestead or other exemption
        available to a Mortgagor which would interfere with the right to sell the
        Mortgaged Property at a trustee’s sale or the right to foreclose the Mortgage,
        subject to applicable federal and state laws and judicial precedent with
        respect
        to bankruptcy and right of redemption or similar law.

       

      (xvi) With
        respect to each Mortgage constituting a deed of trust, a trustee, duly qualified
        under applicable law to serve as such, has been properly designated and
        currently so serves and is named in such Mortgage, and no fees or expenses
        are
        or will become payable by the Purchaser to the trustee under the deed of
        trust,
        except in connection with a trustee’s sale after default by the
        Mortgagor.

       

      (xvii) To
        the
        best of the Seller’s knowledge, there is no proceeding pending or threatened for
        the total or partial condemnation of any Mortgaged Property, nor is such
        a
        proceeding currently occurring.

       

      (xvii) To
        the
        best of the Seller’s knowledge, there is no material event which, with the
        passage of time or with notice and the expiration of any grace or cure period,
        would constitute a material non-monetary default, breach, violation or event
        of
        acceleration under the Mortgage or the related Mortgage Note; and the Seller
        has
        not waived any material non-monetary default, breach, violation or event
        of
        acceleration.

       

      (xviii) Each
        Mortgage File contains an appraisal of the related Mortgaged Property in
        a form
        acceptable to Fannie Mae or Freddie Mac.

       

      (xix) Any
        leasehold estate securing a Mortgage Loan has a stated term at least as long
        as
        the term of the related Mortgage Loan.

       

      (xx) Each
        Mortgage Loan was selected from among the outstanding residential lot mortgage
        loans in the Seller’s portfolio at the Closing Date as to which the
        representations and warranties made with respect to the Mortgage Loans set
        forth
        herein can be made. No such selection was made in a manner intended to adversely
        affect the interests of the Purchaser.

       

      (xxi) Each
        Mortgage Loan constitutes a “qualified mortgage” within the meaning of Section
        860G(a)(3) of the Code.

       

      (xxii) As
        of the
        Closing Date, no two Mortgaged Properties are mortgaged by any one
        borrower.

       

      (xxiii) None
        of
        the Mortgage Loans are classified as (a) “high cost” loans under the Home
        Ownership and Equity Protection Act of 1994 or (b) “high cost,” “threshold,”
“covered,” “predatory” or “abusive” loans under any other applicable state,
        federal or local law.

       

      (xxiv) No
        Mortgage Loans are subject to the Georgia Fair Lending Act (“GFLA”), effective
        from October 1, 2002 to March 6, 2003.

       

      (xxv) No
        Mortgage Loan is subject to the requirements of the Home Ownership and Equity
        Protection Act of 1994 (“HOEPA”) and no Mortgage Loan is in violation of any
        state law or ordinance similar to HOEPA.

       

      (xxvi) Each
        Prepayment Charge is enforceable against and was originated in compliance
        with
        all federal, state and local laws, (except to the extent that (i) the
        enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
        receivership and other similar laws relating to creditors’ rights generally and
        (ii) the collectability thereof may be limited due to acceleration in connection
        with a foreclosure or other involuntary payoff).

       

      (xxvii) No
        loan
        is a high cost loan or a covered loan, as applicable (as such terms are defined
        in the then-current version of Standard & Poor’s LEVELS which is now Version
        5.6(c) Glossary Revised, Appendix E).

       

      (xxviii) The
        Mortgage has not been satisfied, canceled, subordinated or rescinded, in
        whole
        or in part, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Seller has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Seller waived any default resulting from any action
        or
        inaction by the Mortgagor.

       

      (xxix) The
        Mortgaged Property is a fee simple property located in the state identified
        in
        the Mortgage Loan Schedule, except that with respect to real property located
        in
        jurisdictions in which the use of leasehold estates for residential properties
        is a widely-accepted practice, the Mortgaged Property may be a leasehold
        estate.
        If the Mortgage Loan is secured by a long-term residential lease: (1) the
        lessor
        under the lease holds a fee simple interest in the land; (2) the terms of
        such
        lease expressly permit the mortgaging of the leasehold estate, the assignment
        of
        the lease without the lessor’s consent and the acquisition by the holder of the
        Mortgage of the rights of the lessee upon foreclosure or assignment in lieu
        of
        foreclosure or provide the holder of the Mortgage with substantially similar
        protections; (3) the terms of such lease do not (a) allow the termination
        thereof upon the lessee’s default without the holder of the Mortgage being
        entitled to receive written notice of, and opportunity to cure, such default,
        (b) allow the termination of the lease in the event of damage or destruction
        as
        long as the Mortgage is in existence, (c) prohibit the holder of the Mortgage
        from being insured (or receiving proceeds of insurance) under the hazard
        insurance policy or policies relating to the Mortgaged Property or (d) permit
        any increase in rent other than pre-established increases set forth in the
        lease; and (4) the term of such lease does not terminate earlier than five
        years
        after the maturity date of the Mortgage Note.

       

      (xxx) The
        Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
        in
        effect as of the date of origination of such Mortgage Loan, as set forth
        in the
        Prospectus Supplement. The Mortgage Note and Mortgage are on forms generally
        acceptable to Freddie Mac or Fannie Mae and the Seller has not made any
        representations to a Mortgagor that are inconsistent with the mortgage
        instruments used.

       

      (xxxi) To
        the
        best of the Seller’s knowledge, there is no pending action or proceeding
        directly involving the Mortgaged Property in which compliance with any
        environmental law, rule or regulation is an issue.

       

      (xxxii) The
        Mortgagor has not notified the Seller, and the Seller has no knowledge of
        any
        relief requested or allowed to the Mortgagor under the Relief Act.

       

      (xxxiii) Each
        original Mortgage was recorded and all subsequent assignments of the original
        Mortgage (other than the assignment to the Purchaser) have been recorded
        in the
        appropriate jurisdictions wherein such recordation is necessary to perfect
        the
        lien thereof as against creditors of the Seller, or is in the process of
        being
        recorded.

       

      (xxxiv) No
        Mortgage Loan is (a) subject to, covered by or in violation of the provisions
        of
        HOEPA, (b) a “high cost”, “covered” (except with respect to purchase money
“covered loans” under the New Jersey Home Ownership Security Act of 2002),
“abusive”, “predatory”, “home loan”, “Oklahoma Section 10” or “high risk”
mortgage loan (or a similarly designated loan using different terminology)
        under
        any federal, state or local law, including without limitation, the provisions
        of
        the Georgia Fair Lending Act, New York Banking Law, Section 6-1, the City
        of
        Oakland, California Anti-Predatory Lending Ordinance No. 12361, the Arkansas
        Home Loan Protection Act, effective as of June 14, 2003, Kentucky State Statute
        KRS 360.100, effective as of June 25, 2003, the New Jersey Home Ownership
        Security Act of 2002, the New Mexico Home Loan Protection Act (N.M. Stat.
        Ann.
§§ 58-21A-1 et seq.), the Illinois High-Risk Home Loan Act (815 Ill. Comp. Stat.
        137/1 et seq.), the Oklahoma Home Ownership and Equity Protection Act, Nevada
        Assembly Bill No. 284, effective as of Oct. 1, 2003, the Minnesota Residential
        Mortgage Originator and Servicer Licensing Act (MN Stat. §58.137), the South
        Carolina High-Cost and Consumer Home Loans Act, effective January 1, 2004,
        or
        any other statute or regulation providing assignee liability to holders of
        such
        mortgage loans, or (c) subject to or in violation of any such or comparable
        federal, state or local statutes or regulations.

