ADMINISTRATION AGREEMENT among THORNBURG MORTGAGE SECURITIES TRUST 2007-2, as Issuer LASALLE BANK NATIONAL ASSOCIATION, as Indenture Trustee, WELLS FARGO BANK, N.A., as Securities Administrator WILMINGTON TRUST COMPANY, as Owner Trustee and STRUCTURED...
EXECUTION
among
XXXXXXXXX
MORTGAGE SECURITIES TRUST 2007-2,
as
Issuer
LASALLE
BANK NATIONAL ASSOCIATION,
as
Indenture Trustee,
XXXXX
FARGO BANK, N.A.,
as
Securities Administrator
WILMINGTON
TRUST COMPANY,
as
Owner
Trustee
and
STRUCTURED
ASSET SECURITIES CORPORATION,
as
Depositor
Dated
as
of April 1, 2007
This
Administration Agreement (the “Agreement”) is entered into as of April 1, 2007
among XXXXXXXXX MORTGAGE SECURITIES TRUST 2007-2, a Delaware statutory trust
(the “Issuer”), LASALLE BANK NATIONAL ASSOCIATION, a national banking
association, not in its individual capacity but solely as indenture trustee
(the
“Indenture Trustee”), XXXXX FARGO BANK, N.A., a national banking association,
not in its individual capacity but solely as securities administrator (the
“Securities Administrator”), WILMINGTON TRUST COMPANY, not in its individual
capacity but solely as owner trustee of the Issuer (the “Owner Trustee”), and
STRUCTURED ASSET SECURITIES CORPORATION, as depositor (the
“Depositor”).
Capitalized
terms used but not defined herein shall have the meanings assigned to such
terms
in the Indenture, the Trust Agreement or the Sale and Servicing Agreement (each
as defined herein).
W
I T N E
S S E T H:
WHEREAS,
the Issuer is a statutory trust under the Delaware Statutory Trust Act (12
Del.C. § 3801 et seq.) created by an initial trust agreement, dated as of
April 20, 2007, between the Depositor and the Owner Trustee, as amended and
restated by an amended and restated trust agreement, dated as of April 27,
2007,
among the Depositor, the Owner Trustee and the Securities Administrator (the
“Trust Agreement”) and a certificate of trust filed with the Secretary of State
of the State of Delaware on April 20, 2007;
WHEREAS,
the Issuer will issue under an indenture its Xxxxxxxxx Mortgage Securities
Trust
2007-2 Mortgage-Backed Notes, Series 2007-2 (the “Notes”) and, under the Trust
Agreement, the Ownership Certificates (the “Ownership Certificates” and
collectively with the Notes, the “Securities”);
WHEREAS,
the Notes will be secured by certain collateral, as more particularly set forth
in the Indenture, dated as of April 1, 2007 (the “Indenture”), among the Issuer,
the Securities Administrator and the Indenture Trustee;
WHEREAS,
the Ownership Certificates will be issued pursuant to the Trust Agreement and
will represent undivided beneficial ownership interests in the
Trust;
WHEREAS,
the Issuer has entered into certain agreements in connection with the issuance
of the Securities, including (i) a sale and servicing agreement dated as of
April 1, 2007 (the “Sale and Servicing Agreement”), among the Issuer, as issuer,
the Depositor, as depositor, Xxxxxxxxx Mortgage Home Loans, Inc., as initial
seller (the “Initial Seller”), Xxxxxxxxx Mortgage Funding, Inc., as seller (the
“Seller”), Xxxxx Fargo Bank, N.A., as master servicer (in such capacity, the
“Master Servicer”), the Securities Administrator, and the Indenture Trustee,
(ii) the Letter of Representations dated April 27, 2007, between the Issuer
and
The Depository Trust Company relating to the Notes (the “Depository Agreement”),
(iii) the three Yield Maintenance Agreements, dated as of April 27, 2007,
between the Issuer and the Cap Counterparty (the “Yield Maintenance
Agreements”), and (iv) the Indenture (the Sale and Servicing Agreement, the
Depository Agreement, the Indenture, the Yield Maintenance Agreements and the
Trust Agreement being hereinafter referred to collectively as the “Related
Agreements”);
WHEREAS,
pursuant to the Related Agreements, the Issuer is required to perform certain
duties in connection with (a) the Notes and the collateral therefor pledged
pursuant to the Indenture (the “Collateral”) and (b) the undivided beneficial
ownership interests in the Issuer represented by the Ownership Certificates
(the
registered holders of such interests being referred to herein as the
“Certificateholders”);
WHEREAS,
the Issuer desires to have the Securities Administrator and the Depositor,
respectively, perform certain of the duties of the Issuer referred to in the
preceding clause, and to provide such additional services consistent with the
terms of this Agreement and the Related Agreements as the Issuer or the Owner
Trustee may from time to time reasonably request; and
WHEREAS,
the Securities Administrator and the Depositor have the capacity to provide
the
respective services required hereby and are willing to perform such services
for
the Issuer or the Owner Trustee on the terms set forth herein.
NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties agree as follows:
Section
1. Duties
of the Securities Administrator.
(a) The
Securities Administrator agrees to perform all of the duties of the Issuer
under
the Depository Agreement. In addition, the Securities Administrator shall take
all appropriate actions that are the duties of the Issuer or the Owner Trustee
to take with respect to the following matters under the Trust Agreement, the
Sale and Servicing Agreement and the Indenture:
(i) the
duty
to cause the Note Register to be kept if the Issuer assumes the duties of Note
Registrar, and to give the Indenture Trustee notice of any appointment of a
new
Note Registrar and the location, or change in location, of the Note Register
(Section 2.04 of the Indenture);
(ii) the
duty
to cause the Certificate Register to be kept if the Issuer assumes the duties
of
the Certificate Registrar, and to give the Owner Trustee notice of any
appointment of a new Certificate Registrar and the location, or change in
location of the Certificate Register (Section 3.03 of the Trust
Agreement);
(iii) causing
the preparation of Definitive Notes in accordance with the instructions of
any
Clearing Agency, the duty to attempt to locate a qualified successor to the
Clearing Agency, if necessary, and the preparation of written notice to the
Indenture Trustee of termination of the book-entry system through the Clearing
Agency (Section 2.12 of the Indenture);
(iv) the
maintenance of an office for registration of transfer or exchange of the Notes
(Section 3.02 of the Indenture);
(v) the
maintenance of an office for registration of transfer or exchange of the
Ownership Certificates (Section 3.08 of the Trust Agreement);
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(vi) the
preparation of an Issuer Order required to appoint a Paying Agent, the
preparation of written notice to the Indenture Trustee and the duty to cause
newly appointed Paying Agents, if any, to execute and deliver to the Indenture
Trustee the instrument specified in the Indenture regarding funds held in trust
(Section 3.03 of the Indenture);
(vii) the
preparation of an Issuer Order required to direct the Paying Agent to pay to
the
Securities Administrator all sums held in trust by the Paying Agent (Section
3.03 of the Indenture);
(viii) the
calculation of accrual of original issue discount, market discount, and the
amortization of premium on the Notes (Section 3.03(v) of the
Indenture);
(ix) upon
receipt of written notice or actual knowledge thereof by a Responsible Officer
of the Owner Trustee, the notification to the Indenture Trustee and each Rating
Agency of an Event of Default under the Sale and Servicing Agreement (Section
3.07(d) of the Indenture);
(x) upon
receipt of written notice or actual knowledge thereof by a Responsible Officer
of the Securities Administrator, the delivery of notice to the Indenture Trustee
and each Rating Agency of each Event of Default under the Indenture and each
default by the Securities Administrator, the Master Servicer, a Servicer or
the
Depositor, as applicable, under the Sale and Servicing Agreement (Section 3.17
of the Indenture);
(xi) the
furnishing of the Indenture Trustee with the names and addresses of Holders
of
Notes during any period when the Indenture Trustee is not the Note Registrar
(Section 7.01 of the Indenture);
(xii) the
mailing to the Noteholders of notices with respect to their consent to any
supplemental indentures (Sections 9.01 and 9.02 of the Indenture);
(xiii) entering
into the Yield Maintenance Agreements on behalf of the Issuer (Section 2.03(d)
of the Trust Agreement); and
(xiv) any
other
duties expressly required to be performed by the Securities Administrator under
the Indenture, the Sale and Servicing Agreement or the Trust
Agreement.
