Common use of DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES Clause in Contracts

DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. 58 Section 2.02. Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. 63 Section 2.03. Representations and Warranties of the Depositor. 64 Section 2.04. Discovery of Breach. 66 Section 2.05. Repurchase, Purchase or Substitution of Mortgage Loans. 67 Section 2.06. Grant Clause. 68 ARTICLE III THE CERTIFICATES Section 3.01. The Certificates. 69 Section 3.02. Registration. 70 Section 3.03. Transfer and Exchange of Certificates. 71 Section 3.04. Cancellation of Certificates. 77 Section 3.05. Replacement of Certificates. 77 Section 3.06. Persons Deemed Owners. 77 Section 3.07. Temporary Certificates. 78 Section 3.08. Appointment of Paying Agent. 78 Section 3.09. Book-Entry Certificates. 79 ARTICLE IV ADMINISTRATION OF THE TRUST FUND Section 4.01. Collection Account. 81 Section 4.02. Application of Funds in the Collection Account. 83 Section 4.03. Reports to Certificateholders. 85 Section 4.04. Certificate Account. 89 Section 4.05. [Reserved] 90 ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES Section 5.01. Distributions Generally. 90 Section 5.02. Distributions from the Certificate Account. 91 Section 5.03. Allocation of Losses. 105 Section 5.04. Advances by Master Servicer, Servicer and Trustee. 105 Section 5.05. Compensating Interest Payments. 106 Section 5.06. Basis Risk Reserve Fund. 106 Section 5.07. Supplemental Interest Trust. 107 Section 5.08. Rights of Swap Counterparty. 109 Section 5.09. Termination Receipts. 109

DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. 58 Loans 61 Section 2.02. 2.02 Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. 63 Fund 65 Section 2.03. 2.03 Representations and Warranties of the Depositor. 64 Depositor 67 Section 2.04. 2.04 Discovery of Breach. 66 Breach 68 Section 2.05. 2.05 Repurchase, Purchase or Substitution of Mortgage Loans. 67 Loans 69 Section 2.06. 2.06 Grant Clause. 68 Clause 70 ARTICLE III THE CERTIFICATES Section 3.01. 3.01 The Certificates. 69 Certificates 71 Section 3.02. Registration. 70 3.02 Registration 73 Section 3.03. 3.03 Transfer and Exchange of Certificates. 71 Certificates 73 Section 3.04. 3.04 Cancellation of Certificates. 77 Certificates 79 Section 3.05. 3.05 Replacement of Certificates. 77 Certificates 79 Section 3.06. 3.06 Persons Deemed Owners. 77 Owners 80 Section 3.07. 3.07 Temporary Certificates. 78 Certificates 80 Section 3.08. 3.08 Appointment of Paying Agent. 78 Agent 80 Section 3.09. Book-3.09 Book Entry Certificates. 79 Certificates 81 ARTICLE IV ADMINISTRATION OF THE TRUST FUND Section 4.01. 4.01 Collection Account. 81 Account 82 Section 4.02. 4.02 Application of Funds in the Collection Account. 83 Account 84 Section 4.03. 4.03 Reports to Certificateholders. 85 Certificateholders 86 Section 4.04. 4.04 Certificate Account. Account 89 Section 4.05. [Reserved] 90 4.05 Securities Administration Account 91 ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES Section 5.01. 5.01 Distributions Generally. 90 Generally 92 Section 5.02. 5.02 Distributions from the Certificate Account. 91 Account 93 Section 5.03. 5.03 Allocation of Losses. 105 Losses 100 Section 5.04. 5.04 Advances by Master Servicer, Servicer and Trustee. 105 Securities Administrator 101 Section 5.05. 5.05 Compensating Interest Payments. 106 Payments 102 Section 5.06. 5.06 Basis Risk Reserve Fund. 106 Fund 102 Section 5.07. 5.07 Supplemental Interest Trust. 107 Trust 103 Section 5.08. 5.08 Rights of Swap Counterparty. Counterparty 104 Section 5.09 Termination Receipts 104 ARTICLE VI CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS OF DEFAULT Section 6.01 Duties of Trustee and Securities Administrator 105 Section 6.02 Certain Matters Affecting the Trustee and the Securities Administrator 108 Section 6.03 Trustee and Securities Administrator Not Liable for Certificates 109 Section 5.09. Termination Receipts. 1096.04 Trustee and the Securities Administrator May Own Certificates 110 Section 6.05 Eligibility Requirements for Trustee and Securities Administrator 110 Section 6.06 Resignation and Removal of Trustee and the Securities Administrator 110 Section 6.07 Successor Trustee and Successor Securities Administrator 112 Section 6.08 Merger or Consolidation of Trustee or the Securities Administrator 112 Section 6.09 Appointment of Co Trustee, Separate Trustee or Custodian 113 Section 6.10 Authenticating Agents 114 Section 6.11 Indemnification of Trustee and Securities Administrator 115 Section 6.12 Fees and Expenses of Securities Administrator, Trustee and Custodian 116 Section 6.13 Collection of Monies 117 Section 6.14 Events of Default; Trustee To Act; Appointment of Successor 117 Section 6.15 Additional Remedies of Trustee Upon Event of Default 121 Section 6.16 Waiver of Defaults 122 Section 6.17 Notification to Holders 122 Section 6.18 Directions by Certificateholders and Duties of Trustee During Event of Default 122 Section 6.19 Action Upon Certain Failures of the Master Servicer and Upon Event of Default 123 Section 6.20 Preparation of Tax Returns and Other Reports 123 Section 6.21 Reporting Requirements of the Commission 125

DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. 58 59 Section 2.02. 2.02 Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. 63 Section 2.03. 2.03 Representations and Warranties of the Depositor. 64 65 Section 2.04. 2.04 Discovery of Breach. 66 Section 2.05. 2.05 Repurchase, Purchase or Substitution of Mortgage Loans. 67 Section 2.06. 2.06 Grant Clause. 68 ARTICLE III THE CERTIFICATES Section 3.01. 3.01 The Certificates. 69 Section 3.02. 3.02 Registration. 70 71 Section 3.03. 3.03 Transfer and Exchange of Certificates. 71 Section 3.04. 3.04 Cancellation of Certificates. 77 Section 3.05. 3.05 Replacement of Certificates. 77 Section 3.06. 3.06 Persons Deemed Owners. 77 78 Section 3.07. 3.07 Temporary Certificates. 78 Section 3.08. 3.08 Appointment of Paying Agent. 78 Section 3.09. 3.09 Book-Entry Certificates. 79 ARTICLE IV ADMINISTRATION OF THE TRUST FUND Section 4.01. 4.01 Collection Account. 81 Section 4.02. 4.02 Application of Funds in the Collection Account. 83 Section 4.03. 4.03 Reports to Certificateholders. 85 Section 4.04. 4.04 Certificate Account. 89 Section 4.054.05 Securities Administration Account. [Reserved] 90 ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES Section 5.01. 5.01 Distributions Generally. 90 92 Section 5.02. 5.02 Distributions from the Certificate Account. 91 92 Section 5.03. 5.03 Allocation of Losses. 105 Section 5.04. 5.04 Advances by Master Servicer, Servicer Servicers and TrusteeSecurities Administrator. 105 Section 5.05. 5.05 Compensating Interest Payments. 106 Section 5.06. 5.06 Basis Risk Reserve Fund. 106 107 Section 5.07. 5.07 Supplemental Interest Trust. 107 Section 5.08. 5.08 Rights of Swap Counterparty. 109 Section 5.09. 5.09 Termination Receipts. 109

DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. 58 Loans 61 Section 2.02. 2.02 Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. 63 Fund 65 Section 2.03. 2.03 Representations and Warranties of the Depositor. 64 Depositor 67 Section 2.04. 2.04 Discovery of Breach. 66 Breach 68 Section 2.05. 2.05 Repurchase, Purchase or Substitution of Mortgage Loans. 67 Loans 69 Section 2.06. 2.06 Grant Clause. 68 Clause 70 ARTICLE III THE CERTIFICATES Section 3.01. 3.01 The Certificates. 69 Certificates 71 Section 3.02. Registration. 70 3.02 Registration 72 Section 3.03. 3.03 Transfer and Exchange of Certificates. 71 Certificates 73 Section 3.04. 3.04 Cancellation of Certificates. 77 Certificates 79 Section 3.05. 3.05 Replacement of Certificates. 77 Certificates 79 Section 3.06. 3.06 Persons Deemed Owners. 77 Owners 80 Section 3.07. 3.07 Temporary Certificates. 78 Certificates 80 Section 3.08. 3.08 Appointment of Paying Agent. 78 Agent 80 Section 3.09. 3.09 Book-Entry Certificates. 79 Certificates 81 ARTICLE IV ADMINISTRATION OF THE TRUST FUND Section 4.01. 4.01 Collection Account. 81 Account 83 Section 4.02. 4.02 Application of Funds in the Collection Account. 83 Account 85 Section 4.03. 4.03 Reports to Certificateholders. 85 Certificateholders 87 Section 4.04. 4.04 Certificate Account. 89 Account 91 Section 4.05. [Reserved] 90 4.05 Securities Administration Account 93 ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES Section 5.01. 5.01 Distributions Generally. 90 Generally 94 Section 5.02. 5.02 Distributions from the Certificate Account. 91 Account 95 Section 5.03. 5.03 Allocation of Losses. 105 Losses 108 Section 5.04. 5.04 Advances by Master Servicer, Servicer Servicers and Trustee. 105 Securities Administrator 108 Section 5.05. 5.05 Compensating Interest Payments. 106 Payments 109 Section 5.06. 5.06 Basis Risk Reserve Fund. 106 Fund 110 Section 5.07. 5.07 Supplemental Interest Trust. 107 Trust 110 Section 5.08. 5.08 Rights of Swap Counterparty. 109 Counterparty 112 Section 5.09. 5.09 Termination Receipts. 109Receipts 112

DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. 58 57 Section 2.02. 2.02 Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. 63 62 Section 2.03. 2.03 Representations and Warranties of the Depositor. 64 63 Section 2.04. 2.04 Discovery of Breach. 66 65 Section 2.05. 2.05 Repurchase, Purchase or Substitution of Mortgage Loans. 67 66 Section 2.06. 2.06 Grant Clause. 68 67 ARTICLE III THE CERTIFICATES Section 3.01. 3.01 The Certificates. 68 Section 3.02 Registration. 69 Section 3.02. Registration. 70 Section 3.03. 3.03 Transfer and Exchange of Certificates. 71 70 Section 3.04. 3.04 Cancellation of Certificates. 77 76 Section 3.05. 3.05 Replacement of Certificates. 77 76 Section 3.06. 3.06 Persons Deemed Owners. 77 Section 3.07. 3.07 Temporary Certificates. 78 77 Section 3.08. 3.08 Appointment of Paying Agent. 78 77 Section 3.09. 3.09 Book-Entry Certificates. 79 78 ARTICLE IV ADMINISTRATION OF THE TRUST FUND Section 4.01. 4.01 Collection Account. 81 80 Section 4.02. 