       

      (xxxv) The
        Mortgage Loan is not subject to any outstanding litigation for fraud,
        origination, predatory lending, servicing or closing practices.

       

      (xxxvi) Each
        Mortgage Loan has been serviced in all material respects in compliance with
        all
        applicable federal, state and local laws.

       

      (xxxvii) The
        Mortgage contains an enforceable provision (except as such enforcement may
        be
        effected by bankruptcy and insolvency laws or by general principals of equity)
        for the acceleration of the payment of the unpaid principal balance of the
        Mortgage Loan in the event that the Mortgaged Property is sold or transferred
        without the prior written consent of the mortgagee thereunder, and to the
        best
        of the Seller’s knowledge, such provision is enforceable.

       

      (xxxviii) None
        of
        the Fixed-Rate Mortgage Loans are, by their terms, assumable.

       

      (xxxix) To
        the
        best of Seller’s knowledge there was no fraud involved in the origination of any
        Mortgage Loan by the Mortgagee or by the Mortgagor, any Appraiser or any
        Other
        Party involved in the origination of the Mortgage Loan. 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      D

     

    MORTGAGE
      LOAN SCHEDULE

     

    

     

    (Available
      upon request)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      E

     

    REQUEST
      FOR RELEASE OF DOCUMENTS

     

    
      	
              To:

            	
              Deutsche
                Bank National Trust Company

            

    

    1761
      East
      St. Andrew Place

    Santa
      Ana, California 92705-4934

    Attention:
      Trust Administration - IN06L2

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement dated as of June 1, 2006 among IndyMac MBS,
                Inc.,
                as Depositor, IndyMac Bank, F.S.B., as Seller and Servicer, and Deutsche
                Bank National Trust Company, as Trustee with respect to IndyMac MBS,
                Inc.,
                Residential Mortgage-Backed Trust, Series
                2006-L2

            

    

     

    In
      connection with the administration of the Mortgage Loans held by you as Trustee
      pursuant to the above-captioned Pooling and Servicing Agreement, we request
      the
      release, and hereby acknowledge receipt of the Trustee’s Mortgage File Or the
      Mortgage Loan described below, for the reason indicated.

     

    Mortgage
      Loan Number:

     

    Mortgagor
      Name. Address & Zip Code:

     

    Reason
      for Requesting Documents (check one):

     

    ______1. Mortgage
      Paid in Full

     

    ______2.
       Foreclosure

     

    ______3.
       Substitution

     

    ______4. Other
      Liquidation (Repurchases, etc.)

     

    ______5. Nonliquidation
      Reason:

     

    Address
      to which Trustee should deliver

    the
      Trustee’s Mortgage File:

    ______________________________________________________________________________

    ______________________________________________________________________________

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              By:

            	 
	 	 	
              (authorized
                agent)

            
	 	 	 
	 	
              Issuer:

            	 
	 	 	 
	 	 	 
	 	 	 
	 	
              Address:

            	 
	 	 	 
	 	 	 
	 	
              Date:

            	 
	 	 	 

    

    

    Trustee

     

    Deutsche
      Bank National Trust Company

     

    
      	
              Please
                acknowledge the execution of the above request by your signature
                and date
                below:

            
	 	 	 	 
	
              Signature

            	 	
              Date

            	 
	 	 	 
	
              Documents
                returned to Trustee:

            	 	 
	 	 	 	 
	 	 	 	 
	
              Trustee

            	 	
              Date

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      F-1

     

    FORM
      OF
      TRUSTEE’S INITIAL CERTIFICATION

     

    _______________,
      200__

    

    
      	
              IndyMac
                MBS, Inc.

              155
                North Lake Avenue

              Pasadena,
                California 91101

            	 

    

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement dated as of June 1, 2006 among IndyMac MBS,
                Inc.,
                as Depositor, IndyMac Bank, F.S.B., as Seller and Servicer, and Deutsche
                Bank National Trust Company, as Trustee with respect to IndyMac MBS,
                Inc.,
                Residential Mortgage-Backed Trust, Series
                2006-L2

            

    

    

    Ladies
      and Gentlemen:

     

    Attached
      is the Trustee’s preliminary exception report delivered in accordance with
      Section 2.02 of the referenced Pooling and Servicing Agreement (the “Pooling and
      Servicing Agreement”). Capitalized terms used but not otherwise defined herein
      shall have the meanings set forth in the Pooling and Servicing
      Agreement.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement. The Trustee makes no representations as to (i) the
      validity, legality, sufficiency, enforceability or genuineness of any of the
      documents contained in the Mortgage File pertaining to the Mortgage Loans
      identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
      effectiveness or suitability of any such Mortgage Loan or (iii) whether any
      Mortgage File included any of the documents specified in clause (vi) of Section
      2.01 of the Pooling and Servicing Agreement.

     

    
      	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST

              COMPANY

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      F-2

     

    FORM
      OF
      TRUSTEE’S FINAL CERTIFICATION

     

    
      	 	 
	 	
              [Date]

            

    

    

     

    
      	
              IndyMac
                MBS, Inc.

              155
                North Lake Avenue

              Pasadena,
                California 91101

            

    

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement dated as of June 1, 2006 among IndyMac MBS,
                Inc.,
                as Depositor, IndyMac Bank, F.S.B., as Seller and Servicer, and Deutsche
                Bank National Trust Company, as Trustee with respect to IndyMac MBS,
                Inc.,
                Residential Mortgage-Backed Trust, Series
                2006-L2

            

    

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement, the
      undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed
      in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or
      listed on Schedule I hereto) it (or its custodian) has received the applicable
      documents listed in Section 2.01 of the Pooling and Servicing
      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 above 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 (1), (3), (10), (11), (15) and
      (18) in the definition of Mortgage Loan Schedule is correct.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement. This Certificate is qualified
      in
      all respects by the terms of said Pooling and Servicing Agreement.

     

    
      	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST

              COMPANY

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 

    

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F-3

     

    FORM
      OF
      RECEIPT OF MORTGAGE NOTE

     

    

    
      	
              IndyMac
                MBS, Inc.

              155
                North Lake Avenue

              Pasadena,
                California 91101

            	 

    

    

    
      	 	
              Re:

            	
              IndyMac
                MBS, Inc., IndyMac Residential Mortgage-Backed Trust, Series

              2006-L2,
                Mortgage-Backed Certificates 

            

    

    

    Ladies
      and Gentlemen:

     

    Pursuant
      to Section 2.01 of the Pooling and Servicing Agreement, dated as of June 1,
      2006, among IndyMac MBS, Inc. as Depositor, IndyMac Bank, F.S.B. as Seller
      and
      Servicer and Deutsche Bank National Trust Company as Trustee (the “Trustee”), we
      hereby acknowledge the receipt of the original Mortgage Notes with any
      exceptions thereto listed on Exhibit 1.