(b) The
Securities Administrator shall take all appropriate action with respect to
the
following matters under the Indenture:
(i) the
duties of an authenticating agent for authentication of the Notes (Sections
2.01, 2.02, 2.04, 2.05 and 2.10 of the Indenture);
(ii) the
duties of Note Registrar (Sections 2.03, 2.04, 2.07 and 2.11 of the
Indenture);
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(iii) the
provision of notices and instructions to the Clearing Agency (Section 2.11
of
the Indenture); and
(iv) the
duties of Paying Agent (Sections 3.03 and 4.02 of the Indenture).
(c) The
Securities Administrator shall perform, or cause to be performed on behalf
of
the Issuer, any duties expressly required to be performed by it under the Trust
Agreement, including its duties as Certificate Paying Agent and Certificate
Registrar.
(d) In
carrying out the foregoing duties or any of its other obligations under this
Agreement, the Securities Administrator may enter into transactions with or
otherwise deal with any of its Affiliates; provided,
however,
that
the terms of any such transactions or dealings shall be in accordance with
any
directions received from the Issuer and shall be, in the Securities
Administrator’s opinion, no less favorable to the Issuer than would be available
from unaffiliated parties.
In
carrying out the foregoing duties and its duties under any other Operative
Document, the Securities Administrator shall be subject to the same standard
of
care and have the same rights, indemnifications and immunities as the Indenture
Trustee under the Indenture, including, without limitation, the right to
reimbursement and indemnification. The Securities Administrator shall not be
required to take notice or be deemed to have notice or knowledge of (a) any
Event of Default or Default under the Indenture or (b) any Event of Default
under the Sale and Servicing Agreement, unless a Responsible Officer of the
Securities Administrator assigned to and working in its corporate trust
department obtains actual knowledge of any such event or default or shall have
received written notice thereof. In the absence of such actual knowledge or
written notice, the Securities Administrator is entitled to conclusively assume
that no such event or default has occurred. The Securities Administrator shall
have no responsibility to prepare or file any tax return with respect to the
Issuer, but shall, pursuant to Section 6.06 of the Indenture and Section 4.04
of
the Trust Agreement, deliver to each Noteholder such information with respect
to
the Notes as may be required to enable such holder to prepare its federal and
state income tax returns and shall file such information returns with the
Internal Revenue Service with respect to payments or accruals of interest on
the
Notes as are required to be filed under the Code or applicable Treasury
Regulations.
The
Securities Administrator in its capacity as the Certificate Registrar, and
upon
a request received from the Owner Trustee, shall promptly notify the
Certificateholders of (i) any change in the Corporate Trust Office of the Owner
Trustee, (ii) any amendment to the Trust Agreement requiring notice to be given
to the Certificateholders and (iii) any other notice required to be given to
the
Certificateholders by the Owner Trustee under the Trust Agreement.
Section
2. Duties
of the Depositor With Respect to the Sale and Servicing Agreement and the
Indenture.
