Document:

Exhibit
      4.01

    This
      Subordinated Note is a Global Security within the meaning of the Indenture
      hereinafter referred to and is registered in the name of the Depository named
      below or a nominee of the Depository. This Subordinated Note is not exchangeable
      for Subordinated Notes registered in the name of a Person other than the
      Depository or its nominee except in the limited circumstances described herein
      and in the Indenture, and no transfer of this Subordinated Note (other than
      a
      transfer of this Subordinated Note as a whole by the Depository to a nominee
      of
      the Depository or by a nominee of the Depository to the Depository or another
      nominee of the Depository) may be registered except in the limited circumstances
      described herein.

    

    Unless
      this certificate is presented by an authorized representative of The Depository
      Trust Company, a New York corporation (the "Depository"), to Citigroup Inc.
      or
      its agent for registration of transfer, exchange, or payment, and any
      certificate issued in respect thereof is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of
      the
      Depository (and any payment is made to Cede & Co. or to such other entity as
      is requested by an authorized representative of the Depository), 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.

    

    The
      Subordinated Notes are not savings accounts or deposits but are unsecured
      obligations of Citigroup Inc. The Subordinated Notes are not insured by the
      Federal Deposit Insurance Corporation or by any other federal agency or
      instrumentality.

    

    CITIGROUP
      INC.

    Floating
      Rate Subordinated Notes due August 25, 2036

    
      
        	REGISTERED	
                 REGISTERED

              
	 	 

                CUSIP:
                  172967 DS 7

                ISIN:
                  US172967DS78

                Common
                  Code: 026584914

              
	 No. R-____	
                 $_____________

              

      

    

     

    CITIGROUP
      INC., a Delaware corporation (the "Company", which term includes any successor
      Person under the Indenture), for value received, hereby promises to pay to
      Cede
& Co., or registered assigns, the principal sum of $____________ on August
      25, 2036 and to pay interest thereon from and including August 25, 2006 or
      from
      the most recent Interest Payment Date (as defined herein) to which interest
      has
      been paid or duly provided for, quarterly, on February 25, May 25, August 25
      and
      November 25 of each year, commencing February 26, 2007, at the rate per annum
      for each Interest Period of three-month LIBOR, determined as provided herein,
      plus 0.55% until the principal hereof is paid or made available for payment
      (each such payment date, an “Interest Payment Date”). The interest so payable,
      and punctually paid or duly provided for, on any Interest Payment Date will,
      as
      provided in the Indenture, be paid pursuant to the instructions of the Person
      in
      whose name this Subordinated Note is registered at the close of business on
      the
      Record Date for such interest, which shall be the Business Day immediately
      preceding such Interest Payment Date.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    Any
      such
      interest not so punctually paid or duly provided for will forthwith cease to
      be
      payable to the holder on such Record Date and may either be paid pursuant to
      the
      instructions of the Person in whose name this Subordinated Note is registered
      at
      the close of business on a subsequent Record Date, such subsequent Record Date
      to be not less than five days prior to the date of payment of such defaulted
      interest, notice whereof shall be given to holders of Subordinated Notes of
      this
      series not less than 15 days prior to such subsequent Record Date, or be paid
      at
      any time in any other lawful manner not inconsistent with the requirements
      of
      any securities exchange on which the Subordinated Notes of this series may
      be
      listed, and upon such notice as may be required by such exchange, all as more
      fully provided in the Indenture.

    

    Interest
      hereon will be calculated on the basis of the actual number of days elapsed
      in
      an Interest Period and a 360-day year. Dollar amounts resulting from such
      calculation will be rounded to the nearest cent, with one-half cent being
      rounded upward. An "Interest Period" shall be the period from and including
      an
      Interest Payment Date (or from August 25, 2006 in the case of the first Interest
      Payment Date) to and including the day immediately preceding the next Interest
      Payment Date.

    

    If
      an
      Interest Payment Date falls on a day that is not a Business Day, such Interest
      Payment Date will be the next succeeding Business Day. If the Maturity of the
      Subordinated Notes falls on a day that is not a Business Day, the payment due
      on
      Maturity will be postponed to the next succeeding Business Day, and no further
      interest will accrue in respect of such postponement. If a date for payment
      of
      interest or principal on the Subordinated Notes falls on a day that is not
      a
      business day in the place of payment, such payment will be made on the next
      succeeding business day in such place of payment as if made on the date the
      payment was due. No interest will accrue on any amounts payable for the period
      from and after the due date for payment of such principal or interest.

    

    For
      these
      purposes, “Business Day” means any day on which commercial banks settle payments
      and are open for general business in The City of New York and
      London.

    

    Payment
      of the principal of and interest on this Subordinated Note will be made at
      the
      office or agency of the Trustee maintained for that purpose in The City of
      New
      York.

    

    Reference
      is hereby made to the further provisions of this Subordinated Note set forth
      on
      the reverse hereof, which further provisions shall for all purposes have the
      same effect as if set forth at this place.

    

    Unless
      the certificate of authentication hereon has been executed by the Trustee or
      by
      an authenticating agent on behalf of the Trustee by manual signature, this
      Subordinated Note shall not be entitled to any benefit under the Indenture
      or be
      valid or obligatory for any purpose.

     

    
      
         

      

      
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    IN
      WITNESS WHEREOF, the Company has caused this instrument to be duly executed
      under its corporate seal.

    

    Dated:
      December 14, 2006

    

                CITIGROUP
      INC.

    

    

    

                By:_________________________________

                Title:
      Assistant
      Treasurer

    

    

    

    ATTEST:

    

    By:___________________________

    Title:
      Assistant Secretary

    

    

    

    
      
         

      

      
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    This
      is
      one of the Notes of the series issued under the within-mentioned
      Indenture.

    

    Dated:
      December 14, 2006

    

                THE
      BANK OF NEW
      YORK,

                as
      Trustee

    

    

                By:_________________________________

                Name:

                Title:

     

     

                -or-

    

    

                CITIBANK,
      N.A.,

                as
      Authenticating
      Agent

    

    

                By:_________________________________

                Name:

                Title:

    

    
      
         

      

      
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    This
      Subordinated Note is one of a duly authorized issue of Securities of the Company
      (the "Subordinated Notes"), issued and to be issued in one or more series under
      the Indenture, dated as of April 12, 2001, as supplemented August 2, 2004 (the
      "Indenture"), between the Company and The Bank of New York
      (successor-in-interest to J.P. Morgan Trust Company, N.A. and Bank One Trust
      Company, N.A.), as Trustee (the "Trustee", which term includes any successor
      trustee under the Indenture), to which Indenture and all indentures supplemental
      thereto reference is hereby made for a statement of the respective rights,
      limitations of rights, duties and immunities thereunder of the Company, the
      Trustee and the holders of the Subordinated Notes and of the terms upon which
      the Subordinated Notes are, and are to be, authenticated and delivered. This
      Subordinated Note is one of the series designated on the face hereof, initially
      issued in the aggregate principal amount of $250,000,000 and increased to
      $425,000,000.

    

    The
      Company covenants and agrees that the indebtedness evidenced by the Subordinated
      Notes is subordinate and junior in right of payment to all Senior Indebtedness
      (as defined in the Indenture) to the extent provided in the Indenture, and
      each
      holder of Subordinated Notes, by his or her acceptance thereof, likewise
      covenants and agrees to the subordination provided in the Indenture (including
      Article Fourteen thereof) and shall be bound by the provisions
      thereof.

    

    In
      the
      event that the Company shall default in the payment of any principal of (or
      premium, if any) or interest on any Senior Indebtedness when the same becomes
      due and payable after any applicable grace period, whether at maturity or at
      a
      date fixed for prepayment or by declaration or otherwise, then, unless and
      until
      such default shall have been cured or waived or shall have ceased to exist,
      no
      direct or indirect payment (in cash, property, securities, by set-off or
      otherwise) shall be made or agreed to be made on account of the principal of,
      or
      premium, if any, or interest on the indebtedness evidenced by the Subordinated
      Notes, or in respect of any redemption, retirement or other acquisition of
      any
      of the Subordinated Notes, except that holders of Subordinated Notes may receive
      and retain (x) securities of the Company or any other corporation provided
      for
      by a plan of reorganization or readjustment the payment of which is subordinate,
      at least to the extent provided in these subordination provisions with respect
      to the indebtedness evidenced by the Subordinated Notes, to the payment of
      all
      Senior Indebtedness at the time outstanding and to any securities issued in
      respect thereof under any such plan of reorganization or readjustment and (y)
      payments made from a defeasance trust created pursuant to Article Eleven of
      the
      Indenture.

    

    In
      the
      event of:

    

    (i)
      any
      insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment,
      composition or other similar proceeding relating to the Company, its creditors
      or its property, 

    

    (ii)
      any
      proceeding for liquidation, dissolution or other winding up of the Company,
      voluntary or involuntary, whether or not involving insolvency or bankruptcy
      proceedings,

    

    
      
         

      

      
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    (iii)
      any
      assignment by the Company for the benefit of creditors, or

    

    (iv)
      any
      other marshalling of the assets of the Company,

    

    all
      Senior Indebtedness (including any interest thereon accruing after the
      commencement of any such proceedings) shall first be paid in full before any
      payment or distribution, whether in cash, securities or other property, shall
      be
      made to any Holder of any of the Subordinated Notes on account thereof (except
      as provided in the next sentence). Any payment or distribution, whether in
      cash,
      securities or other property (other than (x) securities of the Company or any
      other corporation provided for by a plan of reorganization or readjustment
      the
      payment of which is subordinate, at least to the extent provided in these
      subordination provisions with respect to the indebtedness evidenced by the
      Subordinated Notes, to the payment of all Senior Indebtedness at the time
      outstanding and to any securities issued in respect thereof under any such
      plan
      of reorganization or readjustment and (y) payments made from a defeasance trust
      created pursuant to Article Eleven of the Indenture), which would otherwise
      (but
      for these subordination provisions) be payable or deliverable in respect of
      the
      Subordinated Notes shall be paid or delivered directly to the holders of Senior
      Indebtedness in accordance with the priorities then existing among such holders
      until all Senior Indebtedness (including any interest thereon accruing after
      the
      commencement of any such proceedings) shall have been paid in full.

    

    This
      Subordinated Note will bear interest for each Interest Period at a rate
      determined by Citibank, N.A., acting as Calculation Agent. The interest rate
      on
      this Subordinated Note for a particular Interest Period will be a per annum
      rate
      equal to three-month LIBOR as determined on the related Interest Determination
      Date, plus 0.55%. The Interest Determination Date for an Interest Period will
      be
      the second London business day preceding such Interest Period. The Interest
      Determination Date for the first Interest Period was November 23, 2006. Promptly
      upon determination, the Calculation Agent will inform the Trustee and the
      Company of the interest rate for the next Interest Period. Absent manifest
      error, the determination of the interest rate by the Calculation Agent shall
      be
      binding and conclusive on the holders of Subordinated Notes, the Trustee and
      the
      Company.

    

    A
      London
      business day is a day on which dealings in deposits in U.S. dollars are
      transacted in the London interbank market.

    

    On
      any
      Interest Determination Date, LIBOR will be equal to the offered rate for
      deposits in U.S. dollars having an index maturity of six months for the next
      Interest Period, in amounts of at least $1,000,000, as such rate appears on
      Telerate Page 3750 at approximately 11:00 a.m., London time, on such Interest
      Determination Date. If the Telerate Page 3750 is replaced by another service
      or
      ceases to exist, the Calculation Agent will use the replacing service or such
      other service that may be nominated by the British Bankers' Association for
      the
      purpose of displaying London interbank offered rates for U.S. dollar
      deposits.

    

    
      
         

      

      
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    If
      no
      offered rate appears on Telerate Page 3750 on an Interest Determination Date
      at
      approximately 11:00 a.m., London time, then the Calculation Agent (after
      consultation with the Company) will select four major banks in the London
      interbank market and shall request each of their principal London offices to
      provide a quotation of the rate at which six-month deposits in U.S. dollars
      in
      amounts of at least $1,000,000 are offered by it to prime banks in the London
      interbank market, on that date and at that time, that is representative of
      single transactions at that time. If at least two quotations are provided,
      LIBOR
      will be the arithmetic average of the quotations provided. Otherwise, the
      Calculation Agent will select three major banks in New York City and shall
      request each of them to provide a quotation of the rate offered by them at
      approximately 11:00 a.m., New York City time, on the Interest Determination
      Date
      for loans in U.S. dollars to leading European banks having an index maturity
      of
      six months for the applicable Interest Period in an amount of at least
      $1,000,000 that is representative of single transactions at that time. If three
      quotations are provided, LIBOR will be the arithmetic average of the quotations
      provided. Otherwise, the rate of LIBOR for the next Interest Period will be
      set
      equal to the rate of LIBOR for the current Interest Period.

    

    The
      Luxembourg Stock Exchange shall be notified of the interest rate, the amount
      of
      the interest payment and the Interest Payment Date for a particular Interest
      Period not later than the first day of such Interest Period. Upon request from
      any Noteholder, the Calculation Agent will provide the interest rate in effect
      on this Subordinated Note for the current Interest Period and, if it has been
      determined, the interest rate to be in effect for the next Interest
      Period.

    

    If
      an
      event of default (as defined in the Indenture) with respect to Subordinated
      Notes of this series shall occur and be continuing, the principal of the
      Subordinated Notes of this series may be declared due and payable in the manner
      and with the effect provided in the Indenture.

    

    The
      Indenture contains provisions for defeasance at any time of the entire
      indebtedness of this Subordinated Note upon compliance by the Company with
      certain conditions set forth in Article Eleven thereof, which provisions apply
      to this Subordinated Note.

    

    The
      Indenture contains provisions permitting the Company and the Trustee, without
      the consent of the holders of Securities, to establish, among other things,
      the
      form and terms of any series of Securities issuable thereunder by one or more
      supplemental indentures, and, with the consent of the holders of not less than
      a
      majority of the principal amount of Securities at the time Outstanding which
      are
      affected thereby, to modify the Indenture or any supplemental indenture or
      the
      rights of the holders of Securities of such series to be affected, provided
      that
      no such modification shall, without the consent of the holder of each
      Outstanding Security so affected, (x) change the Stated Maturity of the
      principal of, or any installment of principal of or interest on, any Security,
      or reduce the principal amount thereof or the rate of interest thereon or any
      premium thereon, or change any place of payment where, or the coin or currency
      in which any Security or any premium or interest thereon is payable, or impair
      the right to institute suit for the enforcement of any such payment on or after
      the Stated Maturity thereof (or, in the case of redemption on or after the
      Redemption Date) or modify the provisions of the Indenture with respect to
      the
      subordination of the Securities in a manner adverse to the Securityholders
      or
      (y) reduce the aforesaid percentage in principal amount of the Outstanding
      Securities of any series, the consent of the holders of which is required for
      any supplemental indenture, or the consent of whose holders is required for
      any
      waiver provided for in the Indenture, or (z) modify certain other provisions
      of
      the Indenture, as set forth in Section 13.02 of the Indenture.

    

    
      
         

      

      
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    No
      reference herein to the Indenture and no provision of this Subordinated Note
      or
      of the Indenture shall alter or impair the obligation of the Company, which
      is
      absolute and unconditional, to pay the principal of and interest on this
      Subordinated Note at the times, place and rate, and in the coin or currency,
      herein prescribed.

    

    This
      Subordinated Note is a Global Security registered in the name of a nominee
      of
      the Depository. This Subordinated Note is exchangeable for Subordinated Notes
      registered in the name of a person other than the Depository or its nominee
      only
      in the limited circumstances hereinafter described. Unless and until it is
      exchanged in whole or in part for definitive Subordinated Notes in certificated
      form, this Subordinated Note may not be transferred except as a whole by the
      Depository to a nominee of the Depository or by a nominee of the Depository
      to
      the Depository or another nominee of the Depository.

    

    The
      Subordinated Notes represented by this Global Security are exchangeable for
      definitive Subordinated Notes in certificated form of like tenor as such
      Subordinated Notes in denominations of $100,000 and whole multiples of $1,000
      in
      excess thereof only if (i) the Depository notifies the Company that it is
      unwilling or unable to continue as Depository for the Subordinated Notes or
      (ii)
      the Depository ceases to be a clearing agency registered under the Securities
      Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion
      decides to allow the Subordinated Notes to be exchanged for definitive
      Subordinated Notes in registered form. Any Subordinated Notes that are
      exchangeable pursuant to the preceding sentence are exchangeable for
      certificated Subordinated Notes issuable in authorized denominations and
      registered in such names as the Depository shall direct. As provided in the
      Indenture and subject to certain limitations therein set forth, the transfer
      of
      definitive Subordinated Notes in certificated form is registrable in the
      register maintained by the Company in The City of New York for such purpose,
      upon surrender of the definitive Subordinated Note for registration of transfer
      at the office or agency of the registrar, duly endorsed by, or accompanied
      by a
      written instrument of transfer in form satisfactory to the Company and the
      registrar duly executed by, the holder thereof or his attorney duly authorized
      in writing, and thereupon one or more new Subordinated Notes of this series
      and
      of like tenor, of authorized denominations and for the same aggregate principal
      amount, will be issued to the designated transferee or transferees. Subject
      to
      the foregoing, this Subordinated Note is not exchangeable, except for a Global
      Security or Global Securities of this issue of the same principal amount to
      be
      registered in the name of the Depository or its nominee.

    

    No
      service charge shall be made for any such registration of transfer or exchange,
      but the Company may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

    

    Prior
      to
      due presentment of this Subordinated Note for registration of transfer, the
      Company, the Trustee and any agent of the Company or the Trustee may treat
      the
      Person in whose name this Subordinated Note is registered as the owner hereof
      for all purposes, whether or not this Subordinated Note be overdue, and neither
      the Company, the Trustee nor any such agent shall be affected by notice to
      the
      contrary.

    

    
      
         

      

      
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    The
      Company will pay additional amounts ("Additional Amounts") to the beneficial
      owner of any Subordinated Note that is a non-United States person in order
      to
      ensure that every net payment on such Subordinated Note will not be less, due
      to
      payment of U.S. withholding tax, than the amount then due and payable. For
      this
      purpose, a "net payment" on a Subordinated Note means a payment by the Company
      or a paying agent, including payment of principal and interest, after deduction
      for any present or future tax, assessment or other governmental charge of the
      United States. These Additional Amounts will constitute additional interest
      on
      the Subordinated Note.

    

    The
      Company will not be required to pay Additional Amounts, however, in any of
      the
      circumstances described in items (1) through (13) below.

    

    
      	 	
              (1)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld solely by reason of the beneficial
                owner:

            

    

    

    
      	 	 	
              (a)

            	
              having
                a relationship with the United States as a citizen, resident or
                otherwise;

            

    

    
      	 	 	
              (b)

            	
              having
                had such a relationship in the past
                or

            

    

    
      	 	 	
              (c)

            	
              being
                considered as having had such a
                relationship.

            

    

    

    
      	 	
              (2)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld solely by reason of the beneficial
                owner:

            

    

    

    
      	 	
               

            	
              (a)

            	
              being
                treated as present in or engaged in a trade or business in the United
                States;

            

    

    
      	 	
               

            	
              (b)

            	
              being
                treated as having been present in or engaged in a trade or business
                in the
                United States in the past or

            

    

    
      	 	
               

            	
              (c)

            	
              having
                or having had a permanent establishment in the United
                States.

            

    

    

    
      	 	
              (3)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld in whole or in part by reason of the beneficial
                owner
                being or having been any of the following (as such terms are defined
                in
                the Internal Revenue Code of 1986, as
                amended):

            

    

    

    
      	 	
               

            	
              (a)

            	
              personal
                holding company;

            

    

    
      	 	
               

            	
              (b)

            	
              foreign
                personal holding company;

            

    

    
      	 	
               

            	
              (c)

            	
              foreign
                private foundation or other foreign tax-exempt
                organization;

            

    

    
      	 	
               

            	
              (d)

            	
              passive
                foreign investment company;

            

    

    
      	 	
               

            	
              (e)

            	
              controlled
                foreign corporation or

            

    

    
      	 	
               

            	
              (f)

            	
              corporation
                which has accumulated earnings to avoid United States federal income
                tax.

            

    

     

    
      
         

      

      
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              (4)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld solely by reason of the beneficial owner owning
                or
                having owned, actually or constructively, 10 percent or more of the
                total
                combined voting power of all classes of stock of the Company entitled
                to
                vote or by reason of the beneficial owner being a bank that has invested
                in a Subordinated Note as an extension of credit in the ordinary
                course of
                its trade or business.

            

    

    

    For
      purposes of items (1) through (4) above, "beneficial owner" means a
      fiduciary, settlor, beneficiary, member or shareholder of the holder if the
      holder is an estate, trust, partnership, limited liability company, corporation
      or other entity, or a person holding a power over an estate or trust
      administered by a fiduciary holder.

    

    
      	 	
              (5)

            	
              Additional
                Amounts will not be payable to any beneficial owner of a Subordinated
                Note
                that is a:

            

    

    

    
      	 	
               

            	
              (a)

            	
              fiduciary;

            

    

    
      	 	
               

            	
              (b)

            	
              partnership;

            

    

    
      	 	
               

            	
              (c)

            	
              limited
                liability company or

            

    

    
      	 	
               

            	
              (d)

            	
              other
                fiscally transparent entity

            

    

    

    
      	 	 	
              or
                that is not the sole beneficial owner of the Subordinated Note, or
                any
                portion of the Subordinated Note. However, this exception to the
                obligation to pay Additional Amounts will only apply to the extent
                that a
                beneficiary or settlor in relation to the fiduciary, or a beneficial
                owner
                or member of the partnership, limited liability company or other
                fiscally
                transparent entity, would not have been entitled to the payment of
                an
                Additional Amount had the beneficiary, settlor, beneficial owner
                or member
                received directly its beneficial or distributive share of the
                payment.

            

    

    

    
      	 	
              (6)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld solely by reason of the failure of the beneficial
                owner or any other person to comply with applicable certification,
                identification, documentation or other information reporting requirements.
                This exception to the obligation to pay Additional Amounts will only
                apply
                if compliance with such reporting requirements is required by statute
                or
                regulation of the United States or by an applicable income tax treaty
                to
                which the United States is a party as a precondition to exemption
                from
                such tax, assessment or other governmental
                charge.

            

    

    

    
      	 	
              (7)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                collected or imposed by any method other than by withholding from
                a
                payment on a Subordinated Note by the Company or a paying
                agent.

            

    

    

    
      
         

      

      
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              (8)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld by reason of a change in law, regulation, or
                administrative or judicial interpretation that becomes effective
                more than
                15 days after the payment becomes due or is duly provided for, whichever
                occurs later.

            

    

    

    
      	 	
              (9)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld by reason of the presentation by the beneficial
                owner
                of a Subordinated Note for payment more than 30 days after the date
                on which such payment becomes due or is duly provided for, whichever
                occurs later.

            

    

    

    
      	 	
              (10)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any:

            

    

    

    
      	 	
               

            	
              (a)

            	
              estate
                tax;

            

    

    
      	 	
               

            	
              (b)

            	
              inheritance
                tax;

            

    

    
      	 	
               

            	
              (c)

            	
              gift
                tax;

            

    

    
      	 	
               

            	
              (d)

            	
              sales
                tax;

            

    

    
      	 	
               

            	
              (e)

            	
              excise
                tax;

            

    

    
      	 	
               

            	
              (f)

            	
              transfer
                tax;

            

    

    
      	 	
               

            	
              (g)

            	
              wealth
                tax;

            

    

    
      	 	
               

            	
              (h)

            	
              personal
                property tax or

            

    

    
      	 	
               

            	
              (i)

            	
              any
                similar tax, assessment, withholding, deduction or other governmental
                charge.

            

    

    

    
      	 	
              (11)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment, or other governmental charge
                required
                to be withheld by any paying agent from a payment of principal or
                interest
                on a Subordinated Note if such payment can be made without such
                withholding by any other paying
                agent.

            

    

    

    
      	 	
              (12)

            	
              Additional
                amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                required to be made pursuant to any European Union directive on the
                taxation of savings income or any law implementing or complying with,
                or
                introduced to conform to, any such
                directive.

            

    

    

    
      	 	
              (13)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any combination of items (1) through (12)
                above.

            

    

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

       

    

    Except
      as
      specifically provided herein, the Company will not be required to make any
      payment of any tax, assessment or other governmental charge imposed by any
      government or a political subdivision or taxing authority of such
      government.

    

    As
      used
      in this Subordinated Note, "United States person" means:

    

    
      	 	
              (a)

            	
              any
                individual who is a citizen or resident of the United
                States;

            

    

    
      	 	
              (b)

            	
              any
                corporation, partnership or other entity created or organized in
                or under
                the laws of the United States;

            

    

    
      	 	
              (c)

            	
              any
                estate if the income of such estate falls within the federal income
                tax
                jurisdiction of the United States regardless of the source of such
                income
                and

            

    

    
      	 	
              (d)

            	
              any
                trust if a United States court is able to exercise primary supervision
                over its administration and one or more United States persons have
                the
                authority to control all of the substantial decisions of the
                trust.

            

    

    

    Additionally,
      "non-United States person" means a person who is not a United States person,
      and
      "United States" means the states of the United States of America and the
      District of Columbia, but excluding its territories and its
      possessions.

    

    Except
      as
      provided below, the Subordinated Notes may not be redeemed prior to
      maturity.

     

    
      	
            	(1)	
              The
                Company may, at its option, redeem the Subordinated Notes
                if:

            

    

    

    
      	 	 	
              (a)

            	
              the
                Company becomes or will become obligated to pay Additional Amounts
                as
                described above;

            

    

    
      	 	 	
              (b)

            	
              the
                obligation to pay Additional Amounts arises as a result of any change
                in
                the laws, regulations or rulings of the United States, or an official
                position regarding the application or interpretation of such laws,
                regulations or rulings, which change is announced or becomes effective
                on
                or after August 18, 2006 and

            

    

    
      	 	 	
              (c)

            	
              the
                Company determines, in its business judgment, that the obligation
                to pay
                such Additional Amounts cannot be avoided by the use of reasonable
                measures available to it, other than substituting the obligor under
                the
                Subordinated Notes or taking any action that would entail a material
                cost
                to the Company.

            

    

    

    
      	 	
              (2)

            	
              The
                Company may also redeem the Subordinated Notes, at its option,
                if:

            

    

    

    
      	 	 	
              (a)

            	
              any
                act is taken by a taxing authority of the United States on or after
                August
                18, 2006, whether or not such act is taken in relation to the Company
                or
                any affiliate, that results in a substantial probability that the
                Company
                will or may be required to pay Additional Amounts as described
                above;

            

    

    
      	 	 	
              (b)

            	
              the
                Company determines, in its business judgment, that the obligation
                to pay
                such Additional Amounts cannot be avoided by the use of reasonable
                measures available to it, other than substituting the obligor under
                the
                Subordinated Notes or taking any action that would entail a material
                cost
                to the Company and

            

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    
      	 	 	
              (c)

            	
              the
                Company receives an opinion of independent counsel to the effect
                that an
                act taken by a taxing authority of the United States results in a
                substantial probability that the Company will or may be required
                to pay
                the Additional Amounts described above, and delivers to the Trustee
                a
                certificate, signed by a duly authorized officer, stating that based
                on
                such opinion the Company is entitled to redeem the Subordinated Notes
                pursuant to their terms.

            

    

    

    Any
      redemption of the Subordinated Notes as set forth in clauses (1) or (2) above
      shall be in whole, and not in part, and will be made at a redemption price
      equal
      to 100% of the principal amount of the Subordinated Notes Outstanding plus
      accrued interest thereon to the date of redemption. Holders shall be given
      not
      less than 30 days nor more than 60 days’ prior notice by the Trustee of the date
      fixed for such redemption.

    

    All
      terms
      used in this Subordinated Note which are defined in the Indenture shall have
      the
      meanings assigned to them in the Indenture. The Subordinated Notes are governed
      by the laws of the State of New York.

    

    
      
         

      

      
        13EXECUTION

     

    
      

      

    

     

    

    CREDIT
      SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,

    Depositor

    

    THORNBURG
      MORTGAGE HOME LOANS, INC.,

    Seller

    

    WELLS
      FARGO BANK, N.A.,

    Master
      Servicer and

    Securities
      Administrator

    

    WILMINGTON
      TRUST COMPANY,

    Delaware
      Trustee

    

    and

    

    LASALLE
      BANK NATIONAL ASSOCIATION,

    Trustee
      and Custodian

    

    POOLING
      AND SERVICING AGREEMENT

    

    Dated
      as
      of November 1, 2006

    

    __________________________________

    

    Thornburg
      Mortgage Securities Trust 2006-6

    

    Mortgage
      Loan Pass-Through Certificates, Series 2006-6

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Table
      of Contents

     

    Page

     

    
      	
              ARTICLE
                I DEFINITIONS; DECLARATION OF TRUST

            	
              4

            
	 	 
	
              SECTION
                1.01. Defined Terms

            	
              4

            
	
              SECTION
                1.02. Accounting

            	
              42

            
	 	 
	
              ARTICLE
                IA ORGANIZATION OF TRUST

            	
              42

            
	 	 
	
              Section
                1A.01. Name of Trust

            	
              42

            
	
              Section
                1A.02. Office

            	
              42

            
	
              Section
                1A.03. Declaration of Trust

            	
              42

            
	
              Section
                1A.04. Purpose and Powers

            	
              43

            
	
              Section
                1A.05. Liability of the Certificateholders

            	
              43

            
	
              Section
                1A.06. Title To Trust Property

            	
              43

            
	
              Section
                1A.07. Situs of Trust

            	
              43

            
	
              Section
                1A.08. The Delaware Trustee

            	
              44

            
	
              Section
                1A.09. Separateness Provisions

            	
              46

            
	 	 
	
              ARTICLE
                II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                CERTIFICATES

            	
              46

            
	 	 
	
              SECTION
                2.01. Conveyance of Mortgage Loans

            	
              46

            
	
              SECTION
                2.02. Acceptance by Trustee

            	
              51

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

            	
              52

            
	
              SECTION
                2.04. Representations and Warranties of the Seller with Respect to
                the
                Mortgage Loans

            	
              56

            
	
              SECTION
                2.05. [Reserved]

            	
              56

            
	
              SECTION
                2.06. Representations and Warranties of the Depositor

            	
              56

            
	
              SECTION
                2.07. Issuance of Certificates

            	
              58

            
	
              SECTION
                2.08. Representations and Warranties of the Seller

            	
              58

            
	
              SECTION
                2.09. Covenants of the Seller

            	
              60

            
	 	 
	
              ARTICLE
                III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

            	
              60

            
	 	 
	
              SECTION
                3.01. Master Servicer to Service and Administer the Mortgage
                Loans

            	
              60

            
	
              SECTION
                3.02. REMIC-Related Covenants

            	
              61

            
	
              SECTION
                3.03. Monitoring of Servicers

            	
              62

            
	
              SECTION
                3.04. Fidelity Bond

            	
              64

            
	
              SECTION
                3.05. Power to Act; Procedures

            	
              64

            
	
              SECTION
                3.06. Due-on-Sale Clauses; Assumption Agreements

            	
              65

            
	
              SECTION
                3.07. Release of Mortgage Files

            	
              65

            
	
              SECTION
                3.08. Documents, Records and Funds in Possession of Master Servicer
                To Be
                Held for Trust

            	
              66

            
	
              SECTION
                3.09. Standard Hazard Insurance and Flood Insurance
                Policies

            	
              67

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                3.10. Presentment of Claims and Collection of Proceeds

            	
              67

            
	
              SECTION
                3.11. Maintenance of the Primary Insurance Policies

            	
              68

            
	
              SECTION
                3.12. Trustee to Retain Possession of Certain Insurance Policies
                and
                Documents

            	
              68

            
	
              SECTION
                3.13. Realization Upon Defaulted Mortgage Loans

            	
              69

            
	
              SECTION
                3.14. Additional Compensation to the Master Servicer

            	
              69

            
	
              SECTION
                3.15. REO Property

            	
              69

            
	
              SECTION
                3.16. Assessments of Compliance and Attestation Reports

            	
              70

            
	
              SECTION
                3.17. Annual Compliance Statement

            	
              72

            
	
              SECTION
                3.18. Sarbanes-Oxley Certification

            	
              73

            
	
              SECTION
                3.19. Reports Filed with Securities and Exchange
                Commission

            	
              74

            
	
              SECTION
                3.20. Additional Information

            	
              79

            
	
              SECTION
                3.21. Intention of the Parties and Interpretation

            	
              80

            
	
              SECTION
                3.22. Indemnification

            	
              80

            
	
              SECTION
                3.23. Amendments to Master Servicing Guide and Correspondent Sellers
                Guide

            	
              81

            
	
              SECTION
                3.24. UCC

            	
              81

            
	
              SECTION
                3.25. Optional and Required Purchases of Certain Mortgage
                Loans

            	
              81

            
	
              SECTION
                3.26. Realization upon Troubled Mortgage Loans

            	
              82

            
	
              SECTION
                3.27. Closing Certificate and Opinion

            	
              83

            
	
              SECTION
                3.28. Liabilities of the Master Servicer

            	
              83

            
	
              SECTION
                3.29. Merger or Consolidation of the Master Servicer

            	
              83

            
	
              SECTION
                3.30. Indemnification of the Trustee, the Delaware Trustee, the Master
                Servicer and the Securities Administrator

            	
              83

            
	
              SECTION
                3.31. Limitations on Liability of the Master Servicer and Others;
                Indemnification of Trustee and Others

            	
              84

            
	
              SECTION
                3.32. Master Servicer Not to Resign

            	
              86

            
	
              SECTION
                3.33. Successor Master Servicer

            	
              86

            
	
              SECTION
                3.34. Sale and Assignment of Master Servicing

            	
              86

            
	
              SECTION
                3.35. Reporting Requirements of the Commission

            	
              87

            
	 	 
	
              ARTICLE
                IV ACCOUNTS

            	
              87

            
	 	 
	
              SECTION
                4.01. Servicing Accounts

            	
              87

            
	
              SECTION
                4.02. Distribution Account

            	
              88

            
	
              SECTION
                4.03. Permitted Withdrawals and Transfers from the Distribution
                Account

            	
              91

            
	 	 
	
              ARTICLE
                V FLOW OF FUNDS

            	
              93

            
	 	 
	
              SECTION
                5.01. Distributions

            	
              93

            
	
              SECTION
                5.02. [Reserved]

            	
              96

            
	
              SECTION
                5.03. Allocation of Realized Losses

            	
              96

            
	
              SECTION
                5.04. Statements

            	
              97

            
	
              SECTION
                5.05. Remittance Reports; Advances

            	
              100

            
	
              SECTION
                5.06. Compensating Interest Payments

            	
              100

            
	
              SECTION
                5.07. [Reserved]

            	
              101

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                5.08. [Reserved]

            	
              101

            
	
              SECTION
                5.09. Yield Maintenance Account

            	
              101

            
	
              SECTION
                5.10. Recoveries

            	
              101

            
	 	 
	
              ARTICLE
                VI THE CERTIFICATES

            	
              102

            
	 	 
	
              SECTION
                6.01. The Certificates

            	
              102

            
	
              SECTION
                6.02. Registration of Transfer and Exchange of
                Certificates

            	
              103

            
	
              SECTION
                6.03. Mutilated, Destroyed, Lost or Stolen Certificates

            	
              109

            
	
              SECTION
                6.04. Persons Deemed Owners

            	
              110

            
	
              SECTION
                6.05. Appointment of Paying Agent

            	
              110

            
	
              SECTION
                6.06. Optional Purchase of Certificates

            	
              110

            
	 	 
	
              ARTICLE
                VII DEFAULT

            	
              112

            
	 	 
	
              SECTION
                7.01. Event of Default

            	
              112

            
	
              SECTION
                7.02. Trustee to Act

            	
              115

            
	
              SECTION
                7.03. Waiver of Event of Default

            	
              116

            
	
              SECTION
                7.04. Notification to Certificateholders

            	
              116

            
	 	 
	
              ARTICLE
                VIII THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

            	
              116

            
	 	 
	
              SECTION
                8.01. Duties of Trustee and Securities Administrator

            	
              116

            
	
              SECTION
                8.02. Certain Matters Affecting the Trustee and the Securities
                Administrator

            	
              118

            
	
              SECTION
                8.03. Trustee and the Securities Administrator Not Liable for
                Certificates, Mortgage Loans or Additional Collateral

            	
              119

            
	
              SECTION
                8.04. Trustee, Custodian, Delaware Trustee, Master Servicer and Securities
                Administrator May Own Certificates

            	
              121

            
	
              SECTION
                8.05. Trustee’s, Delaware Trustee’s and Securities Administrator’s Fees
                and Expenses

            	
              121

            
	
              SECTION
                8.06. Eligibility Requirements for Trustee and Securities
                Administrator

            	
              121

            
	
              SECTION
                8.07. Resignation or Removal of Trustee and Securities
                Administrator

            	
              122

            
	
              SECTION
                8.08. Successor Trustee and Successor Securities
                Administrator

            	
              123

            
	
              SECTION
                8.09. Merger or Consolidation of Trustee or Securities
                Administrator

            	
              124

            
	
              SECTION
                8.10. Appointment of Co-Trustee or Separate Trustee

            	
              124

            
	
              SECTION
                8.11. Limitation of Liability

            	
              125

            
	
              SECTION
                8.12. Trustee May Enforce Claims Without Possession of
                Certificates

            	
              126

            
	
              SECTION
                8.13. Suits for Enforcement

            	
              126

            
	
              SECTION
                8.14. Waiver of Bond Requirement

            	
              127

            
	
              SECTION
                8.15. Waiver of Inventory, Accounting and Appraisal
                Requirement

            	
              127

            
	
              SECTION
                8.16. Appointment of Custodians

            	
              127

            
	
              SECTION
                8.17. Auction Administration Agreement; Auction Swap
                Agreement

            	
              127

            
	
              SECTION
                8.18. Yield Maintenance Counterparty Tax Form

            	
              128

            
	 	 
	
              ARTICLE
                IX REMIC ADMINISTRATION

            	
              128

            
	 	 
	
              SECTION
                9.01. REMIC Administration

            	
              128

            
	
              SECTION
                9.02. Prohibited Transactions and Activities

            	
              130

            
	 	 

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                X TERMINATION

            	
              131

            
	 	 
	
              SECTION
                10.01. Termination

            	
              131

            
	
              SECTION
                10.02. Additional Termination Requirements

            	
              133

            
	 	 
	
              ARTICLE
                XI DISPOSITION OF TRUST ASSETS

            	
              133

            
	 	 
	
              SECTION
                11.01. Disposition of Trust Assets

            	
              133

            
	 	 
	
              ARTICLE
                XII MISCELLANEOUS PROVISIONS

            	
              134

            
	 	 
	
              SECTION
                12.01. Amendment

            	
              134

            
	
              SECTION
                12.02. Recordation of Agreement; Counterparts

            	
              135

            
	
              SECTION
                12.03. Limitation on Rights of Certificateholders

            	
              135

            
	
              SECTION
                12.04. Governing Law; Jurisdiction

            	
              136

            
	
              SECTION
                12.05. Notices

            	
              136

            
	
              SECTION
                12.06. Severability of Provisions

            	
              137

            
	
              SECTION
                12.07. Article and Section References

            	
              137

            
	
              SECTION
                12.08. Notice to the Rating Agencies

            	
              137

            
	
              SECTION
                12.09. Further Assurances

            	
              138

            
	
              SECTION
                12.10. Benefits of Agreement

            	
              139

            
	
              SECTION
                12.11. Acts of Certificateholders

            	
              139

            
	
              SECTION
                12.12. Successors and Assigns

            	
              139

            
	
              SECTION
                12.13. Derivative Transactions

            	
              139

            

    

     

    EXHIBITS
      AND SCHEDULES:

     

    
      	
              Exhibit
                A

            	
              Form
                of Senior Certificate

            	
              A-1

            
	
              Exhibit
                B

            	
              Form
                of Class A-X Certificate

            	
              B-2

            
	
              Exhibit
                C

            	
              Form
                of Class A-R Certificate

            	
              C-1

            
	
              Exhibit
                D

            	
              Form
                of Subordinate Certificate

            	
              D-1

            
	
              Exhibit
                E

            	
              Form
                of Reverse of the Certificates

            	
              E-1

            
	
              Exhibit
                F

            	
              Request
                for Release

            	
              F-1

            
	
              Exhibit
                G-1

            	
              Form
                of Receipt of Mortgage Note

            	
              G-1-1

            
	
              Exhibit
                G-2

            	
              Form
                of Interim Certificate of Trustee

            	
              G-2-1

            
	
              Exhibit
                G-3

            	
              Form
                of Final Certification of Trustee

            	
              G-3-1

            
	
              Exhibit
                H

            	
              Form
                of Lost Note Affidavit

            	
              H-1

            
	
              Exhibit
                I

            	
              Form
                of ERISA Representation

            	
              I-1

            
	
              Exhibit
                J-1

            	
              Form
                of Investment Letter [Non-Rule 144A]

            	
              J-1-1

            
	
              Exhibit
                J-2

            	
              Form
                of Rule 144A Investment Letter

            	
              J-2-1

            
	
              Exhibit
                K

            	
              Form
                of Transferor Certificate

            	
              K-1

            
	
              Exhibit
                L

            	
              Transfer
                Affidavit for Class A-R Certificate Pursuant to Section
                6.02(e)

            	
              L-1

            
	
              Exhibit
                M

            	
              Form
                of Certificate of Trust

            	
              M-1

            
	
              Exhibit
                N

            	
              List
                of Servicers and Servicing Agreements

            	
              N-1

            
	
              Exhibit
                O

            	
              Notice
                of Exercise of Optional Securities Purchase Right

            	
              O-1

            
	
              Exhibit
                P

            	
              [Reserved]

            	
              P-1

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    
      	
              Exhibit
                Q

            	
              Servicing
                Criteria

            	
              Q-1

            
	
              Exhibit
                R

            	
              Additional
                Form 10-D Disclosure

            	
              R-1

            
	
              Exhibit
                S

            	
              Additional
                Form 10-K Disclosure

            	
              S-1

            
	
              Exhibit
                T

            	
              Form
                8-K Disclosure Information

            	
              T-1

            
	
              Exhibit
                U

            	
              Form
                of Additional Disclosure Notification

            	
              U-1

            
	 	 	 
	
              Schedule
                I

            	
              Mortgage
                Loan Schedule

            	 

    

    

    

    

    
      
        
          
          

        

        
          v

          
            

          

        

        
          
          

        

      

    

    

    This
      Pooling and Servicing Agreement is dated as of November 1, 2006 (the
“Agreement”),
      among
      CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., a Delaware corporation,
      as
      depositor (the “Depositor”),
      THORNBURG MORTGAGE HOME LOANS, INC., a Delaware corporation, as seller (the
      “Seller”),
      WELLS
      FARGO BANK, N.A., a national banking association, as master servicer (in such
      capacity, the “Master
      Servicer”)
      and as
      securities administrator (in such capacity, the “Securities
      Administrator”),
      WILMINGTON TRUST COMPANY, a Delaware banking corporation, as Delaware trustee
      (the “Delaware
      Trustee”)
      and
      LASALLE BANK NATIONAL ASSOCIATION, a national banking association, as trustee
      (in such capacity, the “Trustee”)
      and
      custodian (in such capacity, the “Custodian”).

    

    PRELIMINARY
      STATEMENT:

    

    On
      November 16, 2006 the Depositor formed Thornburg Mortgage Securities Trust
      2006-6, as a Delaware statutory trust (the “Trust”)
      pursuant to (i) the Trust Agreement, dated as of November 16, 2006 (the
“Original
      Trust Agreement”),
      among
      the Depositor, the Trustee and the Delaware Trustee and (ii) a Certificate
      of
      Trust filed with the Secretary of State of the State of Delaware on November
      16,
      2006.

    

    The
      parties to this Agreement desire to amend and restate the Original Trust
      Agreement in its entirety, and, as evidenced by their signatures hereto, the
      Original Trust Agreement is hereby amended, restated and replaced in its
      entirety as of the date first written above by this Agreement. 

    

    Through
      this Agreement, the Depositor intends to cause the issuance and sale of the
      Trust’s Mortgage Pass-Through Certificates, Series 2006-6 (the “Certificates”)
      representing in the aggregate the entire beneficial ownership of the Trust,
      the
      primary assets of which are the Mortgage Loans (as defined below).

    

    On
      or
      prior to the Closing Date, the Depositor acquired the Mortgage Loans from the
      Seller. On the Closing Date, the Depositor will sell the Mortgage Loans and
      certain other property to the Trust and receive in consideration therefor
      Certificates evidencing the entire beneficial ownership of the
      Trust.

    

    The
      Depositor intends to sell the Certificates, to be issued hereunder in multiple
      classes, which in the aggregate will evidence the entire beneficial ownership
      interest in the Trust. The Certificates will consist of ten classes of
      certificates, designated as (i) the Class A-1 Certificates, (ii) the Class
      A-2
      Certificates, (iii) the Class A-X Certificates, (iv) the Class A-R Certificate,
      (v) the Class B-1 Certificates, (vi) the Class B-2 Certificates, (vii) the
      Class
      B-3 Certificates, (viii) the Class B-4 Certificates, (ix) the Class B-5
      Certificates and (x) the Class B-6 Certificates.

    

    For
      federal income tax purposes, the Trust Fund (exclusive of the Additional
      Collateral, the Yield Maintenance Agreement, the Auction Swap Agreement and
      the
      Yield Maintenance Account, collectively, the “Excluded
      Trust Assets”)
      is
      comprised of two REMICs in a tiered REMIC structure - the lower Tier REMIC
      (the
“Lower
      Tier REMIC”)
      and
      the upper tier REMIC (the “Upper
      Tier REMIC”).
      Each
      Certificate, other than the Class A-R Certificate, shall represent ownership
      of
      a regular interest in the Upper-Tier REMIC, as described herein. In addition,
      the Class A-1 and Class A-2 Certificates represent the right to receive payments
      from the Yield Maintenance Account as provided in Section 5.09. The Class A-R
      Certificate represents ownership of the sole class of residual interest in
      each
      REMIC. The Holders of the Class A-1 and Class A-2 Certificates own the Yield
      Maintenance Account for federal income tax purposes in proportion to their
      respective Certificate Principal Balances.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    The
      Lower
      Tier REMIC will hold as its assets all of the assets constituting the Trust
      Fund
      (exclusive of the Excluded Trust Assets) and will issue interests (the
“Lower
      Tier Regular Interests”)
      (which
      will be uncertificated and will represent the regular interests in the Lower
      Tier REMIC) and a residual interest (the “LT-R
      Interest”
and,
      together with the Lower Tier Regular Interests, the “Lower
      Tier Interests”)
      which
      will also be uncertificated and which will represent the sole class of residual
      interest in the Lower Tier REMIC. The Trustee will hold the Lower Tier Regular
      Interests as assets of the Upper Tier REMIC. The Certificates, other than the
      Class A-R Certificate, will represent “regular interests” in the Upper Tier
      REMIC, and the Class A-R Certificate, which will represent the sole class of
      “residual interest” in the Upper Tier REMIC as well as ownership of the LT-R
      Interest. 

    

    For
      purposes of the REMIC Provisions, the startup day is the Closing Date. All
      REMIC
      regular and residual interests created hereby will be retired on or before
      the
      Latest Possible Maturity Date.

    

    The
      Lower Tier REMIC 

    

    The
      following table specifies the designation, interest rate, and initial principal
      amount for each Lower Tier Interest:

     

    
      	
              Designation

            	 	
              Interest
                

              Rate

            	 	
              Initial
                

              Principal

              Balance

            	 	
              Corresponding
                

              Class
                of 

              Certificates

            
	
              LT-A-1

            	 	
              (1)

            	 	
              (2)

            	 	
              A-1

            
	
              LT-A-2

            	 	
              (1)

            	 	
              (2)

            	 	
              A-2

            
	
              LT-B-1

            	 	
              (1)

            	 	
              (2)

            	 	
              B-1

            
	
              LT-B-2

            	 	
              (1)

            	 	
              (2)

            	 	
              B-2

            
	
              LT-B-3

            	 	
              (1)

            	 	
              (2)

            	 	
              B-3

            
	
              LT-B-4

            	 	
              (1)

            	 	
              (2)

            	 	
              B-4

            
	
              LT-B-5

            	 	
              (1)

            	 	
              (2)

            	 	
              B-5

            
	
              LT-B-6

            	 	
              (1)

            	 	
              (2)

            	 	
              B-6

            
	
              LT-R
                

            	 	
              (1)

            	 	
              (2)

            	 	
              A-R

            

    

    __________________

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower Tier Interests will be a
                per annum
                rate equal to the Net WAC of the Mortgage Loans.
                

            

    

    

    
      	
              (2)

            	
              Each
                of these Lower Tier Interests shall have a principal balance initially
                equal to the Class Certificate Principal Balance of its Corresponding
                Class of Certificates as of the Closing
                Date.

            

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    On
      each
      Distribution Date, interest shall be distributed with respect to the Lower
      Tier
      Interests based on the interest rates described above. 

    

    On
      each
      Distribution Date, principal shall be distributed concurrently to the LT-A-1,
      LT-A-2, LT-B-1, LT-B-2, LT-B-3, LT-B-4, LT-B-5, LT-B-6 and LT-R Interests until
      the principal balance of each such Lower Tier Regular Interest equals the Class
      Certificate Principal Balance of its Corresponding Class of Certificates
      immediately after such Distribution Date.

    

    On
      each
      Distribution Date, Realized Losses shall be allocated among the Lower Tier
      Regular Interests in the same manner that principal is distributed among the
      Lower Tier Regular Interests. 

    

    Upper
      Tier REMIC

    

    The
      following table sets forth (or describes) the Class designation, Pass-Through
      Rate and Original Class Certificate Principal Balance for each Class of
      Certificates comprising a regular interest in the REMIC created hereunder,
      each
      of which, except for the Class A-R Certificate, is hereby designated as a REMIC
      regular interest in the Upper Tier REMIC for purposes of the REMIC
      Provisions:

     

    
      	
              Class

            	
              Original
                Class Certificate 

              Principal
                Balance or Class 

              Certificate
                Notional Balance

            	
              Pass-Through

              Rate

            
	
              Class
                A-1

            	
              $1,112,265,000                
                

            	
              (1)

            
	
              Class
                A-2

            	
              $123,585,000                
                

            	
              (1)

            
	
              Class
                A-X

            	
              $1,235,850,000
                (notional)

            	
              (1)

            
	
              Class
                A-R

            	
              $100                
                

            	
              (1)

            
	
              Class
                B-1

            	
              $21,815,000                
                

            	
              (1)

            
	
              Class
                B-2

            	
              $8,985,000                
                

            	
              (1)

            
	
              Class
                B-3

            	
              $5,135,000                
                

            	
              (1)

            
	
              Class
                B-4

            	
              $5,135,000                
                

            	
              (1)

            
	
              Class
                B-5

            	
              $3,850,000                
                

            	
              (1)

            
	
              Class
                B-6

            	
              $2,561,077                
                

            	
              (1)

            

    

    ____________

    
      	 	
              (1)

            	
              Calculated
                pursuant to the definition of “Pass-Through Rate.” For purposes of the
                REMIC Provisions, however, the Pass Through Rate for each of the
                Auction
                Certificates, for each Distribution Date on or before the Auction
                Distribution Date shall be treated as though it were subject to a
                cap
                equal to the Net WAC.

            

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    ARTICLE
      I

    

    DEFINITIONS;
      DECLARATION OF TRUST

    

    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. All calculations of interest described herein shall
      be made on the basis of an assumed 360-day year consisting of twelve 30-day
      months unless otherwise indicated in this Agreement.

    

    “Accepted
      Master Servicing Practices”:
      With
      respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
      servicing practices of prudent mortgage servicing institutions that master
      service mortgage loans of the same type and quality as such Mortgage Loan in
      the
      jurisdiction where the related Mortgaged Property is located, to the extent
      applicable to the Trustee (as successor Master Servicer) or the Master Servicer
      (except in its capacity as a Servicer or as a successor to another Servicer),
      or
      (y) as provided in the applicable Servicing Agreement, to the extent applicable
      to any Servicer, but in no event below the standard set forth in clause
      (x).

    

    “Account”:
      The
      Distribution Account, each Servicing Account, the Yield Maintenance Account,
      the
      Swap Proceeds Account and the Auction Proceeds Account, as the context
      requires.

    

    “Accrual
      Period”:
      With
      respect to each Distribution Date and the Class A-1 and Class A-2 Certificates,
      the period beginning on the prior Distribution Date (or the Closing Date, in
      the
      case of the first Distribution Date) and ending on the day immediately preceding
      such Distribution Date. Interest for such Classes will be calculated based
      upon
      a 360-day year and the actual number of days in each Accrual Period. With
      respect to each Distribution Date and any Class of Lower Tier Regular Interests
      and the Class A-X and Class A-R Certificates and the Subordinate Certificates,
      the calendar month prior to the month of such Distribution Date. Interest for
      such Lower Tier Regular Interests and such Classes will be calculated based
      upon
      a 360-day year consisting of twelve 30-day months in each Accrual
      Period.

    

    “Additional
      Collateral”:
      With
      respect to any Additional Collateral Mortgage Loan, the marketable securities
      or
      other assets subject to a security interest pursuant to the related pledge
      agreement.

    

    “Additional
      Collateral Mortgage Loan”:
      Each
      Mortgage Loan identified as such in the Mortgage Loan Schedule and as to which
      Additional Collateral is then required to be provided as security
      therefor.

    

    “Additional
      Disclosure Notification”:
      As
      defined in Section 3.19(a).

    

    “Additional
      Form 10-D Disclosure”:
      As
      defined in Section 3.19(a).

    

    “Additional
      Form 10-K Disclosure”:
      As
      defined in Section 3.19(b).

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    “Adjustable
      Rate Mortgage Loans”:
      The
      Mortgage Loans identified as such and as set forth on Schedule I
      hereto.

    

    “Adjustment
      Date”:
      With
      respect to each Mortgage Loan, each adjustment date on which the related Loan
      Rate changes pursuant to the related Mortgage Note. The first Adjustment Date
      following the Cut-Off Date as to each Mortgage Loan is set forth in the Mortgage
      Loan Schedule.

    

    “Advance”:
      As to
      any Mortgage Loan or REO Property, any advance made by the Master Servicer
      (including the Trustee in its capacity as successor Master Servicer) in respect
      of any Distribution Date pursuant to Section 5.05.

    

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

    

    “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.

    

    “Aggregate
      Subordinate Percentage”:
      As to
      any Distribution Date, the percentage equivalent of a fraction, the numerator
      of
      which is the aggregate of the Class Certificate Principal Balances of the
      Classes of Subordinate Certificates and the denominator of which is the Pool
      Balance for such Distribution Date.

    

    “Agreement”:
      This
      Pooling and Servicing Agreement, dated as of November 1, 2006, as amended,
      supplemented and otherwise modified from time to time.

    

    “Applicable
      Credit Support Percentage”:
      As
      defined in Section 5.01(e).

    

    “Assignment”:
      As to
      any Mortgage, an assignment of mortgage, notice of transfer or equivalent
      instrument, in recordable form, which is sufficient, under the laws of the
      jurisdiction in which the related Mortgaged Property is located, to reflect
      or
      record the sale of such Mortgage.

    

    “Auction
      Administrator”:
      As
      defined in Section 8.17. 