     

    
      	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST

              COMPANY

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      G

     

    RESERVED

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      H

     

    FORM
      OF
      LOST NOTE AFFIDAVIT

     

    Personally
      appeared before me the undersigned authority to administer oaths,
      ___________________ who first being duly sworn deposes and says: Deponent is
      ___________ of _____________, successor by merger to ________________ (“Seller”)
      and who has personal knowledge of the facts set out in this
      affidavit.

     

    On
      ______________________, ________ did execute and deliver a promissory note
      in
      the principal amount of $__________.

     

    That
      said
      note has been misplaced or lost through causes unknown and is presently lost
      and
      unavailable after diligent search has been made. Seller’s records show that an
      amount of principal and interest on said note is still presently outstanding,
      due, and unpaid, and Seller is still owner and holder in due course of said
      lost
      note.

     

    Seller
      executes this Affidavit for the purpose of inducing Deutsche Bank National
      Trust
      Company, as trustee on behalf of IndyMac MBS, Inc., IndyMac Residential
      Mortgage-Backed Trust 2006-L2, Mortgage Backed Certificates, Series 2006-L2,
      to
      accept the transfer of the above described loan from Seller.

     

    Seller
      agrees to indemnify Deutsche Bank National Trust Company, IndyMac MBS, Inc.
      and
      IndyMac Bank, F.S.B. harmless for any losses incurred by such parties resulting
      from the above described promissory note has been lost or
      misplaced.

     

    By: _______________

    _______________

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      this
      _____ day of _____________, 20__, before me, a Notary Public, in and for said
      County and State, appeared ___________________, who acknowledged the extension
      of the foregoing and who, having been duly sworn, states that any
      representations therein contained are true.

     

    Witness
      my hand and Notarial Seal this _____________ day of 20__.

     

    _______________________

    _______________________

    My
      commission expires _____________.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      I

     

    FORM
      OF
      CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

    

    
      	 	
               [DATE]

               

               

               

            
	
              IndyMac
                MBS, Inc.

              155
                North Lake Avenue

              Pasadena,
                California 91101

            	
              Deutsche
                Bank National Trust Company

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705-4934

              Attention:
                Trust Administration - IN06L2

            

    

    

    
      	 	
              Re:

            	
              IndyMac
                MBS Inc., IndyMac Residential Mortgage-Backed Trust 2006-L2,

              Mortgage-Backed
                Certificates, Series 2006-L2

            

    

    

    Ladies
      and Gentlemen:

     

    _______________________________
      (the “Transferee”) intends to acquire from __________________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance of IndyMac
      Residential Mortgage-Backed Trust 2006-L2, Mortgage Backed Certificates, Series
      2006-L2, Class ___ (the “Certificates”), issued pursuant to a Pooling and
      Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of June 1,
      2006 among IndyMac MBS, Inc. as depositor (the “Depositor”), IndyMac Bank,
      F.S.B. as seller (the “Seller”) and servicer (the “Servicer”) and Deutsche Bank
      National Trust Company as trustee (the “Trustee”). Capitalized terms used herein
      and not otherwise defined shall have the meanings assigned thereto in the
      Pooling and Servicing Agreement. The Transferee hereby certifies, represents
      and
      warrants to, and covenants with the Depositor, the Trustee and the Servicer
      the
      following:

     

    The
      Certificates (i) are not being acquired by, and will not be transferred to,
      any
      employee benefit plan within the meaning of section 3(3) of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or other
      retirement arrangement, including individual retirement accounts and annuities,
      Keogh plans and bank collective investment funds and insurance company general
      or separate accounts in which such plans, accounts or arrangements are invested,
      that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
      Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
      acquired with “plan assets” of a Plan within the meaning of the Department of
      Labor (“DOL”) regulation, 29 C.F.R. § 2510.3-101 and (iii) will not be
      transferred to any entity that is deemed to be investing in plan assets within
      the meaning of the DOL regulation at 29 C.F.R. § 2510.3-101.

     

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

               

              [Transferee]

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      J

     

    FORM
      OF
      RULE 144A INVESTMENT LETTER

     

    [Date]

    

    
      	
              IndyMac
                MBS, Inc.

              155
                North Lake Avenue

              Pasadena,
                California 91101

            	
              Deutsche
                Bank National Trust Company

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705-4934

              Attention:
                Trust Administration - IN06L2

            

    

    

    
      	 	
              Re:

            	
              IndyMac
                Residential Mortgage-Backed Trust 2006-L2,

              Mortgage-Backed
                Certificates Series 2006-L2

            

    

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates we certify
      that:

     

    (a)  we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws;

     

    (b)  we
      have
      had the opportunity to ask questions of and receive answers from the Depositor
      concerning the purchase of the Certificates and all matters relating thereto
      or
      any additional information deemed necessary to our decision to purchase the
      Certificates;

     

    (c)  [Reserved];

     

    (d)  we
      have
      not, nor has anyone acting on our behalf offered, transferred, pledged, sold
      or
      otherwise disposed of the Certificates, any interest in the Certificates or
      any
      other similar security to, or solicited any offer to buy or accept a transfer,
      pledge or other disposition of the Certificates, any interest in the
      Certificates or any other similar security from, or otherwise approached or
      negotiated with respect to the Certificates, any interest in the Certificates
      or
      any other similar security with, any person in any manner, or made any general
      solicitation by means of general advertising or in any other manner, or taken
      any other action, that would constitute a distribution of the Certificates
      under
      the Securities Act or that would render the disposition of the Certificates
      a
      violation of Section 5 of the Securities Act or require registration pursuant
      thereto, nor will act, nor has authorized or will authorize any person to act,
      in such manner with respect to the Certificates;

     

    (e)  we
      are a
“qualified institutional buyer” as that term is defined in Rule 144A under the
      Securities Act and have completed either of the forms of certification to that
      effect attached hereto as Annex 1 or Annex 2. We are aware that the sale to
      us
      is being made in reliance on Rule 144A. We are acquiring the Certificates for
      our own account or for resale pursuant to Rule 144A and further, understand
      that
      such Certificates may be resold, pledged or transferred only (i) to a person
      reasonably believed to be a qualified institutional buyer that purchases for
      its
      own account or for the account of a qualified institutional buyer to whom notice
      is given that the resale, pledge or transfer is being made in reliance on Rule
      144A, or (ii) pursuant to another exemption from registration under the
      Securities Act; and

     

    (f)  either
      (i) we are not an employee benefit or other plan subject to the prohibited
      transaction provisions of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA), or Section 4975 of the Internal Revenue Code of 1986, as
      amended (“Plan”), or any other person (including an investment manager, a named
      fiduciary or a trustee of any Plan) acting, directly or indirectly, on behalf
      of
      or purchasing any Certificate with “plan assets” of any Plan within the meaning
      of the Department of Labor (“DOL”) regulation at 29 C.F.R. § 2510.3-101 or (ii)
      we have provided the Trustee with an Opinion of Counsel acceptable to and in
      form and substance satisfactory to the Trustee to the effect that the purchase
      of Certificates is permissible under applicable law, will not constitute or
      result in any non-exempt prohibited transaction under ERISA or Section 4975
      of
      the Code and will not subject the Trustee, the Depositor, the Servicer, the
      Certificate Insurer or the Trust Fund to any obligation or liability (including
      obligations or liabilities under ERISA or Section 4975 of the Code) in addition
      to those undertaken in the Pooling and Servicing Agreement].