(a) The
Depositor shall take all appropriate action that is the duty of the Issuer
to
take with respect to the following matters under the Sale and Servicing
Agreement and the Indenture (references are to sections of the
Indenture):
4
(i) The
Depositor shall consult with the Owner Trustee regarding the duties of the
Issuer under the Sale and Servicing Agreement and the Indenture. The Depositor
shall monitor the performance of the Issuer and shall notify the Owner Trustee
when action is necessary to comply with the Issuer’s duties under the Sale and
Servicing Agreement and the Indenture;
(ii) causing
the preparation of the Notes for execution by the Owner Trustee upon their
issuance and upon the registration of any transfer or exchange of the Notes
(Sections 2.02, 2.04 and 2.05 of the Indenture);
(iii) causing
the preparation of an Issuer Order and related documents for authentication
of
the Notes, executing such Issuer Order on behalf of the Issuer and causing
delivery thereof to the Indenture Trustee (Section 2.02 of the
Indenture);
(iv) causing
the preparation of any financing statements, continuation statements,
instruments of further assurance and other instruments necessary to protect
the
Collateral (Section 3.05 of the Indenture);
(v) the
delivery of the Opinions of Counsel as to Collateral (Section 3.06 of the
Indenture);
(vi) the
monitoring of the Issuer’s compliance with its negative covenants (Section 3.08
of the Indenture);
(vii) the
preparation and execution of the annual Officer’s Certificate regarding the
Issuer’s compliance with the terms of the Indenture (Section 3.09 of the
Indenture);
(viii) the
delivery of notice to the Indenture Trustee and each Rating Agency of each
Event
of Default under the Indenture (Sections 3.17 and 5.01(b) of the
Indenture);
(ix) causing
the preparation of an Officer’s Certificate (and executing the same on behalf of
the Issuer) and the obtaining of the Opinion of Counsel with respect to any
request by the Issuer to the Indenture Trustee to take any action under the
Indenture (Sections 4.01 and 11.01 of the Indenture);
(x) the
compliance with any directive of the Indenture Trustee with respect to the
sale
of the Collateral in a commercially reasonable manner if an Event of Default
shall have occurred and be continuing under the Indenture (Section 5.04 of
the
Indenture);
(xi) causing
the preparation of an Issuer Request and Officer’s Certificate (and executing
the same on behalf of the Issuer) and the obtaining of an Opinion of Counsel,
if
necessary, for the release of the Collateral, as defined in the Indenture
(Section 8.04 of the Indenture);
(xii) causing
the preparation of Issuer Orders and Officer’s Certificates (and executing the
same on behalf of the Issuer) and the obtaining of Opinions of Counsel with
respect to the execution of supplemental indentures and, if necessary, the
mailing to the Noteholders of notices with respect to their consent to such
supplemental indentures (Sections 9.01, 9.02 and 9.03 of the Indenture);
and
5
(xiii) obtaining
and preserving the Issuer’s qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of the Indenture, the Notes, the Collateral and each other
instrument and agreement included in the Trust Estate.
(b) The
Issuer shall indemnify the Owner Trustee, the Indenture Trustee and the
Securities Administrator, and their respective agents for, and hold them
harmless against, any losses, liability or expense incurred without gross
negligence or bad faith on their part, arising out of or in connection with
the
acceptance or administration of the transactions contemplated by the Trust
Agreement or this Agreement, including the reasonable costs and expenses of
defending themselves against any claim or liability in connection with the
exercise or performance of any of their powers or duties under the Trust
Agreement, the Indenture or this Agreement.
(c) In
addition to the duties of the Depositor set forth above, the Depositor shall
prepare for execution by the Issuer or shall cause the preparation by other
appropriate persons of all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Issuer to prepare,
file
or deliver pursuant to the Related Agreements, and at the request of the Owner
Trustee shall take all appropriate additional action that it is the duty of
the
Issuer to take pursuant to the Related Agreements. Subject to Section 6 of
this
Agreement, and in accordance with the directions of the Owner Trustee, the
Depositor shall administer, perform or supervise the performance of such other
activities in connection with the Collateral (including the Related Agreements)
as are not covered by any of the foregoing provisions and as are expressly
requested by the Owner Trustee and are reasonably within the capability of
the
Depositor.
Section
3. Duties
of the Securities Administrator with Respect to the Collateral.
The
Issuer hereby authorizes the Securities Administrator to file in any filing
office any financing statement, amendment to financing statement (to the extent
a Responsible Officer of the Securities Administrator has actual knowledge
or
receives written notice that an amendment is required to be filed) or
continuation statement required to be executed pursuant to Section 3.05 of
the
Indenture; and the Securities Administrator agrees that it shall file any
continuation statement necessary to maintain the effectiveness of any financing
statement filed with respect to the Collateral pursuant to the Indenture
(provided that it has been furnished with a copy of the filed financing
statement by the Issuer, Depositor or Indenture Trustee with the related filing
information, including the date, location and filing number of the filed
financing statement, on a timely basis), and the Securities Administrator agrees
to file any amendment to any such filed financing statement to the extent a
Responsible Officer of the Securities Administrator receives written notice
and
instruction (including necessary information) from the Issuer, the Depositor
or
the Indenture Trustee on a timely basis that such amendment is required to
be
filed (Section 3.05 of the Indenture).