    

    “Auction
      Administration Agreement”:
      The
      Auction Administration Agreement dated as of November 29, 2006 between the
      Auction Swap Counterparty and the Auction Administrator.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    “Auction
      Call”:
      The
      exercise of the auction under the Auction Administration Agreement and the
      Auction Swap Agreement on the Auction Call Date.

    

    “Auction
      Certificates”:
      The
      Class A-1 and Class A-2 Certificates.

    

    “Auction
      Distribution Date”:
      The
      Distribution Date in November 2011.

    

    “Auction
      Proceeds Account”:
      The
      account maintained by the Auction Administrator pursuant to the Auction
      Administration Agreement and which shall not be an asset of any
      REMIC.

    

    “Auction
      Swap Agreement”:
      The
      swap agreement dated November 29, 2006 by and between the Auction Swap
      Counterparty and the Auction Administrator, including the ISDA Master Agreement
      between the Auction Swap Counterparty and the Auction Administrator, the
      schedule thereto and the related confirmation External ID: 9358017 / Risk ID:
      563210138), dated as of November 29, 2006.

    

    “Auction
      Swap Counterparty”:
      Credit
      Suisse International.

    

    “Available
      Funds”:
      As to
      any Distribution Date, an amount equal to (i) the sum, without duplication,
      of (a) the aggregate of the Monthly Payments received on or prior to the
      related Determination Date (excluding Monthly Payments due in future Due Periods
      but received by the related Determination Date) in respect of the Mortgage
      Loans, (b) Net Liquidation Proceeds, Insurance Proceeds, Principal
      Prepayments (but not including Prepayment Penalty Amounts), Recoveries and
      other
      unscheduled recoveries of principal and interest in respect of the Mortgage
      Loans received during the related Prepayment Period, (c) the aggregate of any
      amounts received in respect of REO Properties for such Distribution Date,
      (d) the aggregate of any amounts of Interest Shortfalls (excluding for such
      purpose all shortfalls as a result of Relief Act Reductions) paid by the
      Servicers pursuant to the related Servicing Agreements and Compensating Interest
      Payments deposited in the Distribution Account for such Distribution Date in
      respect of the Mortgage Loans, (e) the aggregate of the Purchase Prices,
      Substitution Adjustments and amounts collected for purchases pursuant to
      Sections 2.03 or 3.25 deposited in the Distribution Account during the related
      Prepayment Period in respect of the Mortgage Loans, (f) the aggregate of
      any Advances made by the Servicers and the Master Servicer for such Distribution
      Date in respect of the Mortgage Loans, (g) the aggregate of any Advances
      made by the Trustee (as successor Master Servicer) for such Distribution Date
      pursuant to Section 7.02 hereof in respect of the Mortgage Loans and
      (h) the Termination Price on the Distribution Date on which the Trust is
      terminated; minus
      (ii) the sum of (w) the Expense Fees for such Distribution Date in
      respect of the Mortgage Loans, (x) amounts in reimbursement for Advances
      previously made in respect of the Mortgage Loans and other amounts as to which
      the Servicers, the Trustee, the Securities Administrator and the Master Servicer
      are entitled to be reimbursed pursuant to Section 4.03, (y) the amount payable
      from funds of the Trust to the Trustee, the Delaware Trustee, the Master
      Servicer, the Custodian or the Securities Administrator pursuant to Section
      8.05, Section 3.30 and Section 3.31(c) and (z) amounts deposited in the
      Distribution Account in error, in respect of the Mortgage Loans, in each case
      without duplication.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

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

    

    “Base
      Value”:
      With
      respect to any Mortgage Loan for which Additional Collateral has been pledged,
      the value of the Additional Collateral as determined with respect to that
      Mortgage Loan in accordance with the applicable underwriting
      guidelines.

    

    “Book-Entry
      Certificates”:
      Any of
      the Certificates that shall be registered in the name of the Depository or
      its
      nominee, the ownership of which is reflected on the books of the Depository
      or
      on the books of a Person maintaining an account with the Depository (directly,
      as a “Depository Participant”, or indirectly, as an indirect participant in
      accordance with the rules of the Depository and as described in Section 6.02
      hereof). On the Closing Date, all Classes of the Certificates other than the
      Physical Certificates shall be Book-Entry Certificates.

    

    “Business
      Day”:
      Any
      day other than a Saturday, a Sunday or a day on which banking or savings
      institutions in the State of Minnesota, the State of Maryland, the State of
      Illinois, the State of New York 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 Residual Certificate.

    

    “Certificate
      Notional Balance”:
      With
      respect to the Notional Certificates and any date of determination, the product
      of (i) the Class Certificate Notional Balance of such Class and (ii) the
      applicable Percentage Interest of such Certificate.

    

    “Certificate
      of Trust”:
      The
      certificate of trust filed with the Delaware Secretary of State in respect
      of
      the Trust pursuant to Section 3810 of the DSTS.

    

    “Certificate
      Owner”:
      With
      respect to each Book-Entry Certificate, any beneficial owner thereof and with
      respect to each Physical Certificate, the Certificateholder
      thereof.

    

    “Certificate
      Principal Balance”:
      With
      respect to each Certificate of a given Class (other than the Class A-X
      Certificates) and any date of determination, the product of (i) the Class
      Certificate Principal Balance of such Class and (ii) the applicable Percentage
      Interest of such Certificate.

    

    “Certificate
      Register”
and
      “Certificate
      Registrar”:
      The
      register maintained and registrar appointed pursuant to Section 6.02
      hereof.

    

    “Certificateholder”
or
      “Holder”:
      The
      Person in whose name a Certificate is registered in the Certificate Register,
      except that a Disqualified Organization or non-U.S. Person shall not be a Holder
      of a Residual Certificate for any purpose hereof.

    

    “Certification
      Parties”:
      As
      defined in Section 3.18.

    

    “Certifying
      Person”:
      As
      defined in Section 3.18.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    “Class”:
      Collectively, Certificates that 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-1 Certificate”:
      Any of
      the Class A-1 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit A, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

    

    “Class
      A-2 Certificate”:
      Any of
      the Class A-2 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit A, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

    

    “Class
      A-R Certificate”:
      The
      Class A-R Certificate as designated on the face thereof, executed by the
      Securities Administrator, and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit C, evidencing
      the
      ownership of the sole class of “residual interests” in the Upper Tier REMIC
      created hereunder as well as ownership of the Class LT-R Interest and
      representing the right to distributions as set forth herein and
      therein.

    

    “Class
      A-X Certificate”:
      Any of
      the Class A-X Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit B, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

    

    “Class
      B-1 Certificate”:
      Any of
      the Class B-1 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit D, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

    

    “Class
      B-2 Certificate”:
      Any of
      the Class B-2 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit D, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

    

    “Class
      B-3 Certificate”:
      Any of
      the Class B-3 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit D, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    “Class
      B-4 Certificate”:
      Any of
      the Class B-4 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit D, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

    

    “Class
      B-5 Certificate”:
      Any of
      the Class B-5 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit D, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

    

    “Class
      B-6 Certificate”:
      Any of
      the Class B-6 Certificates as designated on the face thereof, executed by the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit D, evidencing
      the
      ownership of a “regular interest” in the Upper Tier REMIC created hereunder and
      representing the right to distributions as set forth herein and
      therein.

    

    “Class
      Certificate Notional Balance”:
      With
      respect to the Class A-X Certificates and any Distribution Date on or prior
      to
      the Distribution Date in November 2011, the sum of the Class Certificate
      Principal Balances of the Class A-1 and Class A-2 Certificates immediately
      prior
      to such Distribution Date, and after the Distribution Date in November 2011,
      zero.

    

    “Class
      Certificate Principal Balance”:
      As to
      any Distribution Date, with respect to any Class of Certificates (other than
      the
      Class A-X Certificates), the Original Class Certificate Principal Balance as
      reduced by the sum of (x) all amounts actually distributed in respect of
      principal of that Class on all prior Distribution Dates, (y) all Realized
      Losses, if any, actually allocated to that Class on all prior Distribution
      Dates
      and (z) in the case of the Subordinate Certificates, any applicable Writedown
      Amount; provided,
      however,
      that
      pursuant to Section 5.10, the Class Certificate Principal Balance of a Class
      of
      Certificates may be increased up to the amount of Realized Losses previously
      allocated to such Class, in the event that there is a Recovery on a Mortgage
      Loan, and the Certificate Principal Balance of any individual Certificate of
      such Class will be increased by its pro
      rata
      share of
      the increase to such Class.

    

    “Class
      Subordination Percentage”:
      With
      respect to each Class of Subordinate Certificates and any Distribution Date,
      the
      percentage equivalent of a fraction the numerator of which is the Class
      Certificate Principal Balance of such Class immediately before such Distribution
      Date and the denominator of which is the aggregate of the Class Certificate
      Principal Balances of all Classes of Certificates immediately before such
      Distribution Date.

    

    “Close
      of Business”:
      As
      used herein, with respect to any Business Day and location, 5:00 p.m. at such
      location.

    

    “Closing
      Date”:
      November 29, 2006.

    

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

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    “Commission”:
      U.S.
      Securities and Exchange Commission.

    

    “Compensating
      Interest Payment”:
      With
      respect to any Distribution Date, an
      amount equal to the amount, if any, by which (x) the aggregate
      amount of any Interest Shortfalls (excluding for such purpose all shortfalls
      as
      a result of Relief Act Reductions) required to be paid by the Servicers pursuant
      to the related Servicing Agreement with respect to such Distribution Date,
      exceeds (y) the aggregate amount actually paid by the Servicers in respect
      of
      such shortfalls; provided,
      that
      such amount, to the extent payable by the Master Servicer, shall not exceed
      the
      aggregate Master Servicing Fee that would be payable to the Master Servicer
      in
      respect of such Distribution Date without giving effect to any Compensating
      Interest Payment.
      

    

    “Converted
      Mortgage Loan”:
      Any
      Mortgage Loan as to which the Mortgagor thereunder has exercised its right
      under
      the related Mortgage Note to convert the adjustable Loan Rate thereon to a
      fixed
      Loan Rate.

    

    “Converted
      Mortgage Loan Schedule”:
      With respect to each Distribution Date, a schedule prepared by the Master
      Servicer pursuant to Section 3.05 listing each Convertible Mortgage Loan that
      has become a Converted Mortgage Loan during the immediately preceding Due
      Period, and the Purchase Price for each such Converted Mortgage
      Loan.

    

    “Convertible
      Mortgage Loan”:
      Any Mortgage Loan which, at the option of the Mortgagor and in accordance with
      the terms of the related Mortgage Note, may have the related Mortgage Rate
      converted from an adjustable rate to a fixed rate.

    

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

    

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

    

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

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

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

    

    “Cooperative
      Shares”:
      Shares
      issued by a Cooperative Corporation.

    

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

    

    “Corporate
      Trust Office”:
      With
      respect to the Trustee, 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 135 South LaSalle Street, Suite 1511, Chicago,
      IL 60603, Attention: Global Securities and Trust Services, Thornburg 2006-6,
      or
      at such other address as the Trustee may designate from time to time by notice
      to the Certificateholders, the Depositor and the Seller. With respect to the
      Securities Administrator and the Certificate Registrar and (i) presentment
      of
      Certificates for registration of transfer, exchange or final payment, Wells
      Fargo Bank, National Association, Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, Attention: Corporate Trust, Thornburg Mortgage
      Securities Trust 2006-6, and (ii) for all other purposes, P.O. Box 98, Columbia,
      Maryland 21046 (or for overnight deliveries, 9062 Old Annapolis Road, Columbia,
      Maryland 21045), Attention: Corporate Trust, Thornburg Mortgage Securities
      Trust
      2006-6.

    

    “Correspondent
      Sellers Guide”:
      The
      Seller’s Correspondent Sellers Guide, revised June 5, 2006, as amended by
      Regulation AB Amendment dated December 1, 2005 and as revised and/or amended
      from time to time.

    

    “Corresponding
      Class”:
      With
      respect to each class of Lower Tier Regular Interests, the Class or Classes
      of
      Certificates corresponding to such class as set forth in the Preliminary
      Statement. 

    

    “Custodian”:
      LaSalle Bank National Association, and its successors acting as custodian of
      the
      Mortgage Files.

    

    “Cut-Off
      Date”:
      With
      respect to any Mortgage Loan other than a Qualified Substitute Mortgage Loan,
      the Close of Business in New York City on November 1, 2006. With respect to
      any
      Qualified Substitute Mortgage Loan, the date designated as such on the Mortgage
      Loan Schedule (as amended).

    

    “Cut-Off
      Date Aggregate Principal Balance”:
      The
      aggregate of the Cut-Off Date Principal Balances of the Mortgage
      Loans.

    

    “Cut-Off
      Date Principal Balance”:
      With
      respect to any Mortgage Loan, the principal balance thereof remaining to be
      paid, after application of all scheduled principal payments due on or before
      the
      Cut-Off Date whether or not received as of the Cut-Off Date (or as of the
      applicable date of substitution with respect to a Qualified Substitute Mortgage
      Loan).

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    “Definitive
      Certificates”:
      Any
      Certificate evidenced by a Physical Certificate and any Certificate issued
      in
      lieu of a Book-Entry Certificate pursuant to Section 6.02(c) or (d)
      hereof.

    

    “Delaware
      Statutory Trust Statute”
or
      “DSTS”:
      As
      defined in Section 1A.03. 

    

    “Delaware
      Trustee”:
      Wilmington Trust Company, not in its individual capacity but solely as trustee,
      and its successors and assigns.

    

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

    

    “Delinquent”:
      Any
      Mortgage Loan with respect to which the Monthly Payment due on a Due Date is
      not
      made by the succeeding Due Date.

    

    “Depositor”:
      Credit
      Suisse First Boston Mortgage Securities Corp., 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 Exchange Act. 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(3) 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”:
      For
      any Distribution Date and each Mortgage Loan, the date each month, as set forth
      in the related Servicing Agreement, on which the related Servicer determines
      the
      amount of all funds required to be remitted to the Master Servicer on the
      Servicer Remittance Date with respect to the Mortgage Loans it is servicing.
      

    

    “Disqualified
      Organization”:
      A
“disqualified organization” defined in Section 860E(e)(5) of the Code, or any
      other Person so designated by the Trustee based upon an Opinion of Counsel
      provided to the Trustee by nationally recognized counsel acceptable to the
      Trustee that the holding of an ownership interest in the Residual 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 Residual Certificate to such
      Person.

    

    “Distribution
      Account”:
      The
      trust account or accounts created and maintained by the Securities Administrator
      pursuant to Section 4.02 hereof which shall be entitled “Distribution Account,
      Wells Fargo Bank, N.A., as Securities Administrator for LaSalle Bank National
      Association, as Trustee, in trust for the registered Holders of Thornburg
      Mortgage Securities Trust 2006-6, Mortgage Pass-Through Certificates, Series
      2006-6” and which must be an Eligible Account.

    
      
        
        

      

      
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    “Distribution
      Account Income”:
      As to
      any Distribution Date, any interest or other investment income earned on funds
      deposited in the Distribution Account during the month of such Distribution
      Date.

    

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

    

    “Distribution
      Date Statement”:
      As
      defined in Section 5.04(a) hereof.

    

    “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, exclusive of any days of
      grace.

    

    “Due
      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.

    

    “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 in the highest short term rating
      category of each Rating Agency at the time any amounts are held on deposit
      therein;

    

    (ii) an
      account or accounts the deposits in which are fully insured by the FDIC (to
      the
      limits established by it), the uninsured deposits in which account are otherwise
      secured such that, as evidenced by an Opinion of Counsel delivered to the
      Securities Administrator and the Trustee and to each Rating Agency, the Trustee
      on behalf of Certificateholders will have a claim with respect to the funds
      in
      the account or a perfected first priority security interest against the
      collateral (which shall be limited to Permitted Investments) securing those
      funds that is superior to claims of any other depositors or creditors of the
      depository institution with which such account is maintained;

    

    (iii) an
      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) an
      account otherwise acceptable to each Rating Agency without reduction or
      withdrawal of its then current ratings of the Certificates as evidenced by
      a
      letter from such Rating Agency to the Securities Administrator and the Trustee.
      Eligible Accounts may bear interest.

    
      
        
        

      

      
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    “Employee
      Loan”:
      Any
      Mortgage Loan identified as such in the Mortgage Loan Schedule and which was
      originated by the Seller, which provides for an increase in the Loan Rate
      thereof in the event of the change of employment of the Mortgagor
      thereunder.

    

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

    

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

    

    “ERISA-Restricted
      Auction Certificates”:
      Any of
      the Class A-1 or Class A-2 Certificates.

    

    “ERISA-Restricted
      Certificates”:
      The
      Residual Certificate, the Class B-4, Class B-5 and Class B-6 Certificates and
      any Certificate that does not satisfy the applicable rating requirement under
      the Underwriter’s Exemption.

    

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

    

    “Event
      of Default”:
      In
      respect of the Master Servicer, one or more of the events (howsoever described)
      set forth in Section 7.01 hereof as an event or events upon the occurrence
      and
      continuation of which the Master Servicer may be terminated.

    

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

    

    “Expense
      Fee”:
      With
      respect to any Mortgage Loan, the sum of (w) the Retained Interest, if any,
      (x)
      the Master Servicing Fee and (y) the related Servicing Fee with respect to
      the
      related Servicer.

    

    “Expense
      Fee Rate”:
      With
      respect to any Mortgage Loan, the per annum rate at which the Expense Fee
      accrues for such Mortgage Loan as set forth in the Mortgage Loan
      Schedule.

    

    “Fannie
      Mae”:
      The
      Federal National Mortgage Association or any successor thereto.

    

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

    

    “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 pursuant to or
      contemplated by Section 2.03, 3.25 and 10.01), a determination made by the
      related Servicer that all Insurance Proceeds, Liquidation Proceeds and other
      payments or recoveries which it expects to be finally recoverable in respect
      thereof have been so recovered. 

    

    “Five-Year
      Hybrid Mortgage Loans”:
      The
      Mortgage Loans identified as such and as set forth on Schedule I
      hereto.

    

    “Form
      8-K Disclosure Information”:
      As
      defined in Section 3.19(c).

    
      
        
        

      

      
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    “Freddie
      Mac”:
      The
      Federal Home Loan Mortgage Corporation or any successor thereto.

    

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

    

    “Indemnified
      Persons”:
      The
      Trustee (individually in its corporate capacity and in all capacities
      hereunder), the Delaware Trustee, the Master Servicer, the Seller, the Depositor
      and the Securities Administrator (in all capacities hereunder) and their
      officers, directors, agents and employees and, with respect to the Trustee,
      any
      separate co-trustee and its officers, directors, agents and
      employees.

    

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

    

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

    

    “Initial
      Certificate Principal Balance”:
      With
      respect to any Certificate (other than the Class A-X Certificates), the amount
      designated “Initial Certificate Principal Balance” on the face
      thereof.

    

    “Initial
      Certificate Notional Balance”:
      With
      respect to the Class A-X Certificates, the amount designated “Initial
      Certificate Notional Balance” on the face thereof.

    

    “Initial
      LIBOR Rate”:
      5.32%

    

    “Insurance
      Proceeds”:
      With
      respect to any Mortgage Loan, proceeds of any title policy, hazard 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 related Mortgagor in accordance with the related Servicing
      Agreement.

    

    “Interest
      Distributable Amount”:
      With
      respect to any Distribution Date and each Class of Certificates, the sum of
      (i) the Monthly Interest Distributable Amount for that Class and
      (ii) the Unpaid Interest Shortfall Amount for that Class.

    

    “Interest
      Shortfall”:
      With
      respect to any Distribution Date and each Mortgage Loan that during the related
      Prepayment Period was the subject of a Principal Prepayment or a reduction
      of
      its Monthly Payment under the Relief Act or similar state or local law, an
      amount determined as follows:

    
      
        
        

      

      
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    (a) Principal
      Prepayments in part received during the relevant Prepayment Period: the
      difference between (i) one month’s interest at the applicable Net Loan Rate on
      the amount of such prepayment and (ii) the amount of interest for the calendar
      month of such prepayment (adjusted to the applicable Net Loan Rate) received
      at
      the time of such prepayment; and

    

    (b) Principal
      Prepayments in full received during the relevant Prepayment Period: the
      difference between (i) one month’s interest at the applicable Net Loan Rate on
      the Stated Principal Balance of such Mortgage Loan immediately prior to such
      prepayment and (ii) the amount of interest for the calendar month of such
      prepayment (adjusted to the applicable Net Loan Rate) received at the time
      of
      such prepayment; and

    

    (c) any
      Relief Act Reductions for such Distribution Date.

    

    “Item
      1122 Responsible Party”:
      As
      defined in Section 3.22.

    

    “Latest
      Possible Maturity Date”:
      As
      determined as of the Cut-Off Date, the Distribution Date following the fifth
      anniversary of the scheduled maturity date of the Mortgage Loan having the
      latest scheduled maturity date as of the Cut-Off Date.

    

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

    

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

    

    (b) The
      establishment of LIBOR by the Securities Administrator and the Securities
      Administrator’s subsequent calculation of the Pass-Through Rate applicable to
      the Class A-1, Class A-2 and Class A-X Certificates for the relevant Accrual
      Period, in the absence of manifest error, will be final and
      binding.

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

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

    

    “LIBOR
      Determination Date”:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period for the Class A-1 and Class A-2 Certificates.

    

    “Liquidated
      Mortgage Loan”:
      As to
      any Distribution Date, any Mortgage Loan in respect of which the related
      Servicer or the Master Servicer has determined, in accordance with the servicing
      procedures specified herein, as of the end of the related Prepayment Period,
      that all Liquidation Proceeds that it expects to recover with respect to the
      liquidation of such 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
      hereunder. 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 10.01 hereof or the applicable provisions of the related
      Servicing Agreement.

    

    “Liquidation
      Expenses”:
      With
      respect to a Mortgage Loan in liquidation, unreimbursed expenses paid or
      incurred by or for the account of the Master Servicer or the related Servicers,
      such expenses including (a) property protection expenses, (b) property sales
      expenses, (c) foreclosure and sale costs, including court costs and reasonable
      attorneys’ fees, and (d) similar expenses reasonably paid or incurred in
      connection with liquidation. 

    

    “Liquidation
      Proceeds”:
      With
      respect to any Mortgage Loan, the amount (other than amounts received in respect
      of the rental of any REO Property prior to REO Disposition) received by the
      related Servicer as proceeds from the liquidation of such Mortgage Loan, as
      determined in accordance with the applicable provisions of the related Servicing
      Agreement, other than Recoveries; provided
      that (i)
      with respect to any Mortgage Loan or REO Property repurchased, substituted
      or
      sold pursuant to or as contemplated hereunder, or pursuant to the applicable
      provisions of the related Servicing Agreement, “Liquidation Proceeds” shall also
      include amounts realized in connection with such repurchase, substitution or
      sale and (ii) with respect to a defaulted Additional Collateral Mortgage Loan,
      “Liquidation Proceeds” shall also include the amount realized on the related
      Additional Collateral, including any amounts paid under the Surety
      Bond.

    

    “Loan
      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.

    

    “Loan-to-Collateral
      Value Ratio”:
      With
      respect to each Mortgage Loan and any date of determination, a fraction,
      expressed as a percentage, the numerator of which is the Principal Balance
      of
      the Mortgage Loan at such date of determination less the Base Value of any
      related Additional Collateral and the denominator of which is the Value of
      the
      related Mortgaged Property.

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

    “Loan-to-Value
      Ratio”:
      With
      respect to each Mortgage Loan and any date of determination, a fraction,
      expressed as a percentage, the numerator of which is the Principal Balance
      of
      the Mortgage Loan at such date of determination and the denominator of which
      is
      the Value of the related Mortgaged Property.

    

    “Lost
      Note Affidavit”:
      With
      respect to any Mortgage Loan as to which the original Mortgage Note has been
      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.

    

    “Lower
      Tier Regular Interest”:
      As
      described in the Preliminary Statement.

    

    “Lower
      Tier Interest”:
      As
      described in the Preliminary Statement.

    

    “Lower
      Tier REMIC”:
      As
      described in the Preliminary Statement.

    

    “LT-R
      Interest”:
      As
      described in the Preliminary Statement.

    

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

    

    “Master
      Servicer”:
      Wells
      Fargo Bank, N.A., or any successor Master Servicer appointed as herein
      provided.

    

    “Master
      Servicing Fee”:
      As to
      any Distribution Date and each related Mortgage Loan, an amount equal to the
      product of the applicable Master Servicing Fee Rate and the outstanding
      Principal Balance of such Mortgage Loan as of the first day of the related
      Due
      Period. The Master Servicing Fee for any Mortgage Loan shall be payable in
      respect of any Distribution Date solely from the interest portion of the Monthly
      Payment or other payment or recovery with respect to such Mortgage
      Loan.

    

    “Master
      Servicing Fee Rate”:
      0.01%
      per annum.

    

    “Master
      Servicing Guide”:
      Wells
      Fargo Conduit and Norwest Conduit Servicing Guide, dated January 1997, as
      amended through January 31, 2006. 

    

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

    

    “MERS”:
      Mortgage Electronic Registration Systems, Inc., a corporation organized and
      existing under the laws of the State of Delaware, or any successor
      thereto.

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

    “MERS
      Mortgage Loan”:
      Any
      Mortgage Loan registered with MERS on the MERS System.

    

    “MERS® System”:
      The
      system of recording transfers of mortgages electronically maintained by
      MERS.

    

    “MIN”:
      The
      Mortgage Identification Number for any MERS Mortgage Loan.

    

    “Modifiable
      Mortgage Loan”:
      Any
      Mortgage Loan which, at the option of the Mortgagor and in accordance with
      the
      terms of the related Mortgage Note, may have the related Mortgage Rate modified
      to any adjustable rate or hybrid product offered at the time by the related
      originator.

    

    “Modified
      Mortgage Loan”:
      Any
      Modifiable Mortgage Loan as to which the related Mortgagor has exercised the
      right to modify the Mortgage Rate.

    

    “Modified
      Mortgage Loan Schedule”:
      With
      respect to each Distribution Date, a schedule prepared by the Master Servicer
      pursuant to Section 3.25 listing each Modifiable Mortgage Loan that has become
      a
      Modified Mortgage Loan during the immediately preceding Due Period, and the
      Purchase Price for each such Modified Mortgage Loan.

    

    “MOM
      Loan”:
      Any
      Mortgage Loan as to which MERS is acting as mortgagee, solely as nominee for
      the
      originator of such Mortgage Loan and its successors and assigns.

    

    “Monthly
      Interest Distributable Amount”:
      With
      respect to each Class of Certificates and any Distribution Date, the amount
      of
      interest accrued during the related Accrual Period at the related Pass-Through
      Rate on the Class Certificate Principal Balance or Class Certificate Notional
      Balance, as applicable, of that Class immediately prior to such Distribution
      Date.

    

    “Monthly
      Payment”:
      With
      respect to any Mortgage Loan, the scheduled monthly payment of principal and/or
      interest on such Mortgage Loan that is payable by the related Mortgagor from
      time to time under the related Mortgage Note, determined, for the purposes
      of
      this Agreement: (a) after giving effect to any reduction in the amount of
      interest collectible from the related Mortgagor pursuant to the Relief Act
      or
      similar state or local law; (b) without giving effect to any extension granted
      or agreed to by the related Servicer pursuant to the applicable provisions
      of
      the related Servicing Agreement; 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 any successor thereto.

    

    “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 hereof pertaining to a particular
      Mortgage Loan and any additional documents required to be added to the Mortgage
      File pursuant to this Agreement.

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    

    “Mortgage
      Loan”:
      Each
      mortgage loan (including Cooperative Loans) transferred and assigned to the
      Trustee pursuant to Section 2.01 or Section 2.03(d) hereof 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
      Pool”:
      The
      Mortgage Loans in the aggregate and any REO Properties acquired in respect
      thereof.

    

    “Mortgage
      Loan Purchase Agreement”:
      The
      Mortgage Loan Purchase Agreement between the Seller and the Depositor, dated
      as
      of November 1, 2006, regarding the transfer of the Mortgage Loans by the Seller
      (including the Seller’s rights and interest in the agreements listed on Exhibit
      N hereto) to or at the direction of the Depositor.

    

    “Mortgage
      Loan Schedule”:
      As of
      any date, the list of Mortgage Loans included in the Trust Fund on such date,
      attached hereto as Schedule I. The Mortgage Loan Schedule shall be prepared
      by
      the Seller and shall set forth the following information with respect to each
      Mortgage Loan:

    
      

        
          	 	
                  (i)

                	
                  the
                    Mortgage Loan identifying number;

                

        

        

        
          	 	
                  (ii)

                	
                  the
                    Mortgagor’s name;

                

        

        

        
          	 	
                  (iii)

                	
                  the
                    street address of the Mortgaged Property including the state
                    and
                    five-digit ZIP code;

                

        

        

        
          	 	
                  (iv)

                	
                  a
                    code indicating whether the Mortgaged Property was represented
                    by the
                    borrower, at the time of origination, as being
                    owner-occupied;

                

        

        

        
          	 	
                  (v)

                	
                  a
                    code indicating whether the Residential Dwelling constituting
                    the
                    Mortgaged Property is (a) a detached single family dwelling,
                    (b) a
                    dwelling in a planned unit development, (c) a condominium unit,
                    (d) a two-
                    to four-unit residential property, (e) a townhouse, (f) a cooperative
                    or
                    (g) other type of Residential
                    Dwelling;

                

        

        

        
          	 	
                  (vi)

                	
                  if
                    the related Mortgage Note permits the borrower to make Monthly
                    Payments of
                    interest only for a specified period of time, (a) the original
                    number of
                    such specified Monthly Payments and (b) the remaining number
                    of such
                    Monthly Payments as of the Cut-Off
                    Date;

                

        

        

        
          	 	
                  (vii)

                	
                  the
                    original months to maturity;

                

        

        

        
          	 	
                  (viii)

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

                

        

        

        
          	 	
                  (ix)

                	
                  the
                    Loan-to-Value Ratio at origination;

                

        

        

        
          	 	
                  (x)

                	
                  the
                    value of any Additional Collateral at
                    origination;

                

        

         

      

      
        
        

      

      
        20

        
          

        

      

      
        
        

      

       

    

    
      
        	 	
                (xi)

              	
                the
                  Loan-to-Collateral Value Ratio at
                  origination;

              

      

      

      
        	 	
                (xii)

              	
                the
                  Loan Rate in effect immediately following the Cut-Off
                  Date;

              

      

      

      
        	 	
                (xiii)

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

              

      

      

      
        	 	
                (xiv)

              	
                the
                  stated maturity date;

              

      

      

      
        	 	
                (xv)

              	
                the
                  Master Servicing Fee Rate and the Servicing Fee Rate, if
                  any;

              

      

      

      
        	 	
                (xvi)

              	
                whether
                  such loan is an Additional Collateral Mortgage Loan or an Employee
                  Loan;

              

      

      

      
        	 	
                (xvii)

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

              

      

      

      
        	 	
                (xviii)

              	
                the
                  original principal balance of the Mortgage
                  Loan;

              

      

      

      
        	 	
                (xix)

              	
                the
                  Stated Principal Balance of the Mortgage Loan on the Cut-Off Date
                  and a
                  code indicating the purpose of the Mortgage Loan (i.e., purchase
                  financing, rate/term refinancing, cash-out
                  refinancing);

              

      

      

      
        	 	
                (xx)

              	
                the
                  Index and Gross Margin specified in related Mortgage
                  Note;

              

      

      

      
        	 	
                (xxi)

              	
                the
                  next Adjustment Date, if
                  applicable;

              

      

      

      
        	 	
                (xxii)

              	
                the
                  Maximum Loan Rate, if applicable;

              

      

      

      
        	 	
                (xxiii)

              	
                the
                  Value of the Mortgaged Property;

              

      

      

      
        	 	
                (xxiv)

              	
                the
                  sale price of the Mortgaged Property, if
                  applicable;

              

      

      

      
        	 	
                (xxv)

              	
                the
                  product code;

              

      

      

      
        	 	
                (xxvi)

              	
                Expense
                  Fee Rate therefor;

              

      

      

      
        	 	
                (xxvii)

              	
                the
                  Servicer that is servicing such Mortgage Loan and the originator
                  of such
                  Mortgage Loan; and

              

      

      

      
        	 	
                (xxviii)

              	
                whether
                  the Mortgage Loan is an Adjustable Rate Mortgage Loan, a Three-Year
                  Hybrid
                  Mortgage Loan, a Five-Year Hybrid Mortgage Loan, a Seven-Year Hybrid
                  Mortgage Loan or a Ten-Year Hybrid Mortgage Loan.
                  

              

      

    

     

    Information
      set forth in clauses (ii) and (iii) above regarding each Mortgagor and the
      related Mortgaged Property shall be confidential and the Trustee (or Master
      Servicer) shall not disclose such information except to the extent disclosure
      may be required by any law or regulatory or administrative authority;
provided,
      however,
      that
      the Trustee may disclose on a confidential basis any such information to its
      agents, attorneys and any auditors in connection with the performance of its
      responsibilities hereunder.

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    

    The
      Mortgage Loan Schedule, as in effect from time to time, shall also 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
      Principal Balance of the Mortgage Loans; (3) the weighted average Loan Rate
      of the Mortgage Loans; and (4) the weighted average remaining months to
      maturity of the Mortgage Loans. The Mortgage Loan Schedule shall be amended
      from
      time to time by the Seller in accordance with the provisions of this
      Agreement.

    

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

    

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

    

    “Mortgagor”:
      The
      obligor on a Mortgage Note.

    

    “Net
      Interest Shortfall”:
      With
      respect to any Distribution Date, the excess of the Interest Shortfall, if
      any,
      for such Distribution Date over the sum of (i) Interest Shortfalls paid by
      the
      Servicers under the related Servicing Agreements with respect to such
      Distribution Date and (ii) Compensating Interest Payments made with respect
      to
      such Distribution Date.

    

    “Net
      Liquidation Proceeds”:
      With
      respect to any Liquidated Mortgage Loan or any other disposition of related
      Mortgaged Property (including REO Property) the related Liquidation Proceeds
      net
      of Advances, related Servicing Advances, Master Servicing Fee, related 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,
      and
      any related Retained Interest.

    

    “Net
      Loan 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 Loan
      Rate for such Mortgage Loan minus the related Servicing Fee Rate, Master
      Servicing Fee Rate and Retained Rate, if any.

    

    “Net
      WAC”:
      With
      respect to the Mortgage Loans and any Distribution Date, the weighted average
      of
      the Net Loan Rates of the Mortgage Loans, as of the first day of the related
      Due
      Period (or, in the case of the first Distribution Date, as of the Cut-Off Date),
      weighted on the basis of their related Stated Principal Balances as of the
      first
      day of the related Due Period (or, in the case of the first Distribution Date,
      as of the Cut-Off Date).

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

    “Nonrecoverable”:
      The
      determination by the Master Servicer or the related Servicer in respect of
      a
      delinquent Mortgage Loan that if it were to make an Advance in respect of
      thereof, such amount would not be recoverable from any collections or other
      recoveries (including Liquidation Proceeds) on such Mortgage Loan.

    

    “Notional
      Certificate”:
      Any
      Class A-X Certificate.

    

    “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), or by the Treasurer,
      the Secretary, or one of the assistant treasurers or assistant secretaries
      of
      the Seller, the Master Servicer or the Depositor, as applicable.

    

    “One-Month
      LIBOR”:
      The
      average of interbank offered rates for one month U.S. dollar deposits in the
      London market based on quotations of major banks.

    

    “One-Month
      LIBOR Indexed”:
      Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on the
      basis of the One-Month LIBOR index.

    

    “One-Year
      CMT”:
      The
      weekly average yield on United States Treasury securities adjusted to a constant
      maturity of one year as published by the Federal Reserve Board in Statistical
      Release H.15(519).

    

    “One-Year
      CMT Indexed”:
      Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on the
      basis of the One-Year CMT Index. 

    

    “One-Year
      LIBOR”:
      The
      average of interbank offered rates for one-year U.S. dollar deposits in the
      London market based on quotations of major banks.

    

    “One-Year
      LIBOR Indexed”:
      Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on the
      basis of the One-Year LIBOR index.

    

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

    

    “Optional
      Securities Purchase Date”:
      The
      first Distribution Date that the aggregate Stated Principal Balance of the
      Mortgage Loans as of the end of the immediately preceding Due Period is equal
      to
      or less than 20% of the Cut-off Date Aggregate Principal Balance.

    

    “Optional
      Securities Purchase Right”:
      The
      right of TMI to purchase the outstanding Certificates in accordance with Section
      6.06.

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    

    “Original
      Applicable Credit Support Percentage”:
      With
      respect to each Class of Subordinate Certificates, the corresponding percentage
      set forth below opposite its Class designation:

     

    
      	
              Class
                B-1

            	
              3.70%

            
	
              Class
                B-2

            	
              2.00%

            
	
              Class
                B-3

            	
              1.30%

            
	
              Class
                B-4

            	
              0.90%

            
	
              Class
                B-5

            	
              0.50%

            
	
              Class
                B-6

            	
              0.20%

            

    

    

    “Original
      Class Certificate Notional Balance”:
      With
      respect to each of the Class A-X Certificates, the corresponding aggregate
      notional amount set forth opposite the Class designation of such Class in the
      Preliminary Statement.

    

    “Original
      Class Certificate Principal Balance”:
      With
      respect to each Class of Certificates other than the Notional Certificates,
      the
      corresponding aggregate amount set forth opposite the Class designation of
      such
      Class in the Preliminary Statement. 

    

    “Original
      Subordinated Principal Balance”:
      The
      aggregate of the Original Class Certificate Principal Balances of the Classes
      of
      Subordinate Certificates.

    

    “Original
      Trust Agreement”:
      The
      Trust Agreement, dated as of November 16, 2006, among the Depositor, the Trustee
      and the Delaware Trustee.

    

    “OTS”:
      The
      Office of Thrift Supervision.

    

    “Outstanding
      Mortgage Loan”:
      As of
      any Due Date, a Mortgage Loan with a Stated Principal Balance greater than
      zero,
      that was not the subject of a prepayment in full prior to such Due Date and
      that
      did not become a Liquidated Mortgage Loan prior to such Due 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 each Class of Certificates and any Distribution Date, the rate set
      forth below:

    

    
      	 	
              (i)

            	
              The
                Pass-Through Rate for the Class A-1 Certificates with respect to
                any
                Distribution Date on or before the Auction Distribution Date shall
                be
                equal to the sum of LIBOR and 0.11% per annum. On each Distribution
                Date
                after the Auction Distribution Date, the Pass-Through Rate of the
                Class
                A-1 Certificates shall be a per annum rate equal to the product of
                (i) the
                Net WAC, and (ii) a fraction, the numerator of which is 30 and the
                denominator of which is the actual number of days in the related
                Accrual
                Period for such Certificates.

            

    

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              The
                Pass-Through Rate for the Class A-2 Certificates with respect to
                any
                Distribution Date on or before the Auction Distribution Date shall
                be
                equal to the sum of LIBOR and 0.15% per annum. On each Distribution
                Date
                after the Auction Distribution Date, the Pass-Through Rate of the
                Class
                A-2 Certificates shall be a per annum rate equal to the product of
                (i) the
                Net WAC, and (ii) a fraction, the numerator of which is 30 and the
                denominator of which is the actual number of days in the related
                Accrual
                Period for such Certificates.

            

    

    

    
      	 	
              (iii)

            	
              The
                Pass-Through Rate of the Class A-X Certificates with respect to any
                Distribution Date on or before the Auction Distribution Date shall
                be
                equal to the excess, if any, of (i) the Net WAC over (ii) the product
                of
                (a) the weighted average of the Pass-Through Rates of the Class A-1
                and
                Class A-2 Certificates, weighted based on the Class Certificate Principal
                Balance of each such Class immediately before such Distribution Date
                and
                computed for this purpose by assuming that the Pass-Through Rate
                on each
                such Class was subject to a cap equal to the product of the Net WAC
                and
                the quotient of 30 divided by the actual number of days in the related
                Accrual Period, multiplied by (b) the quotient of the actual number
                of
                days in the related Accrual Period divided by 30. After
                the Auction Distribution Date, the Pass-Through Rate of the Class
                A-X
                Certificates shall equal an annual rate equal to zero. The
                Class A-X Certificates will not be entitled to any interest distributions
                on any Distribution Date after the Auction Distribution
                Date.

            

    

    

    
      	 	
              (iv)

            	
              The
                Pass-Through Rate for the Class A-R Certificates with respect to
                any
                Distribution Date will be equal to the Net WAC for that Distribution
                Date.

            

    

    

    
      	 	
              (v)

            	
              The
                Pass-Through Rate for the Class B-1, Class B-2, Class B-3, Class
                B-4,
                Class B-5 and Class B-6 Certificates with respect to any Distribution
                Date
                shall be equal to the Net WAC for that Distribution
                Date.

            

    

    

    “Paying
      Agent”:
      Any
      paying agent appointed pursuant to Section 6.05 hereof.

    

    “PCAOB”:
      The
      Public Company Accounting Oversight Board.

    

    “Percentage
      Interest”:
      With
      respect to any Certificate other than a Residual Certificate, a fraction,
      expressed as a percentage, the numerator of which is the Initial Certificate
      Principal Balance or Initial Certificate Notional Balance, as applicable,
      represented by such Certificate and the denominator of which is the Original
      Class Certificate Principal Balance or Original Class Certificate Notional
      Balance, as applicable, of the related Class. With respect to the Residual
      Certificate, 100%.

    

    “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 Master Servicer, the Trustee or any of their respective
      Affiliates or for which an Affiliate of the Trustee serves as an
      advisor:

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    

    (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 the Master Servicer or their agents 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, so long as, at the time of
      such
      investment or contractual commitment providing for such investment, such
      depository institution or trust company or its ultimate parent has a short-term
      uninsured debt rating in one of the two highest available rating categories
      of
      each Rating Agency and (B) any other demand or time deposit or deposit which
      is
      fully insured by the FDIC;

    

    (iii) repurchase
      obligations with respect to any security described in clause (i) above and
      entered into with a depository institution or trust company (acting as
      principal) rated A or higher by the Rating Agencies;

    

    (iv) securities
      bearing interest or sold at a discount that are issued by any corporation
      incorporated under the laws of the United States of America, the District of
      Columbia or any State thereof and that are rated by each Rating Agency in its
      highest long-term unsecured rating categories 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) that is rated by each Rating Agency in its highest
      short-term unsecured debt rating available at the time of such
      investment;

    

    (vi) units
      of
      money market funds (which may be 12b-1 funds, as contemplated by the Commission
      under the Investment Company Act of 1940) registered under the Investment
      Company Act of 1940 including funds managed or advised by the Trustee, the
      Master Servicer or an affiliate thereof having the highest applicable rating
      from each Rating Agency; and

    

    (vii) if
      previously confirmed in writing to the Securities Administrator, any other
      demand, money market or time deposit, or any other obligation, security or
      investment, as may be acceptable to each Rating Agency in writing as a permitted
      investment of funds backing securities having ratings equivalent to its highest
      initial rating of the Senior Certificates;

    

    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.

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    

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

    

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

    

    “Physical
      Certificates”:
      The
      Residual Certificate.

    

    “Pool
      Balance”:
      As to
      any Distribution Date, the aggregate of the Stated Principal Balances, as of
      the
      Close of Business on the first day of the month preceding the month in which
      such Distribution Date occurs, of the Mortgage Loans that were Outstanding
      Mortgage Loans on such date.

    

    “Prepayment
      Penalty Amount”:
      With
      respect to any Mortgage Loan and each Distribution Date, all premiums or
      charges, if any, paid by Mortgagors under the related Mortgage Notes as a result
      of full or partial Principal Prepayments collected by the applicable Servicer
      during the immediately preceding Prepayment Period, but only to the extent
      required to be remitted to the Master Servicer on the applicable Servicer
      Remittance Date under the terms of the related Servicing Agreement.

    

    “Prepayment
      Period”:
      With
      respect to any Distribution Date, the calendar month preceding the month in
      which such Distribution Date occurs.

    

    “Primary
      Insurance Policy”:
      Mortgage guaranty insurance, if any, on an individual Mortgage Loan, as
      evidenced by a policy or certificate.

    

    “Principal
      Balance”:
      As to
      any Mortgage Loan, other than a Liquidated Mortgage Loan, and any day, the
      related Cut-Off Date Principal Balance, minus
      all
      collections credited against the Principal Balance of such Mortgage Loan after
      the Cut-Off Date. For purposes of this definition, a Liquidated Mortgage Loan
      shall be deemed to have a Principal Balance equal to the Principal Balance
      of
      the related Mortgage Loan as of the final recovery of related Liquidation
      Proceeds and a Principal Balance of zero thereafter. As to any REO Property
      and
      any day, the Principal Balance of the related Mortgage Loan immediately prior
      to
      such Mortgage Loan becoming REO Property.

    

    “Principal
      Distribution Amount”:
      With
      respect to any Distribution Date, the sum of (a) each scheduled payment of
      principal collected or advanced on the Mortgage Loans by the related Servicer
      or
      the Master Servicer in respect of the related Due Period, (b) that portion
      of the Purchase Price, representing principal of any repurchased or purchased
      Mortgage Loan, deposited to the Distribution Account during the related
      Prepayment Period, (c) the principal portion of any Substitution
      Adjustments deposited in the Distribution Account during the related Prepayment
      Period, (d) the principal portion of all Insurance Proceeds received during
      the related Prepayment Period with respect to Mortgage Loans that are not yet
      Liquidated Mortgage Loans, (e) the principal portion of all Net Liquidation
      Proceeds received during the related Prepayment Period with respect to
      Liquidated Mortgage Loans (other than Recoveries), (f) all Principal
      Prepayments in part or in full on Mortgage Loans applied by the Servicers or
      the
      Master Servicer during the related Prepayment Period, (g) all Recoveries
      received during the related Prepayment Period and (h) on the Distribution
      Date on which the Trust is to be terminated pursuant to Section 10.01 hereof,
      that portion of the Termination Price in respect of principal.

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    

    “Principal
      Prepayment”:
      Any
      payment of principal made by the Mortgagor on a Mortgage Loan that is received
      in advance of its scheduled Due Date and that 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.

    

    “Private
      Certificates”:
      The
      Class B-4, Class B-5 and Class B-6 Certificates.

    

    “Private
      Placement Memorandum”:
      The
      Private Placement Memorandum dated November 27, 2006, relating to the initial
      sale of the Class B-4, Class B-5 and Class B-6 Certificates.

    

    “Pro
      Rata Share”:
      As to
      any Distribution Date and any Class of Subordinate Certificates, the portion
      of
      the Subordinate Principal Distribution Amount allocable to such Class, equal
      to
      the product of the (a) Subordinate Principal Distribution Amount on such date
      and (b) a fraction, the numerator of which is the related Class Certificate
      Principal Balance of that Class and the denominator of which is the aggregate
      of
      the Class Certificate Principal Balances of all the Classes of Subordinate
      Certificates.

    

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

    

    “Prospectus”:
      The
      Prospectus Supplement, together with the accompanying prospectus, dated October
      27, 2006, relating to the Senior Certificates and the Class B-1, Class B-2
      and
      Class B-3 Certificates.

    

    “Prospectus
      Supplement”:
      That
      certain Prospectus Supplement, dated November 27, 2006, relating to the initial
      sale of the Senior Certificates and the Class B-1, Class B-2 and Class B-3
      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 3.25 or Section 10.01 hereof, and as
      confirmed by an Officers’ Certificate from the Seller to the Trustee, an amount
      equal to the sum of (i) 100% of the Principal Balance thereof as of the
      date of purchase (or such other price as is provided in Section 10.01), plus
      (ii) in the case of (x) a Mortgage Loan, accrued interest on such
      Principal Balance at the applicable Loan Rate from the Due Date as to which
      interest was last covered by a payment by the Mortgagor 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 Principal Balance at the
      applicable Loan Rate from the Due Date as to which interest was last covered
      by
      a payment by the Mortgagor 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 net rental income, Insurance Proceeds
      and Liquidation Proceeds that as of the date of purchase had been distributed
      as
      or to cover REO Imputed Interest, plus (iii) any unreimbursed Servicing
      Advances and any unpaid Expense Fees allocable to such Mortgage Loan or REO
      Property, plus (iv) in the case of a Mortgage Loan required to be purchased
      pursuant to Section 2.03 hereof, any costs and damages incurred by the Trust
      in
      connection with any violation by such Mortgage Loan of any predatory- or
      abusive-lending laws.

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    

    “Qualified
      Insurer”:
      A
      mortgage guaranty insurance company duly qualified as such under the laws of
      the
      state of its principal place of business and each state having jurisdiction
      over
      such insurer in connection with the insurance policy issued by such insurer,
      duly authorized and licensed in such states to transact a mortgage guaranty
      insurance business in such states and to write the insurance provided by the
      insurance policy issued by it, so long as the claims paying ability of which
      is
      acceptable to each Rating Agency for pass-through certificates having the same
      ratings as the Certificates rated by each Rating Agency as of the Closing Date.
      Any replacement insurer with respect to a Mortgage Loan must have at least
      as
      high a claims paying ability rating as the insurer it replaces had on the
      Closing Date.

    

    “Qualified
      Substitute Mortgage Loan”:
      A
      mortgage loan substituted for a Deleted Mortgage Loan pursuant to the terms
      of
      this Agreement which must, on the date of such substitution, (i) have an
      outstanding 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 5% less than, the Principal Balance of the Deleted
      Mortgage Loan as of the Due Date in the calendar month during which the
      substitution occurs, (ii) have a maximum loan rate not less than the
      Maximum Loan Rate of the Deleted Mortgage Loan, (iii)  have a gross margin
      equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (iv)
      have the same Index as the Deleted Mortgage Loan, (v) have its next adjustment
      date not more than two months after the next Adjustment Date of the Deleted
      Mortgage Loan, (vi) have a remaining term to maturity not greater than (and
      not
      more than one year less than) that of the Deleted Mortgage Loan, (vii) be
      current as of the date of substitution, (viii) have a Loan-to-Value Ratio
      and a Loan-to-Collateral Value Ratio as of the date of substitution equal to
      or
      lower than the Loan-to-Value Ratio and the Loan-to-Collateral Value Ratio,
      respectively, of the Deleted Mortgage Loan as of such date, (ix) have been
      underwritten or re-underwritten in accordance with the same or substantially
      similar underwriting criteria and guidelines as the Deleted Mortgage Loan,
      (x)
      is of the same or better credit quality as the Deleted Mortgage Loan and
      (xi) conform to each representation and warranty set forth in Section 2.04
      hereof 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 principal balances, the terms described in clause (vi) hereof
      shall be determined on the basis of weighted average remaining term to maturity,
      the Loan-to-Value Ratio and Loan-to-Collateral Value Ratio described in clause
      (viii) 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 (x) hereof must be satisfied as to each
      Qualified Substitute Mortgage Loan or in the aggregate, as the case may
      be.

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    

    “Rating
      Agency”:
      Each
      of Moody’s and S&P and any respective successors thereto. If Moody’s,
      S&P or their respective successors shall no longer be in existence, “Rating
      Agency” shall include such nationally recognized statistical rating agency or
      agencies, or other comparable Person or Persons, as shall have been designated
      by the Depositor, notice of which designation shall be given to the Trustee
      and
      the Master Servicer.

    

    “Realized
      Loss”:
      With
      respect to any Liquidated Mortgage Loan, the amount of loss realized equal
      to
      the portion of the Principal Balance remaining unpaid after application of
      all
      Net Liquidation Proceeds in respect of such Liquidated Mortgage
      Loan.

    

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

    

    “Record
      Date”:
      With
      respect to each Distribution Date and the Class A-1 and Class A-2 Certificates,
      the Business Day preceding the applicable Distribution Date so long as such
      Certificates remain Book-Entry Certificates and otherwise the Record Date shall
      be same as the other Classes of Certificates. For each other Class of
      Certificates, the last Business Day of the calendar month preceding the month
      in
      which such Distribution Date occurs. 

    

    “Recovery”:
      With
      respect to any Distribution Date and a Mortgage Loan that became a Liquidated
      Mortgage Loan in a month preceding the related Prepayment Period to such
      Distribution Date and with respect to which the related Realized Loss was
      allocated to one or more Classes of Certificates, an amount received in respect
      of such Liquidated Mortgage Loan during the related Prepayment Period, net
      of
      any reimbursable expenses.

    

    “Refinancing
      Mortgage Loan”:
      Any
      Mortgage Loan originated in connection with the refinancing of an existing
      mortgage loan.

    

    “Regular
      Certificate”:
      Any
      Class A-1, Class A-2, Class A-X, Class B-1, Class B-2, Class B-3, Class B-4,
      Class B-5 or Class B-6 Certificate.

    

    “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 clarifications and interpretations as have been provided by the Commission
      in the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may be provided by the Commission or its staff from time
      to
      time.

    

    “Relevant
      Servicing Criteria”:
      The
      Servicing Criteria applicable to each party, as set forth on Exhibit Q attached
      hereto and any similar exhibit set forth in each Servicing Agreement in respect
      of each Servicer. Multiple parties can have responsibility for the same Relevant
      Servicing Criteria. With respect to a Servicing Function Participant engaged
      by
      the Master Servicer, the Securities Administrator, the Trustee (in its capacity
      as Custodian) or each Servicer, the term “Relevant Servicing Criteria” may refer
      to a portion of the Relevant Servicing Criteria applicable to such
      parties.

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    

    “Relief
      Act”:
      The
      Servicemembers Civil Relief Act, as amended.

    

    “Relief
      Act Reductions”:
      With
      respect to any Distribution Date and any Mortgage Loan as to which there has
      been a reduction in the amount of interest collectible thereon for the most
      recently ended Due Period as a result of the application of the Relief Act
      or
      similar state or local law, the amount, if any, by which (i) interest
      collectible on that Mortgage Loan during such Due Period is less than (ii)
      one
      month’s interest on the Stated Principal Balance of such Mortgage Loan at the
      Loan Rate for such Mortgage Loan before giving effect to the application of
      the
      Relief Act or similar state or local law.

    

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

    

    “REMIC
      Opinion”:
      An
      Independent Opinion of Counsel, to the effect that the proposed action described
      therein would not cause an Adverse REMIC Event.

    

    “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
      Report”:
      The
      Master Servicer’s Remittance Report to the Securities Administrator providing
      information with respect to each Mortgage Loan which is provided no later than
      the second Business Day following each Determination Date and which shall
      contain such information as may be agreed upon by the Master Servicer and the
      Securities Administrator and which shall be sufficient to enable the Securities
      Administrator to prepare the related Distribution Date Statement.

    

    “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 a Servicer in respect of an REO Property
      pursuant to the related Servicing Agreement.

    

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

    

    “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 Loan
      Rate on the 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 Due Date in such calendar month.

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    

    “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 hereof that is allocable to such REO Property) or
      otherwise, net of any portion of such amounts (i) payable pursuant to the
      applicable provisions of the related Servicing Agreement in respect of the
      proper operation, management and maintenance of such REO Property or (ii)
      payable or reimbursable to the applicable Servicer pursuant to the applicable
      provisions of the related Servicing Agreement for unpaid Master Servicing Fees
      and 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 applicable Servicer on behalf of the Trust
      through foreclosure or deed-in-lieu of foreclosure in accordance with the
      applicable provisions of the related Servicing Agreement.

    

    “Reportable
      Event”:
      As
      defined in Section 3.19(c).