     

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

               

              [NAME
                OF TRANSFEREE]

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      1 TO EXHIBIT J

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1.  As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    2.  In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
      discretionary basis $_______1Buyer
      must own and/or invest on a discretionary basis at least $100,000,000 in
      securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
      invest on a discretionary basis at least $10,000,000 in securities.
in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
      category marked below.

     

    _______
      Corporation,
      etc.
      The
      Buyer is a corporation (other than a bank, savings and loan association or
      similar institution), Massachusetts or similar business trust, partnership,
      or
      charitable organization described in Section 501 (c) (3) of the Internal Revenue
      Code of 1986, as amended.

     

    _______
      Bank.
      The
      Buyer (a) is a national bank or banking institution organized under the laws
      of
      any State, territory or the District of Columbia, the business of which is
      substantially confined to banking and is supervised by the State or territorial
      banking commission or similar official or is a foreign bank or equivalent
      institution, and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a copy of which is
      attached hereto.

     

    _______
      Savings
      and Loan.
      The
      Buyer (a) is a savings and loan association, building and loan association,
      cooperative bank, homestead association or similar institution, which is
      supervised and examined by a State or Federal authority having supervision
      over
      any such institutions or is a foreign savings and loan association or equivalent
      institution and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a copy of which is
      attached hereto.

     

    _______
      Broker-dealer.
      The
      Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
      Act of 1934.

     

    _______
      Insurance
      Company.
      The
      Buyer is an insurance company whose primary and predominant business activity
      is
      the writing of insurance or the reinsuring of risks underwritten by insurance
      companies and which is subject to supervision by the insurance commissioner
      or a
      similar official or agency of a State, territory or the District of
      Columbia.

     

    _______
      State
      or Local Plan.
      The
      Buyer is a plan established and maintained by a State, its political
      subdivisions, or any agency or instrumentality of the State or its political
      subdivisions, for the benefit of its employees.

     

    _______
      ERISA
      Plan.
      The
      Buyer is an employee benefit plan within the meaning of Title I of the Employee
      Retirement Income Security Act of 1974.

     

    _______
      Investment
      Advisor.
      The
      Buyer is an investment advisor registered under the Investment Advisors Act
      of
      1940.

     

    _______
      Small
      Business Investment Company.
      Buyer
      is a small business investment company licensed by the U.S. Small Business
      Administration under Section 301(c) or (d) of the Small Business Investment
      Act
      of 1958.

     

    _______
      Business
      Development Company.
      Buyer
      is a business development company as defined in Section 202(a)(22) of the
      Investment Advisors Act of 1940.

     

    3.  The
      term
“securities”
as
      used
      herein does
      not include
      (i)
      securities of issuers that are affiliated with the Buyer, (ii) securities that
      are part of an unsold allotment to or subscription by the Buyer, if the Buyer
      is
      a dealer, (iii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iv) bank deposit notes and certificates of deposit
      (v)
      loan participations, (vi) repurchase agreements, (vii) securities owned but
      subject to a repurchase agreement and (viii) currency, interest rate and
      commodity swaps.

     

    4.  For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published. If clause (ii) in the preceding sentence applies, the securities
      may be valued at market. Further, in determining such aggregate amount, the
      Buyer may have included securities owned by subsidiaries of the Buyer, but
      only
      if such subsidiaries are consolidated with the Buyer in its financial statements
      prepared in accordance with generally accepted accounting principles and if
      the
      investments of such subsidiaries are managed under the Buyer’s direction.
      However, such securities were not included if the Buyer is a majority-owned,
      consolidated subsidiary of another enterprise and the Buyer is not itself a
      reporting company under the Securities Exchange Act of 1934, as
      amended.

     

    5.  The
      Buyer
      acknowledges that it is familiar with Rule 144A and understands that the seller
      to it and other parties related to the Certificates are relying and will
      continue to rely on the statements made herein because one or more sales to
      the
      Buyer may be in reliance on Rule 144A.

     

    6.  Until
      the
      date of purchase of the Rule 144A Securities, the Buyer will notify each of
      the
      parties to which this certification is made of any changes in the information
      and conclusions herein. Until such notice is given, the Buyer’s purchase of the
      Certificates will constitute a reaffirmation of this certification as of the
      date of such purchase. In addition, if the Buyer is a bank or savings and loan
      is provided above, the Buyer agrees that it will furnish to such parties updated
      annual financial statements promptly after they become available.

     

    ________________________________________

      1 Buyer
        must own and/or invest on a discretionary basis at least $100,000,000 in
        securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
        invest on a discretionary basis at least $10,000,000 in securities.

    

     

     

    
      	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              Print
                Name of Buyer

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              Date:

            	 

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      2 TO EXHIBIT J

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1.  As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
      Investment Companies (as defined below), is such an officer of the
      Adviser.

     

    2.  In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, as amended and
      (ii)
      as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
      owned at least $100,000,000 in securities (other than the excluded securities
      referred to below) as of the end of the Buyer’s most recent fiscal year. For
      purposes of determining the amount of securities owned by the Buyer or the
      Buyer’s Family of Investment Companies, the cost of such securities was used,
      except (i) where the Buyer or the Buyers Family of Investment Companies reports
      its securities holdings in its financial statements on the basis of their market
      value, and (ii) no current information with respect to the cost of those
      securities has been published. If clause (ii) in the preceding sentence applies,
      the securities may be valued at market.

     

    ______
      The Buyer owned $_________ in securities (other than the excluded securities
      referred to below) as of the end of the Buyer’s most recent fiscal year (such
      amount being calculated in accordance with Rule 144A).

     

    ______
      The Buyer is part of a Family of Investment Companies which owned in the
      aggregate $_____________ in securities (other than the excluded securities
      referred to below) as of the end of the Buyer’s most recent fiscal year (such
      amount being calculated in accordance with Rule 144A).

     

    3.  The
      term
“Family
      of Investment Companies”
      as used
      herein means two or more registered investment companies (or series thereof)
      that have the same investment adviser or investment advisers that are affiliated
      (by virtue of being majority owned subsidiaries of the same parent or because
      one investment adviser is a majority owned subsidiary of the
      other).

     

    4.  The
      term
“securities”
as
      used
      herein does not include (i) securities of issuers that are affiliated with
      the
      Buyer or are part of the Buyer’s Family of Investment Companies, (ii) securities
      issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank
      deposit notes and certificates of deposit, (iv) loan participations, (v)
      repurchase agreements, (vi) securities owned but subject to a repurchase
      agreement and (vii) currency, interest rate and commodity swaps.

     

    5.  The
      Buyer
      is familiar with Rule 144A and understands that the parties listed in the Rule
      144A Transferee Certificate to which this certification relates are relying
      and
      will continue to rely on the statements made herein because one or more sales
      to
      the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
      purchase for the Buyer’s own account.