Section
4. Records.
The
Securities Administrator shall maintain appropriate books of account and records
relating to services performed hereunder, which books of account and records
shall be accessible for inspection by the Issuer and the Depositor at any time
during normal business hours.
6
Section
5. Compensation.
The
Securities Administrator shall perform the duties and provide the services
called for under Section 1 above for such compensation as shall be agreed upon
between the Securities Administrator and the Master Servicer. The fees and
disbursements of the attorneys delivering any Opinion of Counsel, and any other
amounts of out-of-pocket expenses reasonably incurred by the Securities
Administrator pursuant to this Agreement shall be paid or reimbursed by the
Issuer.
Section
6. Additional
Information to be Furnished to the Issuer.
The
Depositor shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably
request.
Section
7. Independence
of the Securities Administrator.
For all
purposes of this Agreement, the Securities Administrator shall be an independent
contractor and shall not be subject to the supervision of the Issuer or the
Owner Trustee with respect to the manner in which it accomplishes the
performance of its obligations hereunder. Unless expressly authorized by the
Issuer, the Securities Administrator shall have no authority to act for or
represent the Issuer or the Owner Trustee in any way and shall not otherwise
be
deemed an agent of the Issuer or the Owner Trustee.
Section
8. No
Joint Venture.
Nothing
contained in this Agreement (i) shall constitute the Securities Administrator
or
the Depositor, respectively, and either of the Issuer or the Owner Trustee,
as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.
Section
9. Other
Activities of Securities Administrator and the Depositor.
Nothing
herein shall prevent the Securities Administrator, the Depositor or their
respective Affiliates from engaging in other businesses or, in its sole
discretion, from acting in a similar capacity as a Securities Administrator
for
any other person or entity even though such person or entity may engage in
business activities similar to those of the Issuer or the Owner
Trustee.
Section
10. Term
of Agreement; Resignation and Removal of Securities
Administrator.
(a) This
Agreement shall continue in force until the termination of the Trust Agreement
in accordance with its terms, upon which event this Agreement shall
automatically terminate.
(b) Subject
to Section 10(e) hereof, the Securities Administrator may resign its duties
hereunder by providing the Issuer with at least 60 days’ prior written
notice.
(c) Subject
to Section 10(e) hereof, the Issuer may remove the Securities Administrator
immediately upon written notice of termination from the Issuer to the Securities
Administrator if any of the following events shall occur:
7
(i) the
Securities Administrator shall default in the performance of any of its duties
under this Agreement and, after notice of such default, shall not cure such
default within ten (10) days (or, if such default cannot be cured in such time,
shall not give within ten (10) days such assurance of cure as shall be
reasonably satisfactory to the Issuer); or
(ii) a
court
having jurisdiction in the premises shall (x) enter a decree or order for
relief, which decree or order shall not have been vacated within sixty (60)
days, in respect of the Securities Administrator in any involuntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter
in
effect, or (y) appoint a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for the Securities Administrator or any
substantial part of its property, or (z) order the winding-up or liquidation
of
the Securities Administrator’s affairs; or
(iii) the
Securities Administrator shall commence a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, shall
consent to the entry of an order for relief in an involuntary case under any
such law, or shall consent to the appointment of a receiver, liquidator,
assignee, trustee, custodian, sequestrator or similar official for the
Securities Administrator or any substantial part of its property, shall consent
to the taking of possession by any such official of any substantial part of
its
property, shall make any general assignment for the benefit of creditors or
shall fail generally to pay its debts as they become due.
The
Securities Administrator agrees that if any of the events specified in clauses
(ii) or (iii) of this Section 10(d) shall occur, it shall give written notice
thereof to the Issuer and the Indenture Trustee within seven days after the
occurrence of such event.