    

    “Reporting
      Servicer”:
      As
      defined in Section 3.19(b).

    

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

    

    “Residential
      Dwelling”:
      Any
      one of the following: (i) a detached one-family dwelling, (ii) a two-
      to four-family dwelling, (iii) a one-family dwelling unit in a condominium
      project, (iv) a manufactured home, (v) a cooperative unit or (vi) a detached
      one-family dwelling in a planned unit development, none of which is a mobile
      home.

    

    “Residual
      Certificate”:
      The
      Class A-R Certificate.

    

    “Responsible
      Officer”:
      When
      used with respect to the Trustee or the Securities Administrator, any director,
      any vice president, any assistant vice president, any associate assigned to
      the
      Corporate Trust Office (or similar group) 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.

    

    “Restricted
      Classes”:
      As
      defined in Section 5.01(e).

    

    “Restricted
      Global Security”:
      As
      defined in Section 6.01.

    

    “Retained
      Interest”:
      As to
      any Employee Loans originated by Thornburg and each Distribution Date, interest
      accrued on the Principal Balance thereof at the Retained Rate.

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    

    “Retained
      Interest Holder”:
      With
      respect to each Employee Loan, the Seller or any successor in interest by
      assignment or otherwise.

    

    “Retained
      Rate”:
      As of
      the Cut-off Date, and for each Due Period thereafter, 0.00% per annum;
provided,
      however,
      if the
      related Mortgagor of the Employee Loan ceases to be an employee or a director
      of
      Thornburg or its Affiliates, the amount of the increase in the per annum rate
      set forth in the related Mortgage Note.

    

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

    

    “Sarbanes-Oxley
      Certification”:
      A
      written certification covering the activities of all Servicing Function
      Participants (excluding the Custodian) and the Servicers and signed by an
      officer of the Master Servicer that complies with (i) the Sarbanes-Oxley Act
      of
      2002, as amended from time to time, and (ii) Exchange Act Rules 13a-14(d) and
      15d-14(d), as in effect from time to time; provided that if, after the Closing
      Date (a) the Sarbanes-Oxley Act of 2002 is amended, (b) the Rules referred
      to in
      clause (ii) are modified or superseded by any subsequent statement, rule or
      regulation of the Commission or any statement of a division thereof, or (c)
      any
      future releases, rules and regulations are published by the Securities and
      Exchange Commission from time to time pursuant to the Sarbanes-Oxley Act of
      2002, which in any such case affects the form or substance of the required
      certification and results in the required certification being, in the reasonable
      judgment of the Master Servicer, materially more onerous than the form of the
      required certification as of the Closing Date, the Sarbanes-Oxley Certification
      shall be as agreed to by the Master Servicer, the Depositor and the Seller
      following a negotiation in good faith to determine how to comply with any such
      new requirements.

    

    “Securities
      Act”:
      The
      Securities Act of 1933, as amended and the rules and regulations
      thereunder.

    

    “Securities
      Administrator”:
      Wells
      Fargo Bank, N.A., or its successor in interest, or any successor securities
      administrator appointed as herein provided.

    

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

    

    “Seller”:
      Thornburg, in its capacity as seller under this Agreement.

    

    “Senior
      Certificate”:
      Any
      one of the Class A-1, Class A-2, Class A-X or Class A-R
      Certificates.

    

    “Senior
      Certificateholder”:
      Any
      Holder of a Senior Certificate.

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    

    “Senior
      Credit Support Depletion Date”:
      The
      date on which the Class Certificate Principal Balance of each Class of
      Subordinate Certificates has been reduced to zero.

    

    “Senior
      Percentage”:
      With
      respect to any Distribution Date, the percentage equivalent of a fraction (which
      shall not be greater than 100%) the numerator of which is the aggregate of
      the
      Class Certificate Principal Balances of the Class or Classes of Senior
      Certificates immediately prior to such Distribution Date and the denominator
      of
      which is the Pool Balance for such Distribution Date. 

    

    “Senior
      Prepayment Percentage”:
      With
      respect to any Distribution Date before December 2013, 100%. Except as provided
      herein, the Senior Prepayment Percentage for any Distribution Date occurring
      on
      or after the seventh anniversary of the first Distribution Date will be as
      follows: (i) from December 2013 through November 2014, the Senior
      Percentage plus 70% of the Subordinate Percentage for such Distribution Date;
      (ii) from December 2014 through November 2015, the Senior Percentage plus
      60% of the Subordinate Percentage for such Distribution Date; (iii) from
      December 2015 through November 2016, the Senior Percentage plus 40% of the
      Subordinate Percentage for such Distribution Date; (iv) September 2016
      through August 2017, the Senior Percentage plus 20% of the Subordinate
      Percentage for such Distribution Date; and (v) from and after December 2017
      , the Senior Percentage for such Distribution Date; provided,
      however, that
      there shall be no reduction in the Senior Prepayment Percentage on a
      Distribution Date, unless the Step Down Conditions are satisfied with respect
      to
      such Distribution Date; and provided,
      further,
      that if
      on any Distribution Date occurring on or after the Distribution Date in December
      2013, the Senior Percentage exceeds the initial Senior Percentage, the Senior
      Prepayment Percentage for such Distribution Date will again equal
      100%.

    

    Notwithstanding
      the above, (i) if on any Distribution Date prior to December 2009 the Two Times
      Test is satisfied, the Senior Prepayment Percentage will equal the Senior
      Percentage for such Distribution Date plus 50% of an amount equal to the
      Subordinate Percentage for such Distribution Date and (ii) if
      on any
      Distribution Date in or after December 2009 the Two Times Test is satisfied,
      the
      Senior Prepayment Percentage will equal the Senior Percentage for such
      Distribution Date.

    

    “Senior
      Principal Distribution Amount”:
      With
      respect to any Distribution Date, the sum of: 

    

    (1)           the
      Senior Percentage of all amounts described in clauses (a) through (d) of the
      definition of “Principal Distribution Amount” for such Distribution
      Date;

    

    (2)           with
      respect to each Mortgage Loan which became a Liquidated Mortgage Loan during
      the
      related Prepayment Period, the lesser of

    

    (x)           the
      Senior Percentage of the Stated Principal Balance of that Mortgage Loan;
      and

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    

    (y)           the
      Senior Prepayment Percentage of the amount of the Net Liquidation Proceeds
      allocable to principal received with respect to that Mortgage Loan;
      and

    

    (3)           the
      Senior Prepayment Percentage of the amounts described in clause (f) of the
      definition of “Principal Distribution Amount.”

    

    “Servicer”:
      Each
      of the several primary servicers of the Mortgage Loans as set forth in Exhibit
      N
      hereto and any successors thereto or replacement therefor. 

    

    “Servicer
      Remittance Date”:
      With
      respect to each Mortgage Loan, the 18th day of each month, or the next Business
      Day if such 18th day is not a Business Day or if provided in the related
      Servicing Agreement, the preceding Business Day if such 18th
      day is
      not a Business Day.

    

    “Service(s)(ing)”:
      In
      accordance with Regulation AB, the act of servicing and administering the
      Mortgage Loans or any other assets of the Trust by an entity that meets the
      definition of “servicer’ set forth in Item 1101 of Regulation AB and is subject
      to the disclosure requirements set forth in 1108 of Regulation AB. Any
      uncapitalized occurrence of this term shall have the meaning commonly understood
      by participants in the residential mortgage-backed securitization
      market.

    

    “Servicing
      Account”:
      Any
      account established and maintained for the benefit of the Master Servicer or
      the
      Trust by a Servicer with respect to the related Mortgage Loans and any REO
      Property, pursuant to the terms of the respective Servicing
      Agreement.

    

    “Servicing
      Advances”:
      With
      respect to any Servicer or the Master Servicer (including the Trustee in its
      capacity as successor Master Servicer), all customary, reasonable and necessary
      “out of pocket” costs and expenses (including reasonable attorneys’ fees and
      expenses) incurred by any Servicer or the Master Servicer in the performance
      of
      its servicing obligations hereunder, 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 management and liquidation of the REO Property and (iv) compliance
      with the obligations under Article III hereof or the related Servicing
      Agreements.

    

    “Servicing
      Agreement”:
      The
      servicing agreements relating to the Mortgage Loans as set forth in Exhibit
      N
      hereto, servicing arrangements for any Mortgage Loans under the Seller’s
      Correspondent Sellers Guide, and any other servicing agreement entered into
      between a successor servicer and the Seller or the Trustee on behalf of the
      Trust pursuant to the terms hereof.

    

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

    

    “Servicing
      Fee”:
      With
      respect to each Servicer and each Mortgage Loan serviced by such Servicer and
      for any calendar month, the fee payable to such Servicer determined pursuant
      to
      the related Servicing Agreement.

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    

    “Servicing
      Fee Rate”:
      With
      respect to each Mortgage Loan, the per annum servicing fee rate set forth on
      the
      Mortgage Loan Schedule.

    

    “Servicing
      Function Participant”:
      Any
      Sub-Servicer or Subcontractor, other than each Servicer, the Master Servicer,
      the Trustee, the Custodian and the Securities Administrator, in each case that
      is participating in the servicing function within the meaning of Regulation
      AB.

    

    “Servicing
      Officer”: Any
      officer of a Master Servicer or 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 Master
      Servicer to the Trustee and the Depositor on the Closing Date, as such list
      may
      from time to time be amended.

    

    “Seven-Year
      Hybrid Mortgage Loans”:
      The
      Mortgage Loans set forth on Schedule I hereto.

    

    “Significant
      Modification”:
      As
      defined in Section 3.25.

    

    “Significant
      Modification Loan”:
      As
      defined in Section 3.25.

    

    “Six-Month
      LIBOR”:
      The
      average of interbank offered rates for six-month U.S. dollar deposits in the
      London market based on quotations of major banks.

    

    “Six-Month
      LIBOR Indexed”:
      Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on the
      basis of the Six-Month LIBOR index.

    

    “S&P”:
      Standard & Poor’s Rating Services (a division of The McGraw-Hill Companies,
      Inc.).

    

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

    

    “Stated
      Principal Balance”:
      With
      respect to any Mortgage Loan: (a) as of the Distribution Date in December 2006,
      the Cut-Off Date Principal Balance of such Mortgage Loan,  (b) thereafter
      as of any date of determination up to and 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 principal balance of such Mortgage
      Loan as of the Cut-Off Date, as shown in the Mortgage Loan Schedule,
minus,
      in the
      case of each Mortgage Loan, the sum of (i) the principal portion of each
      Monthly Payment due on a Due Date subsequent to the Cut-Off Date, whether or
      not
      received, (ii) all Principal Prepayments received after the Cut-Off Date,
      to the extent distributed pursuant to Section 5.01 before such date of
      determination and (iii) all Liquidation Proceeds and Insurance Proceeds
      applied by the applicable Servicer as recoveries of principal in accordance
      with
      the applicable provisions of the related Servicing Agreement, to the extent
      distributed pursuant to Section 5.01 before such date of determination; and
      (c) as of any date of determination 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: (x) as
      of any date of determination up to and 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, 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 5.01 before
      such date of determination; and (y) as of any date of determination
      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.

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    

    “Step
      Down Conditions”:
      As of
      any Distribution Date on which any decrease in any Senior Prepayment Percentage
      may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60 days
      or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged
      over the preceding six month period, as a percentage of the aggregate of the
      Class Certificate Principal Balances of the Classes of Subordinate Certificates
      on such Distribution Date, does not equal or exceed 50% and (ii) cumulative
      Realized Losses with respect to all of the Mortgage Loans do not
      exceed:

    

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the seventh anniversary until the
                eighth
                anniversary of the first Distribution Date, 30% of the aggregate
                Class
                Certificate Principal Balances of the Subordinate Certificates as
                of the
                Closing Date,

            

    

    

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the eighth anniversary until the
                ninth
                anniversary of the first Distribution Date, 35% of the aggregate
                Class
                Certificate Principal Balances of the Subordinate Certificates as
                of the
                Closing Date,

            

    

    

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the ninth anniversary until the
                tenth
                anniversary of the first Distribution Date, 40% of the aggregate
                Class
                Certificate Principal Balances of the Subordinate Certificates as
                of the
                Closing Date,

            

    

    

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the tenth anniversary until the
                eleventh
                anniversary of the first Distribution Date, 45% of the aggregate
                Class
                Certificate Principal Balances of the Subordinate Certificates as
                of the
                Closing Date, and

            

    

    

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the eleventh anniversary of the
                first
                Distribution Date, 50% of the aggregate Class Certificate Principal
                Balances of the Subordinate Certificates as of the Closing
                Date.

            

    

    

    “Subcontractor”:
      Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing of Mortgage Loans but performs one or more discrete functions
      identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans
      under
      the direction or authority of any Servicer (or a Sub-Servicer of any Servicer),
      the Master Servicer, the Trustee or the Securities Administrator.

    

    “Subordinate
      Certificate”:
      Any
      one of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 or Class B-6
      Certificates.

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    

    “Subordinate
      Percentage”:
      With
      respect to any Distribution Date, the difference between 100% and the Senior
      Percentage for such Distribution Date.

    

    “Subordinate
      Prepayment Percentage”:
      With
      respect to any Distribution Date, the difference between 100% and the Senior
      Prepayment Percentage for such Distribution Date.

    

    “Subordinate
      Principal Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to the sum of:

    

    (1) 
      the
      Subordinate Percentage of all amounts described in clauses (a) through (d)
      of
      the definition of “Principal Distribution Amount” for such Distribution
      Date;

    

    (2) with
      respect to each Mortgage Loan that became a Liquidated Mortgage Loan during
      the
      related Prepayment Period, the amount of the Net Liquidation Proceeds allocated
      to principal received with respect thereto remaining after application thereof
      pursuant to clause (2) of the definition of “Senior Principal Distribution
      Amount” for such Distribution Date, up to the Subordinate Percentage of the
      Stated Principal Balance of such Mortgage Loan; and

    

    (3) the
      Subordinated Prepayment Percentage of all amounts described in clause (f) of
      the
      definition of “Principal Distribution Amount” for such Distribution
      Date;

    

    “Sub-Servicer”:
      Any
      Person that (i) services Mortgage Loans on behalf of any Servicer, the Master
      Servicer, the Securities Administrator, the Trustee or the Custodian and (ii)
      is
      responsible for the performance (whether directly or through sub-servicers
      or
      Subcontractors) of Servicing functions required to be performed under this
      Agreement, any related Servicing Agreement or any sub-servicing agreement that
      are identified in Item 1122(d) of Regulation AB.

    

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

    

    “Surety
      Bond”:
      The
      Limited Purpose Surety Bond (Policy No. AB0240BE), issued by Ambac Assurance
      Corporation for the benefit of certain beneficiaries, including the Trustee
      for
      the benefit of the Holders of the Certificates, but only to the extent that
      such
      Limited Purpose Surety Bond covers any Additional Collateral Mortgage
      Loans.

    

    “Swap
      Proceeds Account”:
      The
      account maintained by the Auction Administrator pursuant to the Auction
      Administration Agreement and which shall not be an asset of any
      REMIC.

    

    “Tax
      Returns”:
      The
      federal income tax return on Internal Revenue Service Form 1066, U.S. Real
      Estate Mortgage Investment Conduit Income Tax Return, including Schedule Q
      thereto, Quarterly Notice to Residual Interest Holders of the REMIC Taxable
      Income or Net Loss Allocation, or any successor forms, to be filed on behalf
      of
      each of the REMICs created hereunder under the REMIC Provisions, together with
      any and all other information reports or returns that may be required to be
      furnished to the Certificateholders or filed with the Internal Revenue Service
      or any other governmental taxing authority under any applicable provisions
      of
      federal, state or local tax laws.

    
      
        
        

      

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

    

    “10-K
      Filing Deadline”:
      As
      defined in Section 3.19(b).

    

    “Ten-Year
      Hybrid Mortgage Loans”:
      The
      Mortgage Loans set forth on Schedule I hereto.

    

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

    

    “Thornburg”:
      Thornburg Mortgage Home Loans, Inc., a Delaware corporation, and its successors
      and assigns.

    

    “Three-Year
      Hybrid Mortgage Loans”:
      The
      Mortgage Loans identified as such and as set forth on Schedule I
      hereto.

    

    “TMI”:
      Thornburg Mortgage, Inc., a Maryland corporation, and its successors and
      assigns.

    

    “Transfer”:
      Any
      direct or indirect transfer or sale of any Ownership Interest in a Residual
      Certificate.

    

    “Transfer
      Affidavit”:
      As
      defined in Section 6.02(e)(ii) hereof.

    

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

    

    “Trust”:
      Thornburg Mortgage Securities Trust 2006-6, the Delaware statutory trust
      governed hereunder. 

    

    “Trust
      Fund”:
      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, such Trust Fund consisting of: (i) such Mortgage Loans 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
      (but not including any Prepayment Penalty Amounts), (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 the Mortgage Loan Purchase Agreement (including any
      security interest created thereby); (v) the Depositor's security interest in
      the
      Additional Collateral, (vi) the Distribution Account (subject to the last
      sentence of this definition), any REO 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, (vii) all right, title
      and
      interest of the Depositor in and to each security or pledge agreement in respect
      of Additional Collateral (including the Surety Bond), (viii) all right,
      title and interest of the Seller in and to each of the Servicing Agreements,
      (ix) the Yield Maintenance Account and (x) all proceeds of the foregoing.
      Notwithstanding the foregoing, however, the Trust Fund specifically excludes
      (1)
      all payments and other collections of interest and principal due on the Mortgage
      Loans on or before the Cut-Off Date and principal received before the Cut-Off
      Date (except any principal collected as part of a payment due after the Cut-Off
      Date), (2) all income and gain realized from Permitted Investments of funds
      on
      deposit in the Distribution Account, (3) any Prepayment Penalty Amounts and
      (4)
      any Retained Interest.

    
      
        
        

      

      
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    “Trustee”:
      LaSalle Bank National Association, a national banking association, not in its
      individual capacity but solely as trustee, its successors or assigns, or any
      successor trustee appointed as herein provided.

    

    “Trustee
      Fee”:
      The
      annual on-going fee payable by the Master Servicer on behalf of the Trust to
      the
      Trustee from the Master Servicer Fee and pursuant to the terms of the separate
      fee letter agreement between the Trustee and the Master Servicer relating to
      the
      Thornburg Mortgage Securities Trust 2006-6.

    

    “Two
      Times Test”:
      As to
      any Distribution Date, (i) the Aggregate Subordinate Percentage is at least
      two
      times the Aggregate Subordinate Percentage as of the Closing Date; (ii) the
      aggregate of the Principal Balances of all Mortgage Loans Delinquent 60 days
      or
      more (including Mortgage Loans in REO and foreclosure), averaged over the
      preceding six-month period, as a percentage of the aggregate of the Class
      Certificate Principal Balances of the Subordinate Certificates, does not equal
      or exceed 50%; and (iii) on or after the Distribution Date in December 2009,
      cumulative Realized Losses do not exceed 30% of the Original Subordinated
      Principal Balance, or prior to the Distribution Date in December 2009,
      cumulative Realized Losses do not exceed 20% of the Original Subordinated
      Principal Balance.

    

    “Underwriter’s
      Exemption”:
      Prohibited Transaction Exemption 90-30, as most recently amended by PTE 2002-41
      (Exemption Application No. D-11077), as amended (or any successor thereto), or
      any substantially similar administrative exemption granted by the U.S.
      Department of Labor. 

    

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

    

    “United
      States Person”
or
      “U.S.
      Person”:
      A
      citizen or resident of the United States, a corporation, partnership or other
      entity treated as a corporation or partnership for federal income tax purposes
      (other than a partnership that is not treated as a U.S. Person pursuant to
      any
      applicable Treasury regulations) created or organized in, or under the laws
      of,
      the United States, any state thereof or the District of Columbia, 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.

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    

    “Unpaid
      Interest Shortfall Amount”:
      With
      respect to each Class of Certificates and (i) the first Distribution Date,
      zero, and (ii) any Distribution Date after the first Distribution Date, the
      amount, if any, by which (1)(a) the Monthly Interest Distributable Amount for
      that Class for the immediately preceding Distribution Date exceeds (b) the
      aggregate amount distributed on that Class in respect of such Monthly Interest
      Distributable Amount on the preceding Distribution Date plus (2) any such
      shortfalls remaining unpaid from prior Distribution Dates.

    

    “Upper
      Tier REMIC”:
      As
      described in the Preliminary Statement.

    

    “Value”:
      With
      respect to any Mortgage Loan and the related Mortgaged Property, the lesser
      of:

    

    (i) the
      value
      of such Mortgaged Property as determined by an appraisal, or an automated
      valuation model (AVM) in lieu of an appraisal, made for the originator of the
      Mortgage Loan at the time of origination of the Mortgage Loan by an appraiser
      who met the minimum requirements of Title XI of the Financial Institution
      Reform, Recovery and Enforcement Act of 1989 and the regulations promulgated
      thereunder; and 

    

    (ii) the
      purchase price paid for the related Mortgaged Property by the Mortgagor with
      the
      proceeds of the Mortgage Loan; 

    

    provided,
      however,
      that in
      the case of a Refinancing Mortgage Loan, such value of the Mortgaged Property
      is
      generally based solely upon the value determined by an appraisal made for the
      originator of such Refinancing Mortgage Loan at the time of origination by
      an
      appraiser who met the minimum requirements of Title XI of the Financial
      Institution Reform, Recovery and Enforcement Act of 1989 and the regulations
      promulgated thereunder.

    

    “Voting
      Rights”:
      The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any Certificate. 98% of the voting rights shall be allocated among the Classes
      of Certificates (other than the Class A-X and Class A-R Certificates),
pro
      rata,
      based
      on a fraction, expressed as a percentage, the numerator of which is the Class
      Certificate Principal Balance of such Class and the denominator of which is
      the
      aggregate of the Class Certificate Principal Balances then outstanding, 1%
      of
      the voting rights shall be allocated to the Holders of the Class A-X
      Certificates and 1% of the voting rights shall be allocated to the Holder of
      the
      Class A-R Certificate; provided,
      however,
      that
      when none of the Regular Certificates is outstanding, 100% of the voting rights
      shall be allocated to the Holder of the Class A-R Certificate. The voting rights
      allocated to a Class of Certificates shall be allocated among all Holders of
      such Class, pro
      rata,
      based
      on a fraction the numerator of which is the Certificate Principal Balance or
      Certificate Notional Balance of each Certificate of such Class and the
      denominator of which is the Class Certificate Principal Balance or Class
      Certificate Notional Balance of such Class; provided,
      however,
      that
      any Certificate registered in the name of the Master Servicer, the Securities
      Administrator, the Trustee, the Delaware Trustee or any of their respective
      affiliates shall not be included in the calculation of Voting
      Rights.

    
      
        
        

      

      
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    “Writedown
      Amount”:
      The
      reduction described in Section 5.03(c).

    

    “Yield
      Maintenance Account”:
      The
      account maintained by the Securities Administrator pursuant to Section 5.09
      which shall be entitled “Yield Maintenance Account, Wells Fargo Bank, N.A., in
      trust for the registered Holders of Thornburg Mortgage Securities Trust 2006-6,
      Mortgage Loan Pass-Through Certificates, Series 2006-6” and which must be an
      Eligible Account.

    

    “Yield
      Maintenance Agreement”:
      The
      interest rate cap agreement (Ref No. IRG16130101.2A), by and between the Yield
      Maintenance Counterparty and the Securities Administrator, on behalf of the
      Trust, dated as of November 29, 2006. 

    

    “Yield
      Maintenance Amount”:
      For
      any Distribution Date, the amount, if any, to be paid by the Yield Maintenance
      Counterparty to the Securities Administrator pursuant to the Yield Maintenance
      Agreement, as calculated by the Yield Maintenance Counterparty based on
      information in the Distribution Date Statement delivered to it pursuant to
      Section 5.04.

    

    “Yield
      Maintenance Counterparty”:
      The
      Royal Bank of Scotland plc.

    

    SECTION
      1.02. 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 taken into account such definition or calculation and any
      related definitions or calculations shall be determined without duplication
      of
      such functions.

    

    ARTICLE
      IA

    

    ORGANIZATION
      OF TRUST

    

    Section
      1A.01. Name
      of Trust.
      The
      name of the Trust formed under the Original Trust Agreement and the Certificate
      of Trust is “Thornburg Mortgage Securities Trust 2006-6,” in which name the
      Trustee may conduct the business and affairs of the Trust, make and execute
      contracts and agreements on behalf of the Trust and sue and be
      sued.

    

    Section
      1A.02. Office.
      The
      office of the Trust shall be in care of the Trustee. The office of the Trust
      shall be located at its Corporate Trust Office, or at such other address as
      the
      Trustee may designate by written notice to the Certificateholders, each Rating
      Agency and the other parties to this Agreement.

    

    Section
      1A.03. Declaration
      of Trust.
      Under
      the Original Trust Agreement and effective as of the date hereof, the Depositor
      appointed LaSalle Bank National Association, as Trustee of the Trust, to have
      all the rights powers and duties set forth herein. Under the Original Trust
      Agreement and effective as of the date hereof, the Depositor appointed
      Wilmington Trust Company to act as Delaware Trustee. It is the intention of
      the
      parties hereto that the Trust constitute a statutory trust under Chapter 38
      of
      Title 12 of the Delaware Code, 12 Del.
      Code§ 3801
      et
      seq.,
      as the
      same may be amended from time to time (the “Delaware
      Statutory Trust Statute”
or
      “DSTS”),
      and
      that this Agreement amends and restates in its entirety the Original Trust
      Agreement and constitutes the governing instrument of such statutory trust.
      Effective as of the date hereof, the Trustee shall have all rights, powers
      and
      duties set forth in the Delaware Statutory Trust Statute with respect to
      accomplishing the purposes of the Trust (except those duties expressly required
      to be performed by the Delaware Trustee hereunder). It is hereby confirmed
      that
      the Trustee and the Delaware Trustee were authorized to execute the Original
      Trust Agreement and to file a Certificate of Trust in substantially the form
      of
      Exhibit M with the Secretary of State of Delaware, on behalf of the
      Trust.

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    

    Section
      1A.04. Purpose
      and Powers.
      The
      purposes of the Trust are (i) to issue the Certificates and to sell the
      Certificates to or at the direction of the Depositor; (ii) with the proceeds
      of
      the sale of the Certificates, to purchase the Mortgage Loans and all related
      assets and to pay any organizational start-up and transactional expenses of
      the
      Trust; (iii) to enter into this Agreement and to perform its obligations
      hereunder; (iv) to engage in those activities, including entering into
      agreements, 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 assets of the Trust and
      the
      making of distributions to the Certificateholders. The Trust is hereby
      authorized to engage in the foregoing activities. The Trust shall not engage
      in
      any activity other than in connection with the foregoing or other than as
      required or authorized by the terms of this Agreement.

    

    Section
      1A.05. Liability
      of the Certificateholders.
      The
      Certificateholders shall be entitled to the same limitation of personal
      liability extended to stockholders of private corporations for profit organized
      under the General Corporation Law of the State of Delaware. 

    

    Section
      1A.06. Title
      To Trust Property.
      Legal
      title to the assets of the Trust shall be vested at all times in the Trust
      as a
      separate legal entity except where applicable law in any jurisdiction requires
      title to any part of the Trust to be vested in a trustee or trustees, in which
      case title shall be deemed to be vested in the Trustee, a co-trustee and/or
      a
      separate trustee, as the case may be, and in each case on behalf of the Trust.
      The Certificateholders shall not have legal title to any part of the assets
      of
      the Trust. No transfer by operation of law or otherwise of any interest of
      the
      Certificateholders shall operate to terminate this Agreement or the trusts
      hereunder or entitle any transferee to an accounting or to the transfer to
      it of
      any part of the assets of the Trust. The Trustee, in such capacity and in its
      capacity as Custodian, is hereby authorized to hold all assets of the Trust
      on
      behalf of the Trust, for the benefit of the Certificateholders. 

    

    Section
      1A.07. Situs
      of Trust.
      The
      Trust will be located in the State of Delaware and administered in the States
      of
      Delaware, Illinois, Maryland and Minnesota. Nothing herein shall restrict or
      prohibit the Trustee from having employees within or without the State of
      Delaware. The Trust may also be qualified to do business in the State of New
      York. 

    
      
        
        

      

      
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    Section
      1A.08. The
      Delaware Trustee.
      (a)  The Delaware Trustee is appointed to serve as the trustee of the
      Trust in the State of Delaware for the sole purpose of satisfying the
      requirement of Section 3807(a) of the DSTS that the Trust have at least one
      trustee with a principal place of business in the State of Delaware. It is
      understood and agreed by the parties hereto that the Delaware Trustee shall
      have
      none of the duties, obligations or liabilities of the Trustee.

    

    (b) The
      duties of the Delaware Trustee shall be limited to (i) accepting legal process
      served on the Trust in the State of Delaware and (ii) the execution of any
      certificates required to be filed with the Delaware Secretary of State which
      the
      Delaware Trustee is required to execute under Section 3811 of the DSTS. To the
      extent that, at law or in equity, the Delaware Trustee has duties (including
      fiduciary duties) and liabilities relating thereto to the Trust or the
      Certificateholders, it is hereby understood and agreed by the other parties
      hereto that such duties and liabilities are replaced by the duties and
      liabilities of the Delaware Trustee expressly set forth in this Agreement.
      The
      Delaware Trustee shall have no liability for the acts or omissions of the
      Trustee. Except as provided above, the Delaware Trustee shall not be deemed
      a
      trustee and shall have no management responsibilities or owe any fiduciary
      duties to the Trust or the Certificateholders.

    

    (c) The
      Delaware Trustee may be removed by the Trustee upon 30 days prior written notice
      to the Delaware Trustee. The Delaware Trustee may resign upon 30 days prior
      written notice to the Trustee. No resignation or removal of the Delaware Trustee
      shall be effective except upon the appointment of a successor Delaware Trustee.
      If no successor has been appointed within such 30 day period, the Delaware
      Trustee or the Trustee may, at the expense of the Trust, petition a court to
      appoint a successor Delaware Trustee.

    

    (d) Any
      Person into which the Delaware Trustee may be merged or with which it may be
      consolidated, or any Person resulting from any merger or consolidation to which
      the Delaware Trustee shall be a party, or any Person which succeeds to all
      or
      substantially all of the corporate trust business of the Delaware Trustee,
      shall
      be the successor Delaware Trustee under this Agreement without the execution,
      delivery or filing of any paper or instrument or further act to be done on
      the
      part of the parties hereto, except as may be required by applicable
      law.

    

    (e) The
      Delaware Trustee shall be entitled to all of the same rights, protections
      indemnities and immunities under this Agreement and with respect to the Trust
      as
      the Trustee. No amendment or waiver of any provision of this Agreement which
      adversely affects the Delaware Trustee shall be effective against it without
      its
      prior written consent. 

    

    The
      Delaware Trustee shall not be liable for the acts or omissions of the Trustee,
      nor shall the Delaware Trustee be liable for supervising or monitoring the
      performance and the duties and obligations of the Trustee or the Trust under
      this Agreement or any related document. The Delaware Trustee shall not be
      personally liable under any circumstances, except for its own willful
      misconduct, bad faith or gross negligence. In particular, but not by way of
      limitation:

    

    (i) the
      Delaware Trustee shall not be personally liable for any error of judgment made
      in good faith; 

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    

    (ii) no
      provision of this Agreement shall require the Delaware Trustee to expend or
      risk
      its personal funds or otherwise incur any financial liability in the performance
      of its rights or powers hereunder, if the Delaware Trustee shall have reasonable
      grounds for believing that the payment of such funds or adequate indemnity
      against such risk or liability is not reasonably assured or provided to
      it;

    

    (iii) under
      no
      circumstances shall the Delaware Trustee be personally liable for any
      representation, warranty, covenant, agreement, or indebtedness of the
      Trust;

    

    (iv) the
      Delaware Trustee shall not be personally responsible for or in respect of the
      validity or sufficiency of this Agreement or for the due execution hereof by
      any
      other party hereto;

    

    (v) the
      Delaware Trustee shall incur no liability to anyone in acting upon any
      signature, instrument, notice, resolution, request, consent, order, certificate,
      report, opinion, bond or other document or paper reasonably believed by it
      to be
      genuine and reasonably believed by it to be signed by the proper party or
      parties. The Delaware Trustee may accept a certified copy of a resolution of
      the
      board of directors or other governing body of any corporate party as conclusive
      evidence that such resolution has been duly adopted by such body and that the
      same is in full force and effect. As to any fact or matter the manner of
      ascertainment of which is not specifically prescribed herein, the Delaware
      Trustee may for all purposes hereof rely on a certificate, signed by the
      Trustee, the Securities Administrator or the Master Servicer, as applicable,
      as
      to such fact or matter, and such certificate shall constitute full protection
      to
      the Delaware Trustee for any action taken or omitted to be taken by it in good
      faith in reliance thereon;

    

    (vi) in
      the
      exercise or administration of the Trust hereunder, the Delaware Trustee (a)
      may
      act directly or through agents or attorneys pursuant to agreements entered
      into
      with any of them, and the Delaware Trustee shall not be liable for the default
      or misconduct of such agents or attorneys if such agents or attorneys shall
      have
      been selected by the Delaware Trustee in good faith and with due care and (b)
      may consult with counsel, accountants and other skilled persons to be selected
      by it in good faith and with due care and employed by it, and it shall not
      be
      liable for anything done, suffered or omitted in good faith by it in accordance
      with the advice or opinion of any such counsel, accountants or other skilled
      persons; and

    

    (vii) except
      as
      expressly provided in this Section 1A.08, in accepting and performing the trusts
      hereby created the Delaware Trustee acts solely as trustee hereunder and not
      in
      its individual capacity, and all persons having any claim against the Delaware
      Trustee by reason of the transactions contemplated by this Agreement shall
      look
      only to the Trust Fund for payment or satisfaction thereof. 

    

    (f) In
      the
      event of the appointment of a successor Delaware Trustee, such successor shall
      cause an amendment to the Certificate of Trust to be filed with the Secretary
      of
      State of Delaware in accordance with Section 3810(b) of the DSTS, indicating
      the
      change of such Delaware Trustee’s identity. In addition, until the termination
      of the Trust and this Agreement, the Delaware Trustee shall at all times fulfill
      the requirements of the DSTS.

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

    

    (g) Upon
      written notification from the Securities Administrator that the Trust has been
      terminated in accordance with Article X, the Delaware Trustee shall cause the
      Certificate of Trust to be cancelled by filing a certificate of cancellation
      with the Secretary of State of Delaware in accordance with Section 3810(d)
      of
      the DSTS.

    

    Section
      1A.09 Separateness
      Provisions.
      The
      Trust shall not commingle its assets with those of any other entity. The Trust
      shall maintain its financial and accounting books and records separate from
      those of any other entity. Except as expressly set forth herein, the Trust
      shall
      pay its indebtedness, operating expenses and liabilities from its own funds,
      and
      the Trust shall neither incur any indebtedness nor pay the indebtedness,
      operating expenses and liabilities of any other entity. The Trust shall not
      engage in any dissolution, liquidation, consolidation, merger or sale of assets
      except as specifically provided for herein. The Trust shall maintain appropriate
      minutes or other records of all appropriate actions and shall maintain its
      office separate from the offices of the Depositor or any of its Affiliates.
      The
      Trust shall not engage in any business activity other than as contemplated
      by
      this Agreement and related documentation. The Trust shall not form, or cause
      to
      be formed, any subsidiaries and shall not own or acquire any asset other than
      as
      contemplated by this Agreement and related documentation. Other than as
      contemplated by this Agreement and related documentation, the Trust shall not
      follow the directions or instructions of the Depositor. The Trust shall conduct
      its own business in its own name. The Trust shall observe all formalities
      required under the Delaware Statutory Trust Statute. The Trust shall not hold
      out its credit as being available to satisfy the obligations of any other person
      or entity. The Trust shall not acquire the obligations or securities of its
      Affiliates or the Seller. Other than as contemplated by this Agreement and
      related documentation, the Trust shall not pledge its assets for the benefit
      of
      any other person or entity. The Trust shall correct any known misunderstanding
      regarding its separate identity. The Trust shall not identify itself as a
      division of any other person or entity.

    

    For
      accounting purposes, the Trust shall be treated as an entity separate and
      distinct from any Certificateholder. The pricing and other material terms of
      all
      transactions and agreements to which the Trust is a party shall be intrinsically
      fair to all parties thereto. This Agreement is and shall be the only agreement
      among the parties hereto with respect to the creation, operation and termination
      of the Trust.

    

    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
      for the benefit of the Certificateholders 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 (other than the right to receive
      any
      Retained Interest or any Prepayment Penalty Amounts) identified on the Mortgage
      Loan Schedule, including the related Cut-Off Date Principal Balance, all
      interest due thereon after the Cut-Off Date and all collections in respect
      of
      interest and principal due after the Cut-Off Date; (ii) all the Depositor’s
      right, title and interest in and to the Distribution Account and all amounts
      from time to time credited to and to the proceeds of the Distribution Account;
      (iii) any real property that secured each such Mortgage Loan and that has been
      acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s
      interest in any insurance policies in respect of the Mortgage Loans; (v) the
      Depositor’s security interest in the Additional Collateral; (vi) all proceeds of
      any of the foregoing; and (vii) all other assets included or to be included
      in
      the Trust Fund. Such assignment includes all interest and principal due to
      the
      Depositor or the Master Servicer after the Cut-Off Date with respect to the
      Mortgage Loans.

    
      
        
        

      

      
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    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Mortgage Loan
      Purchase Agreement, including all rights of the Seller under the Servicing
      Agreements to the extent assigned in the Mortgage Loan Purchase Agreement.
      The
      Trustee hereby accepts such assignment, and shall be entitled to exercise all
      rights of the Depositor under the Mortgage Loan Purchase Agreement and all
      rights of the Seller under the Servicing Agreements as if, for such purpose,
      it
      were the Depositor or the Seller, as applicable, including the Seller’s right to
      enforce remedies for breaches or representations and warranties and delivery
      of
      the Mortgage Loan Documents. The foregoing sale, transfer, assignment, set-over,
      deposit and conveyance does not and is not intended to result in creation or
      assumption by the Trustee of any obligation of the Depositor, the Seller or
      any
      other Person in connection with the Mortgage Loans or any other agreement or
      instrument relating thereto except as specifically set forth
      herein.

    

    In
      addition, with respect to any Additional Collateral Mortgage Loan, the Depositor
      does hereby transfer, assign, set-over and otherwise convey to the Trustee
      without recourse (except as provided herein) (i) its rights as assignee under
      any security agreements, pledge agreements or guarantees relating to the
      Additional Collateral supporting any Additional Collateral Mortgage Loan, (ii)
      its security interest in and to any Additional Collateral, (iii) its right
      to
      receive payments in respect of any Additional Collateral Mortgage Loan pursuant
      to the related Servicing Agreement and (iv) its rights as beneficiary under
      the
      Surety Bond in respect of any Additional Collateral Mortgage Loan covered by
      the
      Surety Bond.

    

    For
      purposes of complying with the requirements of the Asset-Backed Securities
      Facilitation Act of the State of Delaware, 6 Del. C. § 2701A, et seq. (the
“Securitization
      Act”),
      each
      of the parties hereto hereby agrees that:

    

    
      	 	
              (i)

            	
              any
                property, assets or rights purported to be transferred, in whole
                or in
                part, by the Depositor pursuant to this Agreement shall be deemed
                to no
                longer be the property, assets or rights of the
                Depositor;

            

    

    

    
      	 	
              (ii)

            	
              none
                of the Depositor, its creditors or, in any insolvency proceeding
                with
                respect to the Depositor or the Depositor’s property, a bankruptcy
                trustee, receiver, debtor, debtor in possession or similar person,
                to the
                extent the issue is governed by Delaware law, shall have any rights,
                legal
                or equitable, whatsoever to reacquire (except pursuant to a provision
                of
                this Agreement), reclaim, recover, repudiate, disaffirm, redeem or
                recharacterize as property of the Depositor any property, assets
                or rights
                purported to be transferred, in whole or in part, by the Depositor
                pursuant to this Agreement (including the
                Assignment);

            

    

     

    
      
        
        

      

      
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              (iii)

            	
              in
                the event of a bankruptcy, receivership or other insolvency proceeding
                with respect to the Depositor or the Depositor’s property, to the extent
                the issue is governed by Delaware law, such property, assets and
                rights
                shall not be deemed to be part of the Depositor’s property, assets, rights
                or estate; and

            

    

    

    
      	 	
              (iv)

            	
              the
                transaction contemplated by this Agreement shall constitute a
                “securitization transaction” as such term is used in the Securitization
                Act.

            

    

    

    In
      connection with such transfer and assignment, the Seller, on behalf of the
      Depositor, does hereby deliver on the Closing Date, unless otherwise specified
      in this Section 2.01, to, and deposit with the Trustee, or the Custodian as
      its
      designated agent, the following documents or instruments with respect to each
      Mortgage Loan (a “Mortgage
      File”)
      so
      transferred and assigned:

    

    
      	 	
              (i)

            	
              the
                original Mortgage Note, endorsed either on its face or by allonge
                attached
                thereto in blank or in the following form: “Pay to the order of LaSalle
                Bank National Association, as Trustee for Thornburg Mortgage Securities
                Trust 2006-6, without recourse” or in blank, 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
                Cut-Off
                Date Principal Balance of which is less than or equal to 2% of the
                Cut-Off
                Date Aggregate Principal Balance;

            

    

    

    
      	 	
              (ii)

            	
              originals
                or copies of any guarantee, security agreement or pledge agreement
                relating to any Additional Collateral, if applicable, and executed
                in
                connection with the Mortgage Note, assigned to the Trustee on behalf
                of
                the Trust;

            

    

    

    
      	 	
              (iii)

            	
              except
                as provided below, for each Mortgage Loan that is not a MERS Mortgage
                Loan, the original Mortgage or a copy thereof certified by the public
                recording office in which such Mortgage has been recorded, and in
                the case
                of each MERS Mortgage Loan, the original Mortgage or a copy thereof
                certified by the public recording office in which such Mortgage has
                been
                recorded, noting the presence of the MIN for that Mortgage Loan and
                either
                language indicating that the Mortgage Loan is a MOM Loan if the Mortgage
                Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at
                origination, the original Mortgage or a copy thereof certified by
                the
                public recording office in which such Mortgage has been recorded
                and the
                assignment to MERS, in each case with evidence of recording thereon,
                and
                the original recorded power of attorney or a copy thereof certified
                by the
                public recording office in which such power of attorney has been
                recorded,
                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, a Seller certified copy of such
                Mortgage or power of attorney, as the case may be, a notation that
                the
                original of such unrecorded Mortgage or power of attorney, as applicable,
                has been forwarded to the public recording office, or, in the case
                of an
                unrecorded Mortgage or power of attorney, as applicable, that has
                been
                lost, a copy thereof (certified as provided for under the laws of
                the
                appropriate jurisdiction) and a written Opinion of Counsel (delivered
                at
                the Seller’s expense) acceptable to the Trustee and the Depositor that an
                original recorded Mortgage is not required to enforce the Trustee’s
                interest in the Mortgage Loan;

            

    

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (iv)

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

            

    

    

    
      	 	
              (v)

            	
              in
                the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                an
                original Assignment of Mortgage, in form and substance acceptable
                for
                recording. The Mortgage shall be assigned to “LaSalle Bank National
                Association, as Trustee for Thornburg Mortgage Securities Trust 2006-6,
                without recourse” or in blank;

            

    

    

    
      	 	
              (vi)

            	
              in
                the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                a copy of
                any intervening Assignment of Mortgage showing a complete chain of
                assignments, or, in the case of an intervening Assignment of Mortgage
                that
                has been lost, a written Opinion of Counsel (delivered at the Seller’s
                expense) acceptable to the Trustee that such original intervening
                Assignment of Mortgage is not required to enforce the Trustee’s interest
                in the Mortgage Loans;

            

    

    

    
      	 	
              (vii)

            	
              the
                original or a copy of the lender’s title insurance policy;
                and

            

    

    

    
      	 	
              (viii)

            	
              with
                respect to any Cooperative Loan, the Cooperative Loan
                Documents.

            

    

    

    In
      connection with the assignment of any MERS Mortgage Loan, the Seller agrees
      that
      it will take (or shall cause the applicable Servicer to take), at the expense
      of
      the Seller (with the cooperation of the Depositor, the Trustee and the Master
      Servicer), such actions as are necessary to cause the MERS® System to indicate
      that such Mortgage Loans have been assigned by the Seller to the Trustee in
      accordance with this Agreement for the benefit of the Certificateholders by
      including (or deleting, in the case of Mortgage Loans that are repurchased
      in
      accordance with this Agreement) in such computer files the information required
      by the MERS® System to identify the series of the Certificates issued in
      connection with the transfer of such Mortgage Loans to the Thornburg Mortgage
      Securities Trust 2006-6.

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

    

    With
      respect to each Cooperative Loan the Seller, on behalf of the Depositor does
      hereby deliver to the Trustee (or Custodian) the related Cooperative Loan
      Documents and the Seller will take (or shall cause the applicable Servicer
      to
      take), at the expense of the Seller (with the cooperation of the Depositor,
      the
      Trustee and the Master Servicer) such actions as are necessary under applicable
      law (including but not limited to the relevant UCC) in order to perfect the
      interest of the Trustee in the related Mortgaged Property.

    

    Assignments
      of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage
      Loan (other than a Cooperative Loan) shall be recorded; provided,
      however,
      that
      such assignments need not be recorded if, in the Opinion of Counsel (which
      must
      be from Independent Counsel and not at the expense of the Trust or the Trustee)
      acceptable to the Trustee, each Rating Agency and the Master Servicer, recording
      in such states is not required to protect the Trust’s interest in the related
      Mortgage Loans; provided,
      however,
      notwithstanding the delivery of any Opinion of Counsel, each assignment of
      Mortgage shall be submitted for recording by the Seller (or the Seller will
      cause the applicable Servicer to submit each such assignment for recording),
      at
      the cost and expense of the Seller, in the manner described above, at no expense
      to the Trust or Trustee, upon the earliest to occur of (1) reasonable direction
      by the Majority Certificateholders, (2) the occurrence of a bankruptcy or
      insolvency relating to the Seller or the Depositor, or (3) with respect to
      any
      one Assignment of Mortgage, the occurrence of a bankruptcy, insolvency or
      foreclosure relating to the Mortgagor under the related Mortgage. Subject to
      the
      preceding sentence, as soon as practicable after the Closing Date (but in no
      event more than three months thereafter except to the extent delays are caused
      by the applicable recording office), the Seller shall properly record (or the
      Seller will cause the applicable Servicer to properly record), at the expense
      of
      the Seller (with the cooperation of the Depositor, the Trustee and the Master
      Servicer), in each public recording office where the related Mortgages are
      recorded, each assignment referred to in Section 2.01(v) above with respect
      to a
      Mortgage Loan that is not a MERS Mortgage Loan.

    

    The
      Trustee agrees to execute and deliver to the Depositor on or prior to the
      Closing Date an acknowledgment of receipt of the original Mortgage Note (with
      any exceptions noted), substantially in the form attached as Exhibit G-1
      hereto.

    

    If
      the
      original lender’s title insurance policy, or a copy thereof, was required to be
      but was not delivered pursuant to Section 2.01(vii) above, the Seller shall
      deliver or cause to be delivered to the Trustee 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 copy thereof
      to be
      delivered to the Trustee, promptly upon receipt thereof, but in any case within
      175 days of the Closing Date. The Seller shall deliver or cause to be delivered
      to the Trustee, promptly upon receipt thereof, any other documents constituting
      a part of a Mortgage File received with respect to any Mortgage Loan sold to
      the
      Depositor by the Seller and required to be delivered to the Trustee, including,
      but not limited to, any original documents evidencing an assumption or
      modification of any Mortgage Loan. 

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

    

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

    

    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. 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 hereof.

    

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

    

    SECTION
      2.02. Acceptance
      by Trustee.

    

    The
      Trustee hereby accepts its appointment as Custodian hereunder and acknowledges
      the receipt, 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, of the documents referred to in Section 2.01 above
      and
      all other assets included in the definition of “Trust Fund” and declares that,
      in its capacity as Custodian, 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.

    

    The
      Trustee further agrees, for the benefit of the Certificateholders, to review
      each Mortgage File delivered to it and to certify and deliver to the Depositor,
      the Seller and each Rating Agency an interim certification in substantially
      the
      form attached hereto as Exhibit G-2, within 90 days after the Closing Date
      (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 five
      Business 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
      (i), (ii), (iii), (xiii), (xiv) and (xviii) of the Mortgage Loan Schedule (to
      the extent such items are required to be delivered to it as part of the Mortgage
      Files pursuant to Section 2.01) accurately reflects information set forth in
      the
      Mortgage File. It is herein acknowledged that, in conducting such review, the
      Trustee 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.

    
      
        
        

      

      
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    No
      later
      than 180 days after the Closing Date, the Trustee shall deliver to the Depositor
      and the Seller a final certification in the form annexed hereto as Exhibit
      G-3
      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 finds any document
      or
      documents constituting a part of a Mortgage File to be missing or not conforming
      to the requirements set forth herein, at the conclusion of its review the
      Trustee (or the Custodian as its designated agent) shall promptly notify the
      Seller, the Depositor and the Master Servicer. In addition, upon the discovery
      by the Seller or the Depositor (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 that materially adversely affects such Mortgage Loan or
      the
      interests of the related Certificateholders in such Mortgage Loan, the party
      discovering such breach shall give prompt written notice to the other parties
      to
      this Agreement.

    

    The
      Depositor and the Trustee intend that the assignment and transfer herein
      contemplated constitute a sale of the Mortgage Loans, the related Mortgage
      Notes
      and the related documents, conveying good title thereto free and clear of any
      liens and encumbrances, from the Depositor to the Trustee in trust for the
      benefit of the Certificateholders and that such property not be part of the
      Depositor’s estate or property of the Depositor in the event of any insolvency
      by the Depositor. In the event that such conveyance is deemed to be, or to
      be
      made as security for, a loan, the parties intend that the Depositor shall be
      deemed to have granted and does hereby grant to the Trustee a first priority
      perfected security interest in all of the Depositor’s right, title and interest
      in and to the Mortgage Loans, the related Mortgage Notes and the related
      documents, and that this Agreement shall constitute a security agreement under
      applicable law.

    

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

    

    (a) Upon
      discovery or receipt of written notice that a document does not comply with
      the
      requirements of Section 2.01 hereof, 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 or in Section 2.04 or
      Section 2.08 hereof in respect of any Mortgage Loan which materially adversely
      affects the value of that Mortgage Loan or the interest therein of the
      Certificateholders, the Trustee (or the Custodian as its designated agent)
      shall
      promptly notify the Seller of such noncompliance, missing document or breach
      and
      request that the Seller deliver such missing document or cure such noncompliance
      or breach within 90 days from the date that the Seller was notified of such
      missing document, noncompliance or breach, and if the Seller does not deliver
      such missing document or cure such noncompliance or breach in all material
      respects during such period, the Trustee shall enforce the Seller’s obligation
      under the Mortgage Loan Purchase Agreement and cause the Seller to repurchase
      that 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 (subject
      to
      Section 2.03(e) below); provided,
      however,
      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; and, provided
      further,
      that,
      in the case of the breach of any representation, warranty or covenant made
      by
      the Seller in Schedule III to the Mortgage Loan Purchase Agreement, the Seller
      shall be obligated to cure such breach or purchase the affected Mortgage Loans
      for the Purchase Price or, if the Mortgage Loan or the related Mortgaged
      Property acquired with respect thereto has been sold, then the Seller shall
      pay,
      in lieu of the Purchase Price, any excess of the Purchase Price over the Net
      Liquidation Proceeds received upon such sale. The Purchase Price for the
      repurchased Mortgage Loan or such other amount due shall be deposited in the
      Distribution Account on or prior to the next Determination Date after the
      Seller’s obligation to repurchase such Mortgage Loan arises. The Trustee, upon
      receipt of written certification from the Securities Administrator of the
      related deposit in the Distribution Account, 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) below. It is understood and agreed
      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.

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

    

    The
      Trustee shall enforce the obligations of the Seller under the Mortgage Loan
      Purchase Agreement including, without limitation, any obligation of the Seller
      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
      this Section 2.03(a).

    

    Any
      costs
      and expenses incurred by the Trustee enforcing the obligations of the Seller
      under this Section 2.03(a) shall be reimbursable to the Trustee from amounts
      on
      deposit in the Distribution Account.

    
      
        
        

      

      
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    (b) If
      pursuant to the provisions of Section 2.03(a), the Seller repurchases or
      otherwise removes from the Trust Fund a Mortgage Loan that is a MERS Mortgage
      Loan, the Seller will take (or shall cause the applicable Servicer to take),
      at
      the expense of the Seller (with the cooperation of the Depositor, the Trustee
      and the Master Servicer), such actions as are necessary to either (i) cause
      MERS
      to execute and deliver an Assignment of Mortgage in recordable form to transfer
      the Mortgage from MERS to the Seller and shall cause such Mortgage to be removed
      from registration on the MERS® System in accordance with MERS’ rules and
      regulations or (ii) cause MERS to designate on the MERS® System the Seller or
      its designee as the beneficial holder of such Mortgage Loan.

    

    (c) [Reserved].

    

    (d) Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) above must be effected prior to the last
      Business Day that is within two years after the Closing Date. As to any Deleted
      Mortgage Loan for which the Seller substitutes a Qualified Substitute Mortgage
      Loan or Mortgage Loans, such substitution shall be effected by the Seller
      delivering to the Trustee, for such Qualified Substitute Mortgage Loan or
      Mortgage Loans, the Mortgage Note, the Mortgage, the Assignment to the Trustee,
      and such other documents and agreements, with all necessary endorsements
      thereon, as are required by Section 2.01 hereof (subject to the exceptions
      provided therein), together with an Officers’ Certificate stating 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; provided,
      however,
      that, in
      the case of any Qualified Substitute Mortgage Loan that is a MERS Mortgage
      Loan,
      the Seller shall provide such documents and take such other action with respect
      to such Qualified Substitute Mortgage Loans as are required pursuant to Section
      2.01 hereof. The Trustee shall acknowledge receipt for such Qualified Substitute
      Mortgage Loan or Loans and, within five Business Days thereafter, shall review
      such documents as specified in Section 2.02 hereof and deliver to the related
      Servicer, with respect to such Qualified Substitute Mortgage Loan or Loans,
      a
      certification substantially in the form attached hereto as Exhibit G-2, with
      any
      exceptions noted thereon. Within 180 days of the date of substitution, the
      Trustee shall deliver to the Seller and the Master Servicer a certification
      substantially in the form of Exhibit G-3 hereto with respect to such Qualified
      Substitute Mortgage Loan or Loans, with any 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
      Due Period preceding the month of substitution and the Depositor or the Seller,
      as the case may be, shall thereafter be entitled to retain all amounts
      subsequently received in respect of such Deleted Mortgage Loan. The Seller
      shall
      give or cause to be given written notice to the Certificateholders that such
      substitution has taken place, 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, such Qualified Substitute Mortgage Loan or Loans shall constitute
      part of the Trust Fund and shall be subject in all respects to the terms of
      this
      Agreement and, in the case of a substitution effected by the Seller, the
      Mortgage Loan Purchase Agreement, including, in the case of a substitution
      effected by the Seller all representations and warranties thereof included
      in
      the Mortgage Loan Purchase Agreement and all representations and warranties
      thereof set forth in Section 2.04 hereof, in each case as of the date of
      substitution.