     

    6.  Until
      the
      date of purchase of the Certificates, the undersigned will notify the parties
      listed in the Rule 144A Transferee Certificate to which this certification
      relates of any changes in the information and conclusions herein. Until such
      notice is given, the Buyer’s purchase of the Certificates will constitute a
      reaffirmation of this certification by the undersigned as of the date of such
      purchase.

     

    
      	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              Print
                Name of Buyer of Adviser

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              IF
                AN ADVISER:

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              Print
                Name of Buyer

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              Date:

            	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      K

     

    [RESERVED]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      L

     

    FORM
      OF
      TRANSFEROR CERTIFICATE

     

    [DATE]

     

    

    
      	
              IndyMac
                MBS, Inc.

              155
                North Lake Avenue

              Pasadena,
                California 91101

            	 

    

    

    
      	 	
              Re:

            	
              IndyMac
                MBS, Inc., IndyMac Residential Mortgage-Backed Trust 2006-L2,

              Mortgage-Backed
                Certificates, Series 2006-L2

            

    

    

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the above Certificates we certify that (a)
      we
      understand that the Certificates have not been registered under the Securities
      Act of 1933, as amended (the “Act”), and are being disposed by us in a
      transaction that is exempt from the registration requirements of the Act, (b)
      we
      have not offered or sold any Certificates to, or solicited offers to buy any
      Certificates from, any person, or otherwise approached or negotiated with any
      person with respect thereto, in a manner that would be deemed, or taken any
      other action which would result in, a violation of Section 5 of the Act, (c)
      to
      the extent we are disposing of a Class R Certificate, we have no knowledge
      the
      Transferee is not a Permitted Transferee and (d) no purpose of the proposed
      disposition of a Class R Certificate is to impede the assessment or collection
      of tax.

     

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

               

              [TRANSFEROR]

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      M

     

    AFFIDAVIT
      OF TRANSFER OF CLASS R CERTIFICATES

    PURSUANT
      TO SECTION 5.02(D)

     

    INDYMAC
      MBS, INC. INDYMAC RESIDENTIAL MORTGAGE-BACKED TRUST 2006-L2,

    MORTGAGE-BACKED
      CERTIFICATES, SERIES 2006-L2

     

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1.  The
      undersigned is an officer of, the proposed Transferee of an Ownership Interest
      in Class R Certificates (the “Certificate”) issued pursuant to the Pooling and
      Servicing Agreement (the “Agreement”), relating to the above-referenced
      Certificates, among the IndyMac MBS, Inc. (the “Depositor”), IndyMac Bank,
      F.S.B., as seller (the “Seller”) and servicer (the “Servicer”) and Deutsche Bank
      National Trust Company, as trustee (the “Trustee”). Capitalized terms used, but
      not defined herein shall have the meanings ascribed to such terms in the
      Agreement. The Transferee has authorized the undersigned to make this affidavit
      on behalf of the Transferee.

     

    2.  The
      Transferee is, as of the date hereof and will be, as of the date of the
      Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
      Interest in the Certificate either (i) for its own account or (ii) as nominee,
      trustee or agent for another Person and has attached hereto an affidavit from
      such Person in substantially the same form as this affidavit. The Transferee
      has
      no knowledge that any such affidavit is false.

     

    3.  The
      Transferee has been advised of, and understands that (i) a tax will be imposed
      on Transfers of the Certificate to Persons that are not Permitted Transferees;
      (ii) such tax will be imposed on the transferor, or, if such Transfer is through
      an agent (which includes a broker, nominee or middleman) to a Person that is
      not
      a Permitted Transferee, on the agent; and (iii) the Person otherwise liable
      for
      the tax shall be relieved of liability for the tax if the subsequent Transferee
      furnished to such Person an affidavit that such subsequent Transferee is a
      Permitted Transferee and, at the time of Transfer, such Person does not have
      actual knowledge that the affidavit is false.

     

    4.  The
      Transferee has been advised of, and understands that a tax will be imposed
      on a
“pass-through entity” holding the Certificate if at any time during the taxable
      year of the pass-through entity a Person that is not a Permitted Transferee
      is
      the record holder of an interest in such entity. The Transferee understands
      that
      such tax will not be imposed for any period with respect to which the record
      holder furnishes to the pass-through entity an affidavit that such record holder
      is a Permitted Transferee and the pass-through entity does not have actual
      knowledge that such affidavit is false. (For this purpose, a “pass-through
      entity” includes a regulated investment company, a real estate investment trust
      or common trust fund, a partnership, trust or estate, and certain cooperatives
      and, except as may be provided in Treasury Regulations, persons holding
      interests in pass-through entities as a nominee for another
      Person.)

     

    5.  The
      Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
      and
      understands the legal consequences of the acquisition of an Ownership Interest
      in the Certificate including, without limitation, the restrictions on subsequent
      Transfers and the provisions regarding voiding the Transfer and mandatory sales.
      The Transferee expressly agrees to be bound by and to abide by the provisions
      of
      Section 5.02(d) of the Agreement and the restrictions noted on the face of
      the
      Certificate. The Transferee understands and agrees that any breach of any of
      the
      representations included herein shall render the Transfer to the Transferee
      contemplated hereby null and void.

     

    6.  The
      Transferee agrees to require a Transfer Affidavit from any Person to whom the
      Transferee attempts to Transfer its Ownership Interest in the Certificate,
      and
      in connection with any Transfer by a Person for whom the Transferee is acting
      as
      nominee, trustee or agent, and the Transferee will not Transfer its Ownership
      Interest or cause any Ownership Interest to be Transferred to any Person that
      the Transferee knows is not a Permitted Transferee. In connection with any
      such
      Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
      a
      certificate substantially in the form set forth as Exhibit L to the Agreement
      (a
“Transferor Certificate”) to the effect that such Transferee has no actual
      knowledge that the Person to which the Transfer is to be made is not a Permitted
      Transferee.

     

    7.  The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the
      Certificate.

     

    8.  The
      Transferee’s taxpayer identification number is .

     

    9.  The
      Transferee is a United States Person as defined in the Agreement.

     

    10.  The
      Transferee is aware that the Certificate may be a “non-economic residual
      interest” within the meaning of proposed Treasury regulations promulgated
      pursuant to the Code and that the transferor of a non-economic residual interest
      will remain liable for any taxes due with respect to the income on such residual
      interest, unless no significant purpose of the transfer was to impede the
      assessment or collection of tax.

     

    11.  The
      Transferee is not an employee benefit plan that is subject to ERISA or a plan
      that is subject to Section 4975 of the Code, nor is it acting on behalf of
      such
      a plan.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer and its corporate seal to be hereunto affixed, duly attested, this
      _______ day of _______, ____.

     

    
      	 	 	 	 	 	 	 	
              [NAME
                OF TRANSFEREE]

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 

    

    

     

    

    [Corporate
      Seal]

     

    ATTEST:

     

    __________________________

    [Assistant]
      Secretary

     

    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 Transferee, and acknowledged that he executed the same
      as
      his free act and deed and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this ____ day of __________, ____.