(d) No
resignation or removal of the Securities Administrator pursuant to this
Section 10 shall be effective until (i) a successor Securities
Administrator shall have been appointed by the Issuer in accordance with the
Sale and Servicing Agreement and (ii) such successor Securities Administrator
shall have agreed in writing to be bound by the terms of this Agreement in
the
same manner as the Securities Administrator is bound hereunder.
If
a successor Securities Administrator does not take office within sixty (60)
days
after the retiring Securities Administrator resigns or is removed, the resigning
or removed Securities Administrator or the Issuer may petition any court of
competent jurisdiction for the appointment of a successor Securities
Administrator.
(e) The
appointment of any successor Securities Administrator shall be effective only
after receipt of a letter from each Rating Agency to the effect that such
proposed appointment will not cause a reduction or withdrawal of the then
current ratings of the Notes.
(f) Subject
to Sections 10(e) and 10(f), the Securities Administrator acknowledges that
upon
the appointment of a successor Master Servicer pursuant to the Sale and
Servicing Agreement, the Securities Administrator shall immediately resign
and
such successor Master Servicer shall automatically become the Securities
Administrator under this Agreement. Any such successor Master Servicer shall
be
required to agree to assume the duties of the Securities Administrator under
the
terms and conditions of this Agreement in its acceptance of appointment as
successor Master Servicer.
8
Section
11. Action
upon Termination, Resignation or Removal of the Securities
Administrator.
Promptly upon the effective date of termination of this Agreement or the
resignation or removal of the Securities Administrator pursuant to Section
10
hereof, the Securities Administrator shall be entitled to be paid all fees
and
reimbursable expenses, including any reasonable out-of-pocket attorneys’ fees,
accruing to it to the date of such termination, resignation or removal. The
Securities Administrator shall forthwith upon such termination pursuant to
Section 10 deliver to the successor Securities Administrator all property and
documents of or relating to the Collateral then in the custody of the Securities
Administrator, or if this Agreement has been terminated, to the Depositor.
In
the event of the resignation or removal of the Securities Administrator pursuant
to Section 10, the Securities Administrator shall cooperate with the Issuer
and
take all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Securities Administrator.
Section
12. Reporting
Requirements of the Commission.
The
Securities Administrator shall provide the required assessments, attestations
and reports and otherwise comply with Sections 3.16, 3.17, 3.18 and 3.19 of
the
Sale and Servicing Agreement.
Section
13. Notices.
Any
notice, report or other communication given hereunder shall be in writing,
delivered by mail, overnight courier or facsimile and addressed as
follows:
(a) if
to the
Issuer, to:
Xxxxxxxxx
Mortgage Securities Trust 2007-2
c/o
Wilmington Trust Company
Xxxxxx
Square North
0000
Xxxxx Xxxxxx Xxxxxx
Xxxxxxxxxx,
Xxxxxxxx 00000
Attention:
Corporate Trust Administration
Fax:
(000) 000-0000
(b) if
to the
Securities Administrator, to:
Xxxxx
Fargo Bank, N.A.
0000
Xxx
Xxxxxxxxx Xxxx
Xxxxxxxx,
Xxxxxxxx 00000-0000
Attention:
Client Manager - Xxxxxxxxx Mortgage Securities Trust 2007-2
Facsimile:
(000) 000-0000
(c) if
to the
Owner Trustee, to:
Wilmington
Trust Company
Xxxxxx
Square North
0000
Xxxxx Xxxxxx Xxxxxx
Xxxxxxxxxx,
Xxxxxxxx 00000-0000
Fax:
(000) 000-0000
9
(d) if
to the
Depositor, to:
Structured
Asset Securities Corporation
000
Xxxxxxx Xxxxxx, 0xx Xxxxx
Xxx
Xxxx, Xxx Xxxx 00000
fax:
(000) 000-0000
(e) if
to the
Indenture Trustee, to:
LaSalle
Bank National Association
000
Xxxxx
XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx,
Xxxxxxxx, 00000
Attention:
Global Securities and Trust Services - Xxxxxxxxx 2007-2
or
to
such other address as any party shall have provided to the other parties in
writing. Any notice required to be in writing hereunder shall be deemed given
if
such notice is mailed by certified mail, postage prepaid, hand delivered or
faxed to the address of such party as provided above.