    
      
        
        

      

      
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    For
      any
      month in which the Seller substitutes one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Seller shall determine, and
      provide written certification to the Trustee and the Seller as to, the amount
      (each, a “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 principal balance thereof as of the date of substitution, together with
      one
      month’s interest on such principal balance at the applicable Net Loan Rate. On
      or prior to the next Determination Date after the Seller’s obligation to
      repurchase the related Deleted Mortgage Loan arises, the Seller will deliver
      or
      cause to be delivered to the Securities Administrator for deposit in the
      Distribution Account an amount equal to the related Substitution Adjustment,
      if
      any, and the Trustee, upon receipt of the related Qualified Substitute Mortgage
      Loan or Loans and an acknowledgment from the Securities Administrator of its
      receipt of the deposit to the Distribution Account, shall release to the Seller
      the related Mortgage File or Files 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
      an Opinion of Counsel to the effect that such substitution (either specifically
      or as a class of transactions) 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 created hereunder to fail to qualify as a REMIC at any time that
      any Certificate is outstanding. If such Opinion of Counsel cannot 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 Seller, the Master Servicer, a Servicer or 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. In connection
      therewith, the Seller shall 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. Any such
      repurchase or substitution shall be made in the same manner as set forth in
      Section 2.03(a) above, if made by the Seller. The Trustee shall reconvey to
      the
      Seller 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 for
      breach of a representation or warranty.

    
      
        
        

      

      
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    SECTION
      2.04. Representations
      and Warranties of the Seller with Respect to the Mortgage
      Loans.

    

    The
      Seller hereby represents and warrants to the Trustee for the benefit of the
      Certificateholders that the representations and warranties made by the Seller
      pursuant to Schedule III to the Mortgage Loan Purchase Agreement are hereby
      being made to the Trustee and are true and correct as of the Closing
      Date.

    

    With
      respect to the representations and warranties incorporated in this Section
      2.04
      that are made to the best of the Seller’s knowledge or as to which the Seller
      has no knowledge, if it is discovered by the Depositor, the Seller, the Master
      Servicer or the Trustee that the substance of such representation and warranty
      is inaccurate and such inaccuracy materially and adversely affects the value
      of
      the related Mortgage Loan or the interest therein of the Certificateholders
      then, notwithstanding the Seller’s lack of knowledge with respect to the
      substance of such representation and warranty being inaccurate at the time
      the
      representation or warranty was made, such inaccuracy shall be deemed a breach
      of
      the applicable representation or warranty.

    

    Within
      90
      days of its discovery or its receipt of notice of any such missing or materially
      defective documentation or any such breach of a representation or warranty,
      the
      Seller shall promptly deliver such missing document or cure such defect or
      breach in all material respects or, in the event such defect or breach cannot
      be
      cured, the Seller shall repurchase the affected Mortgage Loan or cause the
      removal of such Mortgage Loan from the Trust Fund and substitute for it one
      or
      more Qualified Substitute Mortgage Loans, in either case, in accordance with
      Section 2.03 hereof.

    

    It
      is
      understood and agreed that the representations and warranties incorporated
      in
      this Section 2.04 shall survive delivery of the Mortgage Files to the Trustee
      and shall inure to the benefit of the Certificateholders notwithstanding any
      restrictive or qualified endorsement or assignment. Upon discovery by any of
      the
      Depositor, the Seller, the Master Servicer 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, the party discovering such breach shall give prompt written
      notice to the other parties, and in no event later than two Business Days from
      the date of such discovery. It is understood and agreed that the obligations
      of
      the Seller set forth in Section 2.03(a) hereof to cure, substitute for or
      repurchase a related Mortgage Loan pursuant to the Mortgage Loan Purchase
      Agreement constitute the sole remedies available to the Certificateholders
      or to
      the Trustee on their behalf respecting a breach of the representations and
      warranties incorporated in this Section 2.04.

    

    SECTION
      2.05. [Reserved].

    

    SECTION
      2.06. Representations
      and Warranties of the Depositor.

    

    The
      Depositor represents and warrants to the Trust and the Trustee on behalf of
      the
      Certificateholders as follows:

    
      
        
        

      

      
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    (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 an 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 certificate 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;

    

    (vii) the
      execution, delivery and performance of this Agreement by the Depositor, and
      the
      consummation of the transactions contemplated hereby, do not and will not result
      in a material breach or violation of any of the terms or provisions of, or,
      to
      the knowledge of the Depositor, 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 certificate of incorporation
      or
      by-laws of the Depositor or, to the best of the Depositor’s knowledge without
      independent investigation, 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);

    

    (viii) to
      the
      best of the Depositor’s knowledge without any independent investigation, 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

    
      
        
        

      

      
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    (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.

    

    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 hereof, 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 Securities Administrator,
      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.

    

    SECTION
      2.08. Representations
      and Warranties of the Seller.

    

    The
      Seller hereby represents and warrants to the Trust and the Trustee on behalf
      of
      the Certificateholders that, as of the Closing Date or as of such date
      specifically provided herein:

    

    (i) the
      Seller is duly organized, validly existing and in good standing as a corporation
      under the laws of the State of Delaware and is and will remain in compliance
      with the laws of each state in which any Mortgaged Property is located to the
      extent necessary to fulfill its obligations hereunder;

    

    (ii) the
      Seller has the 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, has duly
      executed and delivered this Agreement and this Agreement, assuming due
      authorization, execution and delivery by the other parties hereto, 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 or other similar laws in relation
      to
      the rights of creditors generally;

    
      
        
        

      

      
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    (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
      articles of incorporation or by-laws or constitute a default under or result
      in
      a material 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) the
      Seller has good, marketable and indefeasible title to the Mortgage Loans, free
      and clear of any and all liens, pledges, charges or security interests of any
      nature encumbering the Mortgage Loans and upon the payment of the purchase
      price
      under the Mortgage Loan Purchase Agreement by the Depositor, the Depositor
      will
      have good and marketable title to the Mortgage Notes and Mortgage Loans, free
      and clear of all liens or encumbrances;

    

    (vii) the
      Mortgage Loans are not being transferred by the Seller with any intent to
      hinder, delay or defraud any creditors of the Seller;

    

    (viii) 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;

    

    (ix) 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;
      and

    
      
        
        

      

      
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    (x) 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
      the
      Mortgage Loan Purchase Agreement are not subject to the bulk transfer or any
      similar statutory provisions.

    

    SECTION
      2.09. 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 Depositor,
      and
      the Master Servicer 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 Depositor, 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 2.09 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
      III

    

    ADMINISTRATION
      AND SERVICING

    OF
      THE MORTGAGE LOANS

    

    SECTION
      3.01. Master
      Servicer to Service and Administer the Mortgage Loans. 

    

    The
      Master Servicer shall supervise, monitor and oversee the obligation of the
      Servicers to service and administer their respective Mortgage Loans in
      accordance with the terms of the applicable Servicing Agreement and, where
      applicable, the Correspondent Sellers Guide and the Master Servicing Guide,
      and
      shall have full power and authority to do any and all things which it may deem
      necessary or desirable in connection with such master servicing and
      administration. In performing its obligations hereunder, the Master Servicer
      shall act in a manner consistent with Accepted Master Servicing Practices and,
      where applicable, the Master Servicing Guide. Furthermore, the Master Servicer
      shall oversee and consult with each Servicer as necessary from time-to-time
      to
      carry out the Master Servicer’s obligations hereunder, shall receive, review and
      evaluate all reports, information and other data provided to the Master Servicer
      by each Servicer and shall cause each Servicer to perform and observe the
      covenants, obligations and conditions to be performed or observed by such
      Servicer under the applicable Servicing Agreement. The Master Servicer shall
      independently and separately monitor each Servicer’s servicing activities with
      respect to each related Mortgage Loan, reconcile the results of such monitoring
      with such information provided in the previous sentence on a monthly basis
      and
      coordinate corrective adjustments to the Servicers’ and Master Servicer’s
      records, and based on such reconciled and corrected information, prepare the
      statements specified in Section 5.04 and any other information and statements
      required hereunder. The Master Servicer shall reconcile the results of its
      Mortgage Loan monitoring with the actual remittances of the Servicers to the
      related Servicing Accounts pursuant to the applicable Servicing
      Agreements.

    
      
        
        

      

      
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    The
      Trustee shall furnish the Servicers and the Master Servicer with any limited
      powers of attorney and other documents in form acceptable to the Trustee,
      necessary or appropriate to enable the Servicers and the Master Servicer to
      service and administer the related Mortgage Loans and REO Property, which
      limited powers of attorney shall provide that the Trustee will not be liable
      for
      the actions or omissions of the Servicers or Master Servicer in exercising
      such
      powers. 

    

    The
      Master Servicer shall not without the Trustee’s written consent (i) initiate any
      action, suit or proceeding solely under the Trustee’s name without indicating
      the Master Servicer’s representative capacity or (ii) take any action with the
      intent to cause, and which actually does cause, the Trustee to be registered
      to
      do business in any state. The Master Servicer shall indemnify the Trustee for
      any and all costs, liabilities and expenses incurred by the Trustee in
      connection with the negligent or willful misuse of such powers of attorney
      by
      the Master Servicer.

    

    The
      Trustee shall provide access to the records and documentation in possession
      of
      the Trustee (including in its capacity as Custodian hereunder) regarding the
      related Mortgage Loans and REO Property and the servicing thereof to the
      Certificateholders, the FDIC, and the supervisory agents and examiners of the
      FDIC, such access being afforded only upon reasonable prior written request
      and
      during normal business hours at the office of the Trustee; provided,
      however,
      that,
      unless otherwise required by law, the Trustee shall not be required to provide
      access to such records and documentation if the provision thereof would violate
      the legal right to privacy of any Mortgagor. The Trustee shall allow
      representatives of the above entities to photocopy any of the records and
      documentation and shall provide equipment for that purpose at a charge that
      covers the Trustee’s actual costs.

    

    The
      Trustee, upon the written request of the Master Servicer, shall execute and
      deliver to the related Servicer and the Master Servicer any court pleadings,
      requests for trustee’s sale or other documents necessary or desirable to (i) the
      foreclosure or trustee’s sale with respect to a Mortgaged Property; (ii) any
      legal action brought to obtain judgment against any Mortgagor on the Mortgage
      Note or Mortgage; (iii) obtain a deficiency judgment against the Mortgagor;
      or
      (iv) enforce any other rights or remedies provided by the Mortgage Note or
      Mortgage or otherwise available at law or equity.

    

    SECTION
      3.02. REMIC-Related
      Covenants.

    

    For
      as
      long as each REMIC created hereunder shall exist, the Trustee and the Securities
      Administrator shall act in accordance herewith to treat each such REMIC as
      a
      REMIC, and the Trustee and the Securities Administrator shall comply with any
      directions of the Depositor, the related Servicer or the Master Servicer to
      assure such continuing treatment. In particular, the Trustee, the Securities
      Administrator and the Master Servicer shall not (a) sell or knowingly permit
      the
      sale of all or any portion of the Mortgage Loans or of any investment of
      deposits in an Account unless such sale is as a result of a repurchase of the
      Mortgage Loans or is otherwise permitted pursuant to this Agreement or the
      Trustee has received a REMIC Opinion prepared at the expense of the Trust;
      and
      (b) other than with respect to a substitution pursuant to the Mortgage Loan
      Purchase Agreement or Section 2.03 or 2.04 of this Agreement or as otherwise
      provided in this Agreement, as applicable, accept any contribution to any REMIC
      after the Startup Day without receipt of a REMIC Opinion.

    
      
        
        

      

      
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    SECTION
      3.03. Monitoring
      of Servicers.

    

    (a) The
      Master Servicer shall be responsible for reporting to the Trustee (on behalf
      of
      the Trust) and the Depositor the compliance by each Servicer with its duties
      under the related Servicing Agreement. In the review of each Servicer’s
      activities, the Master Servicer may rely upon an officer’s certificate of the
      Servicer with regard to such Servicer’s compliance with the terms of its
      Servicing Agreement. In the event that the Master Servicer, in its judgment,
      determines that a Servicer should be terminated in accordance with its Servicing
      Agreement, or that a notice should be sent pursuant to such Servicing Agreement
      with respect to the occurrence of an event that, unless cured, would constitute
      grounds for such termination, the Master Servicer shall notify the Depositor
      and
      the Trustee thereof and the Master Servicer shall issue such notice of
      termination or take such other action as it deems appropriate.

    

    (b) The
      Master Servicer, for the benefit of the Trust and the Certificateholders, shall
      (acting as agent of the Trust when enforcing the Trust’s rights under each
      Servicing Agreement) (i) enforce the obligations of each Servicer under the
      related Servicing Agreement, and (ii) in the event that a Servicer fails to
      perform its obligations in accordance with the related Servicing Agreement,
      subject to the preceding paragraph, terminate the rights and obligations of
      such
      Servicer thereunder and act as servicer of the related Mortgage Loans or enter
      into a new Servicing Agreement with a successor Servicer selected by the Master
      Servicer which the Master Servicer shall cause the Trustee to acknowledge;
      provided,
      however,
      it is
      understood and acknowledged by the parties hereto that there will be a period
      of
      transition (not to exceed 90 days) before the actual servicing functions can
      be
      fully transferred to such successor Servicer. Such enforcement, including,
      without limitation, the legal prosecution of claims, termination of Servicing
      Agreements and the pursuit of other appropriate remedies, shall be in such
      form
      and carried out to such an extent and at such time as the Master Servicer,
      in
      its good faith business judgment, would require were it the owner of the related
      Mortgage Loans. The Master Servicer shall pay the costs of such enforcement
      at
      its own expense except as provided in paragraph (c) below, provided that the
      Master Servicer shall not be required to prosecute or defend any legal action
      except to the extent that the Master Servicer shall have received reasonable
      indemnity for its costs and expenses in pursuing such action. 

    

    (c) To
      the
      extent that the costs and expenses of the Master Servicer related to any
      termination of a Servicer, appointment of a successor Servicer or the transfer
      and assumption of servicing by the Master Servicer with respect to any Servicing
      Agreement (including, without limitation, (i) all legal costs and expenses
      and
      all due diligence costs and expenses associated with an evaluation of the
      potential termination of the Servicer as a result of an event of default by
      such
      Servicer and (ii) all costs and expenses associated with the complete transfer
      of servicing, including all servicing files and all servicing data and the
      completion, correction or manipulation of such servicing data as may be required
      by the successor servicer to correct any errors or insufficiencies in the
      servicing data or otherwise to enable the successor servicer to service the
      Mortgage Loans in accordance with the related Servicing Agreement) are not
      fully
      and timely reimbursed by the terminated Servicer, the Master Servicer shall
      be
      entitled to reimbursement of such costs and expenses from the Distribution
      Account.

    
      
        
        

      

      
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    (d) The
      Master Servicer shall require each Servicer to comply with the remittance
      requirements and other obligations set forth in the related Servicing
      Agreement.

    

    (e) If
      the
      Master Servicer acts as Servicer, it will not assume liability for the
      representations and warranties of the Servicer, if any, that it
      replaces.

    

    (f) With
      respect to Additional Collateral Mortgage Loans, the Master Servicer shall
      have
      no duty or obligation to supervise, monitor or oversee the activities of each
      Servicer under its Servicing Agreement with respect to Additional Collateral,
      except (a) with respect to any instances where a Servicer, in the course of
      fulfilling its obligations under the related Servicing Agreement seeks
      directions, instructions, consents or waivers from the Master Servicer with
      respect to any item of Additional Collateral, or (b) upon the occurrence of
      the
      following events (i) in the case of a final liquidation of any Mortgaged
      Property secured by Additional Collateral, the Master Servicer shall enforce
      the
      obligation of the Servicer under the related Servicing Agreement to liquidate
      such Additional Collateral as required by such Servicing Agreement, and (ii)
      if
      the Master Servicer assumes the obligations of such Servicer as successor
      Servicer under the related Servicing Agreement pursuant to this Section 3.03,
      as
      successor Servicer, it shall be bound to service and administer the Additional
      Collateral in accordance with the provisions of such Servicing
      Agreement.

    

    (g) If
      a
      Servicing Agreement requires the approval of the Master Servicer for a
      modification to a Mortgage Loan, the Master Servicer shall approve such
      modification if, based upon its receipt of written notification from the related
      Servicer outlining the terms of such modification and appropriate supporting
      documentation, the Master Servicer determines that the modification is permitted
      under the terms of the related Servicing Agreement and that any conditions
      to
      such modification set forth in related Servicing Agreement have been satisfied.
      If a Servicing Agreement requires approval or consent of the Trustee for a
      modification, the Trustee shall approve or consent to such modification if the
      Master Servicer makes such a determination and in reliance thereon.

    

    (h) If
      a
      Servicing Agreement requires the oversight and monitoring of loss mitigation
      measures with respect to the related Mortgage Loans, the Master Servicer will
      monitor any loss mitigation procedure or recovery action related to a defaulted
      Mortgage Loan (to the extent it receives notice of such from the related
      Servicer) and confirm that such loss mitigation procedure or recovery action
      is
      initiated, conducted and concluded in accordance with any timeframes and any
      other requirements set forth in the related Servicing Agreement, and the Master
      Servicer shall notify the Depositor in any case in which the Master Servicer
      believes that the related Servicer is not complying with such timeframes and/or
      other requirements.

    
      
        
        

      

      
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    SECTION
      3.04. Fidelity
      Bond.

    

    The
      Master Servicer, at its expense, shall maintain in effect a blanket fidelity
      bond and an errors and omissions insurance policy, affording coverage with
      respect to all directors, officers, employees and other Persons acting on such
      Master Servicer’s behalf, and covering errors and omissions in the performance
      of the Master Servicer’s obligations hereunder. The errors and omissions
      insurance policy and the fidelity bond shall be in such form and amount
      generally acceptable for entities serving as master servicers or
      trustees.

    

    SECTION
      3.05. Power
      to Act; Procedures.

    

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, to do any and all things that it may deem necessary or
      desirable in connection with the master servicing and administration of the
      Mortgage Loans, including but not limited to the power and authority (i) to
      execute and deliver, on behalf of the Certificateholders, the Trust and the
      Trustee, customary consents or waivers and other instruments and documents,
      (ii)
      to consent to transfers of any Mortgaged Property and assumptions of the
      Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds,
      Liquidation Proceeds and Recoveries and (iv) to effectuate, in its own name,
      on
      behalf the Trust, or in the name of the Trust, foreclosure or other conversion
      of the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the related
      Servicing Agreement, as applicable; provided,
      however,
      that
      the Master Servicer shall not (and, consistent with its responsibilities under
      Section 3.03, shall not permit any Servicer to) knowingly or intentionally
      take
      any action, or fail to take (or fail to cause to be taken) any action reasonably
      within its control and the scope of duties more specifically set forth herein,
      that, under the REMIC Provisions, if taken or not taken, as the case may be,
      would result in an Adverse REMIC Event unless the Master Servicer has received
      an Opinion of Counsel (but not at the expense of the Master Servicer) to the
      effect that the contemplated action will not result in an Adverse REMIC Event.
      The Trustee shall furnish the Master Servicer, upon written request from a
      Servicing Officer, with any limited powers of attorney empowering the Master
      Servicer or any Servicer to execute and deliver instruments of satisfaction
      or
      cancellation, or of partial or full release or discharge, and to foreclose
      upon
      or otherwise liquidate Mortgaged Property, and to appeal, prosecute or defend
      in
      any court action relating to the Mortgage Loans or the Mortgaged Property,
      in
      accordance with the applicable Servicing Agreement and this Agreement, and
      the
      Trustee shall execute and deliver such other documents, as the Master Servicer
      may request, to enable the Master Servicer to master service and administer
      the
      Mortgage Loans and carry out its duties hereunder, in each case in accordance
      with Accepted Master Servicing Practices (and the Trustee shall have no
      liability for misuse of any such powers of attorney by the Master Servicer
      or
      any Servicer). In instituting foreclosures or similar proceedings, the Master
      Servicer shall institute such proceedings either in its own name on behalf
      of
      the Trust or in the name of the Trust (or cause the related Servicer, pursuant
      to the related Servicing Agreement, to institute such proceedings either in
      the
      name of such Servicer on behalf of the Trust or in the name of the Trust),
      unless otherwise required by law or otherwise appropriate. If the Master
      Servicer or the Trustee has been advised that it is likely that the laws of
      the
      state in which action is to be taken prohibit such action if taken in the name
      of the Trust or the Trustee on its behalf or that the Trust or the Trustee,
      as
      applicable, would be adversely affected under the “doing business” or tax laws
      of such state if such action is taken in its name, the Master Servicer shall
      join with the Trustee, on behalf of the Trust, in the appointment of a
      co-trustee pursuant to Section 8.10 hereof. In the performance of its duties
      hereunder, the Master Servicer shall be an independent contractor and shall
      not,
      except in those instances where it is taking action in the name of the Trustee,
      be deemed to be the agent of the Trustee on behalf of the Trust.

    
      
        
        

      

      
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    SECTION
      3.06. Due-on-Sale
      Clauses; Assumption Agreements.

    

    To
      the
      extent provided in the applicable Servicing Agreement and to the extent Mortgage
      Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause
      the Servicers to enforce such clauses in accordance with the applicable
      Servicing Agreement. If applicable law prohibits the enforcement of a
      due-on-sale clause or such clause is otherwise not enforced in accordance with
      the applicable Servicing Agreement, and, as a consequence, a Mortgage Loan
      is
      assumed, the original Mortgagor may be released from liability in accordance
      with the applicable Servicing Agreement.

    

    SECTION
      3.07. Release
      of Mortgage Files.

    

    (a) Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      any Servicer of a notification that payment in full has been escrowed in a
      manner customary for such purposes for payment to Certificateholders on the
      next
      Distribution Date, the Servicer will, if required under the applicable Servicing
      Agreement, promptly furnish to the Custodian, on behalf of the Trustee, two
      copies of a certification substantially in the form of Exhibit F hereto signed
      by a Servicing Officer or in a mutually agreeable electronic format which will,
      in lieu of a signature on its face, originate from a Servicing Officer (which
      certification shall include a statement to the effect that all amounts received
      in connection with such payment that are required to be deposited in the related
      Servicing Account maintained by the applicable Servicer pursuant to Section
      4.01
      or by the applicable Servicer pursuant to its Servicing Agreement have been
      or
      will be so deposited) and shall request that the Trustee (or the Custodian,
      on
      behalf of the Trustee) deliver to the applicable Servicer the related Mortgage
      File. Upon receipt of such certification and request, the Trustee (or the
      Custodian, on behalf of the Trustee), shall promptly release the related
      Mortgage File to the applicable Servicer and the Trustee (and the Custodian,
      if
      applicable) shall have no further responsibility with regard to such Mortgage
      File. Upon any such payment in full, each Servicer is authorized, to give,
      as
      agent for the Trustee, as the mortgagee under the Mortgage that secured the
      Mortgage Loan, an instrument of satisfaction (or assignment of mortgage without
      recourse) regarding the Mortgaged Property subject to the Mortgage, which
      instrument of satisfaction or assignment, as the case may be, shall be delivered
      to the Person or Persons entitled thereto against receipt therefor of such
      payment, it being understood and agreed that no expenses incurred in connection
      with such instrument of satisfaction or assignment, as the case may be, shall
      be
      chargeable to the related Servicing Account.

    
      
        
        

      

      
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    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with the applicable Servicing Agreement, the Trustee shall
      execute such documents as shall be prepared and furnished to the Trustee by
      a
      Servicer or the Master Servicer (in form reasonably acceptable to the Trustee)
      and as are necessary to the prosecution of any such proceedings. The Trustee
      (or
      the Custodian, on behalf of the Trustee), shall, upon the request of a Servicer
      or the Master Servicer, and delivery to the Trustee (the Custodian, on behalf
      of
      the Trustee), of two copies of a request for release signed by a Servicing
      Officer substantially in the form of Exhibit F (or in a mutually agreeable
      electronic format which will, in lieu of a signature on its face, originate
      from
      a Servicing Officer), release the related Mortgage File held in its possession
      or control to the Servicer or the Master Servicer, as applicable. Such trust
      receipt shall obligate the Servicer or the Master Servicer to return the
      Mortgage File to the Trustee (or the Custodian on behalf of the Trustee) when
      the need therefor by the Servicer or the Master Servicer no longer exists unless
      the Mortgage Loan shall be liquidated, in which case, upon receipt of a
      certificate of a Servicing Officer similar to that hereinabove specified, the
      Mortgage File shall be released by the Trustee (or the Custodian on behalf
      of
      the Trustee), to the Servicer or the Master Servicer.

    

    SECTION
      3.08. Documents,
      Records and Funds in Possession of Master Servicer To Be Held for
      Trust.

    

    (a) The
      Master Servicer shall transmit and each Servicer (to the extent required by
      the
      related Servicing Agreement) shall transmit to the Trustee (or Custodian) such
      documents and instruments coming into the possession of the Master Servicer
      or
      such Servicer from time to time as are required by the terms hereof, or in
      the
      case of the Servicers, the applicable Servicing Agreement, to be delivered
      to
      the Trustee (or Custodian). Any funds received by the Master Servicer or by
      a
      Servicer in respect of any Mortgage Loan or which otherwise are collected by
      the
      Master Servicer or by a Servicer as Liquidation Proceeds, Insurance Proceeds
      or
      Recoveries in respect of any Mortgage Loan shall be held for the benefit of
      the
      Trust and the Certificateholders subject to the Master Servicer’s right to
      retain or withdraw from the Distribution Account the Master Servicing Fee,
      any
      additional compensation pursuant to Section 3.14 and any other amounts provided
      in this Agreement, and to the right of each Servicer to retain its Servicing
      Fee
      and any other amounts as provided in the applicable Servicing Agreement. The
      Master Servicer shall, and (to the extent provided in the applicable Servicing
      Agreement) shall cause each Servicer to, provide access to information and
      documentation regarding the Mortgage Loans to the Trustee, its agents and
      accountants at any time upon reasonable request and during normal business
      hours, and to Certificateholders that are savings and loan associations, banks
      or insurance companies, the Office of Thrift Supervision, the FDIC and the
      supervisory agents and examiners of such Office and Corporation or examiners
      of
      any other federal or state banking or insurance regulatory authority if so
      required by applicable regulations of the Office of Thrift Supervision or other
      regulatory authority, such access to be afforded without charge but only upon
      reasonable request in writing and during normal business hours at the offices
      of
      the Master Servicer designated by it. In fulfilling such a request the Master
      Servicer shall not be responsible for determining the sufficiency of such
      information.

    
      
        
        

      

      
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    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds, Insurance
      Proceeds or Recoveries, shall be held by the Master Servicer for and on behalf
      of the Trust and the Certificateholders and shall be and remain the sole and
      exclusive property of the Trust; provided,
      however,
      that
      the Master Servicer and each Servicer shall be entitled to setoff against,
      and
      deduct from, any such funds any amounts that are properly due and payable to
      the
      Master Servicer or such Servicer under this Agreement or the applicable
      Servicing Agreement.

    

    SECTION
      3.09. Standard
      Hazard Insurance and Flood Insurance Policies.

    

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

    

    (b) Pursuant
      to Section 4.01 and 4.02, any amounts collected by the Servicers or the Master
      Servicer, or by any Servicer, under any insurance policies (other than amounts
      to be applied to the restoration or repair of the property subject to the
      related Mortgage or released to the Mortgagor in accordance with the applicable
      Servicing Agreement) shall be deposited into the Distribution Account, subject
      to withdrawal pursuant to Section 4.02 and 4.03. Any cost incurred by the Master
      Servicer or any Servicer in maintaining any such insurance if the Mortgagor
      defaults in its obligation to do so shall be added to the amount owing under
      the
      Mortgage Loan where the terms of the Mortgage Loan so permit; provided,
      however,
      that
      the addition of any such cost shall not be taken into account for purposes
      of
      calculating the distributions to be made to Certificateholders and shall be
      recoverable by the Master Servicer or such Servicer pursuant to Section 4.02
      and
      4.03.

    

    SECTION
      3.10. Presentment
      of Claims and Collection of Proceeds.

    

    The
      Master Servicer shall (to the extent provided in the applicable Servicing
      Agreement) cause the related Servicer to, prepare and present on behalf of
      the
      Trustee, the Trust and the Certificateholders all claims under the Insurance
      Policies and take such actions (including the negotiation, settlement,
      compromise or enforcement of the insured’s claim) as shall be necessary to
      realize recovery under such policies. Any proceeds disbursed to the Master
      Servicer (or disbursed to a Servicer and remitted to the Master Servicer) in
      respect of such policies, bonds or contracts shall be promptly deposited in
      the
      Distribution Account upon receipt, except that any amounts realized that are
      to
      be applied to the repair or restoration of the related Mortgaged Property as
      a
      condition precedent to the presentation of claims on the related Mortgage Loan
      to the insurer under any applicable Insurance Policy need not be so deposited
      (or remitted).

    
      
        
        

      

      
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    SECTION
      3.11. Maintenance
      of the Primary Insurance Policies.

    

    (a) The
      Master Servicer shall not take, or permit any Servicer (to the extent such
      action is prohibited under the applicable Servicing Agreement) to take, any
      action that would result in noncoverage under any applicable Primary Insurance
      Policy of any loss which, but for the actions of such Master Servicer or
      Servicer, would have been covered thereunder. The Master Servicer shall use
      its
      best reasonable efforts to cause each Servicer (to the extent required under
      the
      related Servicing Agreement) to keep in force and effect (to the extent that
      the
      Mortgage Loan requires the Mortgagor to maintain such insurance), primary
      mortgage insurance applicable to each Mortgage Loan (including any lender-paid
      Primary Insurance Policy) in accordance with the provisions of this Agreement
      and the related Servicing Agreement, as applicable. The Master Servicer shall
      not, and shall not permit any Servicer (to the extent required under the related
      Servicing Agreement) to, cancel or refuse to renew any such Primary Insurance
      Policy that is in effect at the date of the initial issuance of the Mortgage
      Note and is required to be kept in force hereunder except in accordance with
      the
      provisions of this Agreement and the related Servicing Agreement, as
      applicable.

    

    (b) The
      Master Servicer agrees to cause each Servicer (to the extent required under
      the
      related Servicing Agreement) to present, on behalf of the Trustee, the Trust
      and
      the Certificateholders, claims to the insurer under any Primary Insurance
      Policies and, in this regard, to take such reasonable action as shall be
      necessary to permit recovery under any Primary Insurance Policies respecting
      defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.02, any amounts
      collected by the Servicer under any Primary Insurance Policies shall be
      deposited in the Distribution Account, subject to withdrawal pursuant to Section
      4.03.

    

    SECTION
      3.12. Trustee
      to Retain Possession of Certain Insurance Policies and
      Documents.

    

    The
      Trustee (or the Custodian, as directed by the Trustee), shall retain possession
      and custody of the originals (to the extent available and delivered) of any
      Primary Insurance Policies, or certificate of insurance if applicable and
      available, and any certificates of renewal as to the foregoing as may be issued
      from time to time as contemplated by this Agreement and which come into its
      possession. Until all amounts distributable in respect of the Certificates
      have
      been distributed in full and the Master Servicer otherwise has fulfilled its
      obligations under this Agreement, the Trustee (or its Custodian, if any, as
      directed by the Trustee) shall also retain possession and custody of each
      Mortgage File in accordance with and subject to the terms and conditions of
      this
      Agreement. The Master Servicer shall promptly deliver or cause to be delivered
      to the Trustee (or the Custodian, as directed by the Trustee), upon the
      execution or receipt thereof the originals of any Primary Insurance Policies,
      any certificates of renewal, and such other documents or instruments that
      constitute portions of the Mortgage File that come into the possession of the
      Master Servicer from time to time.

    
      
        
        

      

      
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    SECTION
      3.13. Realization
      Upon Defaulted Mortgage Loans.

    

    The
      Master Servicer shall cause each Servicer (to the extent required under the
      related Servicing Agreement) to foreclose upon, repossess or otherwise
      comparably convert the ownership of Mortgaged Properties securing such of the
      Mortgage Loans as come into and continue in default and as to which no
      satisfactory arrangements can be made for collection of delinquent payments,
      all
      in accordance with the applicable Servicing Agreement.

    

    SECTION
      3.14. Additional
      Compensation to the Master Servicer. 

    

    Pursuant
      to Section 4.02(c), certain income and gain realized from any investment of
      funds in the Distribution Account shall be for the benefit of the Master
      Servicer as additional compensation. Servicing compensation in the form of
      assumption fees, if any, late payment charges, as collected, if any, or
      otherwise (but, unless otherwise specifically permitted in a Servicing
      Agreement, not including any Prepayment Penalty Amounts) shall be retained
      by
      the applicable Servicer, or the Master Servicer, and shall not be deposited
      in
      the related Servicing Account or Distribution Account. The
      Master Servicer shall be required to pay all expenses incurred by it in
      connection with its activities hereunder and shall not be entitled to
      reimbursement therefor except as provided in this Agreement. The amount of
      the
      aggregate compensation payable as set forth in this Section 3.14 plus the Master
      Servicing Fee due to the Master Servicer in respect of any Distribution Date
      shall be reduced in accordance with Section 5.06.

    

    SECTION
      3.15. REO
      Property.

    

    (a) In
      the
      event the Trust (or the Trustee on its behalf) acquires ownership of any REO
      Property in respect of any related Mortgage Loan, the deed or certificate of
      sale shall be issued to the Trust, or if required under applicable law, to
      the
      Trustee, or to its nominee, on behalf of the Trust. The Master Servicer shall,
      to the extent provided in the applicable Servicing Agreement, cause the
      applicable Servicer to sell, any REO Property as expeditiously as possible
      (and
      in no event later than three years after acquisition) and in accordance with
      the
      provisions of this Agreement and the related Servicing Agreement, as applicable.
      Pursuant to its efforts to sell such REO Property, the Master Servicer shall
      cause the applicable Servicer to protect and conserve, such REO Property in
      the
      manner and to the extent required by the applicable Servicing Agreement, in
      accordance with the REMIC Provisions and in a manner that does not result in
      a
      tax on “net income from foreclosure property” or cause such REO Property to fail
      to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
      the Code.

    

    (b) The
      Master Servicer shall, to the extent required by the related Servicing
      Agreement, cause the applicable Servicer to deposit all funds collected and
      received in connection with the operation of any REO Property in the related
      Servicing Account.

    

    (c) The
      Master Servicer and the applicable Servicer, upon the final disposition of
      any
      REO Property, shall be entitled to reimbursement for any related unreimbursed
      Advances and other unreimbursed advances as well as any unpaid Servicing Fees
      from Liquidation Proceeds received in connection with the final disposition
      of
      such REO Property; provided, that any such unreimbursed Advances as well as
      any
      unpaid Servicing Fees may be reimbursed or paid, as the case may be, prior
      to
      final disposition, out of any net rental income or other net amounts derived
      from such REO Property.

    
      
        
        

      

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

    

    SECTION
      3.16. Assessments
      of Compliance and Attestation Reports.

    

    (a) Assessments
      of Compliance.

    

    (i) By
      March
      10 (with a 5 calendar day cure period) of each year (subject to the later date
      referred to in Section 3.16(a)(iii)), commencing in March 2007, the Master
      Servicer, the Securities Administrator and the Custodian, each at its own
      expense, shall furnish, and each such party shall cause any Servicing Function
      Participant engaged by it to furnish, each at its own expense, to the Securities
      Administrator and the Depositor, a report on an assessment of compliance with
      the Relevant Servicing Criteria that contains (A) a statement by such party
      of
      its responsibility for assessing compliance with the Relevant Servicing
      Criteria, (B) a statement that such party used the Servicing Criteria to assess
      compliance with the Relevant Servicing Criteria, (C) such party’s assessment of
      compliance with the Relevant Servicing Criteria as of and for the fiscal year
      covered by the Form 10-K required to be filed pursuant to Section 3.19(b) and
      for each fiscal year thereafter, whether or not a Form 10-K is required to
      be
      filed, including, if there has been any material instance of noncompliance
      with
      the Relevant Servicing Criteria, a discussion of each such failure and the
      nature and status thereof, and (D) a statement that a registered public
      accounting firm has issued an attestation report on such party’s assessment of
      compliance with the Relevant Servicing Criteria as of and for such period.
      

    

    (ii) No
      later
      than the end of each fiscal year for the Trust for which a 10-K is required
      to
      be filed, the Master Servicer and the Custodian, shall each forward to the
      Securities Administrator and the Depositor the name of each Servicing Function
      Participant engaged by it and what Relevant Servicing Criteria will be addressed
      in the report on assessment of compliance prepared by such Servicing Function
      Participant (provided, however, that the Master Servicer need not provide such
      information to the Securities Administrator so long as the Master Servicer
      and
      the Securities Administrator are the same Person). When the Master Servicer,
      the
      Custodian, and the Securities Administrator submit their assessments to the
      Securities Administrator, such parties will also at such time include the
      assessment (and attestation pursuant to subsection (b) of this Section 3.16)
      of
      each Servicing Function Participant engaged by it.

    
      
        
        

      

      
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    (iii) Promptly
      after receipt of each such report on assessment of compliance, (i) the Depositor
      shall review each such report and each comparable report submitted by a Servicer
      and, if applicable, consult with the Master Servicer, the Securities
      Administrator, the Custodian, the Servicers and any Servicing Function
      Participant engaged by such parties as to the nature of any material instance
      of
      noncompliance with the Relevant Servicing Criteria by each such party, and
      (ii)
      the Securities Administrator shall confirm that the assessments, taken as a
      whole, address all of the Servicing Criteria and taken individually address
      the
      Relevant Servicing Criteria for each party as set forth on Exhibit Q and on
      any
      similar exhibit set forth in each Servicing Agreement in respect of each
      Servicer and notify the Depositor of any exceptions. None of such parties shall
      be required to deliver any such assessments until March 30 in any given year
      so
      long as it has received written confirmation from the Depositor that a Form
      10-K
      is not required to be filed in respect of the Trust for the preceding calendar
      year; provided that the Custodian shall only be required to deliver such an
      assessment of compliance with respect to any fiscal year for which a Form 10-K
      is required to be filed in respect of the Trust. The Master Servicer shall
      include all annual reports on assessment of compliance received by it with
      its
      own assessment of compliance to be submitted to the Securities Administrator
      pursuant to this Section.

    

    

    In
      the
      event the Master Servicer, the Securities Administrator, the Custodian, any
      Servicer or any Servicing Function Participant engaged by any such party is
      terminated, assigns its rights and obligations under, or resigns pursuant to,
      the terms of this Agreement, or any applicable custodial agreement, Servicing
      Agreement or sub-servicing agreement, as the case may be, such party (in the
      case of a Servicer, to the extent required under the applicable Servicing
      Agreement) shall provide or shall cause such Servicing Function Participant
      to
      provide for the applicable period preceding such assignment and termination
      a
      report on assessment of compliance pursuant to this Section 3.16(a) or to such
      other applicable agreement, notwithstanding any such termination, assignment
      or
      resignation.

    

    (b) Attestation
      Reports.

    

    (i) By
      March
      10 (with a 5 calendar day cure period) of each year (subject to the later date
      referred to in Section 3.16(b)(ii)), commencing in March 2007, the Master
      Servicer, the Securities Administrator, the Custodian, each at its own expense,
      shall cause, and each such party shall cause any Servicing Function Participant
      engaged by it to cause, each at its own expense, a registered public accounting
      firm (which may also render other services to the Master Servicer, the Trustee,
      in its capacity as Custodian, the Securities Administrator, or such other
      Servicing Function Participants, as the case may be) and that is a member of
      the
      American Institute of Certified Public Accountants to furnish a report to the
      Securities Administrator and the Depositor, to the effect that (i) it has
      obtained a representation regarding certain matters from the management of
      such
      party, which includes an assertion that such party has complied with the
      Relevant Servicing Criteria, and (ii) on the basis of an examination conducted
      by such firm in accordance with standards for attestation engagements issued
      or
      adopted by the PCAOB, it is expressing an opinion as to whether such party’s
      compliance with the Relevant Servicing Criteria was fairly stated in all
      material respects, or it cannot express an overall opinion regarding such
      party’s assessment of compliance with the Relevant Servicing Criteria. In the
      event that an overall opinion cannot be expressed, such registered public
      accounting firm shall state in such report why it was unable to express such
      an
      opinion. Such report must be available for general use and not contain
      restricted use language. 

    
      
        
        

      

      
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    (ii) Promptly
      after receipt of such report from the Master Servicer, the Trustee, in its
      capacity as Custodian, the Securities Administrator, a Servicer or any Servicing
      Function Participant engaged by such parties, (i) the Depositor shall review
      the
      report and, if applicable, consult with such parties as to the nature of any
      defaults by such parties, in the fulfillment of any of each such party’s
      obligations hereunder or under any other applicable agreement, and (ii) the
      Securities Administrator shall confirm that each assessment submitted pursuant
      to subsection (a) of this Section 3.16 is coupled with an attestation meeting
      the requirements of this Section and notify the Depositor of any exceptions.
      None of the Master Servicer, the Securities Administrator, the Custodian or
      any
      Servicing Function Participant engaged by such parties shall be required to
      deliver or cause the delivery of such reports until March 30 in any given year
      for so long as it has received written confirmation from the Depositor that
      a
      Form 10-K is not required to be filed in respect of the Trust for the preceding
      calendar or fiscal year; provided that the Custodian shall only be required
      to
      deliver or cause to be delivered such report with respect to any fiscal year
      for
      which a Form 10-K is required to be filed by the Trust. The Master Servicer
      shall include each such attestation furnished to it with its own attestation
      to
      be submitted to the Securities Administrator pursuant to this
      Section.

    

    In
      the
      event the Master Servicer, the Securities Administrator, the Custodian, any
      Servicer or any Servicing Function Participant engaged by any such party is
      terminated, assigns its rights and duties under, or resigns pursuant to the
      terms of this Agreement, or any applicable custodial agreement, Servicing
      Agreement or sub-servicing agreement, as the case may be, such party (in the
      case of a Servicer, to the extent required under the applicable Servicing
      Agreement) shall cause a registered public accounting firm to provide an
      attestation pursuant to this Section 3.16(b) or to such other applicable
      agreement, for the applicable period immediately preceding such termination,
      assignment or resignation, notwithstanding any such termination, assignment
      or
      resignation.

    

    SECTION
      3.17. Annual
      Compliance Statement.

    

    The
      Master Servicer and the Securities Administrator shall deliver (and the Master
      Servicer and Securities Administrator shall cause any Servicing Function
      Participant engaged by it to deliver) to the Depositor and the Securities
      Administrator on or before March 10 (with a 5 calendar day cure period) of
      each
      year, commencing in March 2007, an Officer’s Certificate stating, as to the
      signer thereof, that (A) a review of such party’s activities during the
      preceding calendar year or portion thereof and of such party’s performance under
      this Agreement, or such other applicable agreement in the case of any Servicing
      Function Participant, has been made under such officer’s supervision and (B) to
      the best of such officer’s knowledge, based on such review, such party has
      fulfilled all its obligations under this Agreement, or such other applicable
      agreement in the case of any Servicing Function Participant, in all material
      respects throughout such year or portion thereof, or, if there has been a
      failure to fulfill any such obligation in any material respect, specifying
      each
      such failure known to such officer and the nature and status thereof. Promptly
      after receipt of each such Officer’s Certificate, the Depositor shall review
      such Officer’s Certificate and, if applicable, consult with each such party, as
      applicable, as to the nature of any failures by such party, in the fulfillment
      of any of such party’s obligations hereunder or, in the case of any Servicing
      Function Participant, under such other applicable agreement. The Master Servicer
      shall include all annual statements of compliance received by it from each
      Servicer with its own annual statement of compliance to be submitted to the
      Securities Administrator pursuant to this Section. In the event the Master
      Servicer, the Securities Administrator or any Servicing Function Participant
      engaged by any such party is terminated or resigns pursuant to the terms of
      this
      Agreement, or any applicable agreement in the case of a Servicing Function
      Participant, as the case may be, such party shall provide an Officer’s
      Certificate pursuant to this Section 3.17 or to such applicable agreement,
      as
      the case may be, notwithstanding any such termination, assignment or
      resignation.

    
      
        
        

      

      
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    SECTION
      3.18. Sarbanes-Oxley
      Certification.

    

    Each
      Form
      10-K shall include a Sarbanes-Oxley Certification, required to be included
      therewith pursuant to the Sarbanes-Oxley Act. The Master Servicer and the
      Securities Administrator shall provide, and each such party shall cause any
      Servicing Function Participant engaged by it to provide, to the Person who
      signs
      the Sarbanes-Oxley Certification (the “Certifying
      Person”),
      by
      March 1 (with a ten-calendar day cure period), (or by such other date and cure
      period specified in the applicable Servicing Agreement), of each year in which
      the Trust is subject to the reporting requirements of the Exchange Act and
      otherwise within a reasonable period of time upon request, a certification,
      if
      applicable in the form provided by the related Servicing Agreement (each, a
      “Back-Up
      Certification”),
      upon
      which the Certifying Person, the entity for which the Certifying Person acts
      as
      an officer, and such entity’s officers, directors and Affiliates (collectively
      with the Certifying Person, “Certification
      Parties”)
      can
      reasonably rely. The senior officer of the Master Servicer in charge of the
      master servicing function shall serve as the Certifying Person on behalf of
      the
      Trust. Such officer of the Certifying Person can be contacted by e-mail at
      cts.sec.notifications@wellsfargo.com
      or by
      facsimile at 410-715-2380. In the event any such party or any Servicing Function
      Participant engaged by such party is terminated or resigns pursuant to the
      terms
      of this Agreement, or any applicable sub-servicing agreement, as the case may
      be, such party shall provide a Back-Up Certification to the Certifying Person
      pursuant to this Section 3.18 with respect to the period of time it was subject
      to this Agreement or any applicable sub-servicing agreement, as the case may
      be.
      Notwithstanding the foregoing, (i) the Master Servicer and the Securities
      Administrator shall not be required to deliver a Back-Up Certification to each
      other if both are the same Person and the Master Servicer is the Certifying
      Person and (ii) the Master Servicer shall not be obligated to sign the
      Sarbanes-Oxley Certification in the event that it does not receive any Back-Up
      Certification required to be furnished to it pursuant to this section or any
      Servicing Agreement or custodial agreement.

    
      
        
        

      

      
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    SECTION
      3.19. Reports
      Filed with Securities and Exchange Commission.

    

    (a) Reports
      Filed on Form 10-D. 

    

    (i) Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Securities Administrator shall prepare and file on behalf
      of
      the Trust any Form 10-D required by the Exchange Act, in form and substance
      as
      required by the Exchange Act. The Securities Administrator shall file each
      Form
      10-D with a copy of the related Distribution Date Statement attached thereto.
      Any disclosure in addition to the Distribution Date Statement that is required
      to be included on Form 10-D (“Additional
      Form 10-D Disclosure”)
      shall
      be reported by the parties set forth on Exhibit R to the Depositor and the
      Securities Administrator and directed and approved by the Depositor pursuant
      to
      the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-D Disclosure, except as set forth in the next two paragraphs. 

    

    (ii) As
      set
      forth on Exhibit R hereto, within 5 calendar days after the related Distribution
      Date, (i) the parties to the Thornburg Mortgage Securities Trust 2006-6
      transaction shall be required to provide to the Securities Administrator and
      the
      Depositor, to the extent known by a responsible officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any
      Additional Form 10-D Disclosure, if applicable, together with an Additional
      Disclosure Notification in the form of Exhibit U hereto (an “Additional
      Disclosure Notification”),
      and
      (ii) the Depositor will approve, as to form and substance, or disapprove, as
      the
      case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D.
      The Seller will be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Securities Administrator in connection with including any
      Additional Form 10-D Disclosure in Form 10-D pursuant to this
      paragraph.

    

    (iii) After
      preparing the Form 10-D, the Securities Administrator shall forward upon request
      electronically a copy of the Form 10-D to the Depositor (provided that such
      Form
      10-D includes any Additional Form 10-D Disclosure). Within two Business Days
      after receipt of such copy, but no later than the 12th
      calendar
      day after the Distribution Date, the Depositor shall notify the Securities
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-D. In the absence of receipt of any written
      changes or approval, or if the Depositor does not request a copy of a Form
      10-D,
      the Securities Administrator shall be entitled to assume that such Form 10-D
      is
      in final form and the Securities Administrator may proceed with the execution
      and filing of the Form 10-D. A duly authorized representative of the Master
      Servicer shall sign each Form 10-D. If a Form 10-D cannot be filed on time
      or if
      a previously filed Form 10-D needs to be amended, the Securities Administrator
      will follow the procedures set forth in subsection (d)(ii) of this Section
      3.19.
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website a
      final
      executed copy of each Form 10-D filed by the Securities Administrator. Each
      party to this Agreement acknowledges that the performance by the Master Servicer
      and the Securities Administrator of their respective duties under this Section
      3.19(a) related to the timely preparation, execution and filing of Form 10-D
      is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Section 3.19(a). Neither the Master
      Servicer nor the Securities Administrator shall have any liability for any
      loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare, execute and/or timely file such Form 10-D, where such failure results
      from the Securities Administrator’s inability or failure to obtain or receive,
      on a timely basis, any information from any other party hereto needed to
      prepare, arrange for execution or file such Form 10-D, not resulting from its
      own negligence, bad faith or willful misconduct.

    
      
        
        

      

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

    

    (b) Reports
      Filed on Form 10-K.

    

    (i) On
      or
      prior to the 90th
      day
      after the end of each fiscal year of the Trust in which a Form 10-K is required
      to be filed or such earlier date as may be required by the Exchange Act (the
      “10-K
      Filing Deadline”)
      (it
      being understood that the fiscal year for the Trust ends on December
      31st
      of each
      year), commencing in March 2007, the Securities Administrator shall prepare
      and
      file on behalf of the Trust a Form 10-K, in form and substance as required
      by
      the Exchange Act. Each such Form 10-K shall include the following items, in
      each
      case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement and the related
      Servicing Agreement, (i) an annual compliance statement for each Servicer,
      the
      Master Servicer, the Securities Administrator and any Servicing Function
      Participant engaged by such parties (each, a “Reporting
      Servicer”)
      as
      described under Section 3.17, (ii)(A) the annual reports on assessment of
      compliance with servicing criteria for each Reporting Servicer, as described
      under Section 3.16(a), and (B) if each Reporting Servicer’s report on assessment
      of compliance with servicing criteria described under Section 3.16(a) identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if each Reporting Servicer’s report on assessment of
      compliance with servicing criteria described under Section 3.16(a) is not
      included as an exhibit to such Form 10-K, disclosure that such report is not
      included and an explanation why such report is not included, (iii)(A) the
      registered public accounting firm attestation report for each Reporting
      Servicer, as described under Section 3.16(b), and (B) if any registered public
      accounting firm attestation report described under Section 3.16(b) identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if any such registered public accounting firm attestation
      report is not included as an exhibit to such Form 10-K, disclosure that such
      report is not included and an explanation why such report is not included,
      and
      (iv) a Sarbanes-Oxley Certification as described in Section 3.18 (provided,
      however,
      that
      the Securities Administrator, at its discretion, may omit from the Form 10-K
      any
      annual compliance statement, assessment of compliance or attestation report
      that
      is not required to be filed with such Form 10-K pursuant to Regulation AB).
      Any
      disclosure or information in addition to (i) through (iv) above that is required
      to be included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      shall
      be determined and prepared by and at the direction of the Depositor pursuant
      to
      the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-K Disclosure, except as set forth in the next two paragraphs. 

    
      
        
        

      

      
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    (ii) As
      set
      forth on Exhibit S hereto, no later than March 10 (with a 5 calendar day cure
      period) of each year that the Trust is subject to the Exchange Act reporting
      requirements, commencing in 2007, (i) the parties to the Thornburg Mortgage
      Securities Trust 2006-6 transaction shall be required to provide to the
      Securities Administrator and the Depositor, to the extent known by a responsible
      officer thereof, in EDGAR-compatible form (which may be Word or Excel documents
      easily convertible to EDGAR format), or in such other form as otherwise agreed
      upon by the Securities Administrator and such party, the form and substance
      of
      any Additional Form 10-K Disclosure, if applicable, together with an Additional
      Disclosure Notification and (ii) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-K Disclosure on Form 10-K. The Seller will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-K Disclosure
      in Form 10-K pursuant to this paragraph.

    

    (iii) After
      preparing the Form 10-K, the Securities Administrator shall forward upon request
      electronically a copy of the Form 10-K to the Depositor. Within three Business
      Days after receipt of such copy, but no later than March 25th, the Depositor
      shall notify the Securities Administrator in writing (which may be furnished
      electronically) of any changes to or approval of such Form 10-K. In the absence
      of receipt of any written changes or approval, or if the Depositor does not
      request a copy of a Form 10-K, the Securities Administrator shall be entitled
      to
      assume that such Form 10-K is in final form and the Securities Administrator
      may
      proceed with the execution and filing of the Form 10-K. A senior officer of
      the
      Master Servicer in charge of the master servicing function shall sign the Form
      10-K. If a Form 10-K cannot be filed on time or if a previously filed Form
      10-K
      needs to be amended, the Securities Administrator will follow the procedures
      set
      forth in subsection (d)(ii) of this Section 3.19. Promptly (but no later than
      1
      Business Day) after filing with the Commission, the Securities Administrator
      will make available on its internet website a final executed copy of each Form
      10-K filed by the Securities Administrator. The parties to this Agreement
      acknowledge that the performance by the Master Servicer and the Securities
      Administrator of its duties under this Section 3.19(b) related to the timely
      preparation, execution and filing of Form 10-K is contingent upon such parties
      (the Custodian and any Servicing Function Participant) strictly observing all
      applicable deadlines in the performance of their duties under this Section
      3.19(b), Section 3.18, Section 3.17, Section 3.16(a) and Section 3.16(b).
      Neither the Master Servicer nor the Securities Administrator shall have any
      liability for any loss, expense, damage or claim arising out of or with respect
      to any failure to properly prepare, execute and/or timely file such Form 10-K,
      where such failure results from the Securities Administrator’s inability or
      failure to obtain or receive, on a timely basis, any information from any other
      party hereto needed to prepare, arrange for execution or file such Form 10-K,
      not resulting from its own negligence, bad faith or willful
      misconduct.

    
      
        
        

      

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

    

    (c) Reports
      Filed on Form 8-K.

    

    (i) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable
      Event”),
      and
      if requested by the Depositor, the Securities Administrator shall prepare and
      file on behalf of the Trust a Form 8-K, as required by the Exchange Act,
provided
      that the
      Depositor shall file the initial Form 8-K in connection with the issuance of
      the
      Certificates. Any disclosure or information related to a Reportable Event or
      that is otherwise required to be included in Form 8-K (“Form
      8-K Disclosure Information”)
      shall
      be reported by the parties set forth on Exhibit T to the Depositor and the
      Securities Administrator and directed and approved by the Depositor pursuant
      to
      the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Form 8-K
      Disclosure Information or any Form 8-K, except as set forth in the next two
      paragraphs. 