     

    

    
      	 
	
              NOTARY
                PUBLIC

            
	
              My
                Commission expires the ____ day of ________, ____.
                

            

    

     

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      N-1

     

    FORM
      OF CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH FORM
      10-K

     

    Re:        
       IndyMac
      MBS Inc.

    IndyMac
      Residential Mortgage-Backed Trust 2006-L2

    Mortgage-Backed
      Certificates, Series 2006-L2  

    

    I,
      [identify the certifying individual], certify that:

     

    1. I
      have
      reviewed this annual report on Form 10-K and all reports on Form 10-D required
      to be filed in respect of the period covered by this report on Form 10-K of
      IndyMac
      Residential Mortgage-Backed Trust 2006-L2, Mortgage-Backed Certificates, Series
      2006-L2
      (the
“Exchange Act Periodic Reports”);

     

    2. Based
      on
      my knowledge, the Exchange Act Periodic Reports, 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 light of the circumstances under
      which
      such statements were made, not misleading with respect to the period covered
      by
      this report;

     

    3. Based
      on
      my knowledge, the distribution, servicing and other information required to
      be
      provided under Form 10-D for the period covered by this report is included
      in
      the Exchange Act Periodic Reports;

     

    4. Based
      on
      my knowledge and the servicer compliance statement(s) required in this report
      under Item 1123 of Regulation AB and except as disclosed in the Exchange Act
      Periodic Reports, the servicer(s) [has/have] fulfilled [its/their] obligations
      under the servicing agreement(s) in all material respects; and; 

     

    5. All
      of
      the reports on assessment of compliance with servicing criteria for asset-backed
      securities and their related attestation reports on assessment of compliance
      with servicing criteria for asset-backed securities required to be included
      in
      this report in accordance with Item 1122 of Regulation AB and Exchange Act
      Rules
      13a-18 and 15d-18 have been included as an exhibit to this report, except as
      otherwise disclosed in this report. Any material instances of noncompliance
      described in such reports have been disclosed in this report on Form
      10-K.

     

    In
      giving
      the certifications above, I have reasonably relied on information provided
      to me
      by the following unaffiliated parties: Deutsche Bank National Trust
      Company.

     

    

     

    Date:
      __________________

     

    
      	 	 
	 	
              [Signature]

              [Title]

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      N-2

    

    TRUSTEE’S
      OFFICER’S CERTIFICATE 

     

    

    I,
      ____________________, a duly elected and acting officer of Deutsche Bank
      National Trust Company (the “Trustee”) hereby certify as follows: 

    

    Reference
      is hereby made to the Pooling and Servicing Agreement dated as of June 1, 2006
      (the “Pooling Agreement”) by and among IndyMac Bank, F.S.B., as seller and
      servicer, IndyMac MBS, Inc., as depositor and Deutsche Bank National Trust
      Company, as trustee and supplemental interest trustee, pursuant to which was
      created the IndyMac
      Residential Mortgage-Backed Trust 2006-L2, Mortgage-Backed Certificates, Series
      2006-L2
      (the
“Trust”). Capitalized terms used herein but not defined shall have the meanings
      assigned to them in the Pooling Agreement. 

    

    1. I
      am an
      authorized officer of the Trustee and I have reviewed this annual report on
      Form
      10-K and all reports on Form 10-D required to be filed in respect of the period
      covered by this report on Form 10-K of IndyMac
      Residential Mortgage-Backed Trust 2006-L2, Mortgage-Backed Certificates, Series
      2006-L2
      (the
“Exchange Act Periodic Reports”);

     

    2. For
      purposes of this certificate, “Relevant Information” means the information in
      the report on assessment of the Trustee’s compliance with the servicing criteria
      set forth in Item 1122(d) of Reg AB (the “Servicing Assessment”), the registered
      public accounting firm’s attestation provided in accordance with Rules 13a-18
      and 15d-18 under the Exchange Act and Section 1122(b) of Reg AB ( the
“Attestation Report”) applicable to the Trustee and the Monthly Statements
      (excluding information provided, or based on information provided, by the
      Servicer or any servicer) and those items in Exhibit S attached to the Pooling
      and Servicing Agreement which indicate the 4.03 statement or the Trustee as
      the
      responsible party during the Relevant Year. Based on my knowledge, the Relevant
      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 light of the circumstances under which such statements were made,
      not
      misleading with respect to the period covered by this annual report;
      and

     

    3. Based
      on
      my knowledge, the distribution information required to be provided by the
      Trustee under the Pooling and Servicing Agreement is included in the Monthly
      Statements.

     

    4. I
      am
      responsible for reviewing the activities performed by the Trustee, as servicer
      under the Pooling Agreement during the Relevant Year. Based upon the review
      required by the Pooling Agreement and except as disclosed in the Servicing
      Assessment or Attestation Report, to the best of my knowledge, the Trustee
      has
      fulfilled its obligations under the Pooling Agreement throughout the Relevant
      Year. Relevant Year shall mean 200__. 

    

    DATED
      as
      of _____________, 200____. 

     

    By:
      _____________________________

    Name:
      _____________________________

    Title:
      __________________________

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      O

    

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

    

    Key:

    X
      -
      obligation

    

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

    

     

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Primary
                Servicer

            	
              Servicer

            	
              Trustee

            	
              Notes

            
	
              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

            	
              X

            	
              X-1

               

            	
              1
                - attest to knowledge but not to process

            
	
              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.

            	
              X

            	
              X

            	 	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the Pool Assets are maintained. 

            	 	 	 	
              NA

            
	
              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

            	 	 
	 	
              Cash
                Collection and Administration

            	 	 	 	 
	
              1122(d)(2)(i)

            	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	 	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	
              X

            	
              X

            	 	 
	
              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

            	
              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

            	 	 
	
              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

            	
              X

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              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

            	 	 
	 	
              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

            	 	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	
              X

            	
              X

            	 	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	 	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	
              X

            	
              X

            	 	 
	 	
              Pool
                Asset Administration

            	 	 	 	 
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	
              X

            	 	 	 
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	
              X

            	 	 	 
	
              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

            	
              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. 

            	
              X

            	 	 	 
	
              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.
                

            	
              X

            	 	 	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents. 

            	
              X

            	 	 	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	
              X

            	 	 	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or unemployment).
                

            	
              X

            	 	 	 
	
              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. 

            	
              X

            	 	 	 
	
              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. 

            	
              X

            	 	 	 
	
              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. 

            	
              X

            	 	 	 
	
              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. 

            	
              X

            	 	 	 
	
              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. 

            	
              X

            	 	 	 
	
              1122(d)(4)(xiv)
                

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements. 

            	
              X

            	
              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

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      P

     

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the Trustee pursuant
      to Section 3.24(a)(iv). If the Trustee is indicated below as to any item, then
      the Trustee is primarily responsible for obtaining that information.

    

    Under
      Item 1 of Form 10-D: a) items marked “4.03 statement” are required to be
      included in the periodic Distribution Date statement under Section 6.07,
      provided by the Trustee based on information received from the Servicer; and
      b)
      items marked “Form 10-D report” are required to be in the Form 10-D report but
      not the 4.03 statement, provided by the party indicated. Information under
      all
      other Items of Form 10-D is to be included in the Form 10-D report.