Section
14. Amendments.
(a) This
Agreement may be amended from time to time by the parties hereto, without notice
to or the consent of any of the Holders, (i) to cure any ambiguity, (ii) to
cause the provisions herein to conform to or be consistent with or in
furtherance of the statements made with respect to the Securities, the Trust
or
this Agreement in any Offering Document, or to correct or supplement any
provision herein which may be inconsistent with any other provisions herein,
(iii) to make any other provisions with respect to matters or questions arising
under this Agreement or (iv) to add, delete, or amend any provisions to the
extent necessary or desirable to comply with any requirements imposed by the
Code. No such amendment effected pursuant to clause (iii) of the preceding
sentence may adversely affect in any material respect the interests of any
Holder. Prior to entering into any amendment without the consent of Holders
pursuant to this paragraph, the Securities Administrator may require an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect
that such amendment is permitted under this paragraph. Any such amendment shall
be deemed not to adversely affect in any material respect any Holder if the
Securities Administrator receives (i) written confirmation from the Rating
Agencies that such amendment will not cause the Rating Agencies to withdraw,
qualify or reduce the then current rating assigned to the Notes or (ii) an
Opinion of Counsel to such effect.
(b) This
Agreement may also be amended from time to time by the parties hereto with
the
consent of the Majority Securityholders for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Holders; provided,
however,
that no
such amendment may (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on the Collateral
or
distributions that shall be required to be made for the benefit of the
Noteholders or the Certificateholders or (ii) reduce the aforesaid
percentage of the Class Principal Amount (or Class Notional Amount) of the
Notes
of any Class required to consent to any such amendment without the consent
of
the Holders of all the outstanding Securities.
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(c) Promptly
after the execution of any such amendment, the Securities Administrator shall
furnish a copy of such amendment to each Holder, the Depositor and to each
Rating Agency.
(d) It
shall
not be necessary for the consent of Holders under this Section 14 to approve
the
particular form of any proposed amendment, but it shall be sufficient if such
consent shall approve the substance thereof. The manner of obtaining such
consents and of evidencing the authorization of the execution thereof by Holders
shall be subject to such reasonable regulations as the Securities Administrator
may prescribe.
(e) The
Owner
Trustee and the Securities Administrator may, but shall not be obligated to,
enter into any amendment which affects the Owner Trustee’s or the Securities
Administrator’s respective rights, duties or immunities under this Agreement or
otherwise.
Section
15. Successors
and Assigns.
This
Agreement may not be assigned by the Securities Administrator unless such
assignment is previously consented to in writing by the Owner Trustee and the
Depositor, and the Rating Agency Condition in respect thereof has been
satisfied. An assignment with such consent and satisfaction, if accepted by
the
assignee, shall bind the assignee hereunder in the same manner as the Securities
Administrator is bound hereunder. Notwithstanding the foregoing, this Agreement
may be assigned by the Securities Administrator without the consent of the
Owner
Trustee or the Depositor to a corporation or other organization that is a
successor (by merger, consolidation or purchase of assets) to the Securities
Administrator, provided that such successor organization executes and delivers
to the Issuer, the Owner Trustee and the Depositor an agreement in which such
corporation or other organization agrees to be bound hereunder by the terms
of
said assignment in the same manner as the Securities Administrator is bound
hereunder. Subject to the foregoing, this Agreement shall bind any successors
or
assigns of the parties hereto.
Section
16. Governing
Law.
THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.
Section
17. Headings.
The
section headings hereof have been inserted for convenience of reference only
and
shall not be construed to affect the meaning, construction or effect of this
Agreement.
Section
18. Counterparts.
This
Agreement may be executed in counterparts, each of which when so executed shall
together constitute one and the same agreement.
Section
19. Severability.
Any
provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or
render unenforceable such provision in any other jurisdiction.
11
Section
20. Not
Applicable to Xxxxx Fargo Bank, N.A. in Other Capacities.
Nothing
in this Agreement shall affect any obligation Xxxxx Fargo Bank, N.A. may have
in
any other capacity.
Section
21. Limitation
of Liability of Owner Trustee.
Notwithstanding anything contained herein to the contrary, this Agreement has
been executed by Wilmington Trust Company not in its individual capacity but
solely in its capacity as Owner Trustee of the Issuer and in no event shall
Wilmington Trust Company in its individual capacity or any beneficial owner
of
the Issuer have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder, as to all of which
recourse shall be had solely to the assets of the Issuer. For all purposes
of
this Agreement, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Articles VI, VII and VIII of the Trust
Agreement.
Section
22. Limitation
of Liability of the Securities Administrator; Indemnification.
Notwithstanding anything herein to the contrary, this Agreement has been signed
by Xxxxx Fargo Bank, N.A. not in its individual capacity but solely in its
capacity as Securities Administrator and in no event shall the Securities
Administrator in its individual capacity have any liability for the
representations, warranties, covenants, agreements or other obligations of
the
Issuer hereunder, as to all of which recourse shall be had solely to the assets
of the Issuer. The Securities Administrator shall not have any duties or
obligations other than those expressly set forth in this Agreement, and no
implied duties on its part shall be read into this Agreement. In acting as
Securities Administrator, Xxxxx Fargo Bank, N.A. shall be entitled to the same
benefits, rights, immunities, protections and rights to indemnification as
are
afforded to the Indenture Trustee under Article Six (including without
limitation Section 6.07) of the Indenture.
Section
23. Benefit
of Agreement.
It is
expressly agreed that in performing its duties under this Agreement, the
Securities Administrator will act for the benefit of holders of the Securities
as well as for the benefit of the Issuer, and that such obligations on the
part
of the Securities Administrator shall be enforceable at the instance of the
Indenture Trustee and the Issuer.
Section
24. Bankruptcy
Matters.
No party
to this Agreement shall take any action to cause the Depositor or the Issuer
to
dissolve in whole or in part or file a voluntary petition or otherwise initiate
proceedings to have the Depositor or the Issuer adjudicated bankrupt or
insolvent, or consent to the institution of bankruptcy or insolvency proceedings
against the Depositor or the Issuer, or file a petition seeking or consenting
to
reorganization or relief of the Depositor or the Issuer as debtor under any
applicable federal or state law relating to bankruptcy, insolvency, or other
relief for debtors with respect to the Depositor or the Issuer; or seek or
consent to the appointment of any trustee, receiver, conservator, assignee,
sequestrator, custodian, liquidator (or other similar official) of the Depositor
or the Issuer or of all or any substantial part of the properties and assets
of
the Depositor or the Issuer, or cause the Issuer to make any general assignment
for the benefit of creditors of the Depositor or the Issuer, or take any action
in furtherance of any of the above actions.
12
IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
and
delivered as of the day and year first above written.
XXXXXXXXX
MORTGAGE SECURITIES TRUST 2007-2
By: WILMINGTON
TRUST COMPANY,
not
in its individual capacity
but
solely as Owner Trustee
By:
/s/
Xxxxxxxx X.
Xxxxx
Name: Xxxxxxxx
X. Xxxxx
Title: Vice President
XXXXX
FARGO BANK, N.A.,
not
in its individual capacity but solely as Securities Administrator
By:
/s/
Xxxxx X.
Xxxxxx
Name: Xxxxx
X. Xxxxxx
Title: Vice President
WILMINGTON
TRUST COMPANY,
not
in
its individual capacity but solely as
Owner Trustee
By:
/s/
Xxxxxx X.
Xxxxxxx
Name: Xxxxxx
X. Xxxxxxx
Title: Sr Financial Services Officer
STRUCTURED
ASSET SECURITIES CORPORATION,
as
Depositor
By:
/s/
Xxxx X.
Xxxxx
Name: Xxxx X. Xxxxx
Title: Vice President
LASALLE
BANK NATIONAL ASSOCIATION,
not
in its individual capacity but solely as Indenture Trustee
By: /s/
Xxxx
Xxxxx
Name: Xxxx Xxxxx
Title: Vice President