4.02 Application of Funds in the Collection Account. 83 82 Section 4.03. 4.03 Reports to Certificateholders. 85 84 Section 4.04. 4.04 Certificate Account. 89 88 Section 4.05. 4.05 [Reserved] 90 89 ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES Section 5.01. 5.01 Distributions Generally. 90 89 Section 5.02. 5.02 Distributions from the Certificate Account. 91 90 Section 5.03. 5.03 Allocation of Losses. 105 103 Section 5.04. 5.04 Advances by Master Servicer, Servicer and Trustee. 105 103 Section 5.05. 5.05 Compensating Interest Payments. 106 104 Section 5.06. 5.06 Basis Risk Reserve Fund. 106 105 Section 5.07. 5.07 Supplemental Interest Trust. 107 105 Section 5.08. 5.08 Rights of Swap Counterparty. 109 107 Section 5.09. 5.09 Termination Receipts. 109107

DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. 58 62 Section 2.02. Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. 63 66 Section 2.03. Representations and Warranties of the Depositor. 64 68 Section 2.04. Discovery of Breach. 66 69 Section 2.05. Repurchase, Purchase or Substitution of Mortgage Loans. 67 70 Section 2.06. Grant Clause. 68 71 ARTICLE III THE CERTIFICATES Section 3.01. The Certificates. 69 73 Section 3.02. Registration. 70 74 Section 3.03. Transfer and Exchange of Certificates. 71 74 Section 3.04. Cancellation of Certificates. 77 81 Section 3.05. Replacement of Certificates. 77 81 Section 3.06. Persons Deemed Owners. 77 81 Section 3.07. Temporary Certificates. 78 81 Section 3.08. Appointment of Paying Agent. 78 82 Section 3.09. Book-Entry Certificates. 79 83 ARTICLE IV ADMINISTRATION OF THE TRUST FUND Section 4.01. Collection Account. 81 84 Section 4.02. Application of Funds in the Collection Account. 83 86 Section 4.03. Reports to Certificateholders. 85 89 Section 4.04. Certificate Account. 89 93 Section 4.05. [Reserved] 90 ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES Section 5.01]. Distributions Generally. 90 Section 5.02. Distributions from the Certificate Account. 91 Section 5.03. Allocation of Losses. 105 Section 5.04. Advances by Master Servicer, Servicer and Trustee. 105 Section 5.05. Compensating Interest Payments. 106 Section 5.06. Basis Risk Reserve Fund. 106 Section 5.07. Supplemental Interest Trust. 107 Section 5.08. Rights of Swap Counterparty. 109 Section 5.09. Termination Receipts. 10994

DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. 54 Section 2.01. 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. 58 Loans 54 Section 2.02. 2.02 Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. 63 Fund 58 Section 2.03. 2.03 Representations and Warranties of the Depositor. 64 Depositor 60 Section 2.04. 2.04 Discovery of Breach. 66 Breach 62 Section 2.05. 2.05 Repurchase, Purchase or Substitution of Mortgage LoansLoans 62 Section 2.06 Grant Clause 63 ARTICLE III. 67 Section 2.06. Grant Clause. 68 ARTICLE III THE CERTIFICATES 65 Section 3.01. 3.01 The Certificates. 69 Certificates 65 Section 3.02. Registration. 70 3.02 Registration 66 Section 3.03. 3.03 Transfer and Exchange of Certificates. 71 Certificates 66 Section 3.04. 3.04 Cancellation of Certificates. 77 Certificates 72 Section 3.05. 3.05 Replacement of Certificates. 77 Certificates 72 Section 3.06. 3.06 Persons Deemed Owners. 77 Owners 73 Section 3.07. 3.07 Temporary Certificates. 78 Certificates 73 Section 3.08. 3.08 Appointment of Paying AgentAgent 73 Section 3.09 Book Entry Certificates 74 ARTICLE IV. 78 Section 3.09. Book-Entry Certificates. 79 ARTICLE IV ADMINISTRATION OF THE TRUST FUND 75 Section 4.01. 4.01 Collection Account. 81 Account 75 Section 4.02. 4.02 Application of Funds in the Collection Account. 83 Account 77 Section 4.03. 4.03 Reports to Certificateholders. 85 Certificateholders 80 Section 4.04. 4.04 The Certificate Account. 89 Section 4.05. [Reserved] 90 Account 84 ARTICLE V V. DISTRIBUTIONS TO HOLDERS OF CERTIFICATES 85 Section 5.01. 5.01 Distributions Generally. 90 Generally 85 TABLE OF CONTENTS (continued) Page Section 5.02. 5.02 Distributions from the Certificate Account. 91 86 Section 5.03. 5.03 Allocation of Losses. 105 Losses 93 Section 5.04. 5.04 Advances by Master Servicer, Servicer and Trustee. 105 Trustee 94 Section 5.05. 5.05 Compensating Interest Payments. 106 Payments 95 Section 5.06. 5.06 Basis Risk Reserve Fund. 106 Fund 95 Section 5.07. 5.07 Class AP Reserve Funds 95 Section 5.08 Supplemental Interest Trust. 107 Trust 96 Section 5.08. 5.09 Rights of Swap CounterpartyCounterparty 96 Section 5.10 Termination Receipts 97 Section 5.11 Collateral Account 98 Section 5.12 Reserved 98 Section 5.13 X Component Account 98 ARTICLE VI. CONCERNING THE TRUSTEE; EVENTS OF DEFAULT 99 Section 6.01 Duties of Trustee 99 Section 6.02 Certain Matters Affecting the Trustee 102 Section 6.03 Trustee Not Liable for Certificates 103 Section 6.04 Trustee May Own Certificates 103 Section 6.05 Eligibility Requirements for Trustee 104 Section 6.06 Resignation and Removal of Trustee 104 Section 6.07 Successor Trustee 105 Section 6.08 Merger or Consolidation of Trustee 105 Section 6.09 Appointment of Co-Trustee, Separate Trustee or Custodian 106 Section 6.10 Authenticating Agents 108 Section 6.11 Indemnification of Trustee 109 Section 5.09. Termination Receipts. 1096.12 Fees and Expenses of Trustee and Custodians 110 Section 6.13 Collection of Monies 110 Section 6.14 Events of Default; Trustee To Act; Appointment of Successor 110 Section 6.15 Additional Remedies of Trustee Upon Event of Default 115 Section 6.16 Waiver of Defaults 115 Section 6.17 Notification to Holders 115 TABLE OF CONTENTS (continued) Page Section 6.18 Directions by Certificateholders and Duties of Trustee During Event of Default 115

DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. 62 Section 2.01. 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. 58 Loans 62 Section 2.02. 2.02 Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. 63 Fund 66 Section 2.03. 2.03 Representations and Warranties of the Depositor. 64 Depositor 67 Section 2.04. 2.04 Discovery of Breach. 66 Breach 69 Section 2.05. 2.05 Repurchase, Purchase or Substitution of Mortgage LoansLoans 70 Section 2.06 Grant Clause 71 ARTICLE III. 67 Section 2.06. Grant Clause. 68 ARTICLE III THE CERTIFICATES 72 Section 3.01. 3.01 The Certificates. 69 Certificates 72 Section 3.02. Registration. 70 3.02 Registration 73 Section 3.03. 3.03 Transfer and Exchange of Certificates. 71 Certificates 74 Section 3.04. 3.04 Cancellation of Certificates. 77 Certificates 80 Section 3.05. 3.05 Replacement of Certificates. 77 Certificates 80 Section 3.06. 3.06 Persons Deemed Owners. 77 Owners 80 Section 3.07. 3.07 Temporary Certificates. 78 Certificates 80 Section 3.08. 3.08 Appointment of Paying AgentAgent 81 Section 3.09 Book Entry Certificates 82 ARTICLE IV. 78 Section 3.09. Book-Entry Certificates. 79 ARTICLE IV ADMINISTRATION OF THE TRUST FUND 83 Section 4.01. 4.01 Collection Account. 81 Account 83 Section 4.02. 4.02 Application of Funds in the Collection Account. 83 Account 85 Section 4.03. 4.03 Reports to Certificateholders. 85 Certificateholders 87 Section 4.04. 4.04 Certificate Account. 89 Account and Grantor Trust Certificate Accounts 91 Section 4.05. [Reserved] 90 4.05 Final Maturity Reserve Account 93 TABLE OF CONTENTS (continued) Page ARTICLE V V. DISTRIBUTIONS TO HOLDERS OF CERTIFICATES 95 Section 5.01. 5.01 Distributions Generally. 90 Generally 95 Section 5.02. 5.02 Distributions from the Certificate Account. 91 Account and Grantor Trust Certificate Accounts 96 Section 5.03. 5.03 Allocation of Losses. 105 Losses 106 Section 5.04. 5.04 Advances by Master Servicer, Servicer and Trustee. 105 Trustee 107 Section 5.05. 5.05 Compensating Interest Payments. 106 Payments 109 Section 5.06. 5.06 Basis Risk Reserve FundFund 109 Section 5.07 [Reserved] 109 Section 5.08 [Reserved] 109 Section 5.09 [Reserved] 109 Section 5.10 Capitalized Interest Account 109 Section 5.11 [Reserved] 110 Section 5.12 Class X Account 110 ARTICLE VI. 106 CONCERNING THE TRUSTEE; EVENTS OF DEFAULT 111 Section 5.076.01 Duties of Trustee 111 Section 6.02 Certain Matters Affecting the Trustee 114 Section 6.03 Trustee Not Liable for Certificates 115 Section 6.04 Trustee May Own Certificates 115 Section 6.05 Eligibility Requirements for Trustee 115 Section 6.06 Resignation and Removal of Trustee 116 Section 6.07 Successor Trustee 117 Section 6.08 Merger or Consolidation of Trustee 117 Section 6.09 Appointment of Co-Trustee, Separate Trustee or Custodian 118 Section 6.10 Authenticating Agents 120 Section 6.11 Indemnification of Trustee 121 Section 6.12 Fees and Expenses of Trustee and Custodians 121 Section 6.13 Collection of Monies 122 Section 6.14 Events of Default; Trustee To Act; Appointment of Successor 122 Section 6.15 Additional Remedies of Trustee Upon Event of Default 126 TABLE OF CONTENTS (continued) Page Section 6.16 Waiver of Defaults 127 Section 6.17 Notification to Holders 127 Section 6.18 Directions by Certificateholders and Duties of Trustee During Event of Default 127 Section 6.19 Action Upon Certain Failures of the Master Servicer and Upon Event of Default 128 Section 6.20 Preparation of Tax Returns and Other Reports 128 Section 6.21 Reporting Requirements of the Commission 134 Section 6.22 Indemnification by the Trustee 134 ARTICLE VII. Supplemental Interest TrustPURCHASE OF MORTGAGE LOANS AND TERMINATION OF THE TRUST FUND 135 Section 7.01 Purchase of Mortgage Loans; Termination of the Trust Fund Upon Purchase or Liquidation of Mortgage Loans 135 Section 7.02 Procedure Upon Termination of Trust Fund 137 Section 7.03 Additional Trust Fund Termination Requirements 137 Section 7.04 Optional Purchase Right of NIMS Insurer 138 Section 7.05 Grantor Trust Termination 138 ARTICLE VIII. 107 RIGHTS OF CERTIFICATEHOLDERS 138 Section 5.08. 