    

    
      	
              Form

            	
              Item

            	
              Description

            	
              Responsible
                Party

            
	
              10-D

            	
              Must
                be filed within 15 days of the distribution date for the asset-backed
                securities.

            
	
              1

            	
              Distribution
                and Pool Performance Information

            	 
	
              Item
                1121(a) - Distribution and Pool Performance
                Information

            	 
	
              (1)
                Any applicable record dates, accrual dates, determination dates for
                calculating distributions and actual distribution dates for the
                distribution period.

            	
              4.03
                statement

            
	
              (2)
                Cash flows received and the sources thereof for distributions, fees
                and
                expenses.

            	
              4.03
                statement

            
	
              (3)
                Calculated amounts and distribution of the flow of funds for the
                period
                itemized by type and priority of payment, including:

            	
              4.03
                statement

            
	
              (i)
                Fees or expenses accrued and paid, with an identification of the
                general
                purpose of such fees and the party receiving such fees or
                expenses.

            	
              4.03
                statement

            
	
              (ii)
                Payments accrued or paid with respect to enhancement or other support
                identified in Item 1114 of Regulation AB (such as insurance premiums
                or
                other enhancement maintenance fees), with an identification of the
                general
                purpose of such payments and the party receiving such
                payments.

            	
              4.03
                statement

            
	
              (iii)
                Principal, interest and other distributions accrued and paid on the
                asset-backed securities by type and by class or series and any principal
                or interest shortfalls or carryovers.

            	
              4.03
                statement

            
	
              (iv)
                The amount of excess cash flow or excess spread and the disposition
                of
                excess cash flow.

            	
              4.03
                statement

            
	
              (4)
                Beginning and ending principal balances of the asset-backed
                securities.

            	
              4.03
                statement

            
	
              (5)
                Interest rates applicable to the pool assets and the asset-backed
                securities, as applicable. Consider providing interest rate information
                for pool assets in appropriate distributional groups or incremental
                ranges.

            	
              4.03
                statement

            
	
              (6)
                Beginning and ending balances of transaction accounts, such as reserve
                accounts, and material account activity during the period.

            	
              4.03
                statement

            
	
              (7)
                Any amounts drawn on any credit enhancement or other support identified
                in
                Item 1114 of Regulation AB, as applicable, and the amount of coverage
                remaining under any such enhancement, if known and
                applicable.

            	
              4.03
                statement

            
	
              (8)
                Number and amount of pool assets at the beginning and ending of each
                period, and updated pool composition information, such as weighted
                average
                coupon, weighted average life, weighted average remaining term, pool
                factors and prepayment amounts.

            	
              4.03
                statement

               

              Updated
                pool composition information fields to be as specified by Depositor
                from
                time to time

            
	
              (9)
                Delinquency and loss information for the period. 

               

              In
                addition, describe any material changes to the information specified
                in
                Item 1100(b)(5) of Regulation AB regarding the pool
                assets.

            	
              4.03
                statement.

               

               

              Form
                10-D report: Servicer

            
	
              (10)
                Information on the amount, terms and general purpose of any advances
                made
                or reimbursed during the period, including the general use of funds
                advanced and the general source of funds for
                reimbursements.

            	
              4.03
                statement

            
	
              (11)
                Any material modifications, extensions or waivers to pool asset terms,
                fees, penalties or payments during the distribution period or that
                have
                cumulatively become material over time.

            	
              4.03
                statement

            
	
              (12)
                Material breaches of pool asset representations or warranties or
                transaction covenants.

            	
              Form
                10-D report: Securities Adminstrator (subject to Depositor
                approval)

            
	
              (13)
                Information on ratio, coverage or other tests used for determining
                any
                early amortization, liquidation or other performance trigger and
                whether
                the trigger was met.

            	
              4.03
                statement

            
	
              (14)
                Information regarding any new issuance of asset-backed securities
                backed
                by the same asset pool, 

               

              [information
                regarding] any pool asset changes (other than in connection with
                a pool
                asset converting into cash in accordance with its terms), such as
                additions or removals in connection with a prefunding or revolving
                period
                and pool asset substitutions and repurchases (and purchase rates,
                if
                applicable), and cash flows available for future purchases, such
                as the
                balances of any prefunding or revolving accounts, if
                applicable.

               

              Disclose
                any material changes in the solicitation, credit-granting, underwriting,
                origination, acquisition or pool selection criteria or procedures,
                as
                applicable, used to originate, acquire or select the new pool
                assets.

            	
              Form
                10-D report: Depositor

               

               

              Form
                10-D report: Servicer

               

               

               

               

               

              Form
                10-D report: Servicer

            
	
              Item
                1121(b) - Pre-Funding or Revolving Period Information

               

              Updated
                pool information as required under Item 1121(b).

            	
              Depositor

            
	
              2

            	
              Legal
                Proceedings

            	 
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

               

              Sponsor
                (Seller)

               

              Depositor

               

              Trustee

               

              Issuing
                entity

               

              Servicer,
                affiliated Servicer, other Servicer servicing 20% or more of pool
                assets
                at time of report, other material servicers

               

              Originator
                of 20% or more of pool assets as of the Cut-off Date

            	
              Sponsor

               

              Depositor

               

              Trustee

               

              Depositor

               

              Servicer

               

               

              Servicer

            
	
              3

            	
              Sales
                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

            
	
              4

            	
              Defaults
                Upon Senior Securities

            	 
	
              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default (after expiration of any grace
                period and provision of any required notice)

            	
               

               

              Trustee

            
	
              5

            	
              Submission
                of Matters to a Vote of Security Holders

            	 
	
              Information
                from Item 4 of Part II of Form 10-Q

            	
              Party
                submitting the matter to Holders for vote

            
	
              6

            	
              Significant
                Obligors of Pool Assets

            	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information*

            	
              Servicer

            
	
              *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.

            	 
	
              7

            	
              Significant
                Enhancement Provider Information

            	 
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

               

              Determining
                applicable disclosure threshold

               

               

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
              Depositor

            
	
              Item
                1115(b) - Derivative Counterparty Financial Information*

               

              Determining
                current maximum probable exposure

               

              Determining
                current significance percentage

               

               

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

               

              Depositor

               

              Trustee

               

               

              Trustee

            
	
              *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.

            	 
	
              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

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                below

            
	
              9

            	
              Exhibits

            	 
	
              Distribution
                report

            	
              Trustee

            
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	
              Depositor

            
	
              8-K

            	
              Must
                be filed within four business days of an event reportable on Form
                8-K.

            
	
              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

            	
              Servicer;
                or any of the following that is a party to the agreement if Servicer
                is
                not: Trustee, Sponsor, Depositor

            
	
              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.