    

    (ii) As
      set
      forth on Exhibit T hereto, for so long as the Trust is subject to the Exchange
      Act reporting requirements, no later than close of business (New York City
      time)
      on the 2nd Business Day after the occurrence of a Reportable Event (i) the
      parties to the Thornburg Mortgage Securities Trust 2006-6 transaction shall
      be
      required to provide to the Securities Administrator and Depositor, to the extent
      known by a responsible officer thereof, in EDGAR-compatible form (which may
      be
      Word or Excel documents easily convertible to EDGAR format), or in such other
      form as otherwise agreed upon by the Securities Administrator and such party,
      the form and substance of any Form 8-K Disclosure Information, if applicable,
      together with an Additional Disclosure Notification and (ii) the Depositor
      will
      approve, as to form and substance, or disapprove, as the case may be, the
      inclusion of the Form 8-K Disclosure Information. The Seller will be responsible
      for any reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Form 8-K Disclosure Information
      in Form 8-K pursuant to this paragraph. 

    
      
        
        

      

      
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    (iii) After
      preparing the Form 8-K, the Securities Administrator shall forward upon request
      electronically a copy of the Form 8-K to the Depositor. Promptly, but no later
      than the close of business on the third Business Day after the Reportable Event,
      the Depositor shall notify the Securities Administrator in writing (which may
      be
      furnished electronically) of any changes to or approval of such Form 8-K. In
      the
      absence of receipt of any written changes or approval, or if the Depositor
      does
      not request a copy of a Form 8-K, the Securities Administrator shall be entitled
      to assume that such Form 8-K is in final form and the Securities Administrator
      may proceed with the execution and filing of the Form 8-K. A duly authorized
      representative of the Master Servicer shall sign each Form 8-K filed by the
      Securities Administrator. If a Form 8-K cannot be filed on time or if a
      previously filed Form 8-K needs to be amended, the Securities Administrator
      will
      follow the procedures set forth in subsection (d)(ii) of this Section 3.19.
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Securities Administrator will, make available on its internet website a
      final executed copy of each Form 8-K filed by the Securities Administrator
      or
      filed by the Depositor and provided to the Securities Administrator for that
      purpose. The parties to this Agreement acknowledge that the performance by
      the
      Master Servicer and the Securities Administrator of their respective duties
      under this Section 3.19(c) related to the timely preparation, execution and
      filing of Form 8-K is contingent upon such parties strictly observing all
      applicable deadlines in the performance of their duties under this Section
      3.19(c). Neither the Securities Administrator nor the Master Servicer shall
      have
      any liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare, execute and/or timely file such
      Form
      8-K, where such failure results from the Securities Administrator’s inability or
      failure to obtain or receive, on a timely basis, any information from any other
      party hereto needed to prepare, arrange for execution or file such Form 8-K,
      not
      resulting from its own negligence, bad faith or willful misconduct.

    

    (d) Delisting;
      Amendments; Late Filings.

    

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

    

     

    
      
        
        

      

      
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    (ii) In
      the
      event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator will
      promptly notify electronically the Depositor. In the case of Form 10-D and
      10-K,
      the parties to this Agreement and each Servicer will cooperate to prepare and
      file a Form 12b-25 and a 10-D/A and 10-K/A, as applicable, pursuant to Rule
      12b-25 of the Exchange Act. In the case of Form 8-K, the Securities
      Administrator will, upon receipt of all required Form 8-K Disclosure Information
      and upon the approval and direction of the Depositor, include such disclosure
      information on the next Form 10-D. In the event that any previously filed Form
      8-K, 10-D or 10-K needs to be amended, and such amendment includes any
      Additional Form 10-D Disclosure, any Additional Form 10-K Disclosure or any
      Form
      8-K Disclosure Information or any amendment to such disclosure, the Securities
      Administrator will promptly notify electronically the Depositor and such parties
      will cooperate to prepare any necessary 8-KA, 10-D/A or 10-K/A. Any Form 15,
      Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by a
      duly
      authorized representative or a senior officer in charge of master servicing,
      as
      applicable, of the Master Servicer. The parties to this Agreement acknowledge
      that the performance by the Master Servicer and the Securities Administrator
      of
      their respective duties under this Section 3.19(d) related to the timely
      preparation, execution and filing of Form 15, a Form 12b-25 or any amendment
      to
      Form 8-K, 10-D or 10-K is contingent upon each such party performing its duties
      under this Section. Neither the Master Servicer nor the Securities Administrator
      shall have any liability for any loss, expense, damage, claim arising out of
      or
      with respect to any failure to properly prepare, execute and/or timely file
      any
      such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, where
      such failure results from the Securities Administrator’s inability or failure to
      obtain or receive, on a timely basis, any information from any other party
      hereto needed to prepare, arrange for execution or file such Form 15, Form
      12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not resulting from its
      own
      negligence, bad faith or willful misconduct.

    

    SECTION
      3.20. Additional
      Information.

    

    Each
      of
      the parties agrees to provide to the Securities Administrator such additional
      information related to such party as the Securities Administrator may reasonably
      request, including evidence of the authorization of the person signing any
      certification or statement, financial information and reports, and such other
      information related to such party or its performance hereunder. 

    
      
        
        

      

      
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    SECTION
      3.21. Intention
      of the Parties and Interpretation.

    

    Each
      of
      the parties acknowledges and agrees that the purpose of Section 3.16 through
      Section 3.20 of this Agreement is to facilitate compliance by the Securities
      Administrator and the Depositor with the provisions of Regulation AB promulgated
      by the Commission under the Exchange Act (17 C.F.R. §§ 229.1100 -
      229.1123), as such may be amended from time to time and subject to such
      clarification and interpretive advice as may be issued by the staff of the
      Commission from time to time. Therefore, each of the parties agrees that (a) the
      obligations of the parties hereunder shall be interpreted in such a manner
      as to
      accomplish 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, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB, (c) the parties
      shall comply with the reasonable requests made by the Securities Administrator
      or the Depositor for delivery of such additional or different information as
      the
      Securities Administrator or the Depositor may determine in good faith is
      necessary to comply with the provisions of Regulation AB, which information
      is
      available to such party without unreasonable effort or expense and within such
      timeframe as may be reasonably requested, 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
      3.22. Indemnification.
      

    

    Each
      party required to deliver an assessment of compliance and attestation report
      pursuant to Section 3.16 (each, an “Item
      1122 Responsible Party”)
      shall
      indemnify and hold harmless the Securities Administrator, the Master Servicer,
      the Depositor and the Seller and each of their directors, officers, employees,
      agents, and affiliates from and against any and all claims, losses, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon (a) any
      breach by such Item 1122 Responsible Party of any of its obligations hereunder
      relating to its obligations as an Item 1122 Responsible Party, including
      particularly its obligations to provide any assessment of compliance,
      attestation report or compliance statement required under Section 3.16(a),
      3.16(b) or 3.17, respectively, or any information, data or materials required
      to
      be included in any Exchange Act report, (b) any material misstatement or
      material omission in any information, data or materials provided by such Item
      1122 Responsible Party (or, in the case of the Securities Administrator or
      Master Servicer, any material misstatement or material omission in (x) any
      compliance certificate delivered by it, or by any Servicing Function Participant
      engaged by it, pursuant to this Agreement, (y) any assessment or attestation
      delivered by or on behalf of it, or by any Servicing Function Participant
      engaged by it, pursuant to this Agreement, or (z) any Additional Form 10-D
      Disclosure, Additional Form 10-K Disclosure or Form 8-K Disclosure Information
      concerning the Securities Administrator or the Master Servicer and provided
      by
      either of them), or (c) the negligence, bad faith or willful misconduct of
      such
      Item 1122 Responsible Party in connection with its performance hereunder
      relating to its obligations as an Item 1122 Responsible Party. If the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Securities Administrator, the Depositor or the Seller, then each
      Item 1122 Responsible Party agrees that it shall contribute to the amount paid
      or payable by the Securities Administrator, the Master Servicer, the Depositor
      and the Seller as a result of any claims, losses, damages or liabilities
      incurred by the Securities Administrator, the Master Servicer, the Depositor
      or
      the Seller in such proportion as is appropriate to reflect the relative fault
      of
      the Securities Administrator, the Master Servicer, the Depositor or the Seller
      on the one hand and such Item 1122 Responsible Party on the other. This
      indemnification shall survive the termination of this Agreement or the
      termination of any party to this Agreement.

    
      
        
        

      

      
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    SECTION
      3.23. Amendments
      to Master Servicing Guide and Correspondent Sellers Guide. 

    

    The
      Seller and the Master Servicer hereby agree not to amend the Master Servicing
      Guide or the Correspondent Sellers Guide with respect to the Mortgage Loans
      (which are Securitized Loans (as defined therein)) which amendment would (i)
      change the Servicer Remittance Date or date for remittance of any servicer
      reports or monthly remittance advices, (ii) change the manner in which any
      Servicer makes Advances, servicing advances or amounts to compensate for
      Interest Shortfalls or (iii) otherwise have a material adverse effect on the
      Trust or the Certificateholders unless such changes are made pursuant to the
      provisions of Section 12.01 hereof. 

    

    SECTION
      3.24. UCC.

    

    The
      Trustee agrees to file continuation statements for any Uniform Commercial Code
      financing statements identifying the Trust as debtor which the Depositor has
      informed the Trustee in writing were filed on the Closing Date in connection
      with the Trust, provided that the Trustee receives the related filing
      information on a timely basis. The Depositor shall file any financing statements
      or amendments thereto required by any change in the Uniform Commercial
      Code.

    

    SECTION
      3.25. Optional
      and Required Purchases of Certain Mortgage Loans.

    

    (a) Thornburg,
      in its capacity as a Servicer of a portion of the Mortgage Loans, shall have
      the
      right to purchase from the Trust any Mortgage Loan which as of the first day
      of
      a calendar quarter is delinquent in payment by 90 days or more or is an REO
      Property, at a price equal to the Purchase Price; provided however (i) that
      such
      Mortgage Loan is still 90 days or more delinquent or is an REO Property as
      of
      the date of such purchase and (ii) this purchase option, if not theretofore
      exercised, shall terminate on the date prior to the last day of the related
      calendar quarter. This purchase option, if not exercised, shall not be
      thereafter reinstated unless the delinquency is cured and the Mortgage Loan
      thereafter again becomes 90 days or more delinquent or becomes an REO Property,
      in which case the option shall again become exercisable as of the first day
      of
      the related calendar quarter. 

    

    (b)
      Thornburg, in its capacity as a Servicer, may not permit a Significant
      Modification to a Mortgage Loan that is not permitted by the related Mortgage
      Note. However, Thornburg, in its capacity as the Seller, may, but is not
      required to, repurchase any Mortgage Loan as to which the Mortgagor has
      requested a Significant Modification that is not then permitted under the
      related Mortgage Note if such Mortgagor has a satisfactory payment history
      under
      such Mortgage Loan and meets the credit standards of the Seller for the loan
      program selected (a “Significant
      Modification Loan”).
      A
“Significant
      Modification”
shall
      mean any modification to the interest rate of the greater of (i) 0.25% added
      or
      subtracted from the existing rate and (ii) a change equal to the product of
      (a)
      5% and (b) the annual existing interest rate thereon, which is not provided
      for
      in the related Mortgage Note. The purchase price for any repurchase pursuant
      to
      this Section 3.25(b) shall be the applicable Purchase Price. In order to
      exercise its repurchase rights hereunder, the Seller shall deliver to the Master
      Servicer and the Trustee an Officer’s Certificate identifying the Mortgage Loan
      to be repurchased and certifying that (i) such Mortgage Loan is a Significant
      Modification Loan, and (ii) that the Significant Modification Loan will be
      entered into on the date of such repurchase.

    
      
        
        

      

      
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    (c)
      No
      later than the fourth Business Day prior to each Distribution Date, Thornburg
      will provide to the Master Servicer a list identifying all Mortgage Loans that
      became Converted Mortgage Loans or Modified Mortgage Loans during the related
      Due Period. On the third Business Day prior to each Distribution Date, provided
      that it has received such list from Thornburg, the Master Servicer shall prepare
      and provide to TMI a Converted Mortgage Loan Schedule and a Modified Mortgage
      Loan Schedule with respect to such Due Period. No later than 1:00 PM Eastern
      Time on the second Business Day prior to each Distribution Date, TMI shall
      purchase each Converted Mortgage Loan and Modified Mortgage Loan, to the extent
      specified in a Converted Mortgage Loan Schedule or Modified Mortgage Loan
      Schedule delivered to it by the Master Servicer for such Distribution Date,
      at
      the applicable Purchase Price for each such Converted Mortgage Loan or Modified
      Mortgage Loan, as applicable, and shall remit such Purchase Price to the Master
      Servicer for deposit in the Distribution Account.

    

    (d) If
      at any
      time Thornburg or TMI, as applicable, remits to the Master Servicer a payment
      for deposit in the Distribution Account covering the amount of the Purchase
      Price for a Mortgage Loan of the type set forth in clauses (a), (b) or (c)
      above, as applicable, and Thornburg, or TMI, as applicable, provides to the
      Trustee a certification signed by a Servicing Officer stating that the amount
      of
      such payment has been deposited in the Distribution Account, then the Trustee
      shall execute the assignment of such Mortgage Loan at the request of Thornburg
      or TMI without recourse to Thornburg or TMI, as applicable, which shall succeed
      to all the Trust’s and/or the Trustee’s right, title and interest in and to such
      Mortgage Loan, and all security and documents relative thereto. Such assignment
      shall be an assignment outright and not for security. Thornburg or TMI, as
      applicable, will thereupon own such Mortgage Loan, and all such security and
      documents, free of any further obligation to the Trust, the Trustee or the
      Certificateholders with respect thereto.

    

    SECTION
      3.26. Realization
      upon Troubled Mortgage Loans.

    

    The
      Master Servicer shall have the right to cause a Servicer to sell or work out
      any
      Mortgage Loan as to which the Master Servicer reasonably believes that default
      in payment is likely, provided,
      however,
      that,
      with respect to any such sale of a Mortgage Loan by a Servicer, the related
      sale
      price shall be no less than the Stated Principal Balance of such Mortgage Loan
      as of the last day of the Due Period immediately preceding the date of such
      sale
      plus accrued interest thereon through such sale date. Any and all proceeds
      from
      such a sale shall be deemed to be Liquidation Proceeds hereunder and any such
      Mortgage Loan which has been sold shall be deemed a Liquidated Mortgage Loan
      hereunder.

    
      
        
        

      

      
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    SECTION
      3.27. Closing
      Certificate and Opinion.

    

    On
      or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Seller, the Trustee, and Credit Suisse Securities (USA) LLC
      an
      Opinion of Counsel, dated the Closing Date, in form and substance reasonably
      satisfactory to the Depositor, Credit Suisse Securities (USA) LLC, and the
      Seller as to the due authorization, execution and delivery of this Agreement
      by
      the Master Servicer and the enforceability thereof. 

    

    SECTION
      3.28. Liabilities
      of the Master Servicer.

    

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

    

    SECTION
      3.29. Merger
      or Consolidation of the Master Servicer.

    

    (a) The
      Master Servicer will keep in full force and effect its existence, rights and
      franchises as a corporation under the laws of the state of its incorporation,
      and will obtain and preserve its qualification to do business as a foreign
      corporation in each jurisdiction in which such qualification is or shall be
      necessary to protect the validity and enforceability of this Agreement, the
      Certificates or any of the Mortgage Loans and to perform its duties under this
      Agreement.

    

    (b) Any
      Person into which the Master Servicer may be merged or consolidated, or any
      corporation resulting from any merger or consolidation to which the Master
      Servicer shall be a party, or any Person succeeding to the business of the
      Master Servicer, shall be the successor of the Master Servicer hereunder,
      without the execution or filing of any paper or further act on the part of
      any
      of the parties hereto, anything herein to the contrary
      notwithstanding.

    

    SECTION
      3.30. Indemnification
      of the Trustee, the Delaware Trustee, the Master Servicer and the Securities
      Administrator.

    

    (a) In
      addition to any indemnity required pursuant to Section 3.22 hereof, the Master
      Servicer agrees to indemnify the Indemnified Persons for, and to hold them
      harmless against, any loss, liability or expense (except as otherwise provided
      herein with respect to expenses) (including reasonable legal fees and
      disbursements of counsel) incurred on their part that may be sustained in
      connection with, arising out of, or relating to this Agreement or the
      Certificates (i) related to the Master Servicer’s failure to perform its duties
      in compliance with this Agreement (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement) or (ii) incurred
      by
      reason of the Master Servicer’s willful misfeasance, bad faith or gross
      negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder, provided, in each case, that
      with
      respect to any such claim or legal action (or pending or threatened claim or
      legal action), an Indemnified Person shall have given the Master Servicer and
      the Depositor written notice thereof promptly after such Indemnified Person
      shall have with respect to such claim or legal action knowledge thereof. The
      Indemnified Person’s failure to give such notice shall not affect the
      Indemnified Person’s right to indemnification hereunder. This indemnity shall
      survive the resignation or removal of the Trustee, the Delaware Trustee, the
      Master Servicer or the Securities Administrator and the termination of this
      Agreement.

    
      
        
        

      

      
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    (b) The
      Trust
      will indemnify any Indemnified Person for any loss, liability or expense of
      any
      Indemnified Person not otherwise indemnified by the Master Servicer as referred
      to in Subsection (a) above.

    

    (c) In
      addition to any indemnity required pursuant to Section 3.22 hereof, the
      Securities Administrator agrees to indemnify the Indemnified Persons (other
      than
      the Securities Administrator) for, and to hold them harmless against, any loss,
      liability or expense (except as otherwise provided herein with respect to
      expenses) (including reasonable legal fees and disbursements of counsel)
      incurred on their part (i) in connection with, arising out of, or relating
      to
      the Securities Administrator’s failure to file any Exchange Act report which the
      Securities Administrator is responsible for filing in accordance with Section
      3.19, (ii) by reason of the Securities Administrator’s negligence or willful
      misconduct in the performance of such obligations pursuant to Section 3.19
      or
      (iii) by reason of the Securities Administrator’s reckless disregard of such
      obligations pursuant to Section 3.19, provided, in each case, that with respect
      to any such claim or legal action (or pending or threatened claim or legal
      action), an Indemnified Person shall have given the Securities Administrator
      written notice thereof promptly after such Indemnified Person shall have with
      respect to such claim or legal action knowledge thereof. The Indemnified
      Person’s failure to give such notice shall not affect the Indemnified Person’s
      right to indemnification hereunder. This indemnity shall survive the resignation
      or removal of the Trustee, the Delaware Trustee, the Master Servicer or the
      Securities Administrator and the termination of this Agreement.

    

    SECTION
      3.31. Limitations
      on Liability of the Master Servicer and Others; Indemnification of Trustee
      and
      Others.

    

    Subject
      to the obligation of the Master Servicer to indemnify the Indemnified Persons
      pursuant to Section 3.30:

    

    (a) Neither
      the Master Servicer nor any of the directors, officers, employees or agents
      of
      the Master Servicer shall be under any liability to the Indemnified Persons,
      the
      Depositor, the Trust or the Certificateholders for taking any action or for
      refraining from taking any action in good faith pursuant to this Agreement,
      or
      for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Master Servicer or any such Person against
      any breach of warranties or representations made herein or any liability which
      would otherwise be imposed by reason of such Person’s willful misfeasance, bad
      faith or gross negligence in the performance of duties or by reason of reckless
      disregard of obligations and duties hereunder.

    
      
        
        

      

      
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    (b) The
      Master Servicer and any director, officer, employee or agent of the Master
      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.

    

    (c) The
      Master Servicer, the Delaware Trustee, the Trustee (in its individual corporate
      capacity and as Trustee), the Custodian (including for such purpose, the Trustee
      acting in its capacity as Custodian) and any director, officer, employee or
      agent of the Master Servicer, the Delaware Trustee, the Trustee or the Custodian
      shall be indemnified by the Trust and held harmless thereby against any loss,
      liability or expense (except as otherwise provided herein with respect to
      expenses) (including reasonable legal fees and disbursements of counsel)
      incurred on their part that may be sustained in connection with, arising out
      of,
      or relating to, this Agreement, the Certificates or any Servicing Agreement
      or
      the transactions contemplated hereby or thereby (except, with respect to the
      Master Servicer, to the extent that the Master Servicer is indemnified by the
      Servicer thereunder), other than (i) with respect to the Master Servicer only,
      any such loss, liability or expense related to the Master Servicer’s failure to
      perform its duties in compliance with this Agreement or (ii) with respect to
      the
      Master Servicer or Custodian only, any such loss, liability or expense incurred
      by reason of the Master Servicer’s or the Custodian’s willful misfeasance, bad
      faith or gross negligence in the performance of its own duties hereunder or
      by
      reason of reckless disregard of its own obligations and duties hereunder or
      under a custodial agreement.

    

    (d) The
      Master Servicer shall not be under any obligation to appear in, prosecute or
      defend any legal action that is not incidental to its duties under this
      Agreement and that in its opinion may involve it in any expense or liability;
      provided,
      however,
      the
      Master Servicer may in its discretion, undertake any such action which it may
      deem necessary or desirable with respect to this Agreement and the rights and
      duties of the parties hereto and the interests of the Trust and the
      Certificateholders hereunder. In such event, the legal expenses and costs of
      such action and any liability resulting therefrom shall be expenses, costs
      and
      liabilities of the Trust, and the Master Servicer shall be entitled to be
      reimbursed therefor out of the Distribution Account as provided by Section
      4.03.
      Nothing in this Subsection 3.31(d) shall affect the Master Servicer’s obligation
      to supervise, or to take such actions as are necessary to ensure, the servicing
      and administration of the Mortgage Loans pursuant to Subsection
      3.01(a).

    

    (e) In
      taking
      or recommending any course of action pursuant to this Agreement, unless
      specifically required to do so pursuant to this Agreement, the Master Servicer
      shall not be required to investigate or make recommendations concerning
      potential liabilities which the Trust might incur as a result of such course
      of
      action by reason of the condition of the Mortgaged Properties but shall give
      notice to the Trustee if it has notice of such potential
      liabilities.

    

    (f) The
      Master Servicer shall not be liable for any acts or omissions of any Servicer,
      except as otherwise expressly provided herein.

    
      
        
        

      

      
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    SECTION
      3.32. Master
      Servicer Not to Resign. 

    

    Except
      as
      provided in Section 3.34, the Master Servicer shall not resign from the
      obligations and duties hereby imposed on it except upon a determination that
      any
      such duties hereunder are no longer permissible under applicable law and such
      impermissibility cannot be cured. Any such determination permitting the
      resignation of the Master Servicer shall be evidenced by an Independent Opinion
      of Counsel (delivered at the expense of the Master Servicer) to such effect
      delivered to the Trustee. No such resignation by the Master Servicer shall
      become effective until the Trustee or a successor to the Master Servicer
      reasonably satisfactory to the Trustee shall have assumed the responsibilities
      and obligations of the Master Servicer in accordance with Section 7.02 hereof.
      The Trustee shall notify each Rating Agency of the resignation of the Master
      Servicer.

    

    SECTION
      3.33. Successor
      Master Servicer.

    

    In
      connection with the appointment of any successor master servicer or the
      assumption of the duties of the Master Servicer, the Trustee may make such
      arrangements for the compensation of such successor master servicer out of
      payments on the Mortgage Loans as the Trustee and such successor master servicer
      shall agree which in no case shall exceed the Master Servicing Fee, plus the
      portion of investment income on amounts on deposit in the Distribution Account
      to which the Master Servicer is entitled hereunder. If the successor master
      servicer does not agree that the proposed compensation is fair, such successor
      master servicer shall obtain two quotations of market compensation from third
      parties actively engaged in the servicing of single-family mortgage loans;
      provided,
      however,
      that
      Thornburg, as a Servicer of a portion of the Mortgage Loans, shall have the
      right, but not the obligation, to be appointed successor master servicer in
      the
      event that the Trustee, in its sole discretion, decides not to assume the duties
      of the Master Servicer itself; and provided,
      further,
      that
      each Rating Agency shall confirm in writing that any appointment of a successor
      Master Servicer (other than the Trustee) will not result in a downgrade in
      the
      then current rating of any Class of Certificates. 

    

    SECTION
      3.34. Sale
      and Assignment of Master Servicing.

    

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in their entirety as Master Servicer under this Agreement, with
      the
      written consent of Thornburg in its capacity as a Servicer of a portion of
      the
      Mortgage Loans, to be given in its sole discretion, and provided further that:
      (i) the purchaser or transferee accepting such assignment and delegation (a)
      shall be a Person which shall be qualified to service mortgage loans for Fannie
      Mae or Freddie Mac; (b) shall have a net worth of not less than $10,000,000
      (unless otherwise approved by each Rating Agency pursuant to clause (ii) below);
      (c) shall be reasonably satisfactory to Thornburg and the Trustee (as evidenced
      in writing signed by Thornburg and the Trustee); and (d) shall execute and
      deliver to the Trustee an agreement, in form and substance reasonably
      satisfactory to the Trustee, which contains an assumption by such Person of
      the
      due and punctual performance and observance of each covenant and condition
      to be
      performed or observed by it as master servicer under this Agreement, any
      custodial agreement from and after the effective date of such agreement; (ii)
      each Rating Agency shall be given prior written notice of the identity of the
      proposed successor to the Master Servicer and each Rating Agency’s ratings of
      the Certificates in effect immediately prior to such assignment, sale and
      delegation will not be downgraded, qualified or withdrawn as a result of such
      assignment, sale and delegation, as evidenced by a letter to such effect
      delivered to the Master Servicer and the Trustee; and (iii) the Master Servicer
      assigning and selling the master servicing shall deliver to the Trustee an
      Officer’s Certificate and an Independent Opinion of Counsel, (delivered at the
      Master Servicer’s expense) each stating that all conditions precedent to such
      action under this Agreement have been completed and such action is permitted
      by
      and complies with the terms of this Agreement. No such assignment or delegation
      shall affect any liability of the Master Servicer arising prior to the effective
      date thereof.

    
      
        
        

      

      
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    SECTION
      3.35. Reporting
      Requirements of the Commission.

    

    To
      the
      extent that, following the Closing Date, the content of Forms 8-K, 10-D, 10-K,
      15 or other Forms required by the Exchange Act and the Rules and Regulations
      of
      the Commission and the time by which such Forms are required to be filed,
      differs from the provisions of this Agreement, the Master Servicer and the
      Securities Administrator hereby agree that each shall reasonably cooperate
      to
      amend the provisions of this Agreement (in accordance with Section 12.01) in
      order to comply with such amended reporting requirements and such amendment
      of
      this Agreement. Notwithstanding the foregoing, neither the Master Servicer
      nor
      the Securities Administrator shall be obligated to enter into any amendment
      pursuant to this Section that adversely affects its obligations or immunities
      under this Agreement.

    

    ARTICLE
      IV

    

    ACCOUNTS

    

    SECTION
      4.01. Servicing
      Accounts.

    

    (a) The
      Master Servicer shall enforce the obligation of each Servicer to establish
      and
      maintain one or more custodial accounts (the “Servicing
      Accounts”)
      in
      accordance with the applicable Servicing Agreement, with records to be kept
      with
      respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts
      shall be deposited within 48 hours (or as of such other time specified in the
      related Servicing Agreement) of receipt all collections of principal and
      interest on any Mortgage Loan and with respect to any REO Property received
      by a
      Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation
      Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in
      the case of each Servicer, the applicable servicing compensation, in whatever
      form and amounts as permitted by the applicable Servicing Agreement) and all
      other amounts to be deposited in each such Servicing Account. The Servicer
      is
      hereby authorized to make withdrawals from and deposits to the related Servicing
      Account for purposes required or permitted by this Agreement and the applicable
      Servicing Agreement. For the purposes of this Agreement, Servicing Accounts
      shall also include such other accounts as the Servicer maintains for the escrow
      of certain payments, such as taxes and insurance, with respect to certain
      Mortgaged Properties. Each Servicing Agreement sets forth the criteria for
      the
      segregation, maintenance and investment of each related Servicing Account,
      the
      contents of which are acceptable to the parties hereto as of the date hereof
      and
      changes to which shall not be made unless such changes are made in accordance
      with the provisions of Section 12.01 hereof. 

    
      
        
        

      

      
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    (b) [Reserved];

    

    (c) To
      the
      extent provided in the related Servicing Agreement and subject to this Article
      IV, on or before each Servicer Remittance Date, each Servicer shall withdraw
      or
      shall cause to be withdrawn from the related Servicing Accounts and shall
      immediately deposit or cause to be deposited in the Distribution Account amounts
      representing the following collections and payments (other than with respect
      to
      principal of or interest on the Mortgage Loans due on or before the Cut-off
      Date) with respect to each of the Mortgage Loans it is servicing:

    

    (i) Monthly
      Payments on the Mortgage Loans received or any related portion thereof advanced
      by the Servicers pursuant to the Servicing Agreements which were due on or
      before the related Due Date but net of the amount thereof comprising the
      Servicing Fees;

    

    (ii) Principal
      Prepayments in full and any Liquidation Proceeds received by the Servicers
      with
      respect to such Mortgage Loans in the related Prepayment Period, with interest
      to the date of prepayment or liquidation, net of the amount thereof comprising
      the Servicing Fees and any Recoveries received in the related Prepayment
      Period;

    

    (iii) Principal
      Prepayments in part received by the Servicers for such Mortgage Loans in the
      related Prepayment Period; 

    

    (iv) Prepayment
      Penalty Amounts, if any, and only if required under the related Servicing
      Agreement; and

    

    (v) any
      amount to be used as a delinquency advance or to pay any Interest Shortfalls,
      in
      each case, as required to be paid under the related Servicing Agreement.

    

    (d) Withdrawals
      may be made from a Servicing Account only to make remittances as provided in
      Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer
      for Advances which have been recovered by subsequent collection from the related
      Mortgagor; to remove amounts deposited in error; to remove fees, charges or
      other such amounts deposited on a temporary basis; or to clear and terminate
      the
      account at the termination of this Agreement in accordance with Section 10.01.
      As provided in Sections 4.01(c) and 4.02(b), certain amounts otherwise due
      to
      the Servicers may be retained by them and need not be deposited in the
      Distribution Account. 

    

    Notwithstanding
      anything herein to the contrary, the Master Servicer shall not be responsible
      for verifying the accuracy of any Prepayment Penalty.

    

    SECTION
      4.02. Distribution
      Account. 

    
      
        
        

      

      
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    (a) The
      Securities Administrator shall establish and maintain in the name of the
      Trustee, for the benefit of the Trust and the Certificateholders, the
      Distribution Account as a segregated account or accounts, each of which shall
      be
      an Eligible Account. The Distribution Account shall constitute an account of
      the
      Trust segregated on the books of the Securities Administrator and held by the
      Securities Administrator in trust in its Corporate Trust Office, and the
      Distribution Account and the funds deposited therein shall not be subject to,
      and shall be protected from, all claims, liens, and encumbrances of any
      creditors or depositors of the Trustee, the Securities Administrator or the
      Master Servicer (whether made directly, or indirectly through a liquidator
      or
      receiver of the Trustee, the Securities Administrator or the Master Servicer).
      The amount at any time credited to the Distribution Account shall be (i) fully
      insured by the FDIC to the maximum coverage provided thereby or (ii) invested
      by
      the Securities Administrator, in Permitted Investments, in accordance with
      Section 4.02(c). All Permitted Investments shall mature or be subject to
      redemption or withdrawal on or before, and shall be held until, the immediately
      succeeding Distribution Date. With respect to the Distribution Account and
      the
      funds deposited therein, the Securities Administrator shall take such action
      as
      may be necessary to ensure that the Trust and the Certificateholders shall
      be
      entitled to the priorities afforded to such an account (in addition to a claim
      against the estate of the Securities Administrator or the Trustee) as provided
      by 12 U.S.C. § 92a(e), and applicable regulations pursuant thereto, if
      applicable, or any applicable comparable state statute applicable to state
      chartered banking corporations, if applicable. The Securities Administrator,
      Trustee or their affiliates are permitted to receive additional compensation
      that could be deemed to be in the their economic self-interest for (i) serving
      as investment adviser, administrator, 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 Master Servicer
      and
      the Securities Administrator will deposit in the Distribution Account as
      identified by the Master Servicer or the Securities Administrator and as
      received by the Master Servicer or the Securities Administrator, the following
      amounts:

    

    (i) any
      amounts withdrawn from a Servicing Account pursuant to Section
      4.01(c);

    

    (ii) any
      Advance and any Compensating Interest Payments required to be made by the Master
      Servicer to the extent required but not made by a Servicer; 

    

    (iii) any
      Insurance Proceeds, Liquidation Proceeds or Recoveries received by or on behalf
      of the Master Servicer or which were not deposited in a Servicing Account;

    

    (iv) the
      Purchase Price with respect to any Mortgage Loans purchased by the Seller under
      this Agreement, any Substitution Adjustments pursuant to Section 2.03 of this
      Agreement, the Purchase Price with respect to any Mortgage Loans purchased
      by
      Thornburg or TMI pursuant to Section 3.25, and all proceeds of any Mortgage
      Loans or property acquired with respect thereto repurchased by the Thornburg
      pursuant to Section 10.01;

    

    (v) any
      amounts required to be deposited with respect to losses on investments of
      deposits in the Distribution Account; and

    
      
        
        

      

      
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    (vi) any
      other
      amounts received by or on behalf of the Master Servicer or the Securities
      Administrator and required to be deposited in the Distribution Account pursuant
      to this Agreement.

    

    (b) All
      amounts deposited to the Distribution Account shall be held by the Securities
      Administrator in the name of the Trustee in trust for the benefit of the Trust
      and Certificateholders in accordance with the terms and provisions of this
      Agreement. The requirements for crediting the Distribution Account shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of (i) late payment charges or
      assumption, tax service, statement account or payoff, substitution,
      satisfaction, release and other like fees and charges (but including, in the
      case of Thornburg, all Prepayment Penalty Amounts) and (ii) the items enumerated
      in Subsections 4.03(a)(i), (ii), (iii), (iv), (vi), (vii), (ix), (x) and with
      respect to the Securities Administrator item (xi), need not be credited by
      the
      Master Servicer or the related Servicer to the Distribution Account. In the
      event that the Master Servicer shall deposit or cause to be deposited to the
      Distribution Account any amount not required to be credited thereto, the
      Securities Administrator, upon receipt of a written request therefor signed
      by a
      Servicing Officer of the Master Servicer, shall promptly transfer such amount
      to
      the Master Servicer, any provision herein to the contrary
      notwithstanding.

    

    (c) The
      amount
      at any time credited to the Distribution Account shall be invested, in the
      name
      of the Trustee, or its nominee, for the benefit of the Certificateholders,
      in
      Permitted Investments as follows. All net earnings on Permitted Investments
      shall be for the benefit of Thornburg, in its capacity as Servicer, except
      that
      the investment income with respect to the investment of funds in the
      Distribution Account made on the Business Day prior to each Distribution Date
      shall be for the benefit of the Master Servicer. All Permitted Investments
      made
      for the benefit of Thornburg shall be made at the written direction of Thornburg
      to the Master Servicer (or, if no such written direction is received, in
      investments of the type specified in clause (vi) of the definition of Permitted
      Investments), shall mature or be subject to redemption or withdrawal on or
      before, and shall be held until, the Business Day prior to the next succeeding
      Distribution Date. Any and all investment earnings from such Permitted
      Investments shall be paid to Thornburg, and the risk of loss of moneys resulting
      from such investments shall be borne by and be the risk of Thornburg. Thornburg
      shall deposit the amount of any such loss in the Distribution Account within
      two
      Business Days of receipt of notification of such loss but not later than the
      next succeeding Distribution Date.

    

    All
      Permitted Investments made for the benefit of the Master Servicer shall be
      in
      such Permitted Investments as shall be selected by the Master Servicer and
      shall
      mature (and be subject to withdrawal and be held until) the next succeeding
      Distribution Date. Any and all investment earnings from such Permitted
      Investments shall be paid to the Master Servicer and the risk of loss on such
      Permitted Investments shall be borne by and be the risk of the Master Servicer.
      The Master Servicer shall deposit the amount of any such loss in the
      Distribution Account no later than the next succeeding Distribution
      Date.

    
      
        
        

      

      
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    SECTION
      4.03. Permitted
      Withdrawals and Transfers from the Distribution Account.

    

    (a) The
      Master Servicer will, from time to time on demand of a Servicer, the Securities
      Administrator, or for its own account as set forth below, make or cause to
      be
      made such withdrawals or transfers from the Distribution Account, in the case
      of
      a demand by a Servicer, as the applicable Servicer has designated for such
      transfer or withdrawal pursuant to the applicable Servicing Agreement, or in
      the
      case of a demand by the Securities Administrator as the Securities Administrator
      has demanded pursuant hereto, or as the Master Servicer has determined to be
      appropriate in accordance herewith, for the following purposes:

    

    (i) to
      reimburse the Master Servicer or any Servicer for any Advance of its own funds
      or of such Servicer’s own funds, the right of the Master Servicer or a Servicer
      to reimbursement pursuant to this subclause (i) being limited to amounts
      received on a particular Mortgage Loan (including, for this purpose, the
      Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which
      represent late payments or recoveries of the principal of or interest on such
      Mortgage Loan respecting which such Advance was made;

    

    (ii) to
      reimburse the Master Servicer or any Servicer from Insurance Proceeds or
      Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended
      by the Master Servicer or such Servicer in good faith in connection with the
      restoration of the related Mortgaged Property which was damaged by an Uninsured
      Cause or in connection with the liquidation of such Mortgage Loan;

    

    (iii) to
      reimburse the Master Servicer or any Servicer from Insurance Proceeds relating
      to a particular Mortgage Loan for insured expenses incurred with respect to
      such
      Mortgage Loan and to reimburse the Master Servicer or such Servicer from
      Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses
      incurred with respect to such Mortgage Loan; 

    

    (iv) to
      pay
      the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds
      or Insurance Proceeds received in connection with the liquidation of any
      Mortgage Loan, the amount which it or such Servicer would have been entitled
      to
      receive under subclause (viii) of this Subsection 4.03(a) as servicing
      compensation on account of each defaulted scheduled payment on such Mortgage
      Loan if paid in a timely manner by the related Mortgagor;

    

    (v) to
      pay
      the Master Servicer or any Servicer from the Purchase Price for any Mortgage
      Loan, the amount which it or such Servicer would have been entitled to receive
      under subclause (viii) of this Subsection (a) as servicing
      compensation;

    

    (vi) to
      reimburse the Master Servicer or any Servicer for servicing related advances
      of
      funds, the right to reimbursement pursuant to this subclause being limited
      to
      amounts received on the related Mortgage Loan (including, for this purpose,
      the
      Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which
      represent late recoveries of the payments for which such servicing advances
      were
      made;

    
      
        
        

      

      
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    (vii) to
      reimburse the Master Servicer or any Servicer for any Advance or advance, after
      a Realized Loss has been allocated with respect to the related Mortgage Loan
      if
      the Advance or advance has not been reimbursed pursuant to clauses (i) and
      (vi);

    

    (viii) to
      pay
      the Master Servicer its monthly Master Servicing Fee and any investment income
      and other additional servicing compensation payable pursuant to Section
      3.14;

    

    (ix) to
      reimburse the Master Servicer or the Securities Administrator for any expenses
      recoverable by the Master Servicer or the Securities Administrator pursuant
      to
      Sections 3.03 and 3.31;

    

    (x) to
      pay
      Thornburg, as a Servicer, any Prepayment Penalty Amounts and any earnings
      payable pursuant to Section 4.02(c), and to reimburse or pay any Servicer any
      such amounts as are due thereto under the applicable Servicing Agreement and
      have not been retained by or paid to the Servicer, to the extent provided in
      the
      related Servicing Agreement;

    

    (xi) to
      reimburse the Trustee, the Delaware Trustee and the Securities Administrator
      for
      expenses, costs and liabilities incurred by or reimbursable to it from funds
      of
      the Trust pursuant to Sections 3.30, 3.31 or 8.05 (including those related
      to
      the Custodian, to the extent not paid by Thornburg), and to reimburse the
      Trustee for any fees, costs and expenses costs incurred by or reimbursable
      to it
      pursuant to Section 2.03(a), 7.01(b), 8.02, 8.05 or 8.07, to the extent not
      otherwise reimbursed to it;

    

    (xii) to
      make
      distributions of Retained Interest to the Retained Interest Holder on each
      Distribution Date;

    

    (xiii) to
      pay to
      Thornburg (in its capacity as a Servicer) all investment earnings on amounts
      on
      deposit in the Distribution Account to which it is entitled under Section
      4.02(c);

    

    (xiv) to
      remove
      amounts deposited in error; and 

    

    (xv) to
      clear
      and terminate the Distribution Account pursuant to Section 10.01. 

    

    (b) In
      addition, on or before the Business Day immediately preceding each Distribution
      Date, the Master Servicer shall deposit in the Distribution Account (or remit
      to
      the Securities Administrator for deposit therein) any Advances or Compensating
      Interest Payments, to the extent required but not made by the related Servicer
      and required to be made by the Master Servicer with respect to the Mortgage
      Loans.

    

    (c) The
      Securities Administrator or the Master Servicer shall keep and maintain separate
      accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of
      accounting for any payments or reimbursements from the Distribution Account
      pursuant to subclauses (i) through (vii), inclusive, (ix) and (x) or with
      respect to any such amounts which would have been covered by such subclauses
      had
      the amounts not been retained by the Master Servicer without being deposited
      in
      the Distribution Account under Section 4.02(b).

    
      
        
        

      

      
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    (d) In
      order
      to comply with its duties under the USA PATRIOT Act of 2001, the Securities
      Administrator shall obtain and verify certain information and documentation
      from
      the other parties hereto, including, but not limited to, each such party's
      name,
      address and other identifying information.

    

    (e) On
      each
      Distribution Date, the Securities Administrator shall distribute the aggregate
      Available Funds to the Holders of the Certificates in accordance with Section
      5.01.

    

    ARTICLE
      V

    

    FLOW
      OF FUNDS

    

    SECTION
      5.01. Distributions.

    

    (a) On
      each
      Distribution Date and after making any withdrawals from the Distribution Account
      pursuant to Section 4.03(a), the Securities Administrator shall withdraw funds
      on deposit in the Distribution Account to the extent of Available Funds for
      such
      Distribution Date (and, solely in the case of distributions under clause (a)(ii)
      below, the amounts received from the Yield Maintenance Agreement) and, based
      on
      the Distribution Date Statement, shall make the following disbursements and
      transfers in the following order of priority:

    

    (i) to
      the
      Holders of the Class A-R, Class A-1, Class A-2 and Class A-X Certificates,
      the
      related Interest Distributable Amounts for such date, pro
      rata
      (based
      on the Interest Distributable Amounts to which each such Class is entitled);
      provided,
      however,
      for
      purposes of computing the Interest Distributable Amounts under this clause
      (a)(i) applicable to the Class A-1 Certificates and Class A-2 Certificates,
      the
      Pass Through Rate of each such Class shall be deemed to be subject to a cap
      equal to the Net WAC, adjusted to reflect the accrual of interest on the basis
      of a 360-day year and the actual number of days elapsed in the related Accrual
      Period with respect to such Certificates; and

    

    (ii) from
      the
      funds, if any, provided under the Yield Maintenance Agreement, to the Holders
      of
      the Class A-1 Certificates and Class A-2 Certificates, pro
      rata
      based on
      any remaining Interest Distributable Amounts, any Interest Distributable Amounts
      not distributed to such Class in clause (a)(i) above; and

    

    (iii) an
      amount
      equal to the Senior Principal Distribution Amount for that Distribution Date,
      as
      follows:

    

    first,
      to the
      Holder of Class A-R Certificate, until the Class Certificate Principal Balance
      of such Class is reduced to zero; and

    

    second,
      concurrently, to the Holders of the Class A-1 Certificates and the Class A-2
      Certificates, pro
      rata,
      in
      proportion to their respective Class Certificate Principal Balances, until
      the
      Class Certificate Principal Balance of each such Class is reduced to
      zero;

    
      
        
        

      

      
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    (iv) the
      Available Funds remaining after giving effect to the distributions specified
      in
      subsection (a)(i) through (a)(iii)above will be distributed to the
      Certificateholders in the following order of priority:

    

    
      	 	
              (A)

            	
              to
                the Holders of the Class B-1 Certificates, the related Interest
                Distributable Amount for that date;

            

    

    

    
      	 	
              (B)

            	
              to
                the Holders of the Class B-1 Certificates, an amount allocable to
                principal equal to its Pro Rata Share for such Distribution Date
                until the
                Class Certificate Principal Balance of such Class is reduced to
                zero;

            

    

    

    
      	 	
              (C)

            	
              to
                the Holders of the Class B-2 Certificates, the related Interest
                Distributable Amount for that date;

            

    

    

    
      	 	
              (D)

            	
              to
                the Holders of the Class B-2 Certificates, an amount allocable to
                principal equal to its Pro Rata Share for such Distribution Date
                until the
                Class Certificate Principal Balance of such Class is reduced to
                zero;

            

    

    

    
      	 	
              (E)

            	
              to
                the Holders of the Class B-3 Certificates, the related Interest
                Distributable Amount for that date;

            

    

    

    
      	 	
              (F)

            	
              to
                the Holders of the Class B-3 Certificates, an amount allocable to
                principal equal to its Pro Rata Share for such Distribution Date
                until the
                Class Certificate Principal Balance of such Class is reduced to
                zero;

            

    

    

    
      	 	
              (G)

            	
              to
                the Holders of the Class B-4 Certificates, the related Interest
                Distributable Amount for that date;

            

    

    

    
      	 	
              (H)

            	
              to
                the Holders of the Class B-4 Certificates, an amount allocable to
                principal equal to its Pro Rata Share for such Distribution Date
                until the
                Class Certificate Principal Balance of such Class is reduced to
                zero;

            

    

    

    
      	 	
              (I)

            	
              to
                the Holders of the Class B-5 Certificates, the related Interest
                Distributable Amount for that date;

            

    

     

    
      
        
        

      

      
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              (J)

            	
              to
                the Holders of the Class B-5 Certificates, an amount allocable to
                principal equal to its Pro Rata Share for such Distribution Date
                until the
                Class Certificate Principal Balance of such Class is reduced to
                zero;

            

    

    

    
      	 	
              (K)

            	
              to
                the Holders of the Class B-6 Certificates, the related Interest
                Distributable Amount for that date;

            

    

    

    
      	 	
              (L)

            	
              to
                the Holders of the Class B-6 Certificates, an amount allocable to
                principal equal to its Pro Rata Share for such Distribution Date
                until the
                Class Certificate Principal Balance of such Class is reduced to zero;
                and

            

    

    

    
      	 	
              (M)

            	
              to
                the Holder of the Class A-R Certificate, any Available Funds then
                remaining.

            

    

    

    (b) Amounts
      to be paid to the Holders of a Class of Certificates shall be payable with
      respect to all Certificates of that Class, pro
      rata,
      based
      on the Certificate Principal Balance or Certificate Notional Balance, as
      applicable, of each Certificate of that Class.

    

    (c) [Reserved].

    

    (d) On
      each
      Distribution Date, the Interest Distributable Amounts for the Classes of Senior
      Certificates and Subordinate Certificates on such Distribution Date shall be
      reduced proportionately by Net Interest Shortfalls based on the Monthly Interest
      Distributable Amount otherwise distributable thereon before taking into account
      any reduction in those amounts due to such Net Interest Shortfalls.

    

    (e) Notwithstanding
      the priority and allocation set forth in Section 5.01(a) above, if with respect
      to any Class of Subordinate Certificates on any Distribution Date the sum of
      the
      related Class Subordination Percentages of such Class and of all other Classes
      of Subordinate Certificates which have a higher numerical Class designation
      than
      such Class (the “Applicable
      Credit Support Percentage”)
      is
      less than the Original Applicable Credit Support Percentage for such Class,
      no
      distribution of Principal Prepayments will be made to any such Classes (the
      “Restricted
      Classes”)
      and
      the amount of such Principal Prepayment otherwise distributable to the
      Restricted Classes shall be distributed to any Classes of Subordinate
      Certificates having lower numerical Class designations than such Class,
pro
      rata,
      based
      on the Class Certificate Principal Balances of the respective Classes
      immediately prior to such Distribution Date.

    

    (f) [Reserved.]

    

    (g) Distributions
      on Physical Certificates.
      The
      Securities Administrator shall make distributions in respect of a Distribution
      Date to each Certificateholder of record on the related Record Date (other
      than
      as provided in Section 10.01 hereof respecting the final distribution), in
      the
      case of Certificateholders of the Physical Certificates, by check or money
      order
      mailed to such Certificateholder at the address appearing in the Certificate
      Register, or by wire transfer. Distributions among Certificateholders of a
      Class
      shall be made in proportion to the Percentage Interests evidenced by the
      Certificates of that Class held by such Certificateholders.

    
      
        
        

      

      
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    (h) Distributions
      on Book-Entry Certificates.
      Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, which shall credit the amount of such distribution to the accounts
      of its Depository Participants in accordance with its normal procedures. Each
      Depository Participant shall be responsible for disbursing such distribution
      to
      the Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. All such credits and disbursements
      with respect to a Book-Entry Certificate are to be made by the Depository and
      the Depository Participants in accordance with the provisions of the
      Certificates. None of the Trustee, the Depositor or the Seller shall have any
      responsibility therefor.

    

    SECTION
      5.02. [Reserved].
      

    

    SECTION
      5.03. Allocation
      of Realized Losses.

    

    (a) On
      or
      prior to each Determination Date, the Securities Administrator shall aggregate
      the loan-level information provided by the Master Servicer with respect to
      the
      total amount of Realized Losses, if any, with respect to the Mortgage Loans
      for
      the related Distribution Date and include such information in the Distribution
      Date Statement.

    

    (b) Realized
      Losses shall be allocated on any Distribution Date as follows:

    

    first,
      to the
      Subordinate Certificates in reverse order of their respective numerical Class
      designations (beginning with the Class of Subordinate Certificates with the
      highest numerical Class designation) until the Class Certificate Principal
      Balance of each such Class is reduced to zero; 

    

    second,
      to the
      Class A-2 Certificates until the Class Certificate Principal Balance of such
      Class is reduced to zero; and

    

    third,
      to the
      Class A-1 Certificates until the Class Certificate Principal Balance of such
      Class is reduced to zero.

    

    (c) On
      each
      Distribution Date, the Class Certificate Principal Balance of the Class of
      Subordinate Certificates then outstanding with the highest numerical Class
      designation shall be reduced, and if no Subordinate Certificates are
      Outstanding, then the Class Certificate Principal Balance of the Class A-2
      Certificates and when they are no longer outstanding the Class A-1 Certificates,
      shall be reduced, in each case, by the amount, if any, by which the aggregate
      of
      the Class Certificate Principal Balances of all outstanding Classes of
      Certificates (after giving effect to the distribution of principal and the
      allocation of Realized Losses on such Distribution Date) exceeds the aggregate
      of the Stated Principal Balances of all the Mortgage Loans for the following
      Distribution Date.

    
      
        
        

      

      
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    (d) Any
      Realized Loss allocated to a Class of Certificates or any reduction in the
      Class
      Certificate Principal Balance of a Class of Certificates pursuant to Section
      5.03(b) or (c) shall be allocated among the Certificates of such Class,
pro
      rata,
      in
      proportion to their respective Certificate Principal Balances.

    

    (e) Any
      allocation of Realized Losses to a Certificate or any reduction in the
      Certificate Principal Balance of a Certificate pursuant to Section 5.03(b)
      or
      (c) shall be accomplished by reducing the Certificate Principal Balance thereof
      immediately following the distributions made on the related Distribution Date
      in
      accordance with the definition of “Certificate Principal Balance.”

    

    SECTION
      5.04. Statements. 

    

    (a) Two
      Business Days prior to the Auction Distribution Date, the Securities
      Administrator shall make available to the Auction Administrator, and
      concurrently with each distribution to Certificateholders, the Securities
      Administrator shall make available to each Certificateholder, the Seller, the
      Master Servicer, the Trustee, the Yield Maintenance Counterparty and the Rating
      Agencies, a statement based, as applicable, on loan-level information provided
      to it by the Master Servicer and the Servicers (the “Distribution
      Date Statement”)
      as to
      the distributions to be made or made, as applicable, on such Distribution Date.
      Information in the Distribution Date Statement relating to or based on amounts
      available in the Yield Maintenance Account shall be based on information
      provided by the Yield Maintenance Counterparty regarding any Yield Maintenance
      Amount required to be paid by the Yield Maintenance Counterparty for the related
      Distribution Date pursuant to the Yield Maintenance Agreement. The Distribution
      Date Statement shall include the following:

    

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

    

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

    

    (iii) the
      Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and
      Subordinate Prepayment Percentage for the following Distribution
      Date;

    

    (iv) the
      aggregate amount of servicing compensation received by each Servicer during
      the
      related Due Period;

    

    (v) the
      aggregate amount of Advances for the related Due Period and the amount of
      unreimbursed Advances;

    

    (vi) the
      number of Mortgage Loans, the Pool Balance and the Net WAC at the Close of
      Business at the end of the related Due Period;

    

    (vii) the
      aggregate Principal Balance of the One-Year CMT Indexed Mortgage Loans at the
      Close of Business at the end of the related Due Period;

    
      
        
        

      

      
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    (viii) the
      aggregate Principal Balance of the Six-Month LIBOR Indexed, One-Month LIBOR
      Indexed and One-Year LIBOR Indexed Mortgage Loans at the Close of Business
      at
      the end of the related Due Period;

    

    (ix) the
      amount of the Master Servicer Fees paid to or retained by the Master
      Servicer;

    

    (x) the
      aggregate amount of Servicer Fees paid to or retained by the
      Servicers;

    

    (xi) the
      amount of fees, expenses or indemnification amounts paid by the Trust with
      an
      identification of the general purpose of such amounts and the party receiving
      such amounts;

    

    (xii) the
      number, weighted average remaining term to maturity, weighted average life
      and
      weighted average Loan Rate of the Mortgage Loans as of the related Due
      Date;

    

    (xiii) the
      number and aggregate unpaid principal balance of Mortgage Loans, in the
      aggregate using the “MBA” method, (a) 30 to 59 days Delinquent, (b) 60 to
      89 days Delinquent, (c) 90 or more days Delinquent, (d) as to which foreclosure
      proceedings have been commenced and (e) in bankruptcy, in each case as of the
      close of business on the last day of the preceding calendar month;

    

    (xiv) the
      rolling six-month delinquency rate for that Distribution Date;

    

    (xv) the
      total
      number and cumulative principal balance of all REO Properties as of the Close
      of
      Business of the last day of the preceding Due Period;

    

    (xvi) the
      aggregate amount of Principal Prepayments and Prepayment Penalty Amounts made
      during the related Prepayment Period;

    

    (xvii) the
      aggregate amount of Realized Losses and Recoveries incurred during the related
      Due Period and the cumulative amount of Realized Losses and Recoveries as of
      such Distribution Date;

    

    (xviii) the
      Realized Losses and Recoveries, if any, allocated to each Class of Certificates
      on the related Distribution Date;

    

    (xix) the
      Class
      Certificate Principal Balance or Class Certificate Notional Balance, as
      applicable, of each Class of Certificates after giving effect to any
      distributions made thereon, on such Distribution Date;

    

    (xx) the
      Interest Distributable Amount in respect of each Class of Certificates, for
      such
      Distribution Date and the respective portions thereof, if any, remaining unpaid
      following the distributions made in respect of such Certificates on such
      Distribution Date;

    

    (xxi) the
      aggregate amount of any Net Interest Shortfalls and the Unpaid Interest
      Shortfall Amount for such Distribution Date;

    
      
        
        

      

      
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    (xxii) the
      Available Funds;

    

    (xxiii) the
      Pass-Through Rate for each Class of Certificates for such Distribution Date
      and,
      through the Auction Distribution Date, the level of LIBOR used to determine
      the
      applicable Pass-Through Rate; 

    

    (xxiv) the
      aggregate Principal Balance of Mortgage Loans purchased hereunder by the Seller
      or TMI during the related Due Period, and indicating the relevant section of
      the
      related Servicing Agreement, or the Section of this Agreement, as applicable,
      requiring or allowing the purchase of each such Mortgage Loan; 

    

    (xxv) (A)
      the
      amount paid to the Class A-1 and Class A-2 Certificates from the Yield
      Maintenance Amount received from the Yield Maintenance Counterparty for such
      period, expressed as a per annum rate and as a dollar amount and (B) the Yield
      Maintenance Amount and applicable strike rate under the Yield Maintenance
      Agreement for such Distribution Date; and

    

    (xxvi) on
      the
      Auction Distribution Date, the Par Price (as defined in the Auction
      Administration Agreement) for each Class of Auction Certificates as reported
      to
      the Master Servicer by the Securities Administrator.

    

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

    

    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 Class for each $1,000 original dollar amount as of the Cut-Off
      Date.

    

    (b) Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator 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), (ii) and (iv) above, aggregated for such calendar
      year
      or applicable portion thereof during which such Person was a Certificateholder
      and such other customary information which a Certificateholder reasonably
      requests to prepare its tax returns. Such obligation of the Securities
      Administrator shall be deemed to have been satisfied to the extent that
      substantially comparable information shall be prepared and furnished by the
      Securities Administrator to Certificateholders pursuant to any requirements
      of
      the Code as are in force from time to time.

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

    

    (c) On
      each
      Distribution Date, the Securities Administrator shall supply an electronic
      tape
      to Bloomberg Financial Markets, Inc. in a format acceptable to Bloomberg
      Financial Markets, Inc. on a monthly basis, and shall supply an electronic
      tape
      to Loan Performance and Intex Solutions in a format acceptable to Loan
      Performance and Intex Solutions on a monthly basis.

    

    SECTION
      5.05. Remittance
      Reports; Advances. 

    

    (a) No
      later
      than the second Business Day following each Determination Date, the Master
      Servicer shall deliver to the Securities Administrator by telecopy or electronic
      mail (or by such other means as the Master Servicer and the Securities
      Administrator may agree from time to time) the Remittance Report with respect
      to
      the related Distribution Date. Not later than the Close of Business New York
      time three Business Days prior to the related Distribution Date, the Master
      Servicer shall deliver or cause to be delivered to the Securities Administrator
      in addition to the information provided on the Remittance Report, such other
      loan-level information reasonably available to it with respect to the Mortgage
      Loans as the Securities Administrator may reasonably require to perform the
      calculations necessary to make the distributions contemplated by Section 5.01.
      

    

    (b) If
      the
      Monthly Payment on a Mortgage Loan that was due on a related Due Date and is
      delinquent, other than as a result of application of the Relief Act or similar
      state or local law, and for which the related Servicer was required to make
      an
      advance pursuant to the related Servicing Agreement exceeds the amount deposited
      in the Distribution Account which will be used for an advance with respect
      to
      such Mortgage Loan, the Master Servicer will deposit in the Distribution Account
      not later than the Business Day immediately preceding the related Distribution
      Date an amount equal to such deficiency, net of the Servicing Fee and the Master
      Servicing Fee, for such Mortgage Loan except to the extent the Master Servicer
      determines any such Advance to be Nonrecoverable from Liquidation Proceeds,
      Insurance Proceeds or future payments on the Mortgage Loan for which such
      Advance was made. Subject to the foregoing, the Master Servicer shall continue
      to make such Advances through the date that the related Servicer is required
      to
      do so under its Servicing Agreement. If applicable, on the Business Day
      immediately preceding the related Distribution Date, the Master Servicer shall
      present an Officer’s Certificate to the Securities Administrator and the Trustee
      (i) stating that the Master Servicer elects not to make a Advance in a stated
      amount and (ii) detailing the reason it deems the advance to be
      Nonrecoverable.

    

    SECTION
      5.06. Compensating
      Interest Payments.

    

    The
      amount of the Master Servicing Fee payable to the Master Servicer in respect
      of
      any Distribution Date shall be reduced (but not below zero) by the amount of
      any
      Compensating Interest Payment for such Distribution Date, but only to the extent
      that Interest Shortfalls relating to such Distribution Date are required to
      be
      paid but are not actually paid by the related Servicers on the applicable
      Servicer Remittance Date. Such amount shall not be treated as an Advance and
      shall not be reimbursable to the Master Servicer.

    
      
        
        

      

      
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    SECTION
      5.07. [Reserved].

    

    SECTION
      5.08. [Reserved].

    

    SECTION
      5.09. Yield
      Maintenance Account.

    

    (a) The
      Securities Administrator is hereby directed by the Depositor to execute and
      deliver the Yield Maintenance Agreement on behalf of the Trust, for the benefit
      of the Class A-1 and Class A-2 Certificates (the “Yield
      Maintenance Agreement”),
      in
      the form presented to it by the Depositor and shall have no responsibility
      for
      the contents, adequacy or sufficiency of the Yield Maintenance Agreement,
      including, without limitation, the representations and warranties contained
      therein. Each Holder of a Certificate is deemed, by acceptance of such
      Certificate, to authorize the Securities Administrator to execute and deliver
      the Yield Maintenance Agreement.

    

    (b) The
      Securities Administrator shall establish and maintain an account, for the
      benefit of the Class A-1 and Class A-2 Certificates, as a segregated
      non-interest bearing trust account which shall be an Eligible Account (the
      “Yield
      Maintenance Account”).
      Pursuant to the Yield Maintenance Agreement, the Yield Maintenance Counterparty
      shall have provided the Securities Administrator, the Trustee and the Master
      Servicer with notice of the Yield Maintenance Amount, if any, to be paid by
      the
      Yield Maintenance Counterparty to the Securities Administrator for the account
      of the Trust pursuant to the Yield Maintenance Agreement for each Distribution
      Date. Any Yield Maintenance Amount received by the Securities Administrator
      pursuant to the Yield Maintenance Agreement in connection with each such
      Distribution Date shall be deposited into the Yield Maintenance Account. On
      each
      Distribution Date, the Securities Administrator on behalf of the Trust shall
      distribute amounts on deposit in the Yield Maintenance Account to the Holders
      of
      the Class A-1 Certificates and the Class A-2 Certificates in accordance with
      Section 5.01(a)(ii).

    

    (c) Upon
      termination of the Yield Maintenance Agreement and payment of all amounts owed
      by the Yield Maintenance Counterparty thereunder, following application by
      the
      Securities Administrator of funds in the Yield Maintenance Account on the next
      succeeding Distribution Date to pay amounts owed pursuant to this Section and
      Section 5.01, the Securities Administrator shall terminate the Yield Maintenance
      Account.

    

    SECTION
      5.10. Recoveries.

    

    (a) The
      Class
      Certificate Principal Balance of any Class of Certificates to which a Realized
      Loss has been allocated (including any such Class for which the related Class
      Certificate Principal Balance has been reduced to zero) will be increased up
      to
      the amount of Recoveries for such Distribution Date as follows:

    
      
        
        

      

      
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    (i) first,
      to
      increase the Class Certificate Principal Balance of the Class A-1 and Class
      A-2
      Certificates, sequentially, in that order, up to the amount of Realized Losses
      previously allocated to reduce the Class Certificate Principal Balance for
      each
      such Class, and

    

    (ii) second,
      to increase the Class Certificate Principal Balance of each such Class of
      Subordinate Certificates, in order of seniority, up to the amount of Realized
      Losses previously allocated to reduce the Class Certificate Principal Balance
      for each such Class.

    

    (b) Any
      increase to the Class Certificate Principal Balance of a Class of Certificates
      shall increase the Certificate Principal Balance of each Certificate of the
      related Class pro
      rata
      in
      accordance with the applicable Percentage Interest.

    

    ARTICLE
      VI

    

    THE
      CERTIFICATES

    

    SECTION
      6.01. The
      Certificates.

    

    The
      Certificates shall be substantially in the form annexed hereto as Exhibit A
      through E. Each of the Certificates shall, on original issue, be executed by
      the
      Securities Administrator, and authenticated and delivered by the Securities
      Administrator upon the written order of the Depositor concurrently with the
      sale
      and assignment to the Trustee of the Trust Fund. Each Class of the Regular
      Certificates shall be initially evidenced by one or more Certificates
      representing a Percentage Interest with a minimum dollar denomination of $25,000
      and integral dollar multiples of $1 in excess thereof, in the case of the Class
      A-1, Class A-2, Class B-1, Class B-2 and Class B-3 Certificates (provided,
      that,
      with respect to initial European investors such Certificates must be purchased
      in minimum total investments of at least $100,000), and $100,000 and integral
      dollar multiples of $1 in excess thereof, in the case of the Class A-X, Class
      B-4, Class B-5 and Class B-6 Certificates, 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
      Class Certificate Principal Balance or Class Certificate Notional Balance of
      such Class on the Closing Date. The Class A-R Certificate is issuable only
      in a
      Percentage Interest of 100%.

    

    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature on behalf of the Trustee by a Responsible Officer or the Securities
      Administrator. 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 or Securities Administrator 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 or
      Securities Administrator 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 6.02(c), the Senior Certificates (other than the Residual
      Certificate) and the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5
      and
      Class B-6 Certificates shall be Book-Entry Certificates. The Residual
      Certificate shall be a Physical Certificate.

    
      
        
        

      

      
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    The
      Private Certificates shall be offered and sold in reliance on the exemption
      from
      registration under Rule 144A of the Securities Act and, shall be issued
      initially in the form of one or more permanent global Certificates in
      definitive, fully registered form with the applicable legends set forth in
      Exhibit A (each, a “Restricted
      Global Security”),
      which
      shall be deposited on behalf of the subscribers for such Certificates
      represented thereby with the Securities Administrator, as custodian for DTC
      and
      registered in the name of a nominee of DTC, duly executed and authenticated
      by
      the Securities Administrator as hereinafter provided. The aggregate principal
      amounts of the Restricted Global Securities may from time to time be increased
      or decreased by adjustments made on the records of the Securities Administrator
      and DTC or its nominee, as the case may be, as hereinafter
      provided.

    

    SECTION
      6.02. 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 Securities Administrator 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 any office or
      agency of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph (or, so long as the Securities Administrator serves as
      Certificate Registrar, the office of the Certificate Registrar located at Sixth
      Street and Marquette Avenue, Minneapolis, Minnesota 55479, or such other office
      or agency that the Certificate Registrar shall designate), the Securities
      Administrator 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
      Securities Administrator 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 Securities Administrator
      or
      the Certificate Registrar) be duly endorsed by, or be accompanied by a written
      instrument of transfer satisfactory to the Securities Administrator and the
      Certificate Registrar duly executed by, the Holder thereof or his attorney
      duly
      authorized in writing.

    
      
        
        

      

      
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    (b) Except
      as
      provided in paragraph (c) or (d) 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
      Securities Administrator or the Certificate Registrar 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, the
      Securities Administrator and the Certificate Registrar 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, the Securities Administrator
      and
      the Certificate Registrar may 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 Securities Administrator,
      the Certificate Registrar and their respective 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 or the Securities
      Administrator in writing that the Depository is no longer willing or able to
      discharge properly its responsibilities as Depository and (y) the Trustee,
      the
      Securities Administrator or the Depositor is unable to locate a qualified
      successor or (ii) after the occurrence and continuation of an Event of Default,
      Holders of Book-Entry Certificates having not less than 51% of the aggregate
      Certificate Principal Balance of the Certificates advise the Trustee, the
      Securities Administrator and the Depository in writing through the Depository
      Participants that the continuation of a book-entry system with respect to
      Certificates through the Depository (or its successor) is no longer in the
      best
      interests of the Holders, then the Trustee or the Securities Administrator
      shall
      request that the Depository notify all Holders of the occurrence of any such
      event and of the availability of definitive, fully registered Certificates
      to
      Holders requesting the same. Upon surrender to the Certificate Registrar of
      the
      Book-Entry Certificates by the Depository, accompanied by registration
      instructions from the Depository for registration, the Securities Administrator
      shall, at the Seller’s expense, execute on behalf of the Trust and authenticate
      definitive, fully registered certificates (the “Definitive
      Certificates”).
      None
      of the Depositor, the Securities Administrator or the Trustee shall be liable
      for any delay in delivery of such instructions and may conclusively rely on,
      and
      shall be protected in relying on, such instructions. Upon the issuance of
      Definitive Certificates, the Trustee, the Securities Administrator, the
      Certificate Registrar, any Paying Agent and the Depositor shall recognize the
      Holders of the Definitive Certificates as Certificateholders
      hereunder.

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

    

    (d) No
      transfer, sale, pledge or other disposition of any Private Certificate shall
      be
      made unless such disposition is exempt from the registration requirements of
      the
      Securities Act, and any applicable state securities laws or is made in
      accordance with the Securities Act and laws. Any Private Certificates sold
      to an
“accredited investor” under Rule 501(a)(1), (2), (3) or (7) under the Securities
      Act shall be issued only in the form of one or more Definitive Certificates
      and
      the records of the Securities Administrator and DTC or its nominee shall be
      adjusted to reflect the transfer of such Definitive Certificates. In the event
      of any transfer of any Private Certificate in the form of a Definitive
      Certificate, the transferee shall certify (i) (A) such transfer is made to
      a
      Qualified Institutional Buyer in reliance upon Rule 144A (as evidenced by the
      investment letter delivered to the Securities Administrator, in substantially
      the form attached hereto as Exhibit J-2) under the Securities Act, or (B) such
      transfer is made to an “accredited investor” under Rule 501(c)(1), (2), (3) or
      (7) under the Securities Act (as evidenced by an investment letter delivered
      to
      the Securities Administrator, in substantially the form attached hereto as
      Exhibit J-1, and, if so required by the Securities Administrator, a written
      Opinion of Counsel (which may be in-house counsel) acceptable to and in form
      and
      substance reasonably satisfactory to the Securities Administrator is delivered
      to the Securities Administrator that such transfer may be made pursuant to
      an
      exemption, describing the applicable exemption and the basis therefor, from
      the
      Securities Act or is being made pursuant to the Securities Act, which Opinion
      of
      Counsel shall not be an expense of the Trustee, the Securities Administrator
      or
      the Depositor or (ii) the Securities Administrator shall require the transferor
      to execute a transferor certificate and the transferee to execute an investment
      letter acceptable to and in form and substance reasonably satisfactory to the
      Depositor and the Securities Administrator certifying to the Depositor and
      the
      Securities Administrator the facts surrounding such transfer, which investment
      letter shall not be an expense of the Trustee, the Securities Administrator
      or
      the Depositor. Each Holder of a Private Certificate desiring to effect such
      transfer shall, and does hereby agree to, indemnify the Trustee, the Securities
      Administrator, the Seller 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. Notwithstanding the foregoing, any transfer made to
      Thornburg or to another Affiliate of Thornburg will not require any investment
      letter or Opinion of Counsel specified above.

    

    In
      the
      case of a Private Certificate that is a Book-Entry Certificate, for purposes
      of
      the preceding paragraph, the representations set forth in the investment letter
      in clause (i) shall be deemed to have been made to the Securities Administrator
      by the transferee’s acceptance of such Private Certificate that is also a
      Book-Entry Certificate (or the acceptance by a Certificate Owner of the
      beneficial interest in such Certificate).

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

    

    Except
      for any transfer made to Thornburg or to another Affiliate of Thornburg, no
      transfer of an ERISA Restricted Certificate in the form of a Definitive
      Certificate shall be made unless the Securities Administrator shall have
      received either (i) a representation from the transferee of such Certificate,
      acceptable to and in form and substance satisfactory to the Securities
      Administrator (such requirement is satisfied only by the Securities
      Administrator’s receipt of a representation letter from the transferee
      substantially in the form of Exhibit I hereto), to the effect that such
      transferee is not an employee benefit plan subject to Section 406 of ERISA
      or a
      plan or arrangement subject to Section 4975 of the Code, nor a person acting
      on
      behalf of any such plan or arrangement nor using the assets of any such plan
      or
      arrangement to effect such transfer or (ii) if the purchaser is an insurance
      company, a representation that the purchaser is an insurance company which
      is
      purchasing such Certificates with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE
      95-60”)
      and
      that the purchase and holding of such Certificates are covered under Sections
      I
      and III of PTCE 95-60 or (iii) an Opinion of Counsel satisfactory to the
      Securities Administrator, which Opinion of Counsel shall not be an expense
      of
      any of the Trustee, the Securities Administrator or the Trust, addressed to
      the
      Securities Administrator, to the effect that the purchase and holding of such
      ERISA-Restricted Certificate that is also a Physical Certificate will not result
      in a non-exempt prohibited transaction under Section 406 of ERISA or Section
      4975 of the Code and will not subject the Trustee, the Master Servicer, any
      Servicer, the Securities Administrator or the Depositor to any obligation in
      addition to those expressly undertaken in this Agreement or to any liability.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      an ERISA-Restricted Certificate that is also a Physical Certificate to an
      employee benefit plan subject to ERISA or Section 4975 of the Code without
      the
      delivery to the Securities Administrator of an Opinion of Counsel satisfactory
      to the Securities Administrator as described above shall be void and of no
      effect.

    

    In
      the
      case of an ERISA-Restricted Certificate that is a Book-Entry Certificate, for
      purposes of clauses (i) or (ii) of the first sentence of the preceding
      paragraph, such representations shall be deemed to have been made to the
      Securities Administrator by the transferee’s acceptance of such ERISA-Restricted
      Certificate that is also a Book-Entry Certificate (or the acceptance by a
      Certificate Owner of the beneficial interest in such Certificate).

    

    No
      transfer of an ERISA-Restricted Auction Certificate prior to the Auction Call
      in
      the form of a Definitive Certificate shall be made unless the Securities
      Administrator shall have received either (i) a representation from the
      transferee of such Certificate, acceptable to and in form and substance
      satisfactory to the Securities Administrator and the Depositor (such requirement
      is satisfied only by the Securities Administrator’s receipt of a representation
      letter from the transferee substantially in the form of Exhibit I hereto),
      to
      the effect that such transferee is not acquiring such Certificate for, on behalf
      of, or with the assets of, an employee benefit plan or other retirement
      arrangement subject to Section 406 of ERISA or Section 4975 of the Code, or
      (ii)
      the acquisition and holding of such Certificate are eligible for exemptive
      relief available under the statutory exemption for nonfiduciary service
      providers under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the
      Code
      or under Prohibited Transaction Class Exemptions (“PTCE”)
      84-14,
      90-1, 91-38, 95-60 or 96-23 or some other applicable exemption.

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

    

    In
      the
      case of an ERISA-Restricted Auction Certificate that is a Book-Entry
      Certificate, for purposes of the first sentence of the preceding paragraph,
      such
      representations shall be deemed to have been made to the Securities
      Administrator by the transferee’s acceptance of such Certificates that are also
      Book-Entry Certificates (or the acceptance by a Certificate Owner of the
      beneficial interest in such Certificates).

    

    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      none of the Trustee, the Securities Administrator nor the Certificate Registrar
      shall have any liability to any Person for any registration of transfer of
      any
      ERISA-Restricted Certificate or ERISA-Restricted Auction Certificate that is
      in
      fact not permitted by this Section 6.02(d) or for making any payments due on
      such Certificate to the Holder thereof or taking any other action with respect
      to such Holder under the provisions of this Agreement so long as the transfer
      was registered by the Securities Administrator or the Certificate Registrar
      in
      accordance with the foregoing requirements. In addition, none of the Trustee,
      the Securities Administrator nor the Certificate Registrar shall be required
      to
      monitor, determine or inquire as to compliance with the transfer restrictions
      with respect to any such Certificate in the form of a Book-Entry Certificate,
      and neither the Securities Administrator nor the Certificate Registrar shall
      have any liability for transfers of Book-Entry Certificates or any interests
      therein made in violation of the restrictions on transfer described in the
      Prospectus Supplement and this Agreement.

    

    Upon
      notice by the Auction Administrator to the Securities Administrator that the
      Holder of any Auction Certificate not held in book-entry form has failed to
      surrender such Certificate for registration of transfer on the Auction
      Distribution Date, the Securities Administrator shall, upon request by the
      Auction Administrator, deem such Certificate cancelled and issue, authenticate
      and deliver, in the name of the transferee designated by the Auction
      Administrator, a new Certificate in a denomination of like Class Certificate
      Principal Balance.

    

    (e) Each
      Person who has or who acquires any Ownership Interest in the Class A-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 Residual Certificate are expressly subject to the following
      provisions:

    

    (i) Each
      Person holding or acquiring any Ownership Interest in a Class A-R Certificate
      shall be a Permitted Transferee who acquires such Ownership Interest in a Class
      A-R Certificate for its own account and not in the capacity as trustee, nominee
      or agent for another Person and shall promptly notify the Securities
      Administrator of any change or impending change in its status as such a
      Permitted Transferee.

    

    (ii) No
      Ownership Interest in the Class A-R Certificate may be registered on the Closing
      Date and no Ownership Interest in a Residual Certificate may thereafter be
      transferred, and the Securities Administrator shall not register the Transfer
      of
      a Residual Certificate unless, in addition to the certificates required to
      be
      delivered under subsection (d) above, the Securities Administrator shall have
      been furnished with an affidavit (“Transfer
      Affidavit”)
      of the
      initial owner of the Class A-R Certificate or proposed transferee of a Residual
      Certificate in the form attached hereto as Exhibit L.

    
      
        
        

      

      
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    (iii) In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Securities Administrator shall as a condition to registration
      of the transfer, require delivery to it of a Transferor Certificate in the
      form
      of Exhibit K hereto from the proposed transferor to the effect that the
      transferor (a) has no knowledge the proposed Transferee is not a Permitted
      Transferee acquiring an Ownership Interest in such Class A-R Certificate for
      its
      own account and not in a capacity as trustee, nominee, or agent for another
      Person, and (b) has not undertaken the proposed transfer in whole or in part
      to
      impede the assessment or collection of tax.

    

    (iv) Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      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 such Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of Transfer of such Residual 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 Residual
      Certificate. None of the Trustee, the Securities Administrator or the
      Certificate Registrar shall have any liability to any Person for any
      registration of Transfer of a Residual Certificate that is in fact not permitted
      by this Section or for making any distributions due on a Residual Certificate
      to
      the Holder thereof or taking any other action with respect to such Holder under
      the provisions of this Agreement so long as, with respect to the Securities
      Administrator, it has received the documents specified in clause (iii). The
      Securities Administrator shall be entitled to recover from any Holder of such
      Residual Certificate that was in fact not a Permitted Transferee at the time
      such distributions were made all distributions made on such Residual
      Certificate. Any such distributions so recovered by the Securities Administrator
      shall be distributed and delivered by the Securities Administrator to the last
      Holder of such Residual Certificate that is a Permitted Transferee.

    

    (v) If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Securities Administrator shall have the right but not the obligation, without
      notice to the Holder of such Residual Certificate or any other Person having
      an
      Ownership Interest therein, to notify the Depositor to arrange for the sale
      of
      such Residual 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
      Securities Administrator to the previous Holder of such Residual Certificate
      that is a Permitted Transferee, except that in the event that the Securities
      Administrator determines that the Holder of such Residual Certificate may be
      liable for any amount due under this Section or any other provisions of this
      Agreement, the Securities Administrator may withhold a corresponding amount
      from
      such remittance as security for such claim. The terms and conditions of any
      sale
      under this clause (v) shall be determined in the sole discretion of the
      Securities Administrator and it shall not be liable to any Person having an
      Ownership Interest in such Residual Certificate as a result of its exercise
      of
      such discretion.

    
      
        
        

      

      
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    (vi) If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Securities Administrator 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 shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Trustee,
      the Securities Administrator and the Servicer, in form and substance
      satisfactory to the Trustee and the Securities Administrator, (i) written
      notification from each Rating Agency that the removal of the restrictions on
      Transfer set forth in this Section will not cause such Rating Agency to
      downgrade its ratings of the Certificates and (ii) an Opinion of Counsel to
      the
      effect that such removal will not cause either REMIC created hereunder to fail
      to qualify as a REMIC.

    

    (f) No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, 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
      6.03. 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
      Securities Administrator, 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, the Securities Administrator
      or
      the Certificate Registrar that such Certificate has been acquired by a bona
      fide
      purchaser, the Securities Administrator 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, the Securities Administrator 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, the Securities
      Administrator 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.

    
      
        
        

      

      
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    SECTION
      6.04. Persons
      Deemed Owners.

    

    The
      Depositor, the Trustee, the Securities Administrator, the Certificate Registrar,
      any Paying Agent and any agent of the Depositor, the Certificate Registrar,
      any
      Paying Agent, the Securities Administrator or the Trustee may treat the Person,
      including a Depository, in whose name any Certificate is registered as the
      owner
      of such Certificate for the purpose of receiving distributions pursuant to
      Section 5.01 hereof and for all other purposes whatsoever, and none of the
      Trust, the Trustee, the Securities Administrator, the Certificate Registrar,
      the
      Paying Agent or any agent of any of them shall be affected by notice to the
      contrary.

    

    SECTION
      6.05. Appointment
      of Paying Agent.

    

    (a) The
      Paying Agent shall make distributions to Certificateholders from the
      Distribution Account pursuant to Section 5.01 hereof. 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 Securities Administrator. The Securities Administrator may appoint a
      successor to act as Paying Agent, which appointment shall be reasonably
      satisfactory to the Depositor.

    

    (b) The
      Securities Administrator or the Trustee, as applicable, shall cause the Paying
      Agent (if other than the Trustee or the Securities Administrator) 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 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.

    

    SECTION
      6.06. Optional
      Purchase of Certificates. 

    

    (a) All
      but
      not less than all of the Certificates are subject to purchase by TMI, at its
      option, on any Distribution Date on or after the Optional Securities Purchase
      Date from the then Certificateholders thereof; provided,
      however,
      that
      TMI may appoint a designee to purchase the Residual Certificate. The purchase
      price for each Certificate (other than a Class A-X Certificate or a Residual
      Certificate) shall be equal to the sum of (i) the Certificate Principal
      Balance of such Certificate and (ii) any accrued but unpaid interest
      thereon at the applicable Pass-Through Rate with respect thereto for such
      Distribution Date. The purchase price for the Class A-X Certificates shall
      be an
      amount equal to the sum of (x) any Interest Distributable Amounts due (after
      taking into account payments made on such date from Interest Distributable
      Amounts) on the Class A-X Certificates, and (y) the present value, as of the
      date of such termination, of the remaining payments scheduled to be made on
      the
      Class A-X Certificates (such present value to be based on a discount rate that
      will approximate the expected yield to maturity of the Class A-X Certificates).
      The purchase price for the Class A-R Certificate shall be $1.00. In order to
      exercise the Optional Securities Purchase Right, TMI must, no later than the
      eighth Business Day prior to the applicable Distribution Date, deliver to the
      Securities Administrator (with copies to the Rating Agencies and the Master
      Servicer) written notice, in the form of Exhibit O hereto, of its intent to
      purchase the Certificates and of the Distribution Date on which it intends
      to do
      so and the Securities Administrator will verify in writing to TMI the cash
      amount required of TMI to effect such purchase no later than the third Business
      Day prior to the Distribution Date on which such purchase is scheduled to occur.
      The Securities Administrator shall furnish notice of the exercise of the
      Optional Securities Purchase Right to the applicable Certificateholders in
      compliance with Section 6.06(c). On the Distribution Date on which the Optional
      Securities Purchase Right will be exercised, TMI shall deposit the appropriate
      amount in cash with the Securities Administrator. Such amount shall be deposited
      by the Securities Administrator into a separate sub-account of the Distribution
      Account (the “Purchase
      Account”).
      Such
      amounts shall be paid by the Securities Administrator to Holders of the
      applicable Certificates as provided in Section 6.06(d).

    
      
        
        

      

      
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    (b) In
      the
      case of an exercise of the Optional Securities Purchase Right, TMI shall be
      solely responsible for the costs and expenses of the Trustee, the Securities
      Administrator and the Master Servicer.

    

    (c) Notice
      of
      exercise of the Optional Securities Purchase Right under Section 6.06(a) shall
      be given by the Securities Administrator by facsimile or by first-class mail,
      postage prepaid, transmitted or mailed not less than five Business Days prior
      to
      the applicable Distribution Date, to the Holder of the Class A-R Certificate
      as
      of the close of business on the Record Date preceding such Distribution Date
      and
      to each Holder of a Certificate (other than a Residual Certificate) as of a
      date
      not more than one Business Day preceding
      the mailing of such notice, at such Holder's address appearing in the
      Certificate Register.

    

    All
      such
      notices shall state:

    

    (i) the
      Distribution Date upon which the Certificateholders will receive payment in
      full
      on the applicable Certificates;

    

    (ii) the
      amount the applicable Certificateholders will be paid, separately stating
      amounts in respect of principal and interest;

    

    (iii) that
      the
      Record Date otherwise applicable to such Distribution Date is not applicable
      and
      that payments shall be made only upon presentation and surrender of the
      respective Certificates and the place where such Certificates are to be
      surrendered for payment; and

    

    (iv) that
      interest on the respective Certificates shall cease to accrue for the benefit
      of
      the then Certificateholders on such Distribution Date and no interest shall
      accrue on the price paid for such Certificates.

    
      
        
        

      

      
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    The
      foregoing notice shall be given by the Securities Administrator in the name
      and
      at the expense of TMI. Failure to give notice of such purchase, or any defect
      therein, to any Holder of any Certificate shall not impair or affect the
      validity of the purchase of any other Certificate.

    

    (d) The
      Certificates shall, following notice as required by Section 6.06(c), be
      purchased on the applicable Distribution Date by TMI at the price specified
      in
      Section 6.06(a) from funds in the Purchase Account, and (unless TMI shall
      default in the payment of such amount) no interest shall accrue on such amount
      for any period after the date to which accrued interest is calculated for
      purposes of calculating such amount.

    

    (e) Subsequent
      to the purchase of the Certificates following exercise of the Optional
      Securities Purchase Right, TMI shall be deemed the sole Holder of the Offered
      Certificates (other than the Residual Certificates) and it shall either be
      the
      sole Holder of the Class A-R Certificate or may designate a Person which meets
      the requirements of this Agreement to become the Holder thereof. TMI may
      subsequently transfer some or all of the Certificates acquired by it in
      accordance with the provisions hereof. All Certificates issued to the
      Certificateholders prior to exercise of the Optional Securities Purchase Right
      shall be deemed cancelled (other than those Certificates held by
      TMI).

    

    ARTICLE
      VII

    

    DEFAULT

    

    SECTION
      7.01. Event
      of Default. 

    

    (a) If
      any
      one of the following events (each, an “Event
      of Default”)
      shall
      occur and be continuing: 

    

    (i) the
      failure by the Master Servicer to (A) make any Advance on the Business Day
      immediately preceding the related Distribution Date or (B) to deposit in the
      Distribution Account any deposit required to be made under the terms of this
      Agreement, and in either case such failure continues unremedied for a period
      of
      three Business Days after the date upon which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Master Servicer
      (or, if applicable, such shorter time period as is provided in the penultimate
      sentence of Section 7.01(c)); or

    

    (ii) the
      failure by the Master Servicer duly to observe or perform, in any material
      respect, any other covenants, obligations or agreements of the Master Servicer
      as set forth in this Agreement, which failure continues unremedied for a period
      of 60 days, in each case after the date (A) on which written notice of such
      failure, requiring the same to be remedied, shall have been given to the Master
      Servicer by the Trustee or to the Master Servicer and the Trustee by Holders
      of
      Certificates evidencing at least 25% of the Voting Rights or (B) on which a
      Servicing Officer of the Master Servicer has actual knowledge of such failure
      (or, in the case of a breach of its obligation beyond any applicable cure period
      to provide an assessment of compliance, an attestation report or a
      Sarbanes-Oxley Certification pursuant to Sections 3.16 and 3.18, respectively);
      or

    
      
        
        

      

      
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    (iii) the
      entry
      against the Master 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
      Master 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 Master 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 Master Servicer and such decree or order shall
      have remained in force undischarged, unbonded or unstayed for a period of 60
      days; or the Master Servicer shall admit in writing its inability to pay its
      debts generally as they become due, file a petition to take advantage of any
      applicable insolvency or reorganization statute, make an assignment for the
      benefit of its creditors or voluntarily suspend payment of its
      obligations;

    

    (b) then,
      and
      in each and every such case, so long as an Event of Default shall not have
      been
      remedied within the applicable grace period, the Trustee shall, at the written
      direction of the Holders of Certificates evidencing Voting Rights aggregating
      not less than 51%, or at its option may, with the consent of Thornburg (not
      to
      be unreasonably withheld), by notice then given in writing to the Master
      Servicer, terminate all of the rights and obligations of the Master Servicer
      as
      servicer under this Agreement. Any such notice to the Master Servicer shall
      also
      be given to each Rating Agency, the Depositor and the Seller. On or after the
      receipt by the Master Servicer (and by the Trustee if such notice is given
      by
      the Holders) of such written notice, all authority and power of the Master
      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 and
      the
      Trustee is hereby authorized and empowered to execute and deliver, on behalf
      of
      the Master Servicer, as attorney-in-fact or otherwise, any and all documents
      and
      other instruments, and to do or accomplish all other acts or things necessary
      or
      appropriate to effect the purposes of such notice of termination, whether to
      complete the transfer and endorsement of each Mortgage Loan and related
      documents or otherwise. The Master Servicer agrees to cooperate with the Trustee
      in effecting the termination of the responsibilities and rights of the Master
      Servicer hereunder, including, without limitation, the delivery to the Trustee
      of all documents and records requested by it to enable it to assume the Master
      Servicer's functions under this Agreement within ten Business Days subsequent
      to
      such notice and the transfer within one Business Day subsequent to such notice
      to the Trustee for the administration by it of all cash amounts that shall
      at
      the time be held by the Master Servicer and to be deposited by it in the
      Distribution Account, any REO Account or any Servicing Account or that have
      been
      deposited by the Master Servicer in such accounts or thereafter received by
      the
      Master Servicer with respect to the Mortgage Loans or any REO Property received
      by the Master Servicer. All reasonable costs and expenses (including attorneys'
      fees) incurred in connection with transferring the Master Servicer's duties
      and
      the Mortgage Files to the successor Master Servicer and amending this Agreement
      to reflect such succession as Master Servicer pursuant to this Section shall
      be
      paid by the predecessor Master Servicer (or if the predecessor Master Servicer
      is the Trustee, the initial Master Servicer) upon presentation of reasonable
      documentation of such costs and expenses. The termination of the rights and
      obligations of the Master Servicer shall not affect any liability it may have
      incurred prior to such termination. To the extent that such costs and expenses
      of the Trustee are not fully and timely reimbursed by the predecessor Master
      Servicer, the Trustee shall be entitled to reimbursement of such costs and
      expenses from the Distribution Account.

    
      
        
        

      

      
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    (c) The
      Securities Administrator shall not later than the close of business on the
      Business Day immediately preceding the related Distribution Date notify the
      Trustee in writing of the Master Servicer’s failure to make any Advance required
      to be made under this Agreement on such date and the amount of such Advance.
      By
      no later than 10:00 A.M. (Chicago time) on the relevant Distribution Date,
      the
      Securities Administrator shall notify the Trustee of the continuance of such
      failure or that the Master Servicer has made the Advance, as the case may be.
      Notwithstanding the terms of the Event of Default described in clause (i)(A) of
      Section 7.01(a), the Trustee, upon receipt of written notice on the Distribution
      Date from the Securities Administrator of the continuance of the failure of
      the
      Master Servicer to make an Advance, shall, by notice in writing to the Master
      Servicer, which may be delivered by telecopy, immediately suspend all of the
      rights and obligations of the Master Servicer thereafter arising under this
      Agreement, but without prejudice to any rights it may have as a
      Certificateholder or to reimbursement of outstanding Advances or other amounts
      for which the Master Servicer was entitled to reimbursement as of the date
      of
      suspension, and the Trustee, subject to the cure provided for in this paragraph,
      if available, shall act as provided in Section 7.02 to carry out the duties
      of
      the Master Servicer, including the obligation to make any Advance the nonpayment
      of which is described in clause (i)(A) of Section 7.01(a). Any such action
      taken
      by the Trustee must be prior to the distribution on the relevant Distribution
      Date, and shall have all of the rights incidental thereto. If the Master
      Servicer shall within two Business Days following such suspension remit to
      the
      Trustee the amount of any Advance the nonpayment of which by the Master Servicer
      is described in clause (i)(A) of Section 7.01(a), together with all other
      amounts necessary to reimburse the Trustee for actual, necessary and reasonable
      costs incurred by the Trustee because of action taken pursuant to this
      subsection (including interest on any Advance or other amounts paid by the
      Trustee (from and including the respective dates thereof) at a per annum rate
      equal to the prime rate for U.S. money center commercial banks as published
      in
      the Wall Street Journal), then the Trustee, subject to the last two sentences
      of
      this paragraph, shall permit the Master Servicer to resume its rights and
      obligations as Master Servicer hereunder. If the Master Servicer shall fail
      to
      remit such amounts to the Trustee within such two Business Days after the
      Distribution Date, then an Event of Default shall occur and such notice of
      suspension shall be deemed to be a notice of termination without any further
      action on the part of the Trustee. The Master Servicer agrees that if it fails
      to make a required Advance by 10:00 A.M. (Chicago time) on the related
      Distribution Date on more than two occasions in any 12 month period, the Trustee
      shall be under no obligation to permit the Master Servicer to resume its rights
      and obligations as Master Servicer hereunder, and notwithstanding the cure
      period provided in Section 7.01(a)(i)(A), an Event of Default shall be deemed
      to
      have occurred on the relevant Distribution Date. 

    
      
        
        

      

      
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    SECTION
      7.02. Trustee
      to Act.

    

    (a) From
      and
      after the date the Master Servicer (and the Trustee, if notice is sent by the
      Holders) receives a notice of termination pursuant to Section 7.01, the Trustee
      shall be the successor in all respects to the Master 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 Master Servicer by the terms and provisions
      hereof arising on and after its succession. As compensation therefor, the
      Trustee shall be entitled to such compensation as the Master 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
      Master Servicer or (ii) if the Trustee is legally unable so to act, subject
      to
      the rights of Thornburg under Section 3.33 hereof, 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 $15,000,000 as the successor to
      the
      Master Servicer hereunder in the assumption of all or any part of the
      responsibilities, duties or liabilities of the Master Servicer hereunder;
      provided, that the appointment of any such successor Master Servicer shall
      not
      result in the qualification, reduction or withdrawal of the ratings assigned
      to
      the Certificates by each Rating Agency as evidenced by a letter to such effect
      from each Rating Agency. Pending appointment of a successor to the Master
      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 Master Servicer would otherwise have received pursuant
      to
      Section 3.18. The appointment of a successor Master Servicer shall not affect
      any liability of the predecessor Master Servicer which may have arisen under
      this Agreement prior to its termination as Master 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 Master Servicer be liable
      for
      any acts or omissions of the predecessor Master Servicer or for any breach
      by
      such Master 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.

    

    (b) Any
      successor, including the Trustee, to the Master Servicer as Master Servicer
      shall during the term of its service as Master Servicer continue to service
      and
      administer the Mortgage Loans for the benefit of Certificateholders, and
      maintain in force a policy or policies of insurance covering errors and
      omissions in the performance of its obligations as Master Servicer hereunder
      and
      a Fidelity Bond in respect of its officers, employees and agents to the same
      extent as the Master Servicer is so required pursuant to Section
      3.04.

    
      
        
        

      

      
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    (c) Notwithstanding
      anything else herein to the contrary, in no event shall the Trustee be liable
      for any servicing fee or for any differential in the amount of the servicing
      fee
      paid hereunder and the amount necessary to induce any successor Master Servicer
      to act as successor Master Servicer under this Agreement and the transactions
      set forth or provided for herein.

    

    SECTION
      7.03. Waiver
      of Event of Default.

    

    The
      Majority Certificateholders may, on behalf of all Certificateholders, by notice
      in writing to the Trustee, direct the Trustee to waive any events permitting
      removal of any Master Servicer under this Agreement, provided,
      however,
      that
      the Majority Certificateholders may not waive an event that results in a failure
      to make any required distribution on a Certificate without the consent of the
      Holder of such Certificate. Upon any waiver of an Event of Default, such event
      shall cease to exist and any Event of Default arising therefrom shall be deemed
      to have been remedied for every purpose of this Agreement. No such waiver shall
      extend to any subsequent or other event 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 each Rating Agency.

    

    SECTION
      7.04. Notification
      to Certificateholders.

    

    (a) Upon
      any
      termination or appointment of a successor to any Master Servicer pursuant to
      this Article VII or Section 3.34, the Certificate Registrar or the Trustee,
      if
      the Master Servicer is also the Certificate Registrar and Securities
      Administrator, shall give prompt written notice thereof to the
      Certificateholders at their respective addresses appearing in the Certificate
      Register and to each Rating Agency.

    

    (b) No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute an Event of Default of
      which
      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 Event of Default shall have been waived or
      cured.

    

    ARTICLE
      VIII

    

    THE
      TRUSTEE AND THE SECURITIES ADMINISTRATOR

    

    SECTION
      8.01. Duties
      of Trustee and Securities Administrator.

    

    The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred, and the Securities
      Administrator each undertake to perform such duties and only such duties as
      are
      specifically set forth in this Agreement. If an Event of Default has occurred
      (which has not been cured or waived) of which a Responsible Officer 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 man would exercise or use under the circumstances in the conduct
      of
      his own affairs, unless the Trustee is acting as successor Master Servicer,
      in
      which case it shall use the same degree of care and skill as the Master Servicer
      hereunder with respect to the exercise of the rights and powers of the Master
      Servicer hereunder.

    
      
        
        

      

      
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    The
      Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to the Trustee and the Securities Administrator, 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
      neither the Trustee nor the Securities Administrator will 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
      and the Securities Administrator shall take such action as it deems appropriate
      to have the instrument corrected.

    

    On
      each
      Distribution Date, the Securities Administrator shall make monthly distributions
      to the Yield Maintenance Account and to the Certificateholders from funds in
      the
      Distribution Account, in each case as provided in Sections 5.01, 5.09 and 10.01
      hereof based on the report of the Securities Administrator.

    

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

    

    (i) prior
      to
      the occurrence of an Event of Default, and after the curing of all such Events
      of Default which may have occurred, the duties and obligations of the Trustee
      and the Securities Administrator shall be determined solely by the express
      provisions of this Agreement, neither the Trustee nor the Securities
      Administrator shall be liable except for the performance of such of its 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
      or the Securities Administrator and, in the absence of bad faith on the part
      of
      the Trustee or the Securities Administrator, respectively, the Trustee or the
      Securities Administrator 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 or the Securities
      Administrator, respectively, and conforming to the requirements of this
      Agreement;

    

    (ii) neither
      the Trustee nor the Securities Administrator shall be liable for an error of
      judgment made in good faith by a Responsible Officer of the Trustee or an
      officer of the Securities Administrator, respectively, unless it shall be proved
      that the Trustee or the Securities Administrator, respectively, was negligent
      in
      ascertaining or investigating the facts related thereto;

    

    (iii) neither
      the Trustee nor the Securities Administrator shall be personally liable with
      respect to any action taken, suffered or omitted to be taken by it in good
      faith
      in accordance with the consent or at the direction of Holders of Certificates
      as
      provided herein relating to the time, method and place of conducting any remedy
      pursuant to this Agreement, or exercising or omitting to exercise any trust
      or
      power conferred upon the Trustee or the Securities Administrator, respectively,
      under this Agreement; and

    
      
        
        

      

      
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    (iv) the
      Trustee shall not be charged with knowledge of any Event of Default or any
      other
      event or matter that may require it to take action or omit to take action
      hereunder 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 Event of Default.

    

    Neither
      the Trustee nor the Securities Administrator shall be required to expend or
      risk
      its own funds or otherwise incur financial or other liability in the performance
      of any of its duties hereunder, or in the exercise of any of its rights or
      powers, if there is reasonable ground for believing that the repayment of such
      funds or indemnity satisfactory to it against such risk or liability is not
      assured to it, and none of the provisions contained in this Agreement shall
      in
      any event require the Trustee or the Securities Administrator to perform, or
      be
      responsible for the manner of performance of, any of the obligations of the
      Master Servicer under this Agreement, except during such time, if any, as the
      Trustee shall be the successor to, and be vested with the rights, duties, powers
      and privileges of, the Master Servicer in accordance with the terms of this
      Agreement.

    

    SECTION
      8.02. Certain
      Matters Affecting the Trustee and the Securities Administrator.

    

    Except
      as
      otherwise provided in Section 8.01 hereof:

    

    (i) the
      Trustee and the Securities Administrator may request and conclusively rely
      upon,
      and shall be fully protected in acting or refraining from acting upon, any
      resolution, Officers’ 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 and the Securities Administrator may
      prescribe;

    

    (ii) the
      Trustee and the Securities Administrator may consult with counsel and any advice
      of its counsel or 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 advice or
      Opinion of Counsel;

    

    (iii) neither
      the Trustee nor the Securities Administrator shall be under any 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 or the Securities Administrator, respectively, reasonable
      security or indemnity satisfactory to it against the costs, expenses and
      liabilities which may be incurred therein or thereby; the right of the Trustee
      to perform any discretionary act enumerated in this Agreement shall not be
      construed as a duty, and the Trustee shall not be answerable for other than
      its
      negligence or willful misconduct in the performance of any such
      act;

    
      
        
        

      

      
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    (iv) neither
      the Trustee nor the Securities Administrator shall 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 an Event of Default and after the curing or waiver of all
      Events of Default 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 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 as a condition
      to
      such proceeding. If the Master Servicer fails to reimburse the Trustee in
      respect of the reasonable expense of every such examination relating to the
      Master Servicer, the Trustee shall be reimbursed by the Trust Fund;

    

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

    

    (vii) the
      Trustee and the Securities Administrator may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents, nominees, attorneys or a custodian, and shall not be responsible for
      any
      willful misconduct or negligence on the part of any agent, nominee, attorney
      or
      custodian appointed by the Trustee or the Securities Administrator in good
      faith; and

    

    (viii) the
      right
      of the Trustee or the Securities Administrator to perform any discretionary
      act
      enumerated in this Agreement shall not be construed as a duty, and neither
      the
      Trustee nor the Securities Administrator shall be answerable for other than
      its
      negligence or willful misconduct in the performance of such act.

    

    SECTION
      8.03. Trustee
      and the Securities Administrator Not Liable for Certificates, Mortgage Loans
      or
      Additional Collateral.

    

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Trustee or Securities Administrator on the Certificates) shall be taken
      as the statements of the Depositor or the Seller, and the neither Trustee nor
      the Securities Administrator assumes responsibility for the correctness of
      the
      same. Neither the Trustee nor the Securities 

    
      
        
        

      

      
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    Administrator
      makes representations or warranties as to the validity or sufficiency of this
      Agreement or of the Certificates (other than the signature and authentication
      of
      the Securities Administrator on the Certificates) or of any Mortgage Loan or
      related document or of MERS or the MERS System. The Trustee shall not be
      accountable for the use or application by the Master Servicer, or for the use
      or
      application of any funds paid to the Master Servicer in respect of related
      Mortgage Loans or deposited in or withdrawn from the Distribution Account by
      the
      Master Servicer or the Securities Administrator. Neither the Trustee nor the
      Securities Administrator shall at any 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 existence and enforceability of any hazard insurance thereon (other than
      if
      the Trustee shall assume the duties of the Master Servicer pursuant to Section
      7.02 hereof); 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 Master Servicer pursuant to Section 7.02 hereof);
      the
      compliance by the Depositor or the Seller 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 monies by or at the direction of the Master Servicer or in the case of the
      Trustee the Securities Administrator 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 and the Securities Administrator shall
      remain responsible for any Trust property that it may hold in its individual
      capacity; the acts or omissions of the Master Servicer (other than as to the
      Securities Administrator, if it is also the Master Servicer, and as to the
      Trustee, if the Trustee shall assume the duties of the Master Servicer pursuant
      to Section 7.02 hereof, and then only for the acts or omissions of the Trustee
      as the successor Master Servicer), or any acts or omissions of any Servicer
      or
      any Mortgagor; any action of the Master Servicer (other than as to the
      Securities Administrator, if it is also the Master Servicer, and as to the
      Trustee, if the Trustee shall assume the duties of the Master Servicer pursuant
      to Section 7.02 hereof), or in the case of the Trustee the Securities
      Administrator or any Servicer taken in the name of the Trustee; the failure
      of
      the Master Servicer or any Servicer to act or perform any duties required of
      it
      as agent or on behalf of the Trustee or the Trust hereunder; or any action
      by
      the Trustee taken at the instruction of the Master Servicer (other than if
      the
      Trustee shall assume the duties of the Master Servicer pursuant to Section
      7.02
      hereof, and then only for the actions of the Trustee as the successor Master
      Servicer); 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, if so required pursuant to Section 2.01 of this
      Agreement.

    
      
        
        

      

      
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    SECTION
      8.04. Trustee,
      Custodian, Delaware Trustee, Master Servicer and Securities Administrator May
      Own Certificates.

    

    The
      Trustee, the Custodian, the Delaware Trustee, the Master Servicer and the
      Securities Administrator in their respective individual capacities, or in any
      capacity other than as Trustee, Custodian, Delaware Trustee, Master Servicer
      or
      Securities Administrator hereunder, may become the owner or pledgee of any
      Certificates with the same rights they would have if they were not Trustee,
      Custodian, Delaware Trustee, Master Servicer or Securities Administrator, as
      applicable, and may otherwise deal with the parties hereto.

    

    SECTION
      8.05. Trustee’s,
      Delaware Trustee’s and Securities Administrator’s Fees and
      Expenses.

    

    The
      Trustee shall be compensated by the Master Servicer for its services hereunder
      on behalf of the Trust in accordance with the fee letter between the Master
      Servicer and the Trustee. The Delaware Trustee shall be compensated by the
      Seller for its services hereunder. The Securities Administrator shall be
      compensated by the Master Servicer for its services hereunder from a portion
      of
      the Master Servicing Fee. In addition, the Trustee (as Trustee and in its
      individual corporate capacity), the Delaware Trustee and the Securities
      Administrator will be entitled to recover from the Distribution Account pursuant
      to Section 4.05(a) all reasonable out-of-pocket expenses, disbursements and
      advances and the expenses of the Trustee (including for such purpose, any fees
      and expenses relating to its capacity as Custodian hereunder to the extent
      not
      paid by Thornburg), the Delaware Trustee, and the Securities Administrator,
      respectively, including without limitation, in connection with any Event of
      Default, any breach of this Agreement or any claim or legal action (including
      any pending or threatened claim or legal action) incurred or made by the
      Delaware Trustee, the Trustee or the Securities Administrator, respectively,
      in
      the performance of its duties or the administration of the trusts hereunder
      or
      under the Yield Maintenance Agreement or the Auction Swap Agreement (including
      the reasonable compensation, expenses and disbursements of its counsel) except
      any such expense, disbursement or advance as may arise from its negligence
      (or
      in the case of the Delaware Trustee, gross negligence) or intentional misconduct
      or which is specifically designated herein as the responsibility of the
      Depositor, the Seller, the Master Servicer, the Certificateholders, the Delaware
      Trustee or the Trust hereunder or thereunder. If funds in the Distribution
      Account are insufficient therefor, the Trustee, the Delaware Trustee, the
      Custodian and the Securities Administrator shall recover such expenses from
      future collections on the Mortgage Loans or as otherwise agreed by such parties
      and the Certificateholders. Such compensation and reimbursement obligation
      shall
      not be limited by any provision of law in regard to the compensation of a
      trustee of an express trust.

    

    SECTION
      8.06. Eligibility
      Requirements for Trustee and Securities Administrator.

    

    The
      Trustee and Securities Administrator 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, each having a combined capital and surplus of at least $50,000,000
      and (except with respect to the initial Trustee) a minimum long-term debt rating
      in the third highest rating category by each Rating Agency and in each Rating
      Agency’s two highest short-term rating categories, and subject to supervision or
      examination by federal or state authority. 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 or the Securities Administrator shall
      cease to be eligible in accordance with the provisions of this Section 8.06,
      the
      Trustee or the Securities Administrator, as applicable shall resign immediately
      in the manner and with the effect specified in Section 8.07 hereof.

    
      
        
        

      

      
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    SECTION
      8.07. Resignation
      or Removal of Trustee and Securities Administrator.

    

    The
      Trustee and Securities Administrator may at any time resign and be discharged
      from the trusts hereby created by giving written notice thereof to the
      Depositor, the Seller, the Master Servicer and each Rating Agency. Upon
      receiving such notice of resignation of the Trustee, the Seller shall promptly
      appoint a successor Trustee that meets the requirements in Section 8.06 or,
      in
      the case of notice of resignation of the Securities Administrator, the Trustee
      shall promptly appoint a successor Securities Administrator that meets the
      requirements in Section 8.06, in each case, by written instrument, in duplicate,
      one copy of which instrument shall be delivered to each of the resigning Trustee
      or Securities Administrator, as applicable, and one copy to the successor
      Trustee or successor Securities Administrator, as applicable. If no successor
      Trustee or successor Securities Administrator, as applicable, shall have been
      so
      appointed and having accepted appointment within 30 days after the giving of
      such notice of resignation, the resigning Trustee or Securities Administrator
      may petition any court of competent jurisdiction for the appointment of a
      successor Trustee or Securities Administrator, as applicable.

    

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 8.06 hereof or if at any time the
      Trustee or the Securities Administrator shall be legally unable to act, or
      shall
      be adjudged a bankrupt or insolvent, or a receiver of the Trustee or the
      Securities Administrator, as applicable, or of its property shall be appointed,
      or any public officer shall take charge or control of the Trustee or the
      Securities Administrator, as applicable, or of its property or affairs for
      the
      purpose of rehabilitation, conservation or liquidation, or if the Trustee (in
      its capacity as Custodian) or the Securities Administrator fails to provide
      an
      assessment of compliance or an attestation report required under Section 3.16
      within 15 calendar days of March 1 of each calendar year in which Exchange
      Act
      reports are required then the Seller may remove the Trustee or the Trustee
      may
      remove the Securities Administrator, as applicable. If the Seller or the Trustee
      removes the Trustee or the Securities Administrator, respectively under the
      authority of the immediately preceding sentence, the Seller or the Trustee
      shall
      promptly appoint a successor Trustee or successor Securities Administrator
      that
      meets the requirements of Section 8.06, as applicable, by written instrument,
      in
      triplicate, one copy of which instrument shall be delivered to the Trustee
      or
      the Securities Administrator, as applicable, so removed, one copy to the
      successor Trustee or successor Securities Administrator, as applicable, and
      one
      copy to the Master Servicer.

    
      
        
        

      

      
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    The
      Majority Certificateholders may at any time remove the Trustee or the Securities
      Administrator by written instrument or instruments delivered to the Seller
      and
      the Trustee; the Seller shall thereupon use its best efforts to appoint a
      successor Trustee or successor Securities Administrator, as applicable, in
      accordance with this Section. 

    

    Any
      resignation or removal of the Trustee or the Securities Administrator and
      appointment of a successor Trustee or a successor Securities Administrator,
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee or a
      successor Securities Administrator, as applicable, as provided in Section 8.08
      hereof. If the Trustee or the Securities Administrator is removed pursuant
      to
      this Section 8.07, it shall be reimbursed any outstanding and unpaid fees and
      expenses, and if removed under the authority of the immediately preceding
      paragraph, the Trustee or the Securities Administrator shall also be reimbursed
      any outstanding and unpaid costs and expenses.

    

    Notwithstanding
      anything to the contrary contained herein, in the event that the Master Servicer
      resigns or is removed as Master Servicer hereunder, the Securities Administrator
      shall have the right to resign immediately as Securities Administrator by giving
      written notice to the Seller and the Trustee, with a copy to each Rating Agency;
      provided that such resignation shall not become effective until acceptance
      of
      appointment by a successor Securities Administrator. Notwithstanding anything
      to
      the contrary herein, in the event that the Securities Administrator resigns
      or
      is removed as Securities Administrator hereunder, the Master Servicer shall
      have
      the right to resign immediately as Master Servicer by giving written notice
      to
      the Seller and the Trustee, with a copy to each Rating Agency; provided that
      such resignation shall not become effective until acceptance of appointment
      by a
      successor Master Servicer.

    

    SECTION
      8.08. Successor
      Trustee and Successor Securities Administrator.

    

    Any
      successor Trustee or successor Securities Administrator appointed as provided
      in
      Section 8.07 hereof shall execute, acknowledge and deliver to the Depositor,
      the
      Seller and the Master Servicer and to its predecessor Trustee or Securities
      Administrator an instrument accepting such appointment hereunder, and thereupon
      the resignation or removal of the predecessor Trustee or Securities
      Administrator shall become effective, and such successor Trustee or successor
      Securities Administrator, without any further act, deed or conveyance, shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor hereunder (including, without limitation, with respect to such
      a
      successor Securities Administrator, its rights, powers, duties and obligations
      as Auction Administrator under the Auction Administration Agreement), with
      like
      effect as if originally named as Trustee or Securities Administrator. The
      Depositor, the Seller, the Master Servicer and the predecessor Trustee or
      Securities Administrator 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 or Securities Administrator, as applicable,
      all such rights, powers, duties and obligations.

    
      
        
        

      

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

    

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

    

    SECTION
      8.09. Merger
      or Consolidation of Trustee or Securities Administrator.

    

    Any
      entity into which the Trustee or the Securities Administrator 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 or the Securities
      Administrator shall be a party, or any entity succeeding to the corporate trust
      business of the Trustee or the Securities Administrator, shall be the successor
      of the Trustee or the Securities Administrator, as applicable, hereunder,
      provided such entity shall be eligible under the provisions of Section 8.06
      and
      8.08 hereof, 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, and in addition to the appointment
      of
      the Delaware Trustee pursuant to Section 1A.03 hereof, 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 the Trustee shall,
      and
      shall instruct the Depositor to, 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, 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 Master Servicer
      and
      the Trustee may consider necessary or desirable. No co-trustee or separate
      trustee hereunder shall be required to meet the terms of eligibility as a
      successor trustee under Section 8.06 hereof, and no notice to Certificateholders
      of the appointment of any co-trustee or separate trustee shall be required
      under
      Section 8.08 hereof.

    

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

    
      
        
        

      

      
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    (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 Master 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
      Depositor and the Trustee, acting jointly may at any time accept the resignation
      of 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.

    

    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 Securities Administrator, not in its individual
      capacity but solely as Securities Administrator on behalf 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
      Securities Administrator 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.

    
      
        
        

      

      
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    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,
      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 (for the avoidance of doubt, in its
      individual capacity and as Trustee on behalf of the Trust), its agents and
      counsel, be for the ratable benefit or the Certificateholders in respect of
      which such judgment has been recovered.

    

    (b) The
      Trustee shall afford the Seller, the Depositor and each Certificateholder upon
      reasonable notice during normal business hours at its Corporate Trust Office
      or
      other office designated by the Trustee, access to all records maintained by
      the
      Trustee in respect of its duties hereunder and access to officers of the Trustee
      responsible for performing such duties. The Trustee shall cooperate fully with
      the Seller, the Depositor and such Certificateholder and shall, subject to
      the
      first sentence of this Section 8.12(b), make available to the Seller, 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 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.

    

    (c) The
      Securities Administrator shall afford the Seller, the Depositor, the Trustee
      and
      each Certificateholder upon reasonable notice during normal business hours
      at
      its offices at 9062 Old Annapolis Road, Columbia, Maryland 21045 or other office
      designated by the Securities Administrator, access to all records maintained
      by
      the Securities Administrator in respect of its duties hereunder and access
      to
      officers of the Securities Administrator responsible for performing such duties.
      Upon request, the Securities Administrator shall furnish the Depositor and
      any
      requesting Certificateholder with its most recent audited financial statements.
      The Securities Administrator shall cooperate fully with the Seller, the
      Depositor, the Trustee and such Certificateholder and shall, subject to the
      first sentence of this Section 8.12(c), make available to the Seller, the
      Depositor and such Certificateholder for review and copying such books,
      documents or records as may be requested with respect to the Securities
      Administrator’s duties hereunder. The Seller, the Depositor, the Trustee and the
      Certificateholders shall not have any responsibility or liability for any action
      or failure to act by the Securities Administrator and are not obligated to
      supervise the performance of the Securities Administrator under this Agreement
      or otherwise.

    

    SECTION
      8.13. Suits
      for Enforcement.

    

    In
      case
      an Event of Default or a default by the Depositor hereunder shall occur and
      be
      continuing, the Trustee may proceed to protect and enforce its rights and the
      rights of the Certificateholders under this Agreement, as the case may be,
      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.

    
      
        
        

      

      
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    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. Appointment
      of Custodians.

    

    The
      Trustee may appoint one or more custodians to hold all or a portion of the
      related Mortgage Files as agent for the Trustee, by entering into a custodial
      agreement. The custodian may at any time be terminated and a substitute
      custodian appointed therefor by the Trustee. Subject to this Article VIII,
      the
      Trustee agrees to comply with the terms of each custodial agreement and to
      enforce the terms and provisions thereof against the custodian for the benefit
      of the Certificateholders having an interest in any Mortgage File held by such
      custodian. Each custodian shall be a depository institution or trust company
      subject to supervision by federal or state authority, shall have combined
      capital and surplus of at least $15,000,000 and shall be qualified to do
      business in the jurisdiction in which it holds any Mortgage File. The Seller
      shall pay from its own funds, without any right to reimbursement, the fees,
      costs and expenses of each custodian (including the costs of custodian’s
      counsel).

    

    SECTION
      8.17. Auction
      Administration Agreement; Auction Swap Agreement.

    

    (a) Concurrently
      with the execution and delivery hereof, at the direction of the Depositor,
      the
      Securities Administrator, acting solely as an agent (the “Auction
      Administrator”)
      for
      the Holders of the Auction Certificates and not on behalf of the Trust, shall
      execute and deliver the Auction Administration Agreement and the Auction Swap
      Agreement in the forms presented by the Auction Swap Counterparty provided
      that
      the provisions of Section 1A.05 remain applicable to each Certificateholder.
      The
      Securities Administrator shall have no duty to review or otherwise determine
      the
      adequacy of the Auction Administration Agreement or the Auction Swap
      Agreement.

    
      
        
        

      

      
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    (b) Each
      Holder of an Auction Certificate is deemed, by acceptance of such Certificate,
      (i) to authorize the Securities Administrator to execute and deliver the Auction
      Administration Agreement and the Auction Swap Agreement as their agent and
      (ii)
      to acknowledge and accept and agree to be bound by the provisions of the Auction
      Administration Agreement and the Auction Swap Agreement. The Securities
      Administrator, as Auction Administrator, agrees not to consent to any amendments
      to the Auction Administration Agreement or Auction Swap Agreement without the
      consent of 100% of the Auction Certificates.

    

    SECTION
      8.18. Yield
      Maintenance Counterparty Tax Form.

    

    The
      Securities Administrator agrees that so long as the Yield Maintenance Agreement
      remains in effect, it shall request that the Yield Maintenance Counterparty
      provide to it an Internal Revenue Service Form W-8ECI (or any successor form)
      at
      the end of each three year period following the Closing Date as provided for
      in
      the Yield Maintenance Agreement.

    

    ARTICLE
      IX

    

    REMIC
      ADMINISTRATION

    

    SECTION
      9.01. REMIC
      Administration.

    

    (a) As
      set
      forth in the Preliminary Statement to this Agreement, two REMIC elections shall
      be made by the Trust. The Trustee shall sign and the Securities Administrator
      shall file such elections 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 in each REMIC
      created hereunder and the related residual interest shall be as designated
      in
      the Preliminary Statement. Following the Closing Date, the Securities
      Administrator shall apply to the Internal Revenue Service for an employer
      identification number for each REMIC created hereunder by means of a Form SS-4
      or other acceptable method and shall file a Form 8811 with the Internal Revenue
      Service.

    

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC created
      hereunder within the meaning of section 860G(a)(9) of the Code.

    

    (c) Except
      as
      provided in subsection (d) of this Section 9.01, the Securities Administrator
      shall pay any and all tax related expenses (not including taxes) of each REMIC
      created hereunder, including but not limited to any professional fees or
      expenses related to audits or any administrative or judicial proceedings with
      respect to any such REMIC that involve the Internal Revenue Service or state
      tax
      authorities, but only to the extent that (i) such expenses are ordinary or
      routine expenses, including expenses of a routine audit but not expenses of
      litigation (except as described in (ii)); or (ii) such expenses or liabilities
      (including taxes and penalties) are attributable to the negligence or willful
      misconduct of the Securities Administrator in fulfilling its duties hereunder
      (including the Securities Administrator’s duties as tax return
      preparer).

    
      
        
        

      

      
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    (d) The
      Securities Administrator shall prepare and file, and the Trustee shall sign
      all
      of the federal and state tax and information returns of each REMIC created
      hereunder (collectively, the “Tax
      Returns”)
      as the
      direct representative. The expenses of preparing and filing such Tax Returns
      shall be borne by the Securities Administrator. Notwithstanding the foregoing,
      the Securities Administrator shall have no obligation to prepare, file or
      otherwise deal with partnership tax information or returns. In the event that
      partnership tax information or returns are required by the Internal Revenue
      Service, the Seller, at its own cost and expense, will prepare and file all
      necessary returns. The Internal Revenue Service has issued OID regulations
      under
      Sections 1271 to 1275 of the Code generally addressing the treatment of debt
      instruments issued with original issue discount. Under those regulations, debt
      issued to one Person generally is aggregated in determining if there is OID.
      Because certain Classes of Regular Certificates are expected to be issued to
      one
      Person (which intends to continue to hold the Regular Certificates indefinitely
      and, in any case, for at least 30 days), the Securities Administrator, on behalf
      of the Trust, intends to determine the existence and amount of any OID as if
      those Classes of Regular Certificates were one debt instrument. 

    

    (e) The
      Securities Administrator shall perform on behalf of each REMIC created hereunder
      all reporting and other tax compliance duties that are the responsibility of
      each such REMIC under the Code, the REMIC Provisions or other compliance
      guidance issued by the Internal Revenue Service or any state or local taxing
      authority. Among its other duties, if required by the Code, the REMIC Provisions
      or other such guidance, the Securities Administrator, shall provide (i) to
      the
      Treasury or other governmental authority such information as is necessary for
      the application of any tax relating to the transfer of the Class A-R Certificate
      to any disqualified organization and (ii) to the Certificateholders such
      information or reports as are required by the Code or REMIC Provisions.

    

    (f) Each
      of
      the Trustee, the Securities Administrator and the Holders of Certificates (to
      the extent that the affairs of the REMICs are within such Person’s control and
      the scope of its specific responsibilities under the Agreement) shall take
      any
      action or cause any REMIC created hereunder to take any action necessary to
      create or maintain the status of the REMIC created hereunder as a REMIC under
      the REMIC Provisions and shall assist each other as necessary to create or
      maintain such status. None of the Trustee, the Securities Administrator or
      the
      Holder of a Residual Certificate shall 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 result in an Adverse REMIC Event unless the Trustee and the Securities
      Administrator have received an Opinion of Counsel (at the expense of the party
      seeking to take such action) to the effect that the contemplated action will
      not
      result in an Adverse REMIC Event. In addition, prior to taking any action with
      respect to any REMIC created hereunder or the assets therein, or causing any
      such REMIC to take any action which is not expressly permitted under the terms
      of this Agreement, any Holder of the Class A-R Certificate will consult with
      the
      Securities Administrator or its designees, in writing, with respect to whether
      such action could cause an Adverse REMIC Event to occur with respect to any
      such
      REMIC, and no such Person shall take any such action or cause any REMIC created
      hereunder to take any such action as to which the Securities Administrator
      has
      advised it in writing that an Adverse REMIC Event could occur. 

    
      
        
        

      

      
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    (g) Each
      Holder of the Class A-R Certificate shall pay when due any and all taxes imposed
      on any REMIC created hereunder by federal or state governmental authorities.
      To
      the extent that such Trust taxes are not paid by the Class A-R
      Certificateholder, the Securities Administrator shall pay any remaining REMIC
      taxes out of current or future amounts otherwise distributable to the Holder
      of
      the Class A-R Certificate 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 such REMIC, as the case may
      be.

    

    (h) The
      Securities Administrator shall, for federal income tax purposes, maintain books
      and records with respect to each REMIC 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 Securities Administrator shall enter into any arrangement
      by
      which any REMIC created hereunder will receive a fee or other compensation
      for
      services.

    

    (k) [Reserved]

    

    (l) The
      Yield
      Maintenance Agreement and the Yield Maintenance Account shall not be treated
      as
      an asset of any REMIC created hereunder. Instead, each owner of a Class A-1
      and
      Class A-2 Certificate shall be treated as owning an interest in the Yield
      Maintenance Agreement. For federal income tax reporting purposes, as of the
      Closing Date, the value of the interest in the Yield Maintenance Agreement
      owned
      by each Class of certificates is as follows: Class A-1 Certificates and Class
      A-2 Certificates collectively, 100% (allocated among such Certificates in
      proportion to their Certificate Principal Balances), and Class A-X Certificates,
      0% (total value $3,449,000). 

    

    (m) 
      For
      federal income tax purposes, each Certificate Owner of Auction Certificate
      shall
      be treated as a party to the Auction Swap Agreement which shall represent
      contractual rights and obligations that are separate from the regular interest
      related to such Auction Certificate. For purposes of determining the issue
      prices of the Auction Certificates, it shall be assumed that such separate
      rights and obligations have a zero value unless and until required otherwise
      by
      the applicable taxing authority.

    

    SECTION
      9.02. Prohibited
      Transactions and Activities.

    

    Neither
      the Depositor nor the Trustee shall sell, dispose of, or substitute for any
      of
      the Mortgage Loans, except in a disposition pursuant to (i) the foreclosure
      of a
      Mortgage Loan, (ii) the bankruptcy of the Trust Fund, (iii) the termination
      of the REMICs created hereunder pursuant to Article X of this Agreement, (iv)
      a
      substitution pursuant to Article II hereof or (v) a repurchase of Mortgage
      Loans
      as contemplated hereunder, nor acquire any assets for any REMIC created
      hereunder, nor sell or dispose of any investments in the Distribution Account
      for gain, nor accept any contributions to any REMIC created hereunder after
      the
      Closing Date, unless it has received an Opinion of Counsel (at the expense
      of
      the party causing such sale, disposition, or substitution) that such
      disposition, acquisition, substitution, or acceptance will not result in an
      Adverse REMIC Event. 

    
      
        
        

      

      
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    ARTICLE
      X

    

    TERMINATION

    

    SECTION
      10.01. Termination.

    

    (a) The
      respective obligations and responsibilities of the Seller, the Depositor, the
      Master Servicer, the Securities Administrator, the Delaware Trustee and the
      Trustee created hereby (other than the obligation of the Securities
      Administrator to make certain payments to Certificateholders after the final
      Distribution Date and the obligation of the Master Servicer to send certain
      notices as hereinafter set forth) shall terminate upon notice to the Trustee
      and
      the Securities Administrator upon the earliest of (i) the Distribution Date
      on which the Class Certificate Principal Balance of each Class of Certificates
      has been reduced to zero, (ii) the final payment or other liquidation of
      the last Mortgage Loan, (iii) the optional purchase of the Mortgage Loans
      as described in the following paragraph and (iv) the Latest Possible
      Maturity Date. 

    

    Thornburg
      (solely in its capacity as a Servicer of the Mortgage Loans) may, at its option,
      terminate this Agreement on any Distribution Date on which the aggregate of
      the
      Stated Principal Balances of the Mortgage Loans as of the end of the immediately
      preceding Due Period is equal to or less than 10% of the Cut-Off Date Aggregate
      Principal Balance, by purchasing, on such Distribution Date, all of the
      outstanding Mortgage Loans and REO Properties at a price equal to the sum of
      (i)
      the outstanding Stated Principal Balances of the Mortgage Loans (other than
      in
      respect of REO Properties), (ii) the lesser of (x) the appraised value of any
      REO Property as determined by the higher of two appraisals completed by two
      independent appraisers approved by the Depositor and at the expense of Thornburg
      less the good faith estimate of the Master Servicer or the related Servicer,
      as
      applicable, of Liquidation Expenses to be incurred in connection with its
      disposal and (y) the Principal Balance of each Mortgage Loan related to any
      REO
      Property and (iii) in all cases, accrued and unpaid interest thereon at the
      applicable Loan Rate through the end of the Due Period preceding the final
      Distribution Date, plus unreimbursed Servicing Advances and Advances and any
      unpaid Master Servicing Fees and Servicing Fees allocable to such Mortgage
      Loans
      and REO Properties, plus all amounts, if any, then due and owing to the Trustee,
      the Master Servicer and the Securities Administrator (the “Termination
      Price”).

    

    In
      addition, Wells Fargo Bank, N.A. (solely in its capacity as the Master Servicer)
      may, at its option, terminate this Agreement on any Distribution Date on which
      the aggregate of the Stated Principal Balances of the Mortgage Loans as of
      the
      end of the immediately preceding Due Period is equal to or less than 5% of
      the
      Cut-Off Date Aggregate Principal Balance, by purchasing, on such Distribution
      Date, all of the outstanding Mortgage Loans and REO Properties at a price equal
      to the Termination Price; provided,
      that
      the
      right of Wells Fargo Bank, N.A. to purchase all the Mortgage Loans shall be
      exercisable only if Thornburg has not elected to exercise its optional
      termination right on or before such date.

    
      
        
        

      

      
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    In
      addition the Depositor may, at its option, terminate this Agreement on any
      Distribution Date if the Trustee or the Securities Administrator, based upon
      an
      Opinion of Counsel addressed to the Trustee and the Securities Administrator
      (to
      be obtained at the expense of the Depositor), has determined that the REMIC
      status of any REMIC hereunder has been lost or that a substantial risk exists
      that such REMIC status will be lost for the then-current taxable year. At any
      time thereafter the Securities Administrator may elect to terminate any or
      all
      of each REMIC at any time, and upon such election the Depositor shall purchase
      all the outstanding Mortgage Loans and REO Properties at a price equal to the
      Termination Price.

    

    (b) Notice
      of
      any termination pursuant to the second, third or fourth paragraphs of Section
      10.01(a), specifying the Distribution Date (which shall be a date that would
      otherwise be a Distribution Date) upon which the Certificateholders may
      surrender their Certificates to the Securities Administrator for payment of
      the
      final distribution and cancellation, shall be given promptly by the Securities
      Administrator upon the Securities Administrator receiving notice of such date
      from the Master Servicer by letter to the Certificateholders mailed not earlier
      than the 10th day and not later than the 19th day of the month of such
      final distribution specifying (1) the Distribution Date upon which final
      distributions on the Certificates will be made upon presentation and surrender
      of such Certificates at the office or agency of the Securities Administrator
      therein designated, (2) the amount of any such final distribution and
      (3) that the Record Date otherwise applicable to such Distribution Date is
      not applicable, distributions being made only upon presentation and surrender
      of
      the Certificates at the office or agency of the Securities Administrator therein
      specified.

    

    (c) Upon
      presentation and surrender of the Certificates, the Securities Administrator
      shall cause to be distributed to the Holders of the Certificates on the
      Distribution Date for such final distribution, in proportion to the Percentage
      Interests of their respective Class 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 hereof for
      such Distribution Date.

    

    (d) In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Securities Administrator shall promptly following such date cause all funds
      in
      the Distribution Account not distributed in final distribution to
      Certificateholders to be withdrawn therefrom and credited to the remaining
      Certificateholders by depositing such funds in a separate account for the
      benefit of such Certificateholders, and the Securities Administrator shall
      give
      a second written notice to the remaining Certificateholders to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. If within nine months after the second notice all the Certificates
      shall not have been surrendered for cancellation, the Master Servicer shall
      be
      entitled to all unclaimed funds and other assets which remain subject hereto,
      and the Securities Administrator upon transfer of such funds shall be discharged
      of any responsibility for such funds, and the Certificateholders shall look
      to
      the Master Servicer for payment.

    
      
        
        

      

      
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    SECTION
      10.02. Additional
      Termination Requirements.

    

    (a) In
      the
      event the purchase option provided in Section 10.01 is exercised, the Trust
      shall be terminated in accordance with the following additional
      requirements:

    

    (i) The
      Securities Administrator at the direction of the Trustee shall sell any
      remaining assets of the Trust Fund to Thornburg or its designee, the Depositor
      or its designee or Wells Fargo Bank, N.A. or its designee, as the case may
      be,
      for cash and, within 90 days of such sale, the Securities Administrator shall
      distribute to (or credit to the account of) the Certificateholders the proceeds
      of such sale together with any cash on hand (less amounts retained to meet
      claims) in complete liquidation of the Trust Fund, and each REMIC created
      hereunder; and

    

    (ii) The
      Securities Administrator shall attach a statement to the final federal income
      tax return for each REMIC created hereunder stating that pursuant to Treasury
      Regulation §1.860F-1, the first day of the 90 day liquidation period for such
      REMIC was the date on which the Trustee sold the assets of the Trust Fund and
      shall satisfy all requirements of a qualified liquidation under Section 860F
      of
      the Code and any regulations thereunder as evidenced by an Opinion of Counsel
      delivered to the Trustee and the Securities Administrator obtained at the
      expense of the Seller.

    

    (b) By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee and the Securities Administration as their attorneys in fact to
      undertake the foregoing steps.

    

    (c) The
      Securities Administrator shall provide written notice to the Delaware Trustee
      that the Trust Fund has been terminated in accordance with Article
      X.

    

    ARTICLE
      XI

    

    DISPOSITION
      OF TRUST ASSETS

    

    SECTION
      11.01. Disposition
      of Trust Assets.

    

    Neither
      the Trust, nor this Agreement, may be terminated or voided, or any disposition
      of the assets of the Trust effected, other than in accordance with the terms
      hereof, except to the extent that Holders representing no less than the entire
      beneficial ownership interest of the Certificates have so assented.

    
      
        
        

      

      
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    ARTICLE
      XII

    

    MISCELLANEOUS
      PROVISIONS

    

    SECTION
      12.01. Amendment.

    

    This
      Agreement may be amended from time to time by Seller, the Depositor, the Master
      Servicer, the Securities Administrator, the Delaware Trustee and the Trustee,
      and 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
      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 conform the terms hereof to the description thereof
      provided in the Prospectus; provided,
      however,
      that
      any such action listed in clause (i) through (iii) above shall be
      deemed not to adversely affect in any material respect the interests of any
      Certificateholder, if evidenced by (i) written notice to the Depositor, the
      Seller, the Master Servicer, the Securities Administrator, the Delaware Trustee
      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 or (ii) an Opinion of Counsel
      stating that such amendment shall not adversely affect in any material respect
      the interests of any Certificateholder, is permitted by the Agreement and all
      the conditions precedent, if any have been complied with, delivered to the
      Master Servicer, the Securities Administrator and the Trustee.

    

    In
      addition, this Agreement may be amended from time to time by Seller, the
      Depositor, the Master Servicer, the Securities Administrator, the Delaware
      Trustee and the Trustee and with the consent of 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 or waiver shall (x) reduce in any manner the amount of, or
      delay the timing of, payments on the Certificates that are required to be made
      on any Certificate without the consent of the Holder of such Certificate,
      (y) adversely affect in any material respect the interests of the Holders
      of any Class of Certificates in a manner other than as described in clause
      (x)
      above, without the consent of the Holders of Certificates of such Class
      evidencing at least a 66 2/3% Percentage Interest in such Class, or
      (z) reduce the percentage of Voting Rights required by clause (y)
      above without the consent of the Holders of all Certificates of such Class
      then
      outstanding. Upon approval of an amendment, a copy of such amendment shall
      be
      sent to each Rating Agency.

    

    Notwithstanding
      any provision of this Agreement to the contrary, neither the Trustee nor the
      Securities Administrator shall consent to any amendment to this Agreement unless
      it shall have first received an Opinion of Counsel, delivered by and at the
      expense of the Person seeking such Amendment (unless such Person is the Trustee
      or the Securities Administrator, in which case the Trustee or the Securities
      Administrator shall be entitled to be reimbursed for such expenses by the Trust
      pursuant to Section 8.05 hereof), to the effect that such amendment will not
      result in the imposition of a tax on any REMIC created hereunder pursuant to
      the
      REMIC Provisions or cause any REMIC created hereunder 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, such amendment is permitted
      by this Agreement and all conditions precedent, if any, have been complied
      with.

    
      
        
        

      

      
        134

        
          

        

      

      
        
        

      

    

    

    Promptly
      after the execution of any such amendment the Securities Administrator shall
      furnish, at the expense of the Person that requested the amendment if such
      Person is the Seller (but in no event at the expense of the Trustee or the
      Securities Administrator), otherwise at the expense of the Trust, a copy of
      such
      amendment and the Opinion of Counsel referred to in the immediately preceding
      paragraph to the Master Servicer and each Rating Agency.

    

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 12.01 to approve the particular form of any proposed amendment;
      instead 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 Securities Administrator may
      prescribe.

    

    The
      Trustee and Securities Administrator may, but shall not be obligated to, enter
      into any amendment pursuant to this 12.01 Section that affects its rights,
      duties and immunities under this Agreement or otherwise.

    

    SECTION
      12.02. 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 Mortgaged Properties
      are situated, and in any other appropriate public recording office or elsewhere,
      such recordation to be effected by the Trustee at the expense of the Trust,
      but
      only upon direction of Certificateholders accompanied by an Opinion of Counsel
      to the effect that such recordation materially and beneficially affects the
      interests of the Certificateholders.

    

    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
      12.03. 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.

    
      
        
        

      

      
        135

        
          

        

      

      
        
        

      

    

    

    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 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 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 12.03, each and every Certificateholder and the Trustee shall be
      entitled to such relief as can be given either at law or in equity.

    

    SECTION
      12.04. Governing
      Law; Jurisdiction.

    

    This
      Agreement shall be construed in accordance with the laws of the State of
      Delaware without reference to its conflict of law provisions, and the
      obligations, rights and remedies of the parties hereunder shall be determined
      in
      accordance with such laws. Section 3540 of Title 12 of the Delaware Code shall
      not apply to the Trust.

    

    SECTION
      12.05. 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, or by express delivery service or delivered via
      telecopy, to (a) in the case of the Seller, to Thornburg Mortgage Home
      Loans, Inc., 150 Washington Avenue, Suite 302, Santa Fe, New Mexico 87501,
      Attention: Deborah Burns (telecopy number (505) 954-5300), or such other
      address or telecopy number as may hereafter be furnished to the Depositor,
      the
      Master Servicer, the Securities Administrator, and the Trustee in writing by
      the
      Seller, (b) in the case of the Trustee, to the Corporate Trust Office or such
      other address or telecopy number as may hereafter be furnished to the Depositor,
      the Master Servicer, the Securities Administrator, and the Seller in writing
      by
      the Trustee, (c) in the case of the Depositor, to Credit Suisse First
      Boston Mortgage Securities Corp., 11 Madison Avenue, New York, New York 10010,
      Attention: Peter Sack, (telecopy (212) 743-5261), or such other address or
      telecopy number as may be furnished to the Seller, the Master Servicer, the
      Securities Administrator, and the Trustee in writing by the Depositor, (d)
      in
      the case of the Delaware Trustee, Rodney Square North, 1100 North Market Street,
      Wilmington, Delaware 19890; and (e) in the case of the Master Servicer or
      Securities Administrator, for certificate transfer purposes, at its Corporate
      Trust Office and for all other purposes at P.O. Box 98, Columbia, Maryland
      21046, or for overnight delivery, at 9062 Old Annapolis Road, Columbia, Maryland
      21045 (Attention: Thornburg 2006-6), Facsimile no.: (410) 715-2380, or such
      other address or telecopy number as may be furnished to the Depositor, the
      Seller, the Securities Administrator, and the Trustee in writing by the Master
      Servicer. 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 Event of Default
      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.

    
      
        
        

      

      
        136

        
          

        

      

      
        
        

      

    

    

    SECTION
      12.06. 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.

    

    SECTION
      12.07. 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
      12.08. Notice
      to the Rating Agencies.

    

    (a) The
      Securities Administrator shall be obligated to use its best reasonable efforts
      promptly to provide notice to the Rating Agencies with respect to each of the
      following of which a Responsible Officer of the Securities Administrator has
      actual knowledge:

    

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

    

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

    

    (iii) the
      resignation or termination of the Master Servicer, the Securities Administrator
      or the Trustee;

    
      
        
        

      

      
        137

        
          

        

      

      
        
        

      

    

    

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

    

    (v) any
      change in the location of any Account.

    

    (b) In
      addition, the Securities Administrator shall promptly furnish to the Rating
      Agencies copies of each Statement to Certificateholders described in Section
      5.04 hereof; if the Trustee is acting as a successor Master Servicer pursuant
      to
      Section 7.02 hereof, the Trustee shall notify the Rating Agencies of any event
      that would result in the inability of the Trustee to make Advances and the
      Master Servicer shall promptly furnish to each Rating Agency copies of the
      following:

    

    (i) each
      annual statement as to compliance described in Section 3.17 hereof;

    

    (ii) each
      annual assessment of compliance and attestation report described in Section
      3.16
      hereof; and

    

    (iii) each
      notice delivered pursuant to Section 5.05(b) hereof which relates to the fact
      that the Master Servicer has not made an Advance.

    

    (c) All
      notices to the Rating Agencies provided for in this Agreement shall be in
      writing and sent by first class mail, telecopy or overnight courier, as
      follows:

    

    If
      to
      Moody’s, to:

     

    Moody’s
      Investors Service, Inc.

    99
      Church
      Street

    New
      York,
      New York 10007

    Attention:
      Residential Mortgages

    

    If
      to
      S&P, to:

    

    55
      Water
      Street

    New
      York,
      New York 10041

    Attention:
      Residential Mortgages

    

    SECTION
      12.09. Further
      Assurances.

    

    Notwithstanding
      any other provision of this Agreement, neither the Regular 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.

    
      
        
        

      

      
        138

        
          

        

      

      
        
        

      

    

    

    SECTION
      12.10. Benefits
      of Agreement.

    

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders and the parties hereto and their
      successors hereunder, any benefit or any legal or equitable right, remedy or
      claim under this Agreement.

    

    SECTION
      12.11. 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 Seller. 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 12.11.

    

    (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
      12.12. Successors
      and Assigns.

    

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto.

    

    SECTION
      12.13. Derivative
      Transactions.

    

    The
      Trust, the Securities Administrator and the Trustee are authorized, at the
      direction and the expense of the Holders of a majority of the Class A-X
      Certificates (or, if the Class A-X Certificates are no longer outstanding,
      a
      majority of the Voting Rights allocated to the Class of Subordinate Certificates
      outstanding having the highest numerical designation), to enter into such
      derivative transactions for the benefit of any Certificateholders as may be
      deemed desirable by such Holders of the Class A-X Certificates (or other
      applicable Class of Certificates), so long as (i) as evidenced by one or more
      Opinions of Counsel addressed to the Trustee or the Securities Administrator,
      as
      applicable (at the expense of such Holders), the execution and delivery of
      such
      derivative transaction is permitted under this Agreement and the inclusion
      of
      such derivative in the Trust will not be inconsistent with the ERISA provisions
      contained herein or cause the Certificates (other than the Class A-R
      Certificate) to fail to qualify for the Underwriter’s Exemption,
      (ii)
      a
      REMIC Opinion (at the expense of such Holders) is delivered to the Trustee
      or
      the Securities Administrator, as applicable, (iii) an Opinion of Counsel
      addressed to the Trustee and the Securities Administrator (at the expense of
      such Holders) that the execution and delivery of such derivative transaction
      and
      documentation as presented to the Trustee the Securities Administrator is
      permitted under this Agreement, and (iv) each Rating Agency shall have confirmed
      in writing that the inclusion of such derivative would not result in a downgrade
      of its then rating of any Class of Certificates.

    

    
      
        
          
          

        

        
          139

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto 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.

    

    CREDIT
      SUISSE FIRST BOSTON MORTGAGE 
SECURITIES CORP.,
as
      Depositor

    

    By: 
      /s/
      Kevin Steele                
Name:
      Kevin Steele
Title:
      Vice President

     

     

    THORNBURG
      MORTGAGE HOME LOANS, 
INC., as
      Seller

    

    By: 
      /s/
      Deborah J. Burns             
Name:
      Deborah J. Burns
Title:
      Senior Vice President

    
 

    WELLS
      FARGO BANK, N.A., 

    as
      Master Servicer

    

    By: 
       /s/
      Carla S. Walker              
Name:
      Carla S. Walker
Title:
      Vice President 

     

     

    WELLS
      FARGO BANK, N.A., 

    as
      Securities Administrator

    

    By: 
      /s/
      Carla S. Walker              
Name:
      Carla S. Walker
Title:
      Vice President 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    WILMINGTON
      TRUST COMPANY, 
as
      Delaware Trustee

    

    By:  /s/
      J. Christopher Murphy            
Name:
      J. Christopher Murphy
Title:
      Financial Services Officer 

     

     

    LASALLE
      BANK NATIONAL ASSOCIATION, 
as Trustee and Custodian

    

    By: 
       /s/
      Susan L. Feld                  
Name:
      Susan L. Feld
Title:
      Assistant Vice President 

    

     

     

     

     

     

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Solely
      for the purposes of Sections 3.25 and 6.06,

    accepted
      and agreed to by:

    

    THORNBURG
      MORTGAGE, INC.

    

    By:  /s/
      Deborah J. Burns                    
Name:
      Deborah J. Burns
Title:
      Senior Vice President

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF NEW
                YORK

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF 

            	
              )

            

    

     

    On
      the
      ______ day of November 2006, before me, a notary public in and for said State,
      personally appeared [_________] known to me to be a Senior Vice President of
      Credit Suisse First Boston Mortgage Securities Corp., 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 NEW MEXICO

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF SANTA FE

            	
              )

            

    

     

    On
      the
      _____ day
      of
      November 2006, before me, a notary public in and for said State, personally
      appeared Deborah J. Burns known to me to be a Senior Vice President of Thornburg
      Mortgage Home Loans, 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

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            

    

     

    On
      the
      ______ day of November 2006, before me, a notary public in and for said State,
      personally appeared _________________________ known to me to be a
      _______________________ of Wells Fargo Bank, N.A. 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

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

      On
        the
        _____ day of November 2006, before me, a notary public in and for said State,
        personally appeared ___________________________________ known to me to be
        _______________________________ of LaSalle Bank National Association, a national
        banking association 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

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

    

    On
      the
      _______ day of November 2006, before me, a notary public in and for said State,
      personally appeared ____________________________________ known to me to be
      a
      ________________________ of Wilmington Trust Company, 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

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

      

    

    

    SCHEDULE
      I

    

    MORTGAGE
      LOAN SCHEDULE

    

    To
      be
      retained in a separate closing binder entitled “Thornburg 2006-6 Mortgage Loan

    Schedule”
      at the New York, New York offices of McKee Nelson LLP

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      EXHIBIT
        A

      

      

      FORM
        OF SENIOR CERTIFICATE

      

      CLASS
        A-[ ] CERTIFICATE

      

      

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR
        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”).

      

      ANY
        TRANSFEREE OF THIS CERTIFICATE ON OR PRIOR TO THE TERMINATION OF THE AUCTION
        SWAP AGREEMENT WILL BE DEEMED TO HAVE REPRESENTED BY VIRTUE OF ITS ACQUISITION
        OR HOLDING OF THIS CERTIFICATE (OR INTEREST THEREIN), THAT EITHER (A) SUCH
        TRANSFEREE IS NOT ACQUIRING SUCH CERTIFICATE FOR, ON BEHALF OF, OR WITH THE
        ASSETS OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT
        TO
        THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
        4975
        OF THE CODE, OR (B) THE ACQUISITION AND HOLDING OF THIS CERTIFICATE ARE ELIGIBLE
        FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE
        PROVIDERS  UNDER
        SECTION 408(b)(17) OF ERISA AND SECTION 4975(d)(20) OF THE CODE OR PROHIBITED
        TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE-91-38, PTCE-95-60,
        PTCE-96-23 OR SOME OTHER APPLICABLE EXEMPTION. IF THE REPRESENTATIONS IN
        THIS
        PARAGRAPH ARE VIOLATED, THEN THE LAST PRECEDING PERMITTED BENEFICIAL OWNER
        OF
        THE CERTIFICATE WILL RETROACTIVELY BE TREATED AS ITS OWNER.

       

      
        	
                 

                Certificate
                  No.:

              	
                 

                [              ]

              
	 	 
	
                Cut-Off
                  Date:

              	
                November
                  1, 2006

              
	 	 
	
                First
                  Distribution Date:

              	
                December
                  26, 2006

              
	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                Initial
                  Certificate Principal

                Balance
                  of this Certificate

                (“Denomination”):

              	
                $[         ]

              
	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class:

              	
                $[        ]

              
	 	 
	
                Percentage
                  Interest:

              	
                [   ]%

              
	 	 
	
                Pass-Through
                  Rate:

              	
                Variable

              
	 	 
	
                CUSIP:

              	
                88522N
                  __ _

              
	 	 
	
                Class:

              	
                A-[
                  ]

              
	 	 
	
                Assumed
                  Final Distribution Date:

              	
                December
                  25, 2036

              

      

       

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

      Thornburg
        Mortgage Securities Trust 2006-6,

      Mortgage
        Loan Pass-Through Certificates,

      Series
        2006-6

      Class
        A-[ ]

      

      

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting primarily
        of
        adjustable rate and hybrid, first lien mortgage loans (the “Mortgage Loans”)
        purchased from others by

      

      CREDIT
        SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., as
        Depositor.

      

      

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Certificate at any
        time
        may be less than the Initial Certificate Principal Balance set forth on the
        face
        hereof, as described herein. This Certificate does not evidence an obligation
        of, or an interest in, and is not guaranteed by the Depositor, the Seller,
        the
        Master Servicer, the Securities Administrator, the Delaware Trustee 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 Certificate (obtained by dividing the Denomination of this
        Certificate by the Original Class Certificate Principal Balance) in certain
        monthly distributions with respect to a Trust consisting primarily of the
        Mortgage Loans deposited by Credit Suisse First Boston Mortgage Securities
        Corp.
        (the “Depositor”). The Trust was created pursuant to (i) the Original Trust
        Agreement dated as of November 16, 2006 by and among the Depositor, Wilmington
        Trust Company, as Delaware trustee (the “Delaware Trustee”) and LaSalle Bank
        National Association, as trustee (the “Trustee”) and (ii) a Certificate of Trust
        filed with the Secretary of State of the State of Delaware on November 16,
        2006.
        This Certificate is issued under and is subject to the terms, provisions
        and
        conditions of the Pooling and Servicing Agreement dated as of November 1,
        2006
        (the “Agreement”) by and among the Depositor, Thornburg Mortgage Home Loans,
        Inc. (“TMHL”), as seller (the “Seller”), Wells Fargo Bank, N.A., as master
        servicer (the “Master Servicer”) and securities administrator (the “Securities
        Administrator”), the Delaware Trustee and the Trustee, to which Agreement the
        Holder of this Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound. To the extent not defined herein, the capitalized
        terms used herein have the meanings assigned in the Agreement.

      

      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.

      

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually authenticated by an authorized signatory
        of the
        Securities Administrator.

       

      
        
          
          

        

        
          A-3

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      Dated:
        November ___, 2006

       

      
        	 	 	 
	 	
                THORNBURG
                  MORTGAGE SECURITIES TRUST 

                2006-6

              
	 
 	 
 	 
 
	 	By:	 WELLS
                FARGO BANK, N.A.,
                not
                  in its individual capacity,

                but
                  solely as Securities Administrator

              
	 	 	 
	 	 	
              
	 	By:  	 
	 	
                

              
	 	 

      

       

       

      
        	
                
                  This
                    is one of the Certificates

                  referenced
                    in the within-mentioned Agreement

                

              	 
	 	 	 
	 	 	 
	
                By

              	 	 
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N.A.,

                as
                  Securities Administrator

              	 

      

      

      
        
          
          

        

        
          A-4

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      

      FORM
        OF CLASS A-X CERTIFICATE

      

      CLASS
        A-X CERTIFICATE

      

      

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR
        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”).

      

      THIS
        CERTIFICATE HAS NO PRINCIPAL BALANCE AND IS NOT ENTITLED TO ANY DISTRIBUTIONS
        IN
        RESPECT OF PRINCIPAL.

      

      AFTER
        THE
        DISTRIBUTION DATE IN AUGUST 2011, THE CERTIFICATE NOTIONAL BALANCE OF THIS
        CERTIFICATE WILL EQUAL ZERO.

      
        	
                 

                Certificate
                  No.:

              	
                 

                [              ]

              
	 	 
	
                Cut-Off
                  Date:

              	
                November
                  1, 2006

              
	 	 
	
                First
                  Distribution Date:

              	
                December
                  26, 2006

              
	 	 
	
                Initial
                  Certificate Notional

                Amount
                  of this Certificate

                (“Denomination”):

              	
                Notional
                  Amount

              
	 	 
	
                Original
                  Class Certificate

                Notional
                  Amount of this Class:

              	
                Notional
                  Amount

              
	 	 
	
                Percentage
                  Interest:

              	
                100%

              
	 	 
	
                Pass-Through
                  Rate:

              	
                Variable

              

      

       

      
        
          
          

        

        
          B-1

          
            

          

        

        
          
          

        

      

      
        	
                CUSIP:

              	
                88522N
                  AC 7

              
	 	 
	
                Class:

              	
                A-X

              
	 	 
	
                Assumed
                  Final Distribution Date:

              	
                November
                  25, 2011

              

      

      

      
        
          
          

        

        
          B-2

          
            

          

        

        
          
          

        

      

      Thornburg
        Mortgage Securities Trust 2006-6,

      Mortgage
        Loan Pass-Through Certificates,

      Series
        2006-6

      Class
        A-X

      

      

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting primarily
        of
        adjustable rate and hybrid, first lien mortgage loans (the “Mortgage Loans”)
        purchased from others by

      

      CREDIT
        SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., as
        Depositor.

      

      

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
        Administrator 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 Certificate (obtained by dividing the Denomination of this
        Certificate by the Original Class Certificate Notional Amount) in certain
        monthly distributions with respect to a Trust consisting primarily of the
        Mortgage Loans deposited by Credit Suisse First Boston Mortgage Securities
        Corp.
        (the “Depositor”). The Trust was created pursuant to (i) the Original Trust
        Agreement dated as of November 16, 2006 by and among the Depositor, Wilmington
        Trust Company, as Delaware trustee (the “Delaware Trustee”) and LaSalle Bank
        National Association, as trustee (the “Trustee”) and (ii) a Certificate of Trust
        filed with the Secretary of State of the State of Delaware on November 16,
        2006.
        This Certificate is issued under and is subject to the terms, provisions
        and
        conditions of the Pooling and Servicing Agreement dated as of November 1,
        2006
        (the “Agreement”) by and among the Depositor, Thornburg Mortgage Home Loans,
        Inc. (“TMHL”), as seller (the “Seller”), Wells Fargo Bank, N.A., as master
        servicer (the “Master Servicer”) and securities administrator (the “Securities
        Administrator”), the Delaware Trustee and the Trustee, to which Agreement the
        Holder of this Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound. To the extent not defined herein, the capitalized
        terms used herein have the meanings assigned in the Agreement.

      

      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.

      

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually authenticated by an authorized signatory
        of the
        Securities Administrator.

       

      
        
          
          

        

        
          B-3

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      Dated:
        November ___, 2006

      
         

        
          	 	 	 
	 	
                  THORNBURG
                    MORTGAGE SECURITIES TRUST 

                  2006-6

                
	 
 	 
 	 
 
	 	By:	 WELLS
                  FARGO BANK, N.A.,
                  not
                    in its individual capacity,

                  but
                    solely as Securities Administrator

                
	 	 	 
	 	 	
                
	 	By:  	 
	 	
                  

                
	 	 

        

         

         

        
          	
                  
                    This
                      is one of the Certificates

                    referenced
                      in the within-mentioned Agreement

                  

                	 
	 	 	 
	 	 	 
	
                  By

                	 	 
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Securities Administrator

                	 

        

         

        
          
            
            

          

          
            B-4

            
              

            

          

          
            
            

          

        

      

      EXHIBIT
        C-1

      

      

      FORM
        OF CLASS A-R CERTIFICATE

      

      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”).

      

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR A TRANSFER AFFIDAVIT
        IN
        ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

      

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
        TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (A) A REPRESENTATION
        LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
        SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
        (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
        PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
        OF
        ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) A REPRESENTATION
        THAT THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS CERTIFICATE WITH
        FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN SECTION
        V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”) AND THAT THE
        PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND
        III OF
        PTCE-95-60, OR (C) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY
        HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN
        EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE OPINION
        OF
        COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR AS DESCRIBED ABOVE SHALL
        BE
        VOID AND OF NO EFFECT.

      
        	
                 

                Certificate
                  No.:

              	
                 

                1

              
	 	 
	
                Cut-Off
                  Date:

              	
                November
                  1, 2006

              
	 	 
	
                First
                  Distribution Date:

              	
                December
                  26, 2006

              
	 	 
	
                Initial
                  Certificate Principal

                Balance
                  of this Certificate:

              	
                $100

              
	 	 
	
                Original
                  Class Certificate

                Notional
                  Amount of this Class:

              	
                $100

              

      

       

      
        
          
          

        

        
          C-2-1

          
            

          

        

        
          
          

        

      

      
        	
                Percentage
                  Interest:

              	
                100%

              
	 	 
	
                Pass-Through
                  Rate:

              	
                Weighted
                  Average

              
	 	 
	
                CUSIP:

              	
                88522N
                  AD 5

              
	 	 
	
                Class:

              	
                A-R

              
	 	 
	
                Assumed
                  Final Distribution Date:

              	
                December
                  26, 2006

              

      

       

      
        
          
          

        

        
          C-2-2

          
            

          

        

        
          
          

        

      

      Thornburg
        Mortgage Securities Trust 2006-6

      Mortgage
        Loan Pass-Through Certificates,

      Series
        2006-6

      Class
        A-R

      

      

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting primarily
        of
        adjustable rate and hybrid, first lien mortgage loans (the “Mortgage Loans”)
        purchased from others by

      

      CREDIT
        SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., as
        Depositor.

      

      

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
        Administrator, the Delaware Trustee 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 _________________________ 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
        Credit Suisse First Boston Mortgage Securities Corp. (the “Depositor”). The
        Trust was created pursuant to (i) the Original Trust Agreement dated as of
        November 16, 2006 by and among the Depositor, Wilmington Trust Company, as
        Delaware trustee (the “Delaware Trustee”) and LaSalle Bank National Association,
        as trustee (the “Trustee”) and (ii) a Certificate of Trust filed with the
        Secretary of State of the State of Delaware on November 16, 2006. This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Pooling and Servicing Agreement dated as of November 1,
        2006
        (the “Agreement”) by and among the Depositor, Thornburg Mortgage Home Loans,
        Inc. (“TMHL”), as seller (the “Seller”), Wells Fargo Bank, N.A., as master
        servicer (the “Master Servicer”) and securities administrator (the “Securities
        Administrator”), the Delaware Trustee and the Trustee, to which Agreement the
        Holder of this Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound. To the extent not defined herein, the capitalized
        terms used herein have the meanings assigned in the Agreement.

      

      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.

      

      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, (ii) no Ownership Interest in
        this
        Certificate may be transferred without delivery to the Securities Administrator
        of (a) a transfer affidavit of the proposed transferee and (b) a transfer
        certificate of the transferor, each of such documents to be in the form
        described in the Agreement, (iii) each person holding or acquiring any Ownership
        Interest in this Certificate must agree to require a transfer affidavit and
        to
        deliver a transfer certificate to the Securities Administrator as 

       

      
        
          
          

        

        
          C-2-3

          
            

          

        

        
          
          

        

      

      required
        pursuant to the Agreement, (iv) each person holding or acquiring an Ownership
        Interest in this Certificate must agree not to transfer an Ownership Interest
        in
        this Certificate if it has actual knowledge that the proposed transferee
        is not
        a Permitted Transferee and (v) any attempted or purported transfer of any
        Ownership Interest in this Certificate in violation of such restrictions
        will be
        absolutely null and void and will vest no rights in the purported transferee.
        The Securities Administrator will provide the Internal Revenue Service and
        any
        pertinent persons with the information needed to compute the tax imposed
        under
        the applicable tax laws on transfers of residual interests to disqualified
        organizations, if any person other than a Permitted Transferee acquires an
        Ownership Interest on a Class A-R Certificate in violation of the restrictions
        mentioned above.

      

      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.

      

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually authenticated by an authorized officer of
        the
        Securities Administrator.

       

      
        
          
          

        

        
          C-2-4

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      Dated:
        November ___, 2006

      
         

        
          	 	 	 
	 	
                  THORNBURG
                    MORTGAGE SECURITIES TRUST 

                  2006-6

                
	 
 	 
 	 
 
	 	By:	 WELLS
                  FARGO BANK, N.A.,
                  not
                    in its individual capacity,

                  but
                    solely as Securities Administrator

                
	 	 	 
	 	 	
                
	 	By:  	 
	 	
                  

                
	 	 

        

         

         

        
          	
                  
                    This
                      is the A-R Certificate

                    referenced
                      in the within-mentioned Agreement

                  

                	 
	 	 	 
	 	 	 
	
                  By

                	 	 
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Securities Administrator

                	 

        

         

        
          
            
            

          

          
            C-2-5

            
              

            

          

          
            
            

          

        

        EXHIBIT
          D

      

      

      

      FORM
        OF SUBORDINATE CERTIFICATE

      

      CLASS
        B-[ ] CERTIFICATE

      

      

      [UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR
        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.] [Applicable
        to Book-Entry Certificates only; delete for Certificates in physical
        form]

      

      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 “1933 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, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
        REGISTRATION.] [Applicable
        only to Class B-4, Class B-5 and Class B-6
        Certificates]

      

      [THE
        HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO HAVE
        REPRESENTED AND WARRANTED THAT IT ACQUIRED SUCH CERTIFICATE (I)(A) PURSUANT
        TO A
        REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT
        OR
        (B) AS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933
        ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
        INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
        IN
        RELIANCE ON RULE 144A.] [Applicable
        only to Class B-4, Class B-5 and Class B-6
        Certificates]

      

      [IN
        THE
        EVENT THAT THE RATING ON THIS CLASS B-[ ] CERTIFICATE IS DOWNGRADED BELOW
        INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE
        TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR
        EITHER (A) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS
        NOT AN
        EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF
        1974, AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF
        THE CODE OR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR
        USING
        PLAN ASSETS OF ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B)
        A
        REPRESENTATION THAT THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS
        CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS
        DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60
        AND THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS
        I AND III OF PTCE 95-60. A TRANSFEREE ACQUIRING A BOOK-ENTRY CERTIFICATE
        SHALL
        BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN THIS PARAGRAPH.] [Applicable
        only to Class B-1, Class B-2 and Class B-3
        Certificates]

      

      
        
          
          

        

        
          D-1

          
            

          

        

        
          
          

        

      

      [NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
        TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (A) A REPRESENTATION
        LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
        SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
        (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
        PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
        OF
        ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) A REPRESENTATION
        THAT THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS CERTIFICATE WITH
        FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN SECTION
        V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND THAT THE
        PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND
        III OF
        PTCE 95-60. A TRANSFEREE ACQUIRING A BOOK-ENTRY CERTIFICATE SHALL BE DEEMED
        TO
        HAVE MADE THE REPRESENTATIONS IN THIS PARAGRAPH.] [Applicable
        only to Class B-4, Class B-5 and Class B-6
        Certificates]

      

      [NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED (A) (1) UNLESS
        SUCH
        TRANSFER IS MADE IN RELIANCE UPON RULE 144A OF THE SECURITIES ACT OF 1933,
        AS
        AMENDED (THE “1933 ACT”) OR (2) UNLESS SUCH TRANSFER IS MADE IN RELIANCE UPON
        RULE 501 (C)(1), (2), (3) OR (7) OF THE 1933 ACT (IN EACH CASE AS EVIDENCED
        BY
        AN INVESTMENT LETTER DELIVERED TO THE SECURITIES ADMINISTRATOR, IN SUBSTANTIALLY
        THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT AND, IF SO REQUIRED
        BY
        THE SECURITIES ADMINISTRATOR, A WRITTEN OPINION OF COUNSEL (WHICH MAY BE
        IN-HOUSE COUNSEL) ACCEPTABLE TO AND IN FORM AND SUBSTANCE REASONABLY
        SATISFACTORY TO THE SECURITIES ADMINISTRATOR, 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 

       

      
        
          
          

        

        
          D-2

          
            

          

        

        
          
          

        

      

      NOT
        BE AN
        EXPENSE OF THE SECURITIES ADMINISTRATOR OR THE DEPOSITOR) OR (B) THE TRANSFEROR
        SHALL HAVE EXECUTED A TRANSFEROR CERTIFICATE (IN SUBSTANTIALLY THE FORM ATTACHED
        TO THE POOLING AND SERVICING AGREEMENT) AND THE TRANSFEREE SHALL HAVE EXECUTED
        AN INVESTMENT LETTER (IN SUBSTANTIALLY THE FORM ATTACHED TO THE POOLING AND
        SERVICING AGREEMENT) ACCEPTABLE TO AND IN FORM AND SUBSTANCE REASONABLY
        SATISFACTORY TO THE DEPOSITOR AND THE SECURITIES ADMINISTRATOR CERTIFYING
        TO THE
        DEPOSITOR AND THE SECURITIES ADMINISTRATOR THE FACTS SURROUNDING SUCH TRANSFER,
        WHICH INVESTMENT LETTER SHALL NOT BE AN EXPENSE OF THE SECURITIES ADMINISTRATOR
        OR THE DEPOSITOR.] [Applicable
        to Class B-4, Class B-5 and Class B-6 Certificates that are in physical form
        only]

       

      
        
          
          

        

        
          D-3

          
            

          

        

        
          
          

        

      

       

      THIS
        CERTIFICATE IS SUBORDINATE IN RIGHT AND PAYMENT AS DESCRIBED IN THE AGREEMENT
        REFERRED TO HEREIN.

      
        	
                 

                Certificate
                  No.:

              	
                 

                [              ]

              
	 	 
	
                Cut-Off
                  Date:

              	
                November
                  1, 2006

              
	 	 
	
                First
                  Distribution Date:

              	
                December
                  26, 2006

              
	 	 
	
                Initial
                  Certificate Principal

                Balance
                  of this Certificate

                (“Denomination”):

              	
                $[        ]

              
	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class:

              	
                $[        ]

              
	 	 
	
                Percentage
                  Interest:

              	
                [    ]%

              
	 	 
	
                Pass-Through
                  Rate:

              	
                Weighted
                  Average

              
	 	 
	
                CUSIP:

              	
                88522N
                  ____ __

              
	 	 
	
                Class:

              	
                B-[   ]

              
	 	 
	
                Assumed
                  Final Distribution Date:

              	
                December
                  25, 2036

              

      

       

      
        
          
          

        

        
          D-4

          
            

          

        

        
          
          

        

      

      Thornburg
        Mortgage Securities Trust 2006-6,

      Mortgage
        Loan Pass-Through Certificates,

      Series
        2006-6

      Class
        B-[ ]

      

      

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting primarily
        of
        adjustable rate and hybrid, first lien mortgage loans (the “Mortgage Loans”)
        purchased from others by

      

      CREDIT
        SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., as
        Depositor.

      

      

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Certificate at any
        time
        may be less than the Initial Certificate Principal Balance set forth on the
        face
        hereof, as described herein. This Certificate does not evidence an obligation
        of, or an interest in, and is not guaranteed by the Depositor, the Seller,
        the
        Master Servicer, the Securities Administrator, the Delaware Trustee 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 Certificate (obtained by dividing the Denomination of this
        Certificate by the Original Class Certificate Principal Balance) in certain
        monthly distributions with respect to a Trust consisting primarily of the
        Mortgage Loans deposited by Credit Suisse First Boston Mortgage Securities
        Corp.
        (the “Depositor”). The Trust was created pursuant to (i) the Original Trust
        Agreement dated as of November 16, 2006 by and among the Depositor, Wilmington
        Trust Company, as Delaware trustee (the “Delaware Trustee”) and LaSalle Bank
        National Association, as trustee (the “Trustee”) and (ii) a Certificate of Trust
        filed with the Secretary of State of the State of Delaware on November 16,
        2006.
        This Certificate is issued under and is subject to the terms, provisions
        and
        conditions of the Pooling and Servicing Agreement dated as of November 1,
        2006
        (the “Agreement”) by and among the Depositor, Thornburg Mortgage Home Loans,
        Inc. (“TMHL”), as seller (the “Seller”), Wells Fargo Bank, N.A., as master
        servicer (the “Master Servicer”) and securities administrator (the “Securities
        Administrator”), the Delaware Trustee and the Trustee, to which Agreement the
        Holder of this Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound. To the extent not defined herein, the capitalized
        terms used herein have the meanings assigned in the Agreement.

      

      [No
        transfer of this Certificate shall be made unless such disposition is exempt
        from the registration requirements of the Securities Act of 1933, as amended
        (the “1933 Act”), and any applicable state securities laws or is made in
        accordance with the 1933 Act and such laws. In the event of any transfer,
        (i)
        (A) such transfer is made in reliance upon Rule 144A or (B) such transfer
        is made to an “accredited investor” under Rule 501(c)(1), (2), (3) or (7) (in
        each case as evidenced by an investment letter delivered to the Securities
        Administrator, in substantially the form attached to the Pooling and Servicing
        Agreement, and, if so required by the Securities Administrator and the
        Depositor, a written Opinion of Counsel (which may be in-house counsel)
        acceptable to and in form and substance reasonably satisfactory to the
        Securities Administrator 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 Securities Administrator or the Depositor)
        or
        (ii) the Securities Administrator shall require the transferor to execute
        a
        transferor certificate (in substantially the form attached to the Pooling
        and
        Servicing Agreement) and the transferee to execute an investment letter (in
        substantially the form attached to the Pooling and Servicing Agreement)
        acceptable to and in form and substance reasonably satisfactory to the
        Securities Administrator certifying to the Depositor and the Securities
        Administrator the facts surrounding such transfer, which investment letter
        shall
        not be an expense of the Securities Administrator or the Depositor.]
        [Applicable
        to Certificates in physical form only; delete for Book-Entry
        Certificates]

      

      
        
          
          

        

        
          D-5

          
            

          

        

        
          
          

        

      

      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.

      

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually authenticated by an authorized signatory
        of the
        Securities Administrator.

      
        
          
          

        

        
          D-6

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      Dated:
        November ___, 2006

      
         

        
          	 	 	 
	 	
                  THORNBURG
                    MORTGAGE SECURITIES TRUST 

                  2006-6

                
	 
 	 
 	 
 
	 	By:	 WELLS
                  FARGO BANK, N.A.,
                  not
                    in its individual capacity,

                  but
                    solely as Securities Administrator

                
	 	 	 
	 	 	
                
	 	By:  	 
	 	
                  

                
	 	 

        

         

         

        
          	
                  
                    This
                      is one of the Certificates

                    referenced
                      in the within-mentioned Agreement

                  

                	 
	 	 	 
	 	 	 
	
                  By

                	 	 
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Securities Administrator

                	 

        

         

        
          
            
            

          

          
            D-7

            
              

            

          

          
            
            

          

        

      

      EXHIBIT
        E

      

      

      FORM
        OF REVERSE OF THE CERTIFICATES

      

      THORNBURG
        MORTGAGE SECURITIES TRUST 2006-6

      Mortgage
        Loan Pass-Through Certificates, Series 2006-6

      Reverse
        Certificate

      

      

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Thornburg Mortgage Securities Trust 2006-6, Mortgage Loan Pass-Through
        Certificates, Series 2006-6 (herein collectively called the “Certificates”), and
        representing a beneficial ownership interest in the Trust governed 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 neither the Trustee nor the Securities Administrator is
        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 and the Securities Administrator.

      

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th
        day of
        each month, or if the 25th
        day is
        not a Business Day, then on the next succeeding Business Day (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, (i) in the case of a Physical Certificate,
        by
        check or money order mailed to the address of the person entitled thereto
        as it
        appears on the Certificate Register or, upon the request of a Certificateholder,
        by wire transfer as set forth in the Agreement and (ii) in the case of a
        Book-Entry Certificate, to the Depository, which shall credit the amounts
        of
        such distributions to the accounts of its Depository Participants in accordance
        with its normal procedures. 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 Securities Administrator 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 of the Certificateholders under
        the
        Agreement at any time, by the Depositor, the Seller, the Master Servicer,
        the
        Securities Administrator, the Trustee, the Delaware Trustee and 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.

      

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

      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 Securities Administrator upon surrender of this Certificate for registration
        of transfer at the office or agency maintained by the Securities Administrator
        accompanied by a written instrument of transfer in form satisfactory to the
        Securities Administrator 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.

      

      [Subject
        to the terms of the Agreement, each Class of Book-Entry Certificates will
        be
        registered as being held by the Depository or its nominee and beneficial
        interests will be held by Certificate Owners through the book-entry facilities
        of the Depository or its nominee in minimum denominations of $25,000, in
        the
        case of the Class A-1, Class A-2, Class B-1, Class B-2 and Class B-3
        Certificates, provided, that, with respect to initial European investors
        such
        certificates must be purchased in minimum total investments of at least $100,000
        and $100,000, in the case of the Class A-X, Class B-4, Class B-5 and Class
        B-6
        Certificates and, in each case, in integral multiples of $1 in excess thereof.]
        [Applicable
        to Book-Entry Certificates only; delete for Certificates in physical
        form.]

      

      [The
        Class A-R Certificate will be issued as a single Certificate and maintained
        in
        physical form, representing the entire Percentage Interest in that Class.]
        [Applicable
        to Certificates in physical form.]

      

      [The
        Class A-R Certificate is issuable only in a Percentage Interest of 100%.]
        [Applicable
        to Class A-R Certificates only.]

      

      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 Seller, the Master Servicer, the Securities Administrator,
        the
        Delaware Trustee 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 neither the Depositor, the Trustee nor any such
        agent shall be affected by any notice to the contrary.

      

      [Each
        Holder of a Class A-1 or Class A-2 Certificate is deemed, by acceptance of
        such
        Certificate, (i) to authorize Wells Fargo Bank, N.A. to execute and deliver
        the
        Auction Administration Agreement, the Auction Swap Agreement and the applicable
        Yield Maintenance Agreement on its behalf and (ii) to acknowledge and accept
        and
        agree to be bound by the provisions of the Auction Administration Agreement,
        the
        Auction Swap Agreement and the applicable Yield Maintenance Agreement.]
[Applicable
        to Auction Certificates only; delete for Class A-X, Class A-R and Subordinate
        Certificates.]

      

      
        
          
          

        

        
          E-2

          
            

          

        

        
          
          

        

      

      On
        any
        Distribution Date on which the aggregate of the Stated Principal Balances
        of the
        Mortgage Loans on such date is equal to or less than 20% of the Cut-Off Date
        Aggregate Principal Balance, Thornburg Mortgage, Inc. will have the option
        to
        call the Certificates for a purchase price equal to (i) for all Certificates
        (other than the Class A-X and Class A-R Certificates) the sum of (1) the
        aggregate Class Certificate Principal Balance and (2) the accrued interest
        thereon at the related Pass-Through Rates, less amounts of interest and
        principal otherwise being paid to such Holders on such Distribution Date,
        (ii)
        for the Class A-X Certificates the present value as of the date of such purchase
        of the remaining payments to be based on the Class A-X Certificates (such
        present value to be based upon a discount rate that will approximate the
        expected Yield to Maturity of the Class A-X Certificates and (iii) for the
        Class
        A-R Certificate, $1.00.

      

      On
        any
        date on which the aggregate of the Stated Principal Balances of the Mortgage
        Loans on such date is equal to or less than 10% of the Cut-Off Date Aggregate
        Principal Balance, Thornburg Mortgage Home Loans, Inc., in its capacity as
        a
        Servicer (hereinafter “TMHL”), may purchase, on the related Distribution Date,
        all of the outstanding Mortgage Loans and REO Properties at a price equal
        to the
        Termination Price. In the event that TMHL does not exercise its right of
        optional termination, on any date on which the aggregate of the Stated Principal
        Balances of the Mortgage Loans on such date is equal to or less than 5% of
        the
        Cut-Off Date Aggregate Principal Balance, Wells Fargo Bank, N.A., in its
        capacity as Master Servicer, may purchase, on the related Distribution Date,
        all
        of the outstanding Mortgage Loans and REO Properties at a price equal to
        the
        Termination Price. In the event that neither TMHL nor the Master Servicer
        exercises its right of optional termination, the obligations and
        responsibilities created by the Agreement will terminate upon notice to the
        Trustee upon the earliest of (i) the Distribution Date on which the Class
        Certificate Principal Balance of each Class of Certificates has been reduced
        to
        zero, (ii) the final payment or other liquidation of the last Mortgage Loan
        and
        (iii) the Latest Possible Maturity Date.

      

      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.

       

      
        
          
          

        

        
          E-3

          
            

          

        

        
          
          

        

      

      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

              
	 

      

       

      
        
          
          

        

        
          E-4

          
            

          

        

        
          
          

        

      

      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.

       

      
        
          
          

        

        
          E-5

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

      

      

      REQUEST
        FOR RELEASE

       

       

        
          

        

      

                                                                                  Date

      

      

      [Addressed
        to Trustee

      or,
        if
        applicable, custodian]

      

      

      

      

      In
        connection with the administration of the mortgages held by you as Trustee
        under
        a certain Pooling and Servicing Agreement dated as of November 1, 2006 among
        Credit Suisse First Boston Mortgage Securities Corp., as Depositor, Thornburg
        Mortgage Home Loans, Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer
        and Securities Administrator, Wilmington Trust Company, as Delaware Trustee
        and
        you, as Trustee and Custodian (the “Pooling and Servicing Agreement”), the
        undersigned [Master Servicer] [Servicer] hereby requests a release of the
        Mortgage File held by you as Trustee with respect to the following described
        Mortgage Loan for the reason indicated below.

       

      
        	 	
                Mortgagor’s
                  Name:

              	 
	 	 	 
	 	
                Address:

              	 
	 	 	 
	 	
                Loan
                  No.:

              	 
	 	 	 
	 	
                Reason
                  for requesting file:

              	 

      

      

      1. Mortgage
        Loan paid in full. (The [Master Servicer] hereby certifies that all amounts
        received in connection with the loan have been or will be credited to the
        Distribution Account (whichever is applicable) pursuant to the Pooling and
        Servicing Agreement.)

      

      2. The
        Mortgage Loan is being foreclosed.

      

      3. Mortgage
        Loan substituted. (The [Master Servicer] [Servicer] hereby certifies that
        a
        Qualified Substitute Mortgage Loan has been assigned and delivered to you
        along
        with the related Mortgage File pursuant to the Pooling and Servicing
        Agreement.)

      

      4. Mortgage
        Loan repurchased. (The [Master Servicer] [Servicer] hereby certifies that
        the
        Purchase Price has been credited to the Servicing Account or the Distribution
        Account (whichever is applicable) pursuant to the Pooling and Servicing
        Agreement.)

      

      5. Other.
        (Describe)

      

      
        
          
          

        

        
          F-1

          
            

          

        

        
          
          

        

      

      The
        undersigned acknowledges that the above Mortgage File will be held by the
        undersigned in accordance with the provisions of the Pooling and Servicing
        Agreement and will be returned to you within ten (10) days of our receipt
        of the
        Mortgage File, except if the Mortgage Loan has been paid in full, or repurchased
        or substituted for a Qualified Substitute Mortgage Loan (in which case the
        Mortgage File will be retained by us without obligation to return to
        you).

      

      Capitalized
        terms used herein shall have the meanings ascribed to them in the Pooling
        and
        Servicing Agreement.

       

      
        	 	 
	 	 
	 	
                [Name
                  of [Master Servicer] [Servicer]]

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              	 
	 	 	
                Title:

              	
                Servicing
                  Officer

              

      

       

      
        
          
          

        

        
          F-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G-1

      

      

      FORM
        OF RECEIPT OF MORTGAGE NOTE

      

      RECEIPT
        OF MORTGAGE NOTE

      

      

      Credit
        Suisse First Boston Mortgage Securities Corp.

      11
        Madison Avenue

      New
        York,
        New York 10010

      

      
        	 	
                Re:
                  

              	
                Thornburg
                  Mortgage Securities Trust 2006-6,

                Mortgage
                  Loan Pass-Through Certificates, Series
                  2006-6

              

      

       

      

      

      Ladies
        and Gentlemen:

      

      Pursuant
        to Section 2.01 of the Pooling and Servicing Agreement, dated as of November
        1,
        2006, among Credit Suisse First Boston Mortgage Securities Corp., as Depositor,
        Thornburg Mortgage Home Loans, Inc., as Seller, Wells Fargo Bank, N.A., as
        Master Servicer and Securities Administrator, Wilmington Trust Company, as
        Delaware Trustee and LaSalle Bank National Association, as Trustee, we hereby
        acknowledge the receipt of the original Mortgage Note with respect to each
        Mortgage Loan listed on Exhibit 1, with any exceptions thereto listed on
        Exhibit
        2.

       

      
        	 	 	 
	 	
                LASALLE
                  BANK NATIONAL ASSOCIATION, 

                as
                  Trustee

              
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
                

              
	 	
                Name:
Title:

      

       

      Dated:

       

      
        
          
          

        

        
          G-1-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        1

      

      

      MORTGAGE
        LOAN SCHEDULE

      

      

      [To
        be retained in a separate closing binder entitled “Thornburg 2006-6 Mortgage
        Loan 

      Schedule”
        at the offices of McKee Nelson LLP]

       

      
        
          
          

        

        
          G-1-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        2

      

      

      EXCEPTION
        REPORT

      

      

      [To
        be retained in a separate closing binder entitled “Thornburg 2006-6 Mortgage
        Loan 

      Schedule”
        at the offices of McKee Nelson LLP]

       

      
        
          
          

        

        
          G-1-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G-2

      

      

      FORM
        OF INTERIM CERTIFICATION OF TRUSTEE

      

      INTERIM
        CERTIFICATION OF TRUSTEE

      

      

      [date]

      

      Credit
        Suisse First Boston Mortgage Securities Corp.

      11
        Madison Avenue

      New
        York,
        New York 10010

      

      Thornburg
        Mortgage Home Loans, Inc.

      150
        Washington Avenue, Suite 302

      Santa
        Fe,
        New Mexico 87501

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement among Credit
                  Suisse First Boston Mortgage Securities Corp.,
                  as Depositor, Thornburg Mortgage Home Loans, Inc., as Seller, Wells
                  Fargo
                  Bank, N.A., as Master Servicer and Securities Administrator, Wilmington
                  Trust Company, as Delaware Trustee and LaSalle Bank National Association,
                  as Trustee, Thornburg Mortgage Loan Pass-Through Certificates,
                  Series 2006-6

              

      

      

      

      Ladies
        and Gentlemen:

      

      In
        accordance with Section 2.02 of the above-captioned Pooling and Servicing
        Agreement (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 the attached
        schedule) it has received:

      

      
        	 	
                1.

              	
                all
                  documents required to be delivered to the Trustee pursuant to
                  Section 2.01 of the Pooling and Servicing Agreement are in its
                  possession;

              

      

      

      
        	 	
                2.

              	
                such
                  documents have been reviewed by the Trustee and have not been mutilated,
                  damaged or torn and relate to such Mortgage Loan;
                  and

              

      

      

      
        	 	
                3.

              	
                based
                  on the Trustee’s examination and only as to the foregoing, the information
                  set forth in the Mortgage Loan Schedule that corresponds to items
                  (i),
                  (ii), (iii), (xiii), (xiv) and (xviii) of the Mortgage Loan Schedule
                  accurately reflects information set forth in the Mortgage
                  File.

              

      

      

      
        
          
          

        

        
          G-2-1

          
            

          

        

        
          
          

        

      

      Based
        on
        its review and examination and only as to the foregoing documents, such
        documents appear regular on their face and related to such Mortgage
        Loan.

      

      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 each Mortgage File of any of the Mortgage Loans
        identified on the Mortgage Loan Schedule, or (ii) the collectibility,
        insurability, effectiveness or suitability of any such Mortgage
        Loan.

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

       

      
         

        
          	 	 	 
	 	
                  LASALLE
                    BANK NATIONAL ASSOCIATION, 

                  as
                    Trustee

                
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
                  

                
	 	
                  Name:
Title:

        

         

        
          
            
            

          

          
            G-2-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          G-3

      

      

      

      FORM
        OF FINAL CERTIFICATION OF TRUSTEE

      

      FINAL
        CERTIFICATION OF TRUSTEE

      

      

      [date]

      

      Credit
        Suisse First Boston Mortgage Securities Corp.

      11
        Madison Avenue

      New
        York,
        New York 10010

      

      Thornburg
        Mortgage Home Loans, Inc.

      150
        Washington Avenue, Suite 302 

      Santa
        Fe,
        New Mexico 87501

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement among Credit
                  Suisse First Boston Mortgage Securities Corp.,
                  as Depositor, Thornburg Mortgage Home Loans, Inc., as Seller, Wells
                  Fargo
                  Bank, N.A., as Master Servicer and Securities Administrator, Wilmington
                  Trust Company, as Delaware Trustee and LaSalle Bank National Association,
                  as Trustee, Thornburg Mortgage Loan Pass-Through Certificates,
                  Series 2006-6

              

      

      

      

      Ladies
        and Gentlemen:

      

      In
        accordance with Section 2.02 of the above-captioned Pooling and Servicing
        Agreement (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 the attached
        Document Exception Report) it has received all documents required to be
        delivered to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
        Agreement.

      

      Based
        on
        its review and examination and only as to the foregoing documents, (a) such
        documents appear regular on their face and related to such Mortgage Loan,
        and
        (b) the information set forth in items (i), (ii), (iii), (xiii), (xiv) and
        (xviii) of the definition of the “Mortgage Loan Schedule” in Section 1.01 of the
        Pooling and Servicing Agreement accurately reflects information set forth
        in the
        Mortgage File.

      

      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 each Mortgage File of any of the Mortgage Loans
        identified on the Mortgage Loan Schedule, or (ii) the collectibility,
        insurability, effectiveness or suitability of any such Mortgage
        Loan.

      

      
        
          
          

        

        
          G-3-1

          
            

          

        

        
          
          

        

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

       

      
        
          	 	 	 
	 	
                  LASALLE
                    BANK NATIONAL ASSOCIATION, 

                  as
                    Trustee

                
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
                  

                
	 	
                  Name:
Title:

        

         

        
          
            
            

          

          
            G-3-2

            
              

            

          

          
            
            

          

        

      

      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 Thornburg Mortgage Home Loans, Inc. (the “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 currently lost
        and
        unavailable after diligent search has been made. The Seller’s records show that
        an amount of principal and interest on said note is still presently outstanding,
        due, and unpaid, and such Seller is still owner and holder in due course
        of said
        lost note.

      

      The
        Seller executes this Affidavit for the purpose of inducing LaSalle Bank National
        Association, as trustee on behalf of Thornburg Mortgage Securities Trust
        2006-6,
        Mortgage Loan Pass-Through Certificates, Series 2006-6, to accept the transfer
        of the above described loan from the Seller.

      

      The
        Seller agrees to indemnify LaSalle Bank National Association and Credit Suisse
        First Boston Mortgage Securities Corp. and hold them harmless for any losses
        incurred by such parties resulting from the fact that the above described
        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 __________________.

              	 

      

      

      
        
          
          

        

        
          H-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      

      FORM
        OF ERISA REPRESENTATION

      

      [date]

      

      Credit
        Suisse First Boston Mortgage Securities Corp.

      11
        Madison Avenue

      New
        York,
        New York 10010

      

      Wells
        Fargo Bank, N.A.

      P.O.
        Box
        95

      Columbia,
        Maryland 21045

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      

      
        	 	
                Re:
                  

              	
                Thornburg
                  Mortgage Securities Trust 2006-6,

                
                  Mortgage
                    Loan Pass-Through Certificates, Series 

                  2006-6,
                    Class [A-R] [B-4] [B-5] [B-6]
                                

                

              

      

       

      Ladies
        and Gentlemen:

      

      1. The
        undersigned is the ______________________ of _________________ (the
“Transferee”), a [corporation duly organized] and existing under the laws of
        __________, on behalf of which such officer makes this affidavit.

      

      2. The
        Transferee either (x) is not an employee benefit plan subject to Section
        406 or
        Section 407 of the Employee Retirement Income Security Act of 1974, as amended
        (“ERISA”), or a plan or arrangement subject to Section 4975 of the Internal
        Revenue Code of 1986, as amended (the “Code”), the Trustee of any such plan or
        arrangement or a person acting on behalf of any such plan or arrangement
        or
        using the assets of any such plan or arrangement to effect such transfer
        (a
“Plan Investor”); (y) if the Certificates have been the subject of an
        ERISA-Qualifying Underwriting, is an insurance company which is purchasing
        such
        Certificates with funds contained in an “insurance company general account” (as
        such term is defined in Section V(e) of Prohibited Transaction Class Exemption
        95-60 (“PTCE 95-60”) and that the purchase and holding of such Certificates are
        covered under Section I and III of PTCE 95-60; or (z) shall deliver to the
        Securities Administrator and the Depositor an opinion of counsel (a “Benefit
        Plan Opinion”) satisfactory to the Securities Administrator, and upon which the
        Securities Administrator and the Depositor shall be entitled to rely, to
        the
        effect that the purchase or holding of such Certificate by the Transferee
        will
        not constitute or result in a non-exempt prohibited transaction under Section
        406 of ERISA or Section 4975 of the Code and will not subject the Trustee,
        the
        Master Servicer, any Servicer, the Securities Administrator or the Depositor
        to
        any obligation in addition to those undertaken by such entities in the Pooling
        and Servicing Agreement or to any liability, which opinion of counsel shall
        not
        be an expense of the Securities Administrator or the Depositor.

      

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

      3. The
        Transferee hereby acknowledges that under the terms of the Pooling and Servicing
        Agreement dated as of November 1, 2006 (the “Agreement”) among Credit
        Suisse First Boston Mortgage Securities Corp.,
        as
        Depositor, Thornburg Mortgage Home Loans, Inc., as Seller, Wells Fargo Bank,
        N.A., as Master Servicer and Securities Administrator, Wilmington Trust Company,
        as Delaware Trustee and LaSalle Bank National Association, as Trustee, no
        transfer of the ERISA-Restricted Certificates shall be permitted to be made
        to
        any person unless the Depositor and Securities Administrator have received
        a
        certificate from such transferee in the form hereof.

      

      IN
        WITNESS WHEREOF, the Transferee has executed this certificate.

       

      
        	 	 
	 	
                [Transferee]

              
	 	 	 
	 	
                By

              	 
	 	 	
                Name:

              
	 	 	
                Title:

              

      

      

      
        
          
          

        

        
          I-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J-1

      

      

      FORM
        OF INVESTMENT LETTER [NON-RULE 144A]

      

      [date]

      

      Credit
        Suisse First Boston Mortgage Securities Corp.

      11
        Madison Avenue

      New
        York,
        New York 10010

      

      Wells
        Fargo Bank, N.A.

      P.O.
        Box
        95

      Columbia,
        Maryland 21045

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      

      
        	 	
                Re:
                  

              	
                Thornburg
                  Mortgage Securities Trust 2006-6,

                Mortgage
                  Loan Pass-Through Certificates, Series
                  2006-6

              

      

       

       

      Ladies
        and Gentlemen:

      

      In
        connection with our acquisition of the above-captioned 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 are an
“accredited investor”, as defined in Regulation D under the Act, and have such
        knowledge and experience in financial and business matters that we are capable
        of evaluating the merits and risks of investments in the Certificates, (c)
        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, (d) if we are acquiring an ERISA-Restricted
        Certificate, either: (i) we are not an employee benefit plan that is subject
        to
        the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or a
        plan that is subject to Section 4975 of the Internal Revenue Code of 1986,
        as
        amended (the “Code”) (a “Plan”), nor are we acting on behalf of any such plan;
        (ii) if the Certificates have been the subject of an ERISA-Qualifying
        Underwriting, we are an insurance company which is purchasing such Certificates
        with funds contained in an “insurance company general account” (as such term is
        defined in Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE
        95-60”) and the purchase and holding of such Certificates are covered under
        Section I and III of PTCE 95-60 or (iii) we have presented an Opinion of
        Counsel
        satisfactory to the Securities Administrator, which Opinion of Counsel shall
        not
        be an expense of either the Securities Administrator or the Trust, addressed
        to
        the Securities Administrator and the Depositor, to the effect that the purchase
        and holding of such ERISA-Restricted Certificate that is a Physical Certificate
        will not result in a non-exempt prohibited transaction under Section 406
        of
        ERISA or Section 4975 of the Code and will not subject the Trustee, the Master
        Servicer, any Servicer, the Securities Administrator or the Depositor

       

      
        
          
          

        

        
          J-1-1

          
            

          

        

        
          
          

        

      

      to
        any
        obligation in addition to those expressly undertaken in this Agreement or
        to any
        liability or, (e) if we are acquiring an ERISA-Restricted Auction Certificate,
        either (i) we not acquiring such Certificate for, on behalf of, or with the
        assets of a Plan or (ii) the acquisition and holding of such Certificate
        are
        eligible for exemptive relief under the statutory exemption for nonfiduciary
        service providers under Section 408(b)(17) of ERISA and Section 4975(d)(20)
        of
        the Code or under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE
        90-1, PTCE-91-38, PTCE-95-60, PTCE-96-23 or some other applicable exemption,
        (f)
        we are acquiring the Certificates for investment for our own account and
        not
        with a view to any distribution of such Certificates (but without prejudice
        to
        our right at all times to sell or otherwise dispose of the Certificates in
        accordance with clause (i) below), (g) 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,
        or
        taken any other action which would result in a violation of Section 5 of
        the
        Act, and (i) we will not sell, transfer or otherwise dispose of any Certificates
        unless (1) such sale, transfer or other disposition is made pursuant to an
        effective registration statement under the Act or is exempt from such
        registration requirements, and if requested, we will at our expense provide
        an
        opinion of counsel to the addressees of this Certificate satisfactory to
        the
        Securities Administrator that such sale, transfer or other disposition may
        be
        made pursuant to an exemption from the Act, (2) the purchaser or transferee
        of
        such Certificate has executed and delivered to you a certificate to
        substantially the same effect as this certificate, and (3) the purchaser
        or
        transferee has otherwise complied with any conditions for transfer set forth
        in
        the Pooling and Servicing Agreement.

      
         

        
          	 	Very
                  truly
                  yours,
	 	 
	 	
                  
                    [NAME
                      OF TRANSFEREE]

                  

                
	 	 	 
	 	 	 
	 	
                  By

                	 
	 	 	
                  
                    Authorized
                      Officer

                  

                

        

         

        
          
            
            

          

          
            J-1-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          J-2

      

      

      

      FORM
        OF RULE 144A INVESTMENT LETTER

      

      [date]

      

      Credit
        Suisse First Boston Mortgage Securities Corp.

      11
        Madison Avenue

      New
        York,
        New York 10010

      

      Wells
        Fargo Bank, N.A.

      P.O.
        Box
        95

      Columbia,
        Maryland 21045

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      

      
        	 	
                Re:
                  

              	
                Thornburg
                  Mortgage Securities Trust 2006-6,

                Mortgage
                  Loan Pass-Through Certificates, Series
                  2006-6

              

      

      
 

      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)
        if we are acquiring an ERISA-Restricted Certificate, either: (i) we are not
        an
        employee benefit plan that is subject to the Employee Retirement Income Security
        Act of 1974, as amended (“ERISA”), or a plan that is subject to Section 4975 of
        the Internal Revenue Code of 1986, as amended (the “Code”) (a “Plan”), nor are
        we acting on behalf of any such plan; (ii) if the Certificates have been
        the
        subject of an ERISA-Qualifying Underwriting, we are an insurance company
        which
        is purchasing such Certificates with funds contained in an “insurance company
        general account” (as such term is defined in Section V(e) of Prohibited
        Transaction Class Exemption 95-60 (“PTCE 95-60”) and the purchase and holding of
        such Certificates are covered under Section I and III of PTCE 95-60 or (iii)
        we
        have presented an Opinion of Counsel satisfactory to the Securities
        Administrator, which Opinion of Counsel shall not be an expense of either
        the
        Securities Administrator or the Trust, addressed to the Securities Administrator
        and the Depositor, to the effect that the purchase and holding of such
        ERISA-Restricted Certificate that is a Physical Certificate will not result
        in a
        non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
        of
        the Code and will not subject the Trustee, the Master Servicer, any Servicer,
        the Securities Administrator or the Depositor to any obligation in addition
        to
        those expressly undertaken in this Agreement or to any liability, (d) if
        an
        ERISA-Restricted Auction Certificate, either (i) we not acquiring such
        Certificate for, on behalf of, or with the assets of a Plan or (ii) the
        acquisition and holding of such Certificate are eligible for exemptive relief
        the statutory exemption for nonfiduciary service providers under Section
        408(b)(17) of ERISA and Section 4975(d)

       

      
        
          
          

        

        
          J-2-1

          
            

          

        

        
          
          

        

      

      (20)
        of
        the Code or under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE
        90-1, PTCE-91-38, PTCE-95-60, PTCE-96-23 or some other applicable exemption,
        (e)
        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 Act or that would render the disposition of the Certificates a violation
        of
        Section 5 of the 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, and (f) we are a “qualified institutional buyer” as that
        term is defined in Rule 144A under the 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 Act.

       
         

        
          	 	Very
                  truly
                  yours,
	 	 
	 	
                  
                    [NAME
                      OF TRANSFEREE]

                  

                
	 	 	 
	 	 	 
	 	
                  By

                	 
	 	 	
                  
                    Authorized
                      Officer

                  

                

        

         

        
          
            
            

          

          
            J-2-2

            
              

            

          

          
            
            

          

        

      

      ANNEX
        1 TO EXHIBIT J-2

      

      

      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 $            1 
        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.

       

    

    
      

    

    
      	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.

            

    

    

    
      
        
        

      

      
        J-2-3

        
          

        

      

      
        
        

      

    

    ___ 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.

    

    
      
        
        

      

      
        J-2-4

        
          

        

      

      
        
        

      

    

    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.

     

    
      	 	 
	 	
              Print
                Name of Buyer

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	
              Date:

            	 
	 	 	 

    

     

    
      
        
        

      

      
        J-2-5

        
          

        

      

      
        
        

      

    

    ANNEX
      2 TO EXHIBIT J-2

    

    

    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 Buyer’s 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.

    

    
      
        
        

      

      
        J-2-6

        
          

        

      

      
        
        

      

    

    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 or Adviser

                

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              
	 	 	
                Title:

              
	 	 	 
	 	 	 
	 	 
	 	
                 Print
                  Name of Buyer

              
	 	 	 
	 	 	 
	 	
                Date:

              	 
	 	 	 

      

    

    

    
      
        
        

      

      
        J-2-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

    

    

    FORM
      OF TRANSFEROR CERTIFICATE

    

    [date]

    

    Credit
      Suisse First Boston Mortgage Securities Corp.

    11
      Madison Avenue

    New
      York,
      New York 10010

    

    Wells
      Fargo Bank, N.A.

    P.O.
      Box
      95

    Columbia,
      Maryland 21045

    

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    

    
      	 	
              Re:
                

            	
              Thornburg
                Mortgage Securities Trust 2006-6, Mortgage

              
                Loan
                  Pass-Through Certificates, Series 2006-6, Class
                  A-R

              

            

    

    

    

    Ladies
      and Gentlemen:

    

    In
      connection with our proposed transfer of an Ownership Interest in Class A-R
      Certificates, we hereby certify that (a) we have no knowledge that the proposed
      Transferee is not a Permitted Transferee acquiring an Ownership Interest in
      such
      Class A-R Certificate for its own account and not in a capacity as trustee,
      nominee, or agent for another Person, and (b) we have not undertaken the
      proposed transfer in whole or in part to impede the assessment or collection
      of
      tax.

    
      	 	
               

              Very
                truly yours,

            
	 	 
	 	 
	 	
              [_____________________]

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	 

    

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

    

    TRANSFER
      AFFIDAVIT FOR CLASS A-R CERTIFICATE

    PURSUANT
      TO SECTION 6.02(e)

    

    THORNBURG
      MORTGAGE SECURITIES TRUST 2006-6,

    MORTGAGE
      LOAN PASS-THROUGH CERTIFICATES, SERIES 2006-6, CLASS A-R

    

    

    
      	
              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 a 100% Ownership Interest in the Class A-R Certificate
                (the
                “Certificate”) issued pursuant to the Pooling and Servicing Agreement,
                (the “Agreement”), dated as of November 1, 2006, relating to the
                above-referenced Certificates, among Credit
                Suisse First Boston Mortgage Securities Corp.,
                as Depositor, Thornburg Mortgage Home Loans, Inc., as Seller, Wells
                Fargo
                Bank, N.A., as Master Servicer, Wilmington Trust Company, as Delaware
                Trustee and LaSalle Bank National Association, as 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 for its own account and not in a capacity as trustee,
                nominee or agent for another party.

            

    

    

    
      	
              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) for 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. The Transferee has provided
                financial statements or other financial information requested by
                the
                Transferor in connection with the transfer of the Certificate to
                permit
                the Transferor to assess the financial capability of the Transferee
                to pay
                such taxes.

            

    

    

    
      	
              4.

            	
              The
                Transferee has been advised of, and understands that a tax may be
                imposed
                on a “pass-through entity” holding the Certificate if, at any time during
                the taxable year of the pass-through entity, a Disqualified Organization
                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 not a Disqualified Organization
                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.)

            

    

    

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

    
      	
              5.

            	
              The
                Transferee has reviewed the provisions of Section 6.02(e) 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 6.02(e) 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 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
                K to
                the Agreement (a “Transferor
                Certificate”).

            

    

    

    
      	
              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 aware that the Certificate may be a “noneconomic residual
                interest” within the meaning of the REMIC provisions and that the
                transferor of a noneconomic 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.

            

    

     

    
      
        
        

      

      
        L-2

        
          

        

      

      
        
        

      

    

    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
                  ,
      20  .

     

    
      	 	 	 
	 	
              [NAME
                OF TRANSFEREE]

            
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              

            
	 	
              
                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
        
      ,
      20  .

     

    
      	 	 
	 	
              NOTARY
                PUBLIC

            
	 	 
	 	 
	 	 
	 	
              My
                Commission expires the __
                day of _____________,
                20  .

            

    

     

    
      
        
        

      

      
        L-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

    

    

    FORM
      OF CERTIFICATE OF TRUST

    

    This
      Certificate of Trust of Thornburg Mortgage Securities Trust 2006-6 (the “Trust”)
      is being duly executed and filed by the undersigned, as trustees, to form a
      statutory trust under the Delaware Statutory Trust Act, 12 Del. C.§§
3801
      et seq.
      (the
“Act”).

    

    1. Name.
      The
      name of the statutory trust formed hereby is Thornburg Mortgage Securities
      Trust
      2006-6.

    

    2. Delaware
      Trustee.
      The
      name and the business address of the trustee of the Trust with a principal
      place
      of business in the State of Delaware and County of New Castle is Wilmington
      Trust Company, 1100 North Market Street, Wilmington, Delaware
      19890.

    

    3. Effective
      Date.
      This
      Certificate of Trust shall be effective upon filing with the Secretary of State
      of the State of Delaware.

    

    IN
      WITNESS WHEREOF, the undersigned, being the only trustees of the Trust, have
      duly executed this Certificate of Trust in accordance with Section 3811(a)(1)
      of
      the Act.

     

    
      	 	 	 
	 	
              Wilmington
                Trust Company,

              as
                Delaware Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              
                Name:

              

              Title: 

            

    

    
       

      
        	 	 	 
	 	
                LaSalle
                  Bank National Association, as Trustee

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                
                  Name:

                

                Title: 

              

      

       

      
        
          
          

        

        
          M-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N

    

    

    

    LIST
      OF SERVICERS AND SERVICING AGREEMENTS

    

    
      	 	
              1.

            	
              (a)
                Servicing Agreement, dated as of March 1, 2002, among Thornburg Mortgage
                Home Loans, Inc. (“Thornburg”), as seller and servicer and Wells Fargo
                Bank N.A. (“Wells Fargo”), as master servicer, as amended by the Amendment
                to Servicing Agreement, dated as of December 1, 2002, and as amended
                by
                the Second Amendment to Servicing Agreement, dated as of January
                1, 2006,
                and (b) the Subservicing Acknowledgement Agreement, dated as of March
                1,
                2002, between Thornburg, as servicer, and Cenlar FSB, as sub-servicer
                (“Cenlar”), as amended by the Amendment to Subservicing Acknowledgement
                Agreement, dated as of December 1, 2002, and by the Second Amendment
                to
                Subservicing Acknowledgement Agreement, dated as of January 1, 2006,
                including the related Transfer Notice, dated November 22, 2006, from
                Thornburg, as seller, to Thornburg, as servicer, and Cenlar, as
                sub-servicer.

            

    

    

    
      	 	
              2.

            	
              Amended
                and Restated Correspondent Loan Purchase Agreement, dated as of March
                25,
                2002, between Thornburg Mortgage Home Loans, Inc. (“Thornburg”) and First
                Republic Bank (“First Republic”), including the related Transfer Notice,
                dated November 22, 2006, from Thornburg to First
                Republic.

            

    

    

    
      	 	
              3.

            	
              Amended
                and Restated Correspondent Loan Purchase Agreement, dated as of March
                27,
                2002, between Thornburg and Colonial Savings, F.A. (“Colonial”), including
                the related Transfer Notice, dated November 22, 2006, from Thornburg
                to
                Colonial.

            

    

    

    
      	 	
              4.

            	
              Correspondent
                Loan Purchase Agreement, dated as of January 31, 2006, between Thornburg
                Mortgage Home Loans, Inc. (“Thornburg”) and Mellon Trust of New England,
                N.A. (“Mellon”), including the related Transfer Notice, dated November 22,
                2006, from Thornburg to Mellon.

            

    

    

    
      	 	
              5.

            	
              Reconstituted
                Servicing Agreement, dated as of November 1, 2006, by and among Thornburg,
                Countrywide Home Loans Servicing LP (“Countrywide”), as servicer, LaSalle
                Bank National Association, as trustee, and acknowledged by Wells
                Fargo
                Bank, N.A., as master servicer, relating
                to the Mortgage Loan Purchase and Servicing Agreement dated as of
                September 1, 2005 as amended by the Amendment Number Two dated as
                of June
                19, 2006 by and between Thornburg and Countrywide and by the Amendment
                Reg
                AB dated as of July 1, 2006 by and between Thornburg and
                Countrywide.

            

    

    

    
      	 	
              6.

            	
              Correspondent
                Loan Purchase Agreement, dated as of April 6, 2006, between Thornburg
                Mortgage Home Loans, Inc. (“Thornburg”) and First Horizon Home Loan Corp.
                (“First Horizon”), including the related Transfer Notice, dated November
                22, 2006, from Thornburg to First
                Horizon.

            

    

    

    
      	 	
              7.

            	
              Reconstituted
                Servicing Agreement dated as of November 1, 2006, by and among Thornburg,
                Morgan Stanley Credit Corporation (“Morgan Stanley”), as servicer,
                Thornburg Mortgage Securities Trust 2006-6, and acknowledged by Wells
                Fargo Bank, 

            

    

    

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    
      

      
        	 	
                 

              	
                N.A.,
                  as master servicer, relating to the Master Servicing Agreement
                  between
                  Thornburg and Morgan Stanley, as servicer, dated as of May 1, 2001,
                  as
                  amended by that certain Amendment to Master Servicing Agreement
                  dated as
                  of January 1, 2003, by and between Thornburg and Morgan Stanley,
                  and by
                  the Amendment Reg AB dated as of November 1, 2006 between Thornburg
                  and
                  Morgan Stanley.

              

      

      

      
        
          
          

        

        
          N-2

          
            

          

        

        
          
          

        

      

    

    EXHIBIT
      O

    

    

    NOTICE
      OF EXERCISE OF OPTIONAL SECURITIES PURCHASE RIGHT

    

    Date__________________

    
      	
               

              [TRUSTEE]

            
	 
	
              [SECURITIES
                ADMINISTRATOR]

            
	 
	
              [RATING
                AGENCIES]

            
	 
	
              [MASTER
                SERVICER]

            
	 
	 

    

    

    
      	 	
              Re:

            	
              Thornburg
                Mortgage Securities Trust 2006-6

            

    

    

    

    Ladies
      and Gentlemen:

    

    Pursuant
      to the terms of the Pooling and Servicing Agreement (the “Agreement”), dated as
      of November 1, 2006, among Credit Suisse First Boston Mortgage Securities Corp.,
      as depositor, Thornburg Mortgage Home Loans, Inc., Wells Fargo Bank, N.A.,
      as
      master servicer and securities administrator, LaSalle Bank National Association,
      as trustee, and Wilmington Trust Company, as Delaware trustee, we hereby give
      notice of our exercise of the Optional Securities Purchase Right. We intend
      to
      purchase the outstanding Certificates on the Distribution Date in ______ 20__.
      [We appoint __________________ as designee to purchase the Class A-R
      Certificates.]

     

    
      	 	
              Very
                truly yours,

               

              THORNBURG
                MORTGAGE, INC.

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Officer

            

    

     

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P

    

    

    [Reserved]

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q

    

    

    SERVICING
      CRITERIA

    

    The
      assessment of compliance to be delivered by Wells Fargo Bank, N.A. (“Wells
      Fargo”), in its capacities as Master Servicer and Securities Administrator, and
      LaSalle Bank National Association, in its capacity as Custodian, shall address,
      at a minimum, the criteria identified below as “Applicable Servicing
      Criteria”:

    

    
      	
               

              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            	
              Applicable

              Servicing

              Criteria
                for LaSalle

            
	
              Reference

            	
              Criteria

            	 	 
	 	
              General
                Servicing Considerations

            	 	 
	 	 	 	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
              X

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              X

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	
              X

            	 
	 	
              Cash
                Collection and Administration

            	 	 
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	
              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

            	 
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	
              X

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	
              X

            	 

    

     

    
      
        
        

      

      
        Q-1

        
          

        

      

      
        
        

      

    

    
      	
               

              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            	
              Applicable

              Servicing

              Criteria
                for LaSalle

            
	
              Reference

            	
              Criteria

            	 	 
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	
              X

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 	 
	
              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

            	 
	 	
              Investor
                Remittances and Reporting

            	 	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of mortgage loans serviced by the
                Servicer.

            	
              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

            	 
	
              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

            	 
	
              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

            	 
	 	
              Pool
                Asset Administration

            	 	 
	
              1122(d)(4)(i)

            	
              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	 	
              X

            
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan 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

            

    

     

    
      
        
        

      

      
        Q-2

        
          

        

      

      
        
        

      

    

    
      	
               

              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            	
              Applicable

              Servicing

              Criteria
                for LaSalle

            
	
              Reference

            	
              Criteria

            	 	 
	
              1122(d)(4)(iv)

            	
              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the Servicer’s obligor
                records maintained no more than two business days after receipt,
                or such
                other number of days specified in the transaction agreements, and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related mortgage loan documents.

            	 	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor’s mortgage loans (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	 	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 	 

    

     

    
      
        
        

      

      
        Q-3

        
          

        

      

      
        
        

      

    

    
      	
               

              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            	
              Applicable

              Servicing

              Criteria
                for LaSalle

            
	
              Reference

            	
              Criteria

            	 	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	 	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	 	 
	
              1122(d)(4)(xiv)

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	
              X

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	
              X

            	 
	 	 	 	 

    

     

    
      
        
        

      

      
        Q-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R

    

    

    ADDITIONAL
      FORM 10-D DISCLOSURE

     

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible

            
	
              Item
                1: Distribution and Pool Performance Information

            	 
	
              Information
                included in the Distribution Date Statement

            	
              Servicer

              Master
                Servicer

              Securities
                Administrator

            
	
              Any
                information required by 1121 which is NOT included on the Distribution
                Date Statement

            	
              Depositor

            
	
              
                Item
                  2: Legal Proceedings

              

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceeding known to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Pooling and Servicing Agreement) or
                Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Custodian

            	
              Custodian

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                Administrator)

            	
              Servicer

            
	
              ▪
                Any other party contemplated by 1100(d)(1)

            	
              Depositor

            
	
              
                Item
                  3: Sale of Securities and Use of Proceeds

              

              
                Information
                  from Item 2(a) of Part II of Form 10-Q:

              

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	
               Depositor

            

    

     

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

    

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible

            

    

    
      	
              Item
                4: Defaults Upon Senior Securities

               

               

              
                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                
                  Report
                    the occurrence of any Event of Default (after expiration of any
                    grace
                    period and provision of any required notice)

                

              

            	
              Securities
                Administrator

              Trustee
                (in the event of the

              Master
                Servicer’s termination)

            
	
              Item
                5: Submission of Matters to a Vote of Security
                Holders

               

              
                Information
                  from Item 4 of Part II of Form 10-Q

              

            	
              Securities
                Administrator

              Trustee

            
	
              Item
                6: Significant Obligors of Pool Assets

               

              
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              Item
                7: Significant Enhancement Provider Information

               

              
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

              

            	 
	
              ▪
                Determining applicable disclosure threshold

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information*

            	 
	
              ▪
                Determining current maximum probable exposure

            	
              Depositor

            
	
              ▪
                Determining current significance percentage

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Item
                8: Other Information

               

              
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              

            	
              Any
                party responsible for the applicable Form 8-K Disclosure
                item

            
	
            	 

    

     

    
      
        
        

      

      
        R-2

        
          

        

      

      
        
        

      

    

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible

            

    

    
      	
              Item
                9: Exhibits

            	 
	
              Distribution
                Date Statement to 

              Certificateholders

              
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              

            	
              Securities
                Administrator

               

              
                Depositor

              

            

    

     

    
      
        
        

      

      
        R-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S

    

    

    ADDITIONAL
      FORM 10-K DISCLOSURE

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible

            
	
              Item
                1B: Unresolved Staff Comments

            	
              Depositor

            
	
              Item
                9B: Other Information

               

              
                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                15: Exhibits, Financial Statement Schedules

            	
              Securities
                Administrator

              Depositor

            
	
              Reg
                AB Item 1112(b): Significant Obligors of Pool
                Assets

            	 
	
              Significant
                Obligor Financial Information*

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              Reg
                AB Item 1114(b)(2): Credit Enhancement Provider Financial
                Information

            	 
	
              ▪
                Determining applicable disclosure threshold

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Reg
                AB Item 1115(b): Derivative Counterparty Financial
                Information

            	 
	
              ▪
                Determining current maximum probable exposure

            	
              Depositor

            
	
              ▪
                Determining current significance percentage

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 

    

     

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible

            

    

    
      	
              Reg
                AB Item 1117: Legal Proceedings

               

              
                Any
                  legal proceeding pending against the following entities or their
                  respective property, that is material to Certificateholders, including
                  any
                  proceeding known to be contemplated by governmental
                  authorities:

              

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Pooling and Servicing Agreement) or
                Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Custodian

            	
              Custodian

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                Administrator)

            	
              Servicer

            
	
              ▪
                Any other party contemplated by 1100(d)(1)

            	
              Depositor

            
	
              Reg
                AB Item 1119: Affiliations and Relationships

            	 
	
              Whether
                (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                of
                the following parties, and (b) to the extent known and material,
                any of
                the following parties are affiliated with one another:

            	
              Depositor
                as to Depositor and Issuing Entity (a)

              Sponsor/Seller
                as to Sponsor/Seller (a)

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            
	
              Whether
                there are any “outside the ordinary course business arrangements” other
                than would be obtained in an arm’s length transaction between (a) the
                Sponsor (Seller), Depositor or Issuing Entity on the one hand, and
                (b) any
                of the following parties (or their affiliates) on the other hand,
                that
                exist currently or within the past two years and that are material
                to a
                Certificateholder’s understanding of the Certificates:

            	
              Depositor
                as to Depositor and Issuing Entity (a)

              Sponsor/Seller
                as to Sponsor/Seller (a)

            

    

     

    
      
        
        

      

      
        S-2

        
          

        

      

      
        
        

      

    

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible

            

    

    
      	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            
	
              Whether
                there are any specific relationships involving the transaction or
                the pool
                assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                on
                the one hand, and (b) any of the following parties (or their affiliates)
                on the other hand, that exist currently or within the past two years
                and
                that are material:

            	
              Depositor
                as to Depositor and Issuing Entity

              Sponsor/Seller
                as to Sponsor/Seller

            

    

    
      	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            

    

     

    
      
        
        

      

      
        S-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      T

    

    

    ADDITIONAL
      FORM 8-K DISCLOSURE

     

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible

            
	
              Item
                1.01- Entry into a Material Definitive Agreement

            	
              All
                parties

            
	
              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

            	 
	
              Item
                1.02- Termination of a Material Definitive
                Agreement

            	
              All
                parties

            
	
              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.

            	 
	
              Item
                1.03- Bankruptcy or Receivership

            	
              Depositor

            
	
              Disclosure
                is required regarding the bankruptcy or receivership, with respect
                to any
                of the following:

            	 
	
              ▪
                Sponsor (Seller)

            	
              Sponsor
                (Seller)

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Affiliated Servicer

            	
              Servicer

            
	
              ▪
                Other Servicer servicing 20% or more of the pool assets at the time
                of the
                report

            	
              Servicer

            
	
              ▪
                Other material servicers

            	
              Servicer

            
	
              ▪
                Trustee

            	
              Trustee

            

    

     

    
      
        
        

      

      
        T-1

        
          

        

      

      
        
        

      

    

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible

            

    

    
      	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Significant Obligor

            	
              Depositor

            
	
              ▪
                Credit Enhancer (10% or more)

            	
              Depositor

            
	
              ▪
                Derivative Counterparty

            	
              Depositor

            
	
              ▪
                Custodian

            	
              Custodian

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

               

              Includes
                an early amortization, performance trigger or other event, including
                event
                of default, that would materially alter the payment priority/distribution
                of cash flows/amortization schedule.

               

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the Distribution Date Statements to the
                certificateholders.

            	
              Depositor

              Master
                Servicer

              Securities
                Administrator

            
	
              Item
                3.03- Material Modification to Rights of Security
                Holders

               

              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Pooling and Servicing
                Agreement.

            	
              Securities
                Administrator

              Depositor

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

              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”.

            	
              Depositor

            
	
              Item
                6.01- ABS Informational and Computational
                Material

            	
              Depositor

            
	
              Item
                6.02- Change of Servicer or Securities Administrator

               

              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                master servicer, affiliated servicer, other servicer servicing 10%
                or more
                of pool assets at time of report, other material servicers or
                trustee.

            	
              Master
                Servicer/Securities Administrator/Depositor/

              Servicer/Trustee
                (if change of the

              Securities
                Administrator)

            
	
              Reg
                AB disclosure about any new servicer or master servicer is also
                required.

            	
              Servicer/Master
                Servicer/Depositor

            
	
              Reg
                AB disclosure about any new Trustee is also required.

            	
              Trustee

            

    

     

    
      
        
        

      

      
        T-2

        
          

        

      

      
        
        

      

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible

              

      

    

    
      	
              Item
                6.03- Change in Credit Enhancement or External
                Support

            	
              Depositor/Securities
                Administrator

            
	
              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

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	
              Securities
                Administrator

            
	
              Item
                6.05- Securities Act Updating Disclosure

            	
              Depositor

            
	
              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.

            	 
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	
              Depositor

            
	
              Item
                7.01- Reg FD Disclosure

            	
              All
                parties

            
	
              Item
                8.01- Other Events

            	
              Depositor

            
	
              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to
                certificateholders.

            	 
	
              Item
                9.01- Financial Statements and Exhibits

            	
              Responsible
                party for reporting/disclosing the financial statement or
                exhibit

            

    

     

    
      
        
        

      

      
        T-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      U

    

    

    FORM
      OF ADDITIONAL DISCLOSURE NOTIFICATION

    

    

    Wells
      Fargo Bank, N.A. as Securities Administrator 

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

    E-mail:
      cts.sec.notifications@wellsfargo.com

    

    Attn:
      Corporate Trust Services - THORNBURG MORTGAGE TRUST 2006-6-SEC REPORT
      PROCESSING

    

    RE:
      Additional Form [ ] Disclosure Required

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section 3.19(a)(ii) of the Pooling and Servicing Agreement
      dated
      as of November 1, 2006 by and among the Credit Suisse First Boston Mortgage
      Securities Corp., as depositor, Thornburg Mortgage Home Loans, Inc., as seller,
      Wells Fargo Bank, N.A., as master servicer and securities administrator, the
      Wilmington Trust Company, as Delaware trustee and LaSalle Bank National
      Association, as trustee, the undersigned, as [ ], hereby notifies you that
      certain events have come to our attention that [will][may] need to be disclosed
      on Form [10-D] [10-K] [8-K].

    
      	
               

              Description
                of Additional Form [10-D] [10-K] [8-K] Disclosure:

            
	 
	 
	 
	 
	 
	
              List
                of Any Attachments hereto to be included in the Additional Form [
                ]
                Disclosure:

            
	 
	 
	 

    

    

    Any
      inquiries related to this notification should be directed to [ ], phone number:
      [ ]; email address: [ ].

    
      	 	
               

              [NAME
                OF PARTY]

              as
                [role]

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

    

    

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      I

    

    

    MORTGAGE
      LOAN SCHEDULE

    

    [To
      be retained in a separate closing binder entitled “Thornburg 2006-6 Mortgage
      Loan 

    Schedule”
      at the offices of McKee Nelson LLP]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]