8.01 Limitation on Rights of Swap CounterpartyHolders 138 Section 8.02 Access to List of Holders 139 Section 8.03 Acts of Holders of Certificates 140 ARTICLE IX. 109 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER 141 Section 5.099.01 Duties of the Master Servicer 141 Section 9.02 Master Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance Policy 141 Section 9.03 Master Servicer’s Financial Statements and Related Information 142 Section 9.04 Power to Act; Procedures 142 Section 9.05 Enforcement of Servicers’ and Master Servicer’s Obligations 144 Section 9.06 Collection of Taxes, Assessments and Similar Items 145 Section 9.07 Termination of Servicing Agreements; Successor Servicers 146 TABLE OF CONTENTS (continued) Page Section 9.08 Master Servicer Liable for Enforcement 146 Section 9.09 No Contractual Relationship Between the Servicer, Any NIMS Insurer and Trustee or Depositor 147 Section 9.10 Assumption of Servicing Agreement by the Trustee 147 Section 9.11 Due-on-Sale Clauses; Assumption Agreements; Easements 148 Section 9.12 Release of Mortgage Files 148 Section 9.13 Documents, Records and Funds in Possession of Master Servicer To Be Held for Trustee 149 Section 9.14 Representations and Warranties of the Master Servicer 151 Section 9.15 Opinion 153 Section 9.16 Standard Hazard and Flood Insurance Policies 153 Section 9.17 Presentment of Claims and Collection of Proceeds 153 Section 9.18 Maintenance of the Primary Mortgage Insurance Policies 154 Section 9.19 Trustee To Retain Possession of Certain Insurance Policies and Documents 154 Section 9.20 Realization Upon Defaulted Mortgage Loans 155 Section 9.21 Compensation to the Master Servicer 155 Section 9.22 REO Property 156 Section 9.23 Notice to the Sponsor, the Depositor and the Trustee 157 Section 9.24 Reports to the Trustee 157 Section 9.25 Assessment of Compliance and Attestation Reports 158 Section 9.26 Annual Statement of Compliance with Applicable Servicing Criteria 160 Section 9.27 Merger or Consolidation 160 Section 9.28 Resignation of Master Servicer 160 Section 9.29 Assignment or Delegation of Duties by the Master Servicer 161 Section 9.30 Limitation on Liability of the Master Servicer and Others 161 Section 9.31 Indemnification; Third Party Claims 162 Section 9.32 Special Servicing of Delinquent Mortgage Loans 163 Section 9.33 Allocation to Related Mortgage Pool 163 TABLE OF CONTENTS (continued) Page ARTICLE X. REMIC ADMINISTRATION 163 Section 10.01 REMIC Administration 163 Section 10.02 Prohibited Transactions and Activities 172 Section 10.03 Indemnification with Respect to Certain Taxes and Loss of REMIC Status 173 Section 10.04 REO Property 173 ARTICLE XI. Termination Receipts. 109MISCELLANEOUS PROVISIONS 174 Section 11.01 Binding Nature of Agreement; Assignment 174 Section 11.02 Entire Agreement 174 Section 11.03 Amendment 174 Section 11.04 Voting Rights 175 Section 11.05 Provision of Information 176 Section 11.06 Governing Law 176 Section 11.07 Notices 176 Section 11.08 Severability of Provisions 177 Section 11.09 Indulgences; No Waivers 177 Section 11.10 Headings Not To Affect Interpretation 177 Section 11.11 Benefits of Agreement 177 Section 11.12 Special Notices to the Rating Agencies and NIMS Insurer 177 Section 11.13 Conflicts 178 Section 11.14 Counterparts 178 Section 11.15 Transfer of Servicing 179 Section 11.16 Third Party Rights 180 ATTACHMENTS Exhibit A Forms of Certificates Exhibit B-1 Form of Initial Certification Exhibit B-2 Form of Interim Certification Exhibit B-3 Form of Final Certification Exhibit B-4 Form of Endorsement Exhibit C Request for Release of Documents and Receipt Exhibit D-l Form of Residual Certificate Transfer Affidavit (Transferee) Exhibit D-2 Form of Residual Certificate Transfer Affidavit (Transferor) Exhibit E Servicing Agreements Exhibit F Form of Rule 144A Transfer Certificate Exhibit G Form of Purchaser’s Letter for Institutional Accredited Investors Exhibit H Form of ERISA Transfer Affidavit Exhibit I [Reserved] Exhibit J [Reserved] Exhibit K Custodial Agreements Exhibit L [Reserved] Exhibit M [Reserved] Exhibit N [Reserved] Exhibit O [Reserved] Exhibit P Forms of Deferred Interest Cap Agreements Exhibit Q-1 Additional Form 10-D Disclosure Exhibit Q-2 Additional Form 10-K Disclosure Exhibit Q-3 Additional Form 8-K Disclosure Exhibit Q-4 Additional Disclosure Notification Exhibit R Servicing Criteria to be Addressed in Report on Assessment of Compliance Exhibit S Transaction Parties Exhibit T Form of Back-Up Xxxxxxxx-Xxxxx Certification Exhibit U Form of Back-Up Xxxxxxxx-Xxxxx Certification to be Provided by the Trustee Exhibit V-1 Form of Transfer Certificate for Transfer from Restricted Global Security to Regulation S Global Security Exhibit V-2 Form of Transfer Certificate for Transfer from Regulation S Global Security to Restricted Global Security Schedule A Mortgage Loan Schedule Schedule B Final Maturity Reserve Account Schedule This TRUST AGREEMENT, dated as of January 1, 2007 (the “Agreement”), is by and among STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor (the “Depositor”), AURORA LOAN SERVICES LLC, as master servicer (the “Master Servicer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”).

DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. 58 54 Section 2.02. 2.02 Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. 63 58 Section 2.03. 2.03 Representations and Warranties of the Depositor. 64 60 Section 2.04. 2.04 Discovery of Breach. 66 62 Section 2.05. 2.05 Repurchase, Purchase or Substitution of Mortgage Loans. 67 62 Section 2.06. 2.06 Grant Clause. 68 63 ARTICLE III THE CERTIFICATES Section 3.01. 3.01 The Certificates. 69 65 Section 3.02. 3.02 Registration. 70 66 Section 3.03. 3.03 Transfer and Exchange of Certificates. 71 66 Section 3.04. 3.04 Cancellation of Certificates. 77 72 Section 3.05. 3.05 Replacement of Certificates. 77 72 Section 3.06. 3.06 Persons Deemed Owners. 77 73 Section 3.07. 3.07 Temporary Certificates. 78 73 Section 3.08. 3.08 Appointment of Paying Agent. 78 73 Section 3.09. 3.09 Book-Entry Certificates. 79 74 ARTICLE IV ADMINISTRATION OF THE TRUST FUND Section 4.01. 4.01 Collection Account. 81 75 Section 4.02. 4.02 Application of Funds in the Collection Account. 83 77 Section 4.03. 4.03 Reports to Certificateholders. 85 79 Section 4.04. 4.04 Certificate Account. 89 83 Section 4.054.05 Securities Administration Account. [Reserved] 90 84 ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES Section 5.01. 5.01 Distributions Generally. 90 85 Section 5.02. 5.02 Distributions from the Certificate Account. 91 86 Section 5.03. 5.03 Allocation of Losses. 105 97 Section 5.04. 5.04 Advances by Master Servicer, Servicer Servicers and Trustee. 105 Securities 97 Section 5.05. 5.05 Compensating Interest Payments. 106 98 Section 5.06. 5.06 Basis Risk Reserve Fund. 106 98 Section 5.07. 5.07 Supplemental Interest Trust. 107 99 Section 5.08. 5.08 Rights of Swap Counterparty. 100 Section 5.09 Termination Receipts . 100 ARTICLE VI CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS OF DEFAULT Section 6.01 Duties of Trustee and Securities Administrator. 101 Section 6.02 Certain Matters Affecting the Trustee and the Securities Administrator. 104 Section 6.03 Trustee and Securities Administrator Not Liable for Certificates. 105 Section 6.04 Trustee and the Securities Administrator May Own Certificates. 106 Section 6.05 Eligibility Requirements for Trustee and Securities Administrator. 106 Section 6.06 Resignation and Removal of Trustee and the Securities Administrator. 106 Section 6.07 Successor Trustee and Successor Securities Administrator. 108 Section 6.08 Merger or Consolidation of Trustee or the Securities Administrator. 109 Section 5.096.09 Appointment of Co-Trustee, Separate Trustee or Custodian. 109 Section 6.10 Authenticating Agents. 110 Section 6.11 Indemnification of Trustee and Securities Administrator. 111 Section 6.12 Fees and Expenses of Securities Administrator, Trustee and Custodians. 112 Section 6.13 Collection of Monies. 113 Section 6.14 Events of Default; Trustee To Act; Appointment of Successor 113 Section 6.15 Additional Remedies of Trustee Upon Event of Default. 117 Section 6.16 Waiver of Defaults. 118 Section 6.17 Notification to Holders. 118 Section 6.18 Directions by Certificateholders and Duties of Trustee During Event of Default. 118 Section 6.19 Action Upon Certain Failures of the Master Servicer and Upon Event of Default. 119 Section 6.20 Preparation of Tax Returns and Other Reports. 119 Section 6.21 Reporting Requirements of the Commission 121 ARTICLE VII PURCHASE OF MORTGAGE LOANS AND TERMINATION OF THE TRUST FUND Section 7.01 Purchase of Mortgage Loans; Termination Receiptsof Trust Fund Upon Purchase or Liquidation of All Mortgage Loans. 109121 Section 7.02 Procedure Upon Termination of Trust Fund. 122 Section 7.03 Additional Trust Fund Termination Requirements. 123 Section 7.04 Optional Repurchase Right. 124 ARTICLE VIII RIGHTS OF CERTIFICATEHOLDERS Section 8.01 Limitation on Rights of Holders. 124 Section 8.02 Access to List of Holders. 125 Section 8.03 Acts of Holders of Certificates. 126 ARTICLE IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER; CREDIT RISK MANAGER Section 9.01 Duties of the Master Servicer. 127 Section 9.02 Master Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance Policy. 127 Section 9.03 Master Servicer’s Financial Statements and Related Information. 128 Section 9.04 Power to Act; Procedures. 128 Section 9.05 Enforcement of Servicer’s and Master Servicer’s Obligations. 130 Section 9.06 Collection of Taxes, Assessments and Similar Items. 131 Section 9.07 Termination of Servicing Agreements; Successor Servicers. 132 Section 9.08 Master Servicer Liable for Enforcement. 133 Section 9.09 No Contractual Relationship Between Any Servicer and Trustee or Depositor. 133 Section 9.10 Assumption of Servicing Agreement by Securities Administrator. 133 Section 9.11 Due-on-Sale Clauses; Assumption Agreements. 134 Section 9.12 Release of Mortgage Files. 134 Section 9.13 Documents, Records and Funds in Possession of Master Servicer to be Held for Trustee. 135 Section 9.14 Representations and Warranties of the Master Servicer. 136 Section 9.15 Opinion. 139 Section 9.16 Standard Hazard and Flood Insurance Policies. 139 Section 9.17 Presentment of Claims and Collection of Proceeds. 139 Section 9.18 Maintenance of the Primary Mortgage Insurance Policies. 140 Section 9.19 Trustee To Retain Possession of Certain Insurance Policies and Documents. 140 Section 9.20 [Reserved] 140 Section 9.21 Compensation to the Master Servicer. 140 Section 9.22 REO Property. 141 Section 9.23 [Reserved] 142 Section 9.24 Reports to the Trustee. 142 Section 9.25 Annual Officer’s Certificate as to Compliance. 142 Section 9.26 Annual Independent Accountants’ Servicing Report. 