            	
              Servicer;
                or any of the following that is a party to the agreement if Servicer
                is
                not: Trustee, Sponsor, Depositor

            
	
              1.03

            	
              Bankruptcy
                or Receivership

            	 
	
              Disclosure
                is required regarding the bankruptcy or receivership, if known to
                the
                Servicer, with respect to any of the following: 

               

              Sponsor
                (Seller), Depositor, Servicer, affiliated Servicer, other Servicer
                servicing 20% or more of pool assets at time of report, other material
                servicers, Trustee, significant obligor, credit enhancer (10% or
                more),
                derivatives counterparty

            	
              Servicer

            
	
              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 4.03 statement

            	
              Servicer

            
	
              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 Pooling and Servicing
                Agreement

            	
              Trustee

            
	
              5.03

            	
              Amendments
                to Articles of Incorporation or Bylaws; Change in Fiscal
                Year

            	 
	
              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”

            	
              Depositor

            
	
              5.06

            	
              Change
                in Shell Company Status

            	 
	
              [Not
                applicable to ABS issuers]

            	
              Depositor

            
	
              6.01

            	
              ABS
                Informational and Computational Material

            	 
	
              [Not
                included in reports to be filed under Section 3.18]

            	
              Depositor

            
	
              6.02

            	
              Change
                of Servicer or Trustee

            	 
	
              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                servicer, affiliated servicer, other servicer servicing 10% or more
                of
                pool assets at time of report, other material servicers, certificate
                administrator or trustee. Reg AB disclosure about any new servicer
                or
                trustee is also required.

            	
              Trustee
                or Servicer

            
	
              6.03

            	
              Change
                in Credit Enhancement or Other 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.
                Reg AB disclosure about any new enhancement provider is also
                required.

            	
              Depositor
                or Trustee

            
	
              6.04

            	
              Failure
                to Make a Required Distribution

            	
              Trustee

            
	
              6.05

            	
              Securities
                Act Updating Disclosure

            	 
	
              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	
              Depositor

            
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	
              Depositor

            
	
              7.01

            	
              Regulation
                FD Disclosure

            	
              Depositor

            
	
              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 security
                holders.

            	
              Depositor

            
	
              9.01

            	
              Financial
                Statements and Exhibits

            	
              The
                Responsible Party applicable to reportable event

            
	
              10-K

            	
              Must
                be filed within 90 days of the fiscal year end for the
                registrant.

            
	
              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

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                above

            
	
              15

            	
              Exhibits
                and Financial Statement Schedules

            	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information

            	
              Servicer

            
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information

               

              Determining
                applicable disclosure threshold

               

              Obtaining
                required financial information or effecting incorporation by
                reference

            	 
	
              Item
                1115(b) - Derivative Counterparty Financial Information

               

              Determining
                current maximum probable exposure

               

              Determining
                current significance percentage

               

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

               

               

              Depositor

               

               

            
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

               

              Sponsor
                (Seller)

               

              Depositor

               

              Trustee

               

              Issuing
                entity

               

              Servicer,
                affiliated Servicer, other Servicer servicing 20% or more of pool
                assets
                at time of report, other material servicers

               

              Originator
                of 20% or more of pool assets as of the Cut-off Date

            	
               

               

               

              Sponsor

               

              Depositor

               

              Trustee

               

              Depositor

               

              Servicer

               

               

              Servicer

            
	
              Item
                1119 - Affiliations and relationships between the following entities,
                or
                their respective affiliates, that are material to
                Certificateholders:

               

              Sponsor
                (Seller)

               

              Depositor

               

              Trustee

               

              Servicer,
                affiliated Servicer, other Servicer servicing 20% or more of pool
                assets
                at time of report, other material servicers

               

               

               

               

              Originator

               

               

               

              Credit
                Enhancer/Support Provider

               

               

              Significant
                Obligor

            	
               

              Sponsor

               

              Depositor

               

              Trustee
                (only as to affiliations between the Trustee and such other parties
                listed)

               

               

               

               

               

              Servicer

               

               

               

              Servicer

               

              Trustee

               

               

              Servicer

            
	
              Item
                1122 - Assessment of Compliance with Servicing
                Criteria

            	
              Each
                Party participating in the servicing function

            
	
              Item
                1123 - Servicer Compliance Statement

            	
              Servicer,
                Servicer

            

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      I

     

    LIST
      OF
      MULTIPLE MORTGAGE LOANS TO SINGLE BORROWERS

     

    AVAILABLE
      UPON REQUESTexv10w1

 

Exhibit 10.1

FOURTH AMENDMENT

TO LOAN AND SECURITY AGREEMENT

     This Fourth Amendment to Loan and Security Agreement (this “Amendment”) is entered into as of June
20, 2006, by and between COMERICA BANK, successor by merger to COMERICA BANK-CALIFORNIA (“Bank”)
and MTI TECHNOLOGY CORPORATION (“Borrower”).

RECITALS

     Borrower and Bank are parties to that certain Loan and Security Agreement dated as of November
13, 2002, as amended from time to time, including by that certain First Amendment to Loan and
Security Agreement dated June 30, 2003, that certain Second Amendment to Loan and Security
Agreement dated June 18, 2004 and that certain Third Amendment to Loan and Security Agreement dated
June 15, 2005 (collectively, the “Agreement”). The parties desire to amend the Agreement in
accordance with the terms of this Amendment.

     NOW, THEREFORE, the parties agree as follows:

     1. The definition of Revolving Maturity Date in Section 1.1 of the Agreement is amended in its
entirety to read as follows:

          “‘Revolving Maturity Date’ means November 30, 2006.”

     2. No course of dealing on the part of Bank or its officers, nor any failure or delay in the
exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial
exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure
at any time to require strict performance by a Borrower of any provision shall not affect any right
of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a
right must be in writing signed by an officer of Bank.

     3. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as
defined in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and
effect in accordance with its respective terms and hereby is ratified and confirmed in all
respects. Except as expressly set forth herein, the execution, delivery, and performance of this
Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of
Bank under the Agreement, as in effect prior to the date hereof.

     4. Borrower represents and warrants that the Representations and Warranties contained in the
Agreement are true and correct as of the date of this Amendment, and that no Event of Default has
occurred and is continuing.

     5. As a condition to the effectiveness of this Amendment, Bank shall have received, in form
and substance satisfactory to Bank, the following:

               (a) this Amendment, duly executed by Borrower;

               (b) the Standby Letter of Credit, issued by Bank of America for the benefit of Bank, in the
minimum amount of the Revolving Line, shall be amended or reissued to bear an expiry date of no
earlier than December 31, 2006;

               (c) a Certificate of the Secretary of Borrower with respect to incumbency and resolutions
authorizing the execution and delivery of this Amendment;

               (d) a nonrefundable amendment fee in the amount of $2,500, which may be debited from any of
Borrower’s accounts;

               (e) all reasonable Bank Expenses incurred through the date of this Amendment, which may be
debited from any of Borrower’s accounts; and

-1-

 

               (f) such other documents, and completion of such other matters, as Bank may reasonably deem
necessary or appropriate.

     6. This Amendment may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one instrument.

     IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above
written.

	 	 	 	 	 
	 	MTI TECHNOLOGY CORPORATION

 	 
	 	By:  	/s/ Scott Poteracki	 
	 	Title: 	CFO	 
	 	 	 	 
	 

	 	 	 	 	 
	 	COMERICA BANK, successor by merger to
COMERICA BANK-CALIFORNIA

 	 
	 	By:  	/s/ Abigayle L. Keller	 
	 	Title: 	Vice President 	 
	 	 	 	 

-2-

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