143 Section 9.27 Merger or Consolidation. 143 Section 9.28 Resignation of Master Servicer. 144 Section 9.29 Assignment or Delegation of Duties by the Master Servicer. 144 Section 9.30 Limitation on Liability of the Master Servicer and Others. 144 Section 9.31 Indemnification; Third-Party Claims. 145 Section 9.32 Special Servicing of Delinquent Mortgage Loans. 146 Section 9.33 Alternative Index. 146 Section 9.34 Duties of the Credit Risk Manager. 146 Section 9.35 Limitation Upon Liability of the Credit Risk Manager. 148 Section 9.36 Removal of Credit Risk Manager. 148 ARTICLE X REMIC ADMINISTRATION Section 10.01 REMIC Administration. 149 Section 10.02 Prohibited Transactions and Activities. 152 Section 10.03 Indemnification with Respect to Certain Taxes and Loss of REMIC Status. 152 Section 10.04 REO Property. 153 ARTICLE XI MISCELLANEOUS PROVISIONS Section 11.01 Binding Nature of Agreement; Assignment. 153 Section 11.02 Entire Agreement. 153 Section 11.03 Amendment. 154 Section 11.04 Voting Rights. 155 Section 11.05 Provision of Information. 155 Section 11.06 Governing Law. 156 Section 11.07 Notices. 156 Section 11.08 Severability of Provisions. 157 Section 11.09 Indulgences; No Waivers. 157 Section 11.10 Headings Not To Affect Interpretation. 157 Section 11.11 Benefits of Agreement. 157 Section 11.12 Special Notices to the Rating Agencies and any NIMS Insurer. 157 Section 11.13 Conflicts. 158 Section 11.14 Counterparts. 159 Section 11.15 Transfer of Servicing. 159 ATTACHMENTS Exhibit A Forms of Certificates Exhibit B-1 Form of Initial Certification Exhibit B-2 Form of Interim Certification Exhibit B-3 Form of Final Certification Exhibit B-4 Form of Endorsement Exhibit C Request for Release of Documents and Receipt Exhibit D-l Form of Residual Certificate Transfer Affidavit (Transferee) Exhibit D-2 Form of Residual Certificate Transfer Affidavit (Transferor) Exhibit E List of Servicing Agreements Exhibit F Form of Rule 144A Transfer Certificate Exhibit G Form of Purchaser’s Letter for Institutional Accredited Investors Exhibit H Form of ERISA Transfer Affidavit Exhibit I [Reserved] Exhibit J [Reserved] Exhibit K List of Custodial Agreements Exhibit L [Reserved] Exhibit M List of Credit Risk Management Agreements Exhibit N-1 Form of Transfer Certificate for Transfer from Restricted Global Security to Regulation S Global Security Exhibit N-2 Form of Transfer Certificate for Transfer from Regulation S Global Security to Restricted Global Security Exhibit O [Reserved] Exhibit P Swap Agreement Exhibit Q Form of Certification to be Provided by Securities Administrator to the Depositor Exhibit R-1 Format of Watchlist Report Exhibit R-2 Format of Loss Severity Report Exhibit R-3 Format of Mortgage Insurance Claims Report Exhibit R-4 Format of Prepayment Premiums Report Exhibit R-5 Format of Analyst Report Exhibit S Form of Certification to be Provided by the Credit Risk Manager Schedule A Mortgage Loan Schedule (by Mortgage Pool) This TRUST AGREEMENT, dated as of February 1, 2005 (the “Agreement”), is by and among STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor (the “Depositor”), LASALLE BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”), AURORA LOAN SERVICES LLC, as master servicer (the “Master Servicer”), XXXXX FARGO BANK, N.A., as securities administrator (the “Securities Administrator”), and THE MURRAYHILL COMPANY, a Colorado corporation, as credit risk manager (the “Credit Risk Manager”).

DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. 58 Section 2.02. 2.02 Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. 63 Section 2.03. 2.03 Representations and Warranties of the Depositor. 64 Section 2.04. 2.04 Discovery of Breach. 66 55 Section 2.05. 2.05 Repurchase, Purchase or Substitution of Mortgage Loans. 67 56 Section 2.06. 2.06 Grant Clause. 68 57 ARTICLE III THE CERTIFICATES 58 Section 3.01. 3.01 The Certificates. 69 58 Section 3.02. 3.02 Registration. 70 Section 3.03. 3.03 Transfer and Exchange of Certificates. 71 Section 3.04. 3.04 Cancellation of Certificates. 77 62 Section 3.05. 3.05 Replacement of Certificates. 77 62 Section 3.06. 3.06 Persons Deemed Owners. 77 63 Section 3.07. 3.07 Temporary Certificates. 78 63 Section 3.08. 3.08 Appointment of Paying Agent. 78 63 Section 3.09. 3.09 Book-Entry Certificates. 79 64 ARTICLE IV ADMINISTRATION OF THE TRUST FUND 65 Section 4.01. 4.01 Collection Account. 81 Section 4.02. 4.02 Application of Funds in the Collection Account. 83 67 Section 4.03. 4.03 Reports to Certificateholders. 85 69 Section 4.04. 4.04 Certificate Account. 89 Section 4.05. [Reserved] 90 73 ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES 74 Section 5.01. 5.01 Distributions Generally. 90 74 Section 5.02. 5.02 Distributions from the Certificate Account. 91 Section 5.03. 5.03 Allocation of Losses. 105 83 Section 5.04. 5.04 Advances by Master Servicer, Servicer Servicers and Trustee. 105 84 Section 5.05. 5.05 Compensating Interest Payments. 106 85 Section 5.065.06 The Certificate Insurance Policy. Basis Risk 85 Section 5.07 Reserve Fund. 106 87 ARTICLE VI CONCERNING THE TRUSTEE EVENTS OF DEFAULT Section 5.076.01 Duties of Trustee. Supplemental Interest TrustSection 6.02 Certain Matters Affecting the Trustee. 107 90 Section 5.086.03 Trustee Not Liable for Certificates. Rights 92 Section 6.04 Trustee May Own Certificates. 92 Section 6.05 Eligibility Requirements for Trustee. 92 Section 6.06 Resignation and Removal of Swap CounterpartyTrustee. 109 93 Section 5.096.07 Successor Trustee. Termination Receipts. 109Section 6.08 Merger or Consolidation of Trustee.

DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. 58 60 Section 2.02. 2.02 Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. 63 65 Section 2.03. 2.03 Representations and Warranties of the Depositor. 64 66 Section 2.04. 2.04 Discovery of Breach. 66 68 Section 2.05. 2.05 Repurchase, Purchase or Substitution of Mortgage Loans. 67 68 Section 2.06. 2.06 Grant Clause. 68 69 ARTICLE III THE CERTIFICATES Section 3.01. 3.01 The Certificates. 69 71 Section 3.02. 3.02 Registration. 70 72 Section 3.03. 3.03 Transfer and Exchange of Certificates. 71 72 Section 3.04. 3.04 Cancellation of Certificates. 77 79 Section 3.05. 3.05 Replacement of Certificates. 77 79 Section 3.06. 3.06 Persons Deemed Owners. 77 79 Section 3.07. 3.07 Temporary Certificates. 78 79 Section 3.08. 3.08 Appointment of Paying Agent. 78 80 Section 3.09. 3.09 Book-Entry Certificates. 79 81 ARTICLE IV ADMINISTRATION OF THE TRUST FUND Section 4.01. 4.01 Collection Account. 81 82 Section 4.02. 4.02 Application of Funds in the Collection Account. 83 84 Section 4.03. 4.03 Reports to Certificateholders. 85 87 Section 4.04. 4.04 Certificate Account. 89 91 Section 4.054.05 Securities Administration Account. [Reserved] 90 92 ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES Section 5.01. 5.01 Distributions Generally. 90 94 Section 5.02. 5.02 Distributions from the Certificate Account. 91 94 Section 5.03. 5.03 Allocation of Losses. 105 106 Section 5.04. 5.04 Advances by Master Servicer, Servicer Servicers and TrusteeSecurities Administrator. 105 106 Section 5.05. 5.05 Compensating Interest Payments. 106 107 Section 5.06. 5.06 Basis Risk Reserve Fund. 106 108 Section 5.07. 5.07 Supplemental Interest Trust. 107 108 Section 5.08. 5.08 Rights of Swap Counterparty. 109 110 Section 5.09. 5.09 Termination Receipts. 109110

DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES. Section 2.01. 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. 58 Loans 48 Section 2.02. 2.02 Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. 63 Fund 54 Section 2.03. 2.03 Representations and Warranties of the Depositor. 64 Depositor 56 Section 2.04. 2.04 Discovery of Breach. 66 Breach 58 Section 2.05. 2.05 Repurchase, Purchase or Substitution of Mortgage Loans. 67 Loans 58 Section 2.06. 2.06 Grant Clause. 68 Clause 60 ARTICLE III THE CERTIFICATES Section 3.01. 3.01 The Certificates. 69 Certificates 61 Section 3.02. Registration. 70 3.02 Registration 61 Section 3.03. 3.03 Transfer and Exchange of Certificates. 71 Certificates 62 Section 3.04. 3.04 Cancellation of Certificates. 77 Certificates 65 Section 3.05. 3.05 Replacement of Certificates. 77 Certificates 65 Section 3.06. 3.06 Persons Deemed Owners. 77 Owners 65 Section 3.07. 3.07 Temporary Certificates. 78 Certificates 66 Section 3.08. 3.08 Appointment of Paying Agent. 78 Agent 66 Section 3.09. 3.09 Book-Entry Certificates. 79 Certificates 66 ARTICLE IV ADMINISTRATION OF THE TRUST FUND Section 4.01. 4.01 Collection Account. 81 Account 68 Section 4.02. 4.02 Application of Funds in the Collection Account. 83 Account 70 Section 4.03. 4.03 Reports to Certificateholders. 85 Certificateholders 72 Section 4.04. 4.04 Certificate Account. 89 Account 76 Section 4.05. [Reserved] 90 4.05 The Pre-Funding Accounts 77 Section 4.06 The Capitalized Interest Account 78 Section 4.07 Securities Administration Account 78 ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES Section 5.01. 5.01 Distributions Generally. 90 Generally 80 Section 5.02. 5.02 Distributions from the Certificate Account. 91 Account 80 Section 5.03. 5.03 Allocation of Losses. 105 Losses 90 Section 5.04. 5.04 Advances by Master Servicer, Servicer Servicers and Trustee. 105 Securities Administrator 91 Section 5.05. 5.05 Compensating Interest Payments. 106 Payments 92 Section 5.06. 5.06 Basis Risk Reserve Fund. 106 Section 5.07. Supplemental Interest Trust. 107 Section 5.08. Rights of Swap Counterparty. 109 Section 5.09. Termination Receipts. 109Fund